Wearable AI Medical Devices Market Set to Surpass $184.49 Billion by 2030

Wearable AI Medical Devices Market Set to Surpass $184.49 Billion by 2030, Meticulous Research® Forecasts
Redding California, February 6, 2024 - Meticulous Research®, a premier market research company, is proud to announce the release of its latest research report, 'Wearable AI Medical Devices Market by Type (Smart Watch, Activity Monitor, Patch), Application (Monitoring {Glucose, BP, Sleep, RPM}, Therapeutic {Pain, Rehabilitation, Insulin), Grade (Consumer, Medical), Distribution Channel - Global Forecast to 2030,' published in May 2023.

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Market Overview: According to Meticulous Research®, the wearable AI medical devices market is poised to achieve a significant milestone, reaching an estimated valuation of $184.49 billion by 2030, with an impressive Compound Annual Growth Rate (CAGR) of 19.5% from 2023 to 2030. This projection reflects the market's resilience and potential for robust growth.

Market Dynamics: The wearable AI medical devices market is driven by a confluence of factors, including enhanced efficiency and accuracy in patient data, a growing geriatric population, a surge in chronic diseases, and the rising preference for home healthcare as an alternative to traditional hospital settings. Opportunities for market expansion lie in the potential to tap into emerging economies, the increasing adoption of telehealth services, and ongoing technological advancements in sensor technologies. However, challenges such as privacy concerns and the high cost of wearable medical devices are acknowledged, along with obstacles like manufacturing defects and the reluctance to embrace new technologies compared to conventional healthcare solutions.

Key Players: The report profiles key players shaping the wearable AI medical devices market, including Medtronic plc, Koninklijke Philips N.V., Fitbit, Inc., Apple, Inc., OMRON Corporation, VitalConnect, Inc., Garmin Ltd., Sotera Digital Health, Abbott Laboratories, DexCom, Inc., and Withings.
Market Segmentation: The wearable AI medical devices market is comprehensively segmented based on type, application, distribution channel, grade, and geography. Key insights include:

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• Type: Smartwatches, Activity Monitors, Patches/Stick-Ons, and Other Types, with the smartwatches segment anticipated to dominate in 2023.

• Application: Diagnostic and Monitoring Devices and Therapeutic Devices, with the diagnostic and monitoring devices segment expected to claim the largest market share.

• Distribution Channel: E-commerce, Hospitals & Pharmacies, and Retail Channels, with the E-commerce segment projected to register the highest CAGR.

• Grade: Consumer Grade and Medical Grade, with the consumer grade segment likely to lead in 2023.

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Regional Insights:

• In 2023, North America is anticipated to capture the largest share of the wearable medical devices market, driven by a growing geriatric population, a high prevalence of chronic diseases, and increasing popularity of wearable devices with advanced health and fitness tracking features.

• Europe and Asia-Pacific follow North America, with North America expected to maintain its major market share during the forecast period.

Mr. Khushal Bombe
Meticulous Market Research Inc.
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This release was published on openPR.