Westford, USA, Aug. 14, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Wearable Medical Devices Market will attain a value of USD 249.97 Billion by 2031, with a CAGR of 25.40% over the forecast period (2024-2031). The risk is high that sedentary behaviour leads to more lifestyle diseases such as high blood pressure and diabetes which in turn require for consistent observation of body functioning. The advent of wearable medical devices combines different health parameters thereby allowing doctors a chance to prevent errors while attending to patients in real-time. The increasing number of deaths from non-communicable diseases raises the necessity for personalized monitoring and treatment, thereby increasing need for wearable medical devices.
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Wearable Medical Devices Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $40.88 Billion |
| Estimated Value by 2031 | $249.97 Billion |
| Growth Rate | Poised to grow at a CAGR of 25.40% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Site, Application, Grade Type, and Distribution Channel |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Reducing the expense of treating chronic illnesses |
| Key Market Opportunities | Improved novel innovations like artificial intelligence and IoT |
| Key Market Drivers | Increase in the elderly population and awareness among people |
Real-Time Health Monitoring Allows Diagnostic Devices to Hold a High Market Share
Diagnostic devices are leading the global wearable medical device market led by technological advancements and increased consumer health awareness in terms of their improved early disease detection capabilities and real-time health surveillance. Growing investments in healthcare technology and the increasing incidence of chronic illnesses, which are needed for ongoing health tracking systems, support this dominance even more.
Demand for Remote Patient Monitoring in Home Healthcare Allowing them to Emerge as a Dominant Segment
The ageing population and the need to cut down on hospital visits have created a growing need for individualised treatment and remote patient monitoring, which has led to a dominance of home healthcare applications in the global wearable medical devices market. There are many factors which make telemedicine dominate over other forms in healthcare; these include; ease in managing medical conditions from one’s home/clinic as well as being affordable.
Remote Patient Monitoring and Home Care Devices Allowing North America to Spearhead Demand
The market for wearable medical devices is dominated by North America, which is expected to grow at a fast pace over the course of the forecast period due to the region's widespread usage of home care and remote patient monitoring technologies. Long-term, ongoing patient monitoring is reducing the number of hospital visits. Compared to men, women are considerably more likely to consistently use these devices (25% vs. 18%).
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Wearable Medical Devices Market Insight
Drivers:
- Increase in the Elderly Population and Awareness among People
- Home Healthcare for Covid-19 Pandemic
- Increasing Prevalence of Chronic Diseases
Restraints:
- Government Stringent Rules and Regulations
- High Cost of Maintenance of Wearable Medical Devices
- Interoperability and Compatibility Issues
Prominent Players in Wearable Medical Devices Market
The following are the Top Wearable Medical Devices Companies
- ADIDAS AG (Germany)
- Nike, Inc. (US)
- LG Electronics (South Korea)
- Motorola Solutions, Inc. (US)
- Fossil Group, Inc. (US)
- Google LLC (US)
- Polar Electro (Finland)
- Withings (France)
- Michael Kors (US)
- CASIO AMERICA, INC. (US)
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Key Questions Answered in Global Wearable Medical Devices Market Report
- What is SkyQuest's estimated 2031 market value for wearable medical devices worldwide?
- Which two major variables account for most diagnostic devices in the market for wearable medical devices?
- Which geographic region is anticipated to have the most demand for wearable medical technology, and why?
This report provides the following insights:
- Analysis of key drivers (Chronic diseases that are escalating, providing individualized care, healthcare practitioners using continual patient monitoring and general fitness is becoming more popular), restraints (Less modest uptake of medical wearables, retail prices of it are often high and manufacturing & distribution are limited), opportunities (Improved AI & IOT devices, carefully identifying vitals & monitoring personal health and growing product innovations), and challenges (Inadequate regulatory standardization and issues related to accuracy & analysis of wearable-generated data) influencing the growth of wearable medical devices market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the wearable medical devices market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the wearable medical devices market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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