Global Wearable Medical Devices Market to Reach USD 131.47 Billion by 2030, Fueled by Health Awareness and 5G Connectivity | IGR

The Global Wearable Medical Devices Market, valued at USD 25.99 billion in 2022, is projected to skyrocket to a staggering USD 131.47 billion by 2030, exhibiting a robust Compound Annual Growth Rate (CAGR) of 22.98% during the forecast period. This phenomenal growth can be attributed to a confluence of factors, including the surging awareness of fitness and healthy lifestyles, the rising prevalence of chronic diseases, and the advent of 5G network technology.

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Fitness and Health Awareness Driving Adoption

In recent years, there has been a significant uptick in public awareness regarding the benefits of fitness and a healthy lifestyle. Numerous studies worldwide have demonstrated a marked increase in awareness in this regard. For instance, a 2018 study conducted by researchers from Universiti Teknologi MARA Melaka, Malaysia, found that societal awareness of a healthy lifestyle had grown. Similarly, a 2019 study in Finland revealed that 40% of young Finnish men were aware of current physical activity recommendations. Furthermore, various public organizations, such as the European Commission and the government of South Africa, have launched initiatives to promote healthy lifestyles, fostering greater awareness.

This heightened awareness has driven consumers to adopt wearable devices that can monitor and track their health, thus bolstering the growth of the wearable medical devices market.

Rising Chronic Disease Incidences

The prevalence of chronic diseases, including cardiovascular diseases, cancers, chronic respiratory diseases, and diabetes, is on an alarming rise. According to the World Health Organization, over 41 million people die annually due to chronic diseases, accounting for nearly 71% of global deaths. Furthermore, between 2017 and 2020, the prevalence of chronic diseases increased by 57%. In the United States, six out of every ten adults suffer from at least one chronic disease, with four out of ten adults affected by multiple chronic conditions, leading to an annual healthcare expenditure of approximately USD 4 trillion.

This dire situation is further exacerbated in low- and middle-income countries, where chronic conditions result in around 31.4 million deaths each year, with 85% of premature deaths attributed to chronic diseases. The timely detection, screening, and treatment of chronic diseases are essential in reducing their prevalence and severity. Many healthcare professionals and individuals have turned to remote monitoring solutions, utilizing wearable devices to track vital signs as a preventive measure against chronic diseases. This increasing reliance on wearable devices has propelled the growth of the wearable medical devices market.

Inaccuracies Pose Challenges

Despite their popularity, commercially available wearable devices have faced scrutiny for their accuracy and reliability. Numerous studies have investigated the precision of these devices, with some revealing inaccuracies in step counting, energy expenditure estimation, and heart rate monitoring. Such inaccuracies can deter consumers from adopting wearable devices, thereby impeding the market's growth.

5G Network Revolutionizing Connectivity

The advent of 5G network technology has introduced new high-frequency bands, including sub-6 GHz and mmWave, offering high throughput and ultralow latency. According to the General Services Administration, 79 countries worldwide have commercialized or initiated 5G trials by 2021. Major mobile network operators, such as AT&T, T-Mobile, and Verizon, have plans to deploy midband 5G in 2021-2022. Furthermore, the GSM Association estimates that one-third of the global population will have access to 5G networks by 2025.

The increasing penetration of 5G networks is poised to enhance the connectivity and tracking accuracy of wearable devices, significantly improving the user experience. As a result, consumers are expected to embrace wearable medical devices for health monitoring and tracking, further propelling market growth.

In conclusion, the global wearable medical devices market is on a remarkable growth trajectory, fueled by health awareness initiatives, the surge in chronic diseases, and the transformative potential of 5G connectivity. As the market continues to expand, it offers unprecedented opportunities for businesses and innovators in the healthcare technology sector.

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Table of Content

Chapter 1. Preface

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

2.1. Wearable Medical Devices Market Highlights

2.2. Wearable Medical Devices Market Projection

2.3. Wearable Medical Devices Market Regional Highlights

Chapter 3. Global Wearable Medical Devices Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.3. Analysis of COVID-19 impact on the Wearable Medical Devices Market

3.4. Porter's Five Forces Analysis

3.5. IGR-Growth Matrix Analysis

3.5.1. IGR-Growth Matrix Analysis by Type

3.5.2. IGR-Growth Matrix Analysis by Application

3.5.3. IGR-Growth Matrix Analysis by Distribution Channel

3.5.4. IGR-Growth Matrix Analysis by Region

3.6. Value Chain Analysis of Wearable Medical Devices Market

Chapter 4. Wearable Medical Devices Market Macro Indicator Analysis

Chapter 5. Global Wearable Medical Devices Market by Type

5.1. Activity Monitors

5.2. Patches

5.3. Smart Watches

5.4. Smart Clothing

Chapter 6. Global Wearable Medical Devices Market by Application

6.1. Sports & Fitness

6.2. Remote Patient Monitoring

6.3. Home Healthcare

Chapter 7. Global Wearable Medical Devices Market by Distribution Channel

7.1. Pharmacies

7.2. Online Channel

7.3. Hypermarkets

Chapter 8. Global Wearable Medical Devices Market by Region 2023-2030

8.1. North America

8.1.1. North America Wearable Medical Devices Market by Type

8.1.2. North America Wearable Medical Devices Market by Application

8.1.3. North America Wearable Medical Devices Market by Distribution Channel

8.1.4. North America Wearable Medical Devices Market by Country

8.2. Europe

8.2.1. Europe Wearable Medical Devices Market by Type

8.2.2. Europe Wearable Medical Devices Market by Application

8.2.3. Europe Wearable Medical Devices Market by Distribution Channel

8.2.4. Europe Wearable Medical Devices Market by Country

8.3. Asia-Pacific

8.3.1. Asia-Pacific Wearable Medical Devices Market by Type

8.3.2. Asia-Pacific Wearable Medical Devices Market by Application

8.3.3. Asia-Pacific Wearable Medical Devices Market by Distribution Channel

8.3.4. Asia-Pacific Wearable Medical Devices Market by Country

8.4. RoW

8.4.1. RoW Wearable Medical Devices Market by Type

8.4.2. RoW Wearable Medical Devices Market by Application

8.4.3. RoW Wearable Medical Devices Market by Distribution Channel

8.4.4. RoW Wearable Medical Devices Market by Sub-region

Chapter 9. Company Profiles and Competitive Landscape

9.1. Competitive Landscape in the Global Wearable Medical Devices Market

9.2. Companies Profiles

9.2.1. Jawbone

9.2.2. Vitalconnect

9.2.3. Lifewatch

9.2.4. Nokia Technologies

9.2.5. Activeinsights

9.2.6. Monica Healthcare

9.2.7. Philips

9.2.8. Omron

9.2.9. Polar Electro

9.2.10. Xiaomi

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Reasons to Buy this Report:

=> Comprehensive analysis of global as well as regional markets of Wearable Medical Devices.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2030.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.

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