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Diagnostic Wearable Medical Devices Market 2024: Comprehensive Size, Share, and Demand Insights
Diagnostic Wearable Medical Devices Global Market Report 2024
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According to The Business Research Company's, The diagnostic wearable medical devices market size has grown rapidly in recent years. It will grow from $6.31 billion in 2023 to $7.13 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth in the historic period can be attributed to the increasing geriatric population, increasing investments in digital health, rise in smartphone penetration, rise in sports and fitness activities, and growth in wearable medical device startups.
The diagnostic wearable medical devices market size is expected to see rapid growth in the next few years. It will grow to $11.74 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to increasing health awareness, rising incidence of chronic conditions, expanding use of telemedicine and remote patient monitoring, growing focus on personalized medicine, and rising healthcare infrastructure. Major trends in the forecast period include technological advancements, integration of artificial intelligence, adoption of wearable devices, augmented reality, and smart clothing.
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is expected to propel the growth of the diagnostic wearable medical devices market going forward. Chronic diseases refer to long-lasting health conditions that develop gradually, persist over an extended period, and often require ongoing medical attention and management. The prevalence of chronic diseases is due to a combination of factors, including aging populations, sedentary lifestyles, poor dietary habits, rising obesity rates, and the increasing prevalence of risk factors such as smoking and excessive alcohol consumption. Diagnostic wearable medical devices are increasingly used to manage chronic diseases by monitoring vital signs and other health metrics, providing real-time data that helps patients and healthcare providers better manage conditions. For instance, in April 2022, according to the National Association of Chronic Disease Directors (NACDD), a US-based non-profit organization, almost 60% of Americans adults have at least one chronic disease and approximately 40% of American adults have multiple chronic conditions (MCC), and this is expected to cost the US economy 2 trillion dollars annually, or $8,600 per person by 2030. Therefore, the increasing prevalence of chronic diseases drives the growth of the diagnostic wearable medical devices market.
Major companies operating in the diagnostic wearable medical devices market are focused on developing innovative solutions, such as glucose monitoring systems, to enhance accuracy, user experience, and the management of chronic conditions such as diabetes. Glucose monitoring systems are medical devices that measure and track blood glucose levels, helping individuals, particularly those with diabetes, manage their condition through real-time data and insights. For instance, in February 2023, Dexcom Inc., a US-based manufacturer of continuous glucose monitoring systems, introduced the next-generation Dexcom G7 CGM System for Medicare beneficiaries. The next-generation Dexcom G7 CGM System is uniquely designed with a smaller, more discreet profile and a faster warm-up time. It combines the sensor and transmitter into a single unit, enhancing ease of use and accuracy with an overall mean absolute relative difference (MARD) of 8.2%. It offers customizable alerts, longer wear duration, and seamless integration with other diabetes management devices and digital health platforms, exemplifying advancements in diagnostic wearable continuous glucose monitoring devices.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., F. Hoffmann-La Roche Ltd., Abbott Laboratories, Medtronic plc, Koninklijke Philips NV, GE Healthcare, OMRON Corporation, Garmin Ltd., Drägerwerk AG & Co. KGaA, Molex LLC, ResMed Inc., Dexcom Inc., Boyd Corporation, Masimo Corporation, AliveCor Inc., VitalConnect Inc., BTS Bioengineering Corp., Cleveland Medical Devices Inc., Meril Life Sciences Pvt. Ltd., Activinsights Ltd., Murata Vios Inc.
Diagnostic Wearable Medical Devices Market 2024 Key Insights:
• The diagnostic wearable medical devices market size is expected to see rapid growth in the next few years. It will grow to $11.74 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%.
• Rising Prevalence Of Chronic Diseases Fuels Growth In Diagnostic Wearable Medical Devices Market
• Next-Gen Glucose Monitoring Wearable Devices For Diabetes Management
• North America was the largest region in the diagnostic wearable medical devices market in 2023
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