PUBLISHER: The Business Research Company | PRODUCT CODE: 1619545
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619545
Diagnostic wearable medical devices are electronic gadgets worn on the body that gather and monitor health data to assess and diagnose medical conditions. They provide continuous tracking of vital signs, detect abnormalities, and offer real-time health insights to aid early diagnosis and personalized treatment.
The primary types of diagnostic wearable medical devices include vital signs monitors, sleep and activity monitors, fetal and obstetric monitoring devices, neuro monitoring devices, and electrocardiogram monitors. Vital signs monitors track key health indicators like heart rate, blood pressure, and oxygen levels. These devices are commonly used both in hospitals and at home to keep track of patients' health and detect critical changes. They are distributed through online platforms, pharmacies, and hypermarkets, and are utilized in various applications such as sports and fitness, remote patient monitoring, and home healthcare.
The diagnostic wearable medical devices market research report is one of a series of new reports from The Business Research Company that provides diagnostic wearable medical devices market statistics, including diagnostic wearable medical devices industry global market size, regional shares, competitors with a diagnostic wearable medical devices market share, detailed diagnostic wearable medical devices market segments, market trends and opportunities, and any further data you may need to thrive in the diagnostic wearable medical devices industry. This diagnostic wearable medical device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The diagnostic wearable medical devices market size has grown rapidly in recent years. It will grow from $6.31 billion in 2023 to $7.13 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The historical growth can be attributed to several factors, including the increasing elderly population, rising investments in digital health, growing smartphone usage, a surge in sports and fitness activities, and the expansion of wearable medical device startups.
The diagnostic wearable medical devices market size is expected to see rapid growth in the next few years. It will grow to $11.74 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The anticipated growth during the forecast period can be attributed to several factors, such as rising health awareness, an increasing incidence of chronic conditions, the expanding use of telemedicine and remote patient monitoring, a growing emphasis on personalized medicine, and improvements in healthcare infrastructure. Key trends expected during this period include technological advancements, the integration of artificial intelligence, the adoption of wearable devices, augmented reality, and the development of smart clothing.
The growing prevalence of chronic diseases is anticipated to drive the expansion of the diagnostic wearable medical devices market. Chronic diseases are long-term health conditions that develop slowly, persist over time, and often require continuous medical management. Factors contributing to the rise in chronic diseases include aging populations, sedentary lifestyles, poor dietary habits, increasing obesity rates, and risk factors such as smoking and excessive alcohol consumption. Diagnostic wearable medical devices play a crucial role in managing chronic diseases by monitoring vital signs and other health metrics, providing real-time data that assists both patients and healthcare providers in managing these conditions. For example, in April 2022, the National Association of Chronic Disease Directors (NACDD), a US-based non-profit, reported that nearly 60% of American adults have at least one chronic disease, and about 40% have multiple chronic conditions. This is expected to cost the US economy $2 trillion annually, or $8,600 per person, by 2030. Consequently, the increasing prevalence of chronic diseases is driving the growth of the diagnostic wearable medical devices market.
Leading companies in the diagnostic wearable medical devices market are focusing on creating innovative solutions, such as glucose monitoring systems, to improve accuracy, user experience, and management of chronic conditions like diabetes. Glucose monitoring systems are designed to measure and track blood glucose levels, providing real-time data and insights that help individuals, especially those with diabetes, manage their condition more effectively. For example, in February 2023, Dexcom Inc., a US-based manufacturer of continuous glucose monitoring systems, launched the Dexcom G7 CGM System for Medicare beneficiaries. The Dexcom G7 CGM System features a smaller, more discreet design and a faster warm-up time. It combines the sensor and transmitter into a single unit, improving ease of use and accuracy with an overall mean absolute relative difference (MARD) of 8.2%. It includes customizable alerts, longer wear duration, and seamless integration with other diabetes management devices and digital health platforms, highlighting advancements in diagnostic wearable continuous glucose monitoring technology.
In January 2024, Boston Scientific, a US-based global medical technology company, announced an agreement to acquire Axonics, Inc. for an undisclosed amount. The acquisition aims to strengthen Boston Scientific's urology portfolio by incorporating Axonics' innovative devices, which are designed to treat urinary and bowel dysfunction, particularly using sacral neuromodulation (SNM) therapies. Axonics, Inc. is a US-based medical technology company.
Major companies operating in the diagnostic wearable medical devices market are Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., F. Hoffmann-La Roche Ltd., Abbott Laboratories, Medtronic plc, Koninklijke Philips NV, GE Healthcare, OMRON Corporation, Garmin Ltd., Dragerwerk AG & Co. KGaA, Molex LLC, ResMed Inc., Dexcom Inc., Boyd Corporation, Masimo Corporation, AliveCor Inc., VitalConnect Inc., BTS Bioengineering Corp., Cleveland Medical Devices Inc., Meril Life Sciences Pvt. Ltd., Activinsights Ltd., Murata Vios Inc.
North America was the largest region in the diagnostic wearable medical devices market in 2023. The regions covered in the diagnostic wearable medical devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the diagnostic wearable medical devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The diagnostic wearable medical devices market consists of sales of fitness trackers, smartwatches, heart rate monitors, and blood glucose monitors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Diagnostic Wearable Medical Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on diagnostic wearable medical devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for diagnostic wearable medical devices ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The diagnostic wearable medical devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.