Wearable Medical Devices Market Size to Cross US$ 96.7 Billion by 2028 at a 23.9 % CAGR Growth (with COVID-19 Analysis)

Pune, Maharashtra, India, September 22 2022 (Wiredrelease) Prudour Pvt. Ltd –:The Wearable Medical Devices Market is expected to grow from USD 21.6 billion in 2021 to USD 96.7 billion by 2028 at a CAGR of over 23.9% during the forecast period.

Market growth is expected to be influenced by remote patient monitoring devices and home healthcare industries. A growing focus on fitness and a healthier lifestyle will also affect market growth. Market drivers include a surge in product demand due to the COVID-19 pandemic and increased awareness regarding personal health monitoring.

Due to the increased sedentary lifestyle, the prevalence and incidence of lifestyle-associated disorders such as hypertension and diabetes are expected to rise over the forecast period. These diseases require continuous monitoring of multiple physiological parameters such as blood sugar levels and blood pressure. This allows for the fusion of healthcare data with portable medical equipment, which can be sent to doctors to give them real-time data access and reduce errors. The rising death rate from non-communicable illnesses is another reason to be concerned. This calls for personalized monitoring and care. This will ultimately increase demand for wearable medical devices.

The COVID-19 pandemic has expanded the role of wearable medical equipment in healthcare. Many companies are launching innovative wearable products that detect early signs of viral infections. The Ava Bracelet is an example of a wearable product used to track fertility and fight the coronavirus. The bracelet monitors heart rate variability, breathing rate, and skin temperature, making it useful for tracking virus symptoms. This is a rare opportunity to help during the pandemic.

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Both individuals and government agencies are concerned about the rising incidence of chronic diseases and increased mortality rates. Healthcare providers offer personalized care, including remote and continuous patient monitoring. These devices can also be worn for up to 24 hours without disrupting your daily life. Given its many benefits, demand for wearable medical equipment is expected to rise over the forecast period.

Driving Factors

Increasing consumer awareness about health and fitness

Due to the increasing geriatric population and rising prevalence of chronic diseases, the market for wearable medical equipment has seen significant growth in recent years. Wearable medical device manufacturers have developed advanced medical devices like wearable medical gadgets that allow the delivery of high-quality, non-hospital care. The wearable medical device market is expected to grow due to increasing consumer awareness about health and fitness.

Technology-advanced products are being developed

Restraining Factors

Maintenance is expensive

Despite the technological advances in the wearable medical device market, their use still has some limitations. The high price of wearable medical devices is one of these. These devices often have sensors, batteries, or chips that must be replaced regularly. The total cost of the device’s life span is significantly higher when considering the costs of accessories. These concerns and the absence of payment regulations have led to low adoption rates for wearable medical equipment in developing and developed countries. The high maintenance cost is a constraining factor in the growth of the market for wearable medical devices.

Unfavorable standards and regulations

In determining reimbursements for mobile healthcare, national authorities play a significant role. Many EU member states have national laws that define medical care based upon the patient’s physical presence and the doctor. This affects reimbursements for mobile and remote healthcare. These regulations limit the use of wearables within the healthcare industry.

Recent development

Fitbit Luxe was launched in April 2021 by Fitbit, Inc. (US).

Koninklijke Philips N.V. (Netherlands) launched fetal and maternal pods and patches in June 2020 for continuous, noninvasive monitoring of maternal and fetal heart rates, uterine activity, and maternal heart rate.

Fitbit, Inc. (US) partnered with FibriCheck in March 2020 to provide a CE-marked Heart Health Detection App to Fitbit smartwatch owners in Europe.

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Key Market Segments

Type

Diagnostic & Monitoring Devices

Therapeutic Devices

Application

Home Healthcare

Hospital

Others

Key Market Players included in the report:

Abbott Laboratories

MC10

Medtronic (Corventis)

Insulet

Gentag

Kenzen

Nemaura Medical

Flex(Singapore)

Proteus Digital Health

Cardiac Insight

UPRIGHT GO

Lumo Bodytech

Biotricity

BloomLife Company

Cardiomo

ZANSORS LLC

Philips

LifeWatch

Omron

FREQUENTLY ASKED QUESTIONS?

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