Wearable Medical Devices Market Share Soars: A Closer Look at the $20 Billion Valuation
The global wearable medical devices market has shown remarkable resilience and growth, with an initial valuation of over $20 billion in 2021. Analysts anticipate a robust double-digit growth trajectory extending through 2027, driven by various factors, including the rising prevalence of chronic diseases and a growing awareness of the importance of fitness and self-health monitoring.
Chronic Disease Epidemic Fuels Demand
The surge in chronic diseases such as high blood pressure, diabetes, cardiovascular diseases, cancers, and respiratory diseases, primarily attributed to sedentary lifestyles and inadequate checkups, has created an urgent need for regular health monitoring. Healthcare providers are increasingly prioritizing individual health and vitals, spurring the growth of the wearable medical devices market.
Public Awareness Initiatives Drive Adoption
Regional and national healthcare agencies worldwide have launched awareness campaigns to promote timely diagnosis and monitoring through wearable medical devices. This has prompted manufacturers to innovate and develop products capable of efficiently monitoring, maintaining, and tracking human vitals. In 2020, Fitbit Inc. introduced the Fitbit Charge4, an advanced activity tracking device with features such as exercise tracking, sleep monitoring, pulse tracking, and heart monitoring. Continued product innovations are expected to sustain sales growth in the global wearable medical devices market.
Geriatric Population and Pandemic Boost Adoption
With the global geriatric population projected to exceed 1.5 billion by 2050, the burden of chronic diseases is expected to rise. The COVID-19 pandemic further emphasized the importance of self-monitoring, driving the adoption of modern wearable medical devices, including smartwatches that monitor lung oxygen capacity, heartbeat, pulse changes, and blood pressure. This trend, driven by the desire for superior technology in daily life, is a significant factor propelling the demand for healthcare wearables and contributing to the markets growth.
Diagnostic Devices Take Center Stage
Among wearable medical devices, diagnostic wearables have gained significant traction in recent years, with neuromonitoring wearables leading the way due to the increasing prevalence of neurological disorders. For example, migraine prevalence in the United States reached a high point in 2020, affecting approximately 95% of individuals in the country. The awareness of neurological wearables ability to measure cognitive abilities has further accelerated their adoption. Diagnostic devices are expected to account for a substantial share of revenue in the wearable medical devices market.
North America Leads the Charge
Developed nations in North America are at the forefront of wearable medical device usage, driven by lifestyle disorders, improper diet habits, and high mortality rates due to chronic diseases. Factors such as high GDP per capita, favorable medical infrastructure, and government initiatives to promote healthcare have attracted major players to the region. North America is projected to maintain a significant share of both value and volume in the wearable medical devices market.
Innovations and Collaborations Shape the Industry
Leading companies in the wearable medical devices market are continually developing new products to enhance their portfolios. For instance, Omron Healthcare Inc. introduced Omron Complete in 2021, a single-lead ECG and BP monitoring device for home use. Similarly, Biobeat launched a continuous Ambulatory Blood Pressure Monitoring (ABPM) device. A notable collaboration between Apple and Biogen in January 2021 focused on assessing the efficiency of mHealth wearable medical devices in identifying early signs of cognitive impairment, showcasing the industrys commitment to advancing healthcare technology.
Key Market Players
Prominent players in the wearable medical devices market include Beckton Dickinson, Fitbit Inc., Apple Inc., Ypsomed, Sonova, Philips, Omron Healthcare Inc., Samsung, AiQ Smart Clothing, and NeuroMetrix Inc.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/wearable-medical-devices-market
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