According to a new report published by UnivDatos Markets Insights, the Wearable Medical Device Market was valued at more than USD 28,018.3 million in 2020 and is expected to grow at a CAGR of around 24.7% from 2022-2028. The analysis has been segmented into Product Type (Wristband, Smartwatches, Footwear, Smart Clothing, Patches, Eyewear, and Others); Device Type (Diagnostic & Monitoring Devices, Therapeutic Devices, and Others); Application (Sports & Fitness, Remote Patient Monitoring, and Tele-Home Healthcare); Distribution Channel (Pharmacies, Online Channel, and Hypermarkets); Region/Country.

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The wearable medical device market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the wearable medical device market. The wearable medical device market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the wearable medical device market at the global and regional levels.

Market Overview

Wearable medical devices are electronic devices that can be worn on the body to monitor, track, and diagnose various health conditions. These devices are designed to provide continuous and real-time health data and are becoming increasingly popular due to their ease of use and convenience. Some common types of wearable medical devices include fitness trackers, smartwatches, continuous glucose monitoring systems, sleep apnea monitors, cardiac monitors, and pain management devices. These devices offer numerous benefits, including improved self-awareness and self-care, better management of chronic conditions, and more personalized medical treatment. However, they also raise some concerns such as privacy, security, and accuracy of the data collected. Overall, the wearable medical device market is expected to continue growing as technology advances and consumer demand increases.

Chronic diseases and lifestyle-related disorders are one of the foremost causes of morbidity and mortality around the world. The prevalence of diabetes and cardiovascular diseases is the highest throughout the world. Moreover, lifestyle-related disorders such as diabetes, hypertension, and obesity are also increasing throughout the world which will further drive the growth of the market. For instance, according to the World Health Organization (WHO), as of 2021, approximately 463 million people globally have diabetes, and this number is expected to rise to 700 million by 2045.

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Some of the major players operating in the market include FITBIT; Apple, Inc.; OMRON Corporation; Koninklijke Philips N.V.; Xiaomi; Huawei Technologies Co., Ltd.; Garmin Ltd.; Polar Electro; SAMSUNG; GENTAG, Inc.

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The pandemic led to an increase in demand for wearable devices that could help monitor health and prevent the spread of the virus, such as fitness trackers and smartwatches. On the other hand, the pandemic also resulted in a slowdown of the supply chain and a decrease in consumer spending, which has affected the sales of wearable medical devices. Overall, the impact of COVID-19 on the wearable medical device market has been mixed, with both challenges and opportunities arising from the pandemic.

The global wearable medical device market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

·        Based on product type, the market is segmented into wristband, smartwatches, footwear, smart clothing, patches, eyewear, and others. The smart clothing category is to witness the fastest growth rate during the forecast period. Smart clothing consists of a range of articles, although it is typically in the form of shirts, socks, yoga pants, shoes, bow ties with secret cameras, helmets, and caps with a wide range of sensors and features. Wearable smart biometric devices have attracted the attention of professional sports leaders in golf, soccer, athletics, racing, basketball, and baseball, and teams and athletes are benefitting from the application of wearables to monitor the physical condition of players while training, to reduce the number of injuries and enhance team performance. These factors are driving segmental growth during the forecast period.

·        On the basis of device type, the market is categorized into diagnostic & monitoring devices, therapeutic devices, and others. Among these, therapeutic devices held a considerable share of the market in 2020. The therapeutic device segment of the wearable medical device market includes devices that are used to treat and manage various medical conditions. These devices are designed to provide targeted therapy, improve patient outcomes, and enhance the quality of life. These devices have revolutionized the way medical conditions are treated and managed, offering more personalized and convenient care. The growth of this segment is expected to grow rapidly in the coming years due to the increasing demand for non-invasive and minimally invasive medical treatments.

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Wearable Medical Device Market Geographical Segmentation Includes:

·        North America (United States, Canada, and Rest of North America)

·        Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)

·        Asia-Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia-Pacific)

·        Rest of the World

APAC is anticipated to grow at the fastest rate during the forecast period owing to factors such as escalation in the geriatric population, increasing standard of living, and rise in chronic diseases. Moreover, China is expected to foresee a surge in the geriatric population due to the One-Child Policy. This will drive the growth of the wearable device market in China. Further, Japan is the country with the highest life expectancy, this will directly influence the growth of the wearable medical device market as a rise in the geriatric population leads to the escalation of age-related disorders.

The major players targeting the market include

·        FITBIT

·        Apple, Inc.

·        OMRON Corporation

·        Koninklijke Philips N.V.

·        Xiaomi

·        Huawei Technologies Co., Ltd.

·        Garmin Ltd.

·        Polar Electro

·        SAMSUNG

·        GENTAG, Inc.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Wearable Medical Device Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the wearable medical device market?

• Which factors are influencing the wearable medical device market over the forecast period?

• What are the global challenges, threats, and risks in the wearable medical device market?

• Which factors are propelling and restraining the wearable medical device market?

• What are the demanding global regions of the wearable medical device market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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