Wearable Medical Devices Market 2024 Size, Projections, Opportunity Analysis, Growth Insights 2033

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company's Wearable Medical Devices Global Market Report 2024 identifies Fitness Focus Fuels as the major driver for the Wearable Medical Devices market's growth in the forecast period. Fitness is a term used to describe a person's overall health and well-being and their level of physical preparedness for various sports, jobs, and daily activities. Wearable medical devices analyze fitness parameters with more advanced sensors, giving users deeper insights into their overall health and fitness. For instance, in June 2023, according to a survey of 4,538 active adults by RunRepeat, a US-based athletic shoe review site, Active American adults showed considerable gains in both at-home fitness equipment (up 218,3%) and online fitness (up 134,7%) as the best way to achieve fitness goals in 2021. Therefore, increasing focus on fitness drives the growth of the wearable medical devices market.

The wearable medical devices market size has grown exponentially in recent years. It will grow from $27.37 billion in 2023 to $33.37 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic period can be attributed to health and fitness tracking, chronic disease management, aging population, remote patient monitoring.The wearable medical devices market size is expected to see exponential growth in the next few years. It will grow to $71.28 billion in 2028 at a compound annual growth rate (CAGR) of 20.9%.

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Major competitors in the Wearable Medical Devices market are Philips, Polar Electro, Omron Corporation, Fitbit Inc., Garmin Ltd.

A key trend in the Wearable Medical Devices market includes Integrating artificial intelligence. The data collected by wearable medical devices lack value without the integration of artificial intelligence (AI) that better utilizes the data collected. AI doctor which is a standalone network with a deep learning algorithm performs well than trained medical practitioners in conditions like skin lesions, electrocardiograms, medical imaging, and pathology. A survey published in 2022 showed that 88% of the respondents were aware about AI. 46% of the respondents believed that the benefits of AI in healthcare outweighed the risk while only 2% agreed the opposite. The wearable device app developers are increasingly focused on integrating AI into the apps to analyze the remotely collected data for better interpreting the ailment by an AI doctor.

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The Wearable Medical Devices market is segmented -
•By Device Type: Diagnostic Devices, Therapeutic Devices
•By Product Type: Watch, Wristband, Clothing, Ear Wear, Other Devices
•By Distribution Channel: Pharmacies, Online Channel, HyperMarkets
• By Application: Sports And Fitness, Remote Patient Monitoring, Home Healthcare, Ear Wear
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Wearable Medical Devices market.

The Business Research Company's "Global Wearable Medical Devices Market Report 2024" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Wearable Medical Devices Market Include:
1. Executive Summary
2. Wearable Medical Devices Market Characteristics
3. Wearable Medical Devices Market Trends And Strategies
4. Wearable Medical Devices Market - Macro Economic Scenario
5. Global Wearable Medical Devices Market Size and Growth
..........
31. Global Wearable Medical Devices Market Competitive Benchmarking
32. Global Wearable Medical Devices Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Wearable Medical Devices Market
34. Wearable Medical Devices Market Future Outlook and Potential Analysis
35. Appendix

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