Worldwide wearable medical devices market - Future of Medical Devices Industry Watch Out 2024

Wearable medical devices are intended to provide long-term assistance to patients with temporary or permanent disabilities. These devices are non-invasive and performs a specific medical function such as monitoring or support over a prolonged period. Wearable medical devices can be embedded within smart clothing and equipment or adhered onto or inserted into the skin. They are an effective way to manage, monitor, and provide feedback on patient health, as well as deliver medication and aid in the rehabilitation process.

Moreover, they can detect and monitor physiological data and provide drug delivery services for patients with medical conditions. More advanced systems of wearables comprise of information processing capabilities such as speech recognition, contextual awareness enhancement, alerts, or feedback. Such devices collect, process, display, and often transmit information related to the operator’s health condition, which involves the use of non-invasive electronic, mechanical, or biochemical sensors for monitoring physiological parameters depending on the application.

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The global wearable medical devices market has gained sustainable growth owing to increasing penetration of smartphones and growing number of smartphone-based healthcare applications compatible with wearable devices. Furthermore, the overall market is also being propelled by the swiftly increasing demand generated from emerging countries. Improving medical infrastructure and growing expenditure on healthcare are some of the major factors responsible for this growth.

The market is further boosted by technological advancements in wearable medical devices by various vendors across the globe. Some of the prominent trends witnessed by the market includes growing awareness and preference for home healthcare in wearable medical devices. However, the global wearable medical devices market is hampered by high cost of wearable devices and unavailability of reimbursement policies. Moreover, data security issues are also creating an aversion among consumers regarding certain wearable devices.

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The growth of this segment is mainly attributed to high occurrence of lifestyle illnesses and growing adoption of sedentary and unhealthy lifestyles. Based on device type, this market is segmented into diagnostic & monitoring devices and therapeutic devices. The diagnostic & monitoring devices is further segmented into sleep monitoring devices, fetal monitoring & obstetric devices, neuromonitoring devices, vital sign monitoring devices and glucose monitoring devices.

Moreover, the therapeutic devices are sub-divided into pain management devices, rehabilitation devices, respiratory therapy devices and insulin pumps. Based on application, this market is categorized into sports & fitness, home healthcare and remote patient monitoring. Furthermore, the market is also segmented into distribution channels which includes online channel, hypermarkets and pharmacies.

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This release was published on openPR.