Wearable Medical Devices Market is Expected to Reach US$ 60.55 Billion by 2027

According to the latest report by IMARC Group, titled "Wearable Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027, "The global wearable medical devices market reached a value of US$ 18.96 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 60.55 Billion by 2027, exhibiting at a CAGR of 22.2% during 2022-2027.

Industry Definition and Application:

Wearable medical devices are instruments attached to the body for non-invasive monitoring of a patient's health. They include various diagnostic devices, such as vital sign, glucose monitors, sleep monitors, fetal monitors, obstetric monitors, and neuromonitors, as well as multiple therapeutic devices for pain management, rehabilitation, and respiratory therapy. They encompass biosensors, controllers, power sources, and software systems for data acquisition, interpretation, transfer, and storage. They can be worn as an accessory, incorporated into clothing, or used as an implant. At present, wearable medical devices are gaining immense popularity for accurately measuring vital signs of patients and predicting conditions, such as epileptic seizures and heart problems, which in turn provides improved patient comfort and timely clinical interventions.

Global Wearable Medical Devices Market Trends and Drivers:

The global wearable medical devices market is primarily driven by the increasing incidences of chronic health conditions. Moreover, the rising demand for wearable medical devices in healthcare facilities amid the sudden COVID-19 pandemic outbreak is positively influencing market growth. Additionally, wearable medical devices have proven effective for health monitoring, providing feedback, disease management, rehabilitation, and suggesting suitable treatment options. As a result, the surging adoption of wearable medical devices by individuals to easily track and manage their health conditions in a timely manner has catalyzed market growth. Furthermore, numerous technological advancements, such as the development of the internet of things (IoT)-enabled smartwatches, patches, and smart clothing, are contributing to the market growth. Other factors, including increasing consumer spending on health management technologies, the aging population, improving medical infrastructure, and continual product innovations, are also anticipated to drive the market further.

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Global Wearable Medical Devices Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Abbott Laboratories
Apple Inc.
Dexcom Inc.
Fitbit Inc. (Google LLC)
Garmin Ltd.
Honeywell International Inc.
Koninklijke Philips N.V.
Medtronic Plc
Omron Corporation and Vital Connect Inc.

The report has segmented the market on the basis on region, device type, product, application and distribution channel.

Breakup by Device Type:

Diagnostic Devices
Vital Sign Monitoring
Sleep Monitoring
Electrocardiographs and Obstetric Devices
Neuromonitoring Devices
Therapeutic Devices
Pain Management Devices
Insulin Delivery Devices
Rehabilitation Devices
Respiratory Therapy Devices

Breakup by Product:

Activity Monitors
Smartwatches
Patches
Smart Clothing
Hearing Aids
Others

Breakup by Application:

Sports and Fitness
Remote Patient Monitoring
Home Healthcare

Breakup by Distribution Channel:

Offline
Online

Breakup by Region:

North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa

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