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

Redding California, February 23, 2024- Meticulous Research®, a distinguished leader in market research, has unveiled a groundbreaking report titled '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.' The report, published in May 2023, projects a remarkable growth trajectory, estimating the wearable AI medical devices market to reach $184.49 billion by 2030, exhibiting a robust CAGR of 19.5% from 2023 to 2030.

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Driving this growth are pivotal factors, including the enhanced efficiency and accuracy in patient data, a surge in the geriatric population, rising prevalence of chronic diseases, and the burgeoning adoption of home healthcare as a viable alternative to traditional hospital settings. Opportunities abound with the potential for expansion in emerging economies, increased utilization of telehealth services, and advancements in sensor technologies, shaping the future landscape of the wearable AI medical devices market.

Nevertheless, challenges such as privacy concerns and the elevated cost of wearable medical devices warrant attention. Manufacturing defects and a reluctance to embrace newer technologies compared to traditional healthcare methods also present hurdles to the market's progress.
Key industry players highlighted in the report include Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), Fitbit, Inc. (U.S.), Apple, Inc. (U.S.), OMRON Corporation (Japan), VitalConnect, Inc. (U.S.), Garmin Ltd. (U.S.), Sotera Digital Health (U.S.), Abbott Laboratories (U.S.), DexCom, Inc. (U.S.), and Withings (France).

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The wearable AI medical devices market is intricately segmented by Type (Smartwatches, Activity Monitors, Patches/Stick-Ons, Other Types), Application [Diagnostic and Monitoring Devices {Vital Monitoring Devices, Glucose Monitoring Devices, Blood Pressure Monitoring Devices, Sleep Monitoring Devices, Respiratory Monitoring Devices, Other Diagnostic and Monitoring Applications}, Therapeutic Devices {Pain Management Devices, Rehabilitation Devices, Insulin Delivery, Other Therapeutic Applications}], Distribution Channel (E-commerce, Hospitals & Pharmacies, Retail Channels), Grade (Consumer Grade, Medical Grade), and Geography.

Smartwatches, within the Type segment, are anticipated to dominate the market in 2023, driven by their accessibility, cost-effectiveness, and rapid delivery of health parameter results. Their ability to measure various vital signs concurrently, including blood pressure, oxygen levels, and sleeping patterns, propels their demand among consumers, fostering market growth.

The diagnostic and monitoring devices segment, under Application, is projected to command the largest market share, witnessing a surge in demand post-pandemic. Wearable medical devices for monitoring vital signs, such as blood pressure, oxygen levels, heart rate, and sleep data, are experiencing increased adoption, fueled by improved patient health and data management, growing self-monitoring trends, and the rising prevalence of chronic diseases.
E-commerce emerges as the leading distribution channel, exhibiting the highest CAGR during the forecast period. The convenience of access, affordability, doorstep delivery, and 24/7 customer support contribute to the popularity of E-commerce platforms in the purchase of wearable medical devices.

In terms of Grade, the consumer grade segment is poised to claim the largest share in 2023. These products, while not approved by government organizations like the FDA for clinical use, appeal to consumers due to increasing fitness awareness, easy health and fitness tracking, and the availability of a diverse range of wearable options.

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The comprehensive report further analyzes major geographies, presenting a detailed evaluation of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America, and the Middle East & Africa. In 2023, North America is anticipated to lead the wearable medical devices market, followed closely by Europe and Asia-Pacific, attributed to factors such as a growing geriatric population, high chronic disease prevalence, increasing popularity of advanced wearable features, and substantial disposable income.

Mr. Khushal Bombe
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This release was published on openPR.