Wearable Medical Devices Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Philips, Polar Electro, Omron Corporation, Fitbit Inc., Garmin Ltd., LifeWatch AG (BioTelemetry Inc.), Xiaomi Inc., VitalConnect, Jawbone Inc.,

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Wearable Medical Devices Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
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%. The growth in the forecast period can be attributed to preventive health and wellness, emerging markets growth, regulatory support and reimbursement, artificial intelligence (ai) and machine learning. Major trends in the forecast period include advanced vital sign monitoring, remote diagnosis and consultation, mental health monitoring, personalized health ecosystems.

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Market Segmentation:
The main types of wearable medical devices are diagnostic devices and therapeutic devices. The diagnostic devices are used for diagnosing patient outcomes. The various product types include watches, wristbands, clothing, earwear, and other devices. These are used in sports and fitness, remote patient monitoring, home healthcare, and ear wear. The various distribution channels are pharmacies, online channels, and hypermarkets.

Major Driver - Wearable Medical Devices Revolutionizing Healthcare For Chronic Disease Management
The rise in mortality rate due to non-communicable diseases with an increasing prevalence of chronic diseases and lifestyle-associated diseases like hypertension and diabetes contributed to the growth of wearable medical devices. The Healthcare industry is coming up with newer technologies to overcome this with necessary measures like continuous and remote patient monitoring facilities through wearables which can be worn over the body all-day long for continuous monitoring of the required parameters like vital signs, glucose levels, and more. According to the International Diabetes Federation, an international organization working for spreading awareness regarding diabetes, in 2021, 537 million adults were living with diabetes. This number is expected to increase to 643 million by 2030 and 783 million by 2045. The rise in the number of chronic diseases coupled with growing awareness among the people is pushing them towards continuous monitoring which boosted the wearable medical devices market growth.

Competitive Landscape:
Major companies operating in the wearable medical devices market include Philips, Polar Electro, Omron Corporation, Fitbit Inc., Garmin Ltd., LifeWatch AG (BioTelemetry Inc.), Xiaomi Inc., VitalConnect, Jawbone Inc., General Electric Co., Medtronic PLC, Sotera Wireless, Basis Science Inc., Intelesens Ltd., Withings, World Global Network, Activeinsights Ltd., Drägerwerk AG & Co. KGaA, LG Electronics, Sony Corporation, Nike Inc., Samsung, Boston Scientific, Honeywell International Inc., Pebble Technology Corp., Demant AS, Sonova Group, Alphabet Inc., Abbott Laboratories, Apple Inc., Biotricity, Dexcom, Embr Labs, Empatica, Hill-Rom Holdings Inc., Hocoma AG, iRhythm Technologies, Masimo Corporation, MC10 Inc., Nuubo, Oxitone Medical, Preventice Solutions, ResMed, Valencell, Owlet Baby Care

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Top Trend - The Growing Role Of Artificial Intelligence In Enhancing Wearable Medical Devices
Integrating artificial intelligence into wearable medical devices is gaining traction. 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.

The Table Of Content For The Market Report 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. Wearable Medical Devices Market Size And Growth
…..
27. Wearable Medical Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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