Wearable Medical Devices Market Growth and Opportunities (2024-2032) | Philips Electronics, Fitbit, Basis Science, Garmin

Global Wearable Medical Devices Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.

The global wearable medical devices market size was US$ 21.1 billion in 2021. The global wearable medical devices market is forecast to grow to US$ 161.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 24.9% during the forecast period from 2022 to 2030. 

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Biomedical technology-enabled wearable solutions are gaining popularity due to the convenience it provides. These devices are designed to assist persons with chronic illnesses in better managing and monitoring their conditions. Integrated with advanced technology, these devices help patients reduce the symptoms and lower the risk of cardiac arrest.

Factors Influencing the Market
Wearable medical devices are gaining significant traction due to the rising cases of chronic diseases. These devices provide real-time data about blood pressure, regular steps, sugar level, etc. Moreover, they are easy to carry as they can be worn like bands, watches and t-shirts. These advancements are gaining significant traction and are expected to have strong potential in the future during the study period.
The growing era of telemedicine is expected to bring untapped growth opportunities for wearable medical devices during the study period. Furthermore, rising demand for advancement and accuracy will also be opportunistic for the market. Industry players are also striving in the market, making continuous efforts towards advancements. For instance, Apple unveiled its Apple Watch Series 6 in 2020, which offers precise data through a blood oxygen sensor.
On the flip side, privacy concerns associated with the use of wearable medical devices may limit the growth of the wearable medical devices market.

COVID-19 Impact Analysis
Daily health tracking has become a new normal after the wake of the COVID-19 pandemic. Due to the COVID-19 outbreak, telemedicine emerged as a significant solution to cope with the crisis. As a result, people started adopting smart wearables to track the real-time information related to heart rate, blood pressure, etc. Thus, it upsurged the demand for wearable medical devices.

Regional Analysis
The Asia-Pacific wearable medical devices are forecast to record the highest growth rate, owing to the high patient population, growing smartphone penetration, and increasing disposable income. Furthermore, the market is witnessing an improving lifestyle of the people as they are becoming more focused on health and technology. Thus, it will be opportunistic for the wearable medical devices market during the study period. In addition, growing disposable income and the availability of low-cost wearable devices will drive the wearable medical devices market forward.

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Competitors in the Market
• Philips Electronics
• Fitbit
• Basis Science
• Garmin
• Covidien
• Omron Corp.
• Withings
• Vital Connect
• Polar Electro
• Intelesens
• Other Prominent Players

The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.

As of the end of 2022, the Wearable Medical Devices industry experienced notable growth in its workforce. Starting in January, employment within the Wearable Medical Devices sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Wearable Medical Devices output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.

Forecasts indicate that the global Wearable Medical Devices output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Wearable Medical Devices market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Wearable Medical Devices market.

Market Segmentation
The global wearable medical devices market segmentation focuses on By-Product, Grade, Application, Distribution Channel, and Region.
By-Products 
• Activity Monitors/Trackers
• Smartwatches
• Patches
• Smart Clothing

By Grade Type 
• Consumer-grade
• Clinical-grade
By Application 
• General Health & Fitness
• Remote Patient Monitoring
• Home Healthcare

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By Distribution Channel 
• Pharmacies
• Online Channel
• Hypermarkets
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
 Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
 Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America

(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)

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Table of Contents:

Chapter 1: Introduction to the Global Wearable Medical Devices Industry

Chapter 3: Dynamics of the Market

Chapter 4: Profiles of Leading Companies

Chapter 5: Competition in the Global Wearable Medical Devices Market among Players

Chapter 6: Market Size across Global Regions

Chapter 7: Application Segments in the Global Market

Chapter 8: Segment Analysis of the Global Wearable Medical Devices Industry

Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers

Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders

Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors

Chapter 12: Evaluation of Market Impact Factors

Chapter 13: Forecasted Global Wearable Medical Devices Market Size (2024-2032)

REASION TO BUY

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• In-depth Market Analysis: By scrutinizing regional market trends and drivers, the report provides a comprehensive understanding of the market landscape. It also highlights factors that might impede growth, allowing for informed decision-making.
• Empowering Decision-Making: Understanding the strategies driving commercial interest in products, segmentation, and industry verticals enables better decision-making processes. This knowledge assists in making informed and strategic business decisions.

Key Questions Market Research and Analysis Report

• What is the current market size, both in terms of value and volume?
• What is the historical growth rate of the market, and what are the projected growth rates for the future?
• Who are the major players in the market, and what is their market share?
• What are the market trends and dynamics influencing the industry?
• What are the key drivers of market growth?
• What are the challenges and barriers faced by market participants?
• What are the emerging opportunities in the market?
• What is the competitive landscape of the market?
• What are the consumer preferences, behaviors, and buying patterns within the market?
• What is the market segmentation, and how are different market segments performing?
• What are the pricing trends and strategies in the market?
• What are the distribution channels and their effectiveness in reaching the target audience?
• What are the regulatory and legal factors impacting the market?

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