Wearable Medical Devices Market Size, Share and Forecast Report 2023-2030

Report Overview
Global Wearable Medical Devices Market reached US$ YY billion in 2022 and is expected to reach US$ YY billion by 2030 growing with a high CAGR during the forecast period 2023-2030.

Wearable Medical Devices (WMDs) are medical devices that are designed to be worn directly on the body to monitor vital signs, record data, and give therapies. These devices are becoming increasingly popular because they provide a handy, non-invasive approach to track health indicators and provide therapies.

Wearable technology in healthcare provides solutions to a wide range of diseases, including vision loss, hearing loss, and disabilities. The sector is vast, ranging from the science-fiction vibe of exoskeleton technology to the ubiquitousness of smartwatches.

For instance, electronic skin patches, which stick directly to the skin, are seen as the next generation of wearable health technology. Sensors in the patches include wireless transmitters that provide clinicians with continuous remote data access. Electronic skin patches are utilized for vital sign monitoring, medicine delivery, wound care, and motion detection.

Electronic skin patches can be used by healthcare providers for a variety of purposes, making them a versatile wearable device. Applied health sciences, health informatics, pharmacology, and kinesiology are all academic paths to working with these devices. Professionals from these fields can contribute their expertise to the development, implementation, and analysis of electronic skin patch technology, further driving its trend status.

WMDs are typically made up of device housing, sensors, and communication systems. The device hardware typically includes a microprocessor for control and data processing, memory for data storage, power supply, and communication technologies such as Bluetooth and Wi-Fi. WMDs may additionally have extra sensors for monitoring vital indicators like temperature and breathing rate.

Moreover, these devices are used to monitor a variety of health issues, including heart disease, diabetes, high blood pressure, and more. It can monitor vital signs such as heart rate, blood pressure, and respiratory rate, monitor physical activity and sleep patterns, and provide medication. Furthermore, the increasing technological advancement in wearable medical devices and the rise of remote patient monitoring and telemedicine have driven the demand for wearable medical devices in the forecast period.

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Market Dynamics

Increasing Launches of Ear Wearable Devices are Expected to Drive Global Wearable Medical Device Market Growth

On June 13, 2023, Stat Health launched a 24/7 in-ear wearable device meant to assess blood flow to the head, with $5.1 million in preliminary funding. J2 Ventures, BonAngels Venture Partners, and a broad group of angel investors provided startup capital to the company. The US Air Force also provided grant support to Stat Health.

Moreover, Boston-based Stat Health created its wearable to aid in the understanding of symptoms such as dizziness, brain fog, migraines, fainting, and weariness when standing. Long COVID and postural orthostatic tachycardia syndrome (POTS) are two frequent conditions that can cause these symptoms. They may also be symptoms of myalgic encephalomyelitis/chronic fatigue syndrome (ME/CFS) or other orthostatic illnesses. Furthermore, according to Stat Health, the symptoms of these disorders are caused by diminished blood flow to the brain when standing.

The company clinically tested its service at Johns Hopkins, and it was peer-reviewed in the Journal of the American College of Cardiology (JACC) in March 2023. Stat Health claimed to have proven the ability to predict fainting minutes in advance. Thus, owing to the above factors, the market is expected to drive over the forecast period.

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Market Segmentation
By Device Type
Diagnostic Devices
Therapeutic Devices

By Product Type
Watch
Headband
Wristband
Ear Wear
Others

By Application
Cardiac health
Obesity control
Diabetes care
Fitness monitoring
Sleep tracking
Others

By End User
Sports and Fitness
Home Healthcare
Remote Patient Monitoring
Hospitals

Market Key Player
Major players are Vital Connect, Apple Inc, Fitbit Inc, Philips Electronics, Garmin Ltd, Fossil Group, Google Inc, Covidien, Omron Corp, Proteus, TomTom International BV, Xiaomi Technology Co. Ltd, and Huawei Technologies Co., Ltd.

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