Wearable Medical Devices Market Overview, Competitive Analysis, Key Trends And Outlook 2024 To 2033

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.

Market Overview -
Wearable medical devices are autonomous medical devices that can be worn by a person and perform functions such as medical monitoring and support.

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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

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.

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Key Segments -
The wearable medical devices market covered in this report is segmented -
1) By Device Type: Diagnostic Devices, Therapeutic Devices
2) By Product Type: Watch, Wristband, Clothing, Ear Wear, Other Devices
3) By Distribution Channel: Pharmacies, Online Channel, HyperMarkets
4) By Application: Sports And Fitness, Remote Patient Monitoring, Home Healthcare, Ear Wear

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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