Wearable Medical Devices Market Share, Size and Trends Insights

Wearable Medical Devices Market Overview

Owing to such factors, the global wearable medical devices market is projected to generate revenue of $67.2 billion by 2030. Increasing from $10.6 billion in 2019 at a robust 18.3% CAGR during the forecast period (2020–2030), as stated by P&S Intelligence.

It wasn’t long ago when the preference for junk food started growing all across the globe. After the initial success of ready-to-eat food in developed countries, such as the U.S., the trend started emerging in developing countries. Including India, as well. Not so surprisingly, it was the convenience offered to people. Who was increasingly getting sucked into their work lives, by such food products that led to their surging demand? After all, who would want to cook after working for 9–10 hours?! Plus, whatever the situation may be, as long as the taste buds were getting satiated, nobody raised a finger.

Wearable Medical Devices Market Growth Analysis

The simple idea of ready-to-eat food, however, quickly revealed its uglier side. When the prevalence of obesity and diabetes started rising. Today, the number of unhealthy people has risen significantly as compared to a few years ago. Of course, packaged food is not the only culprit here; the lack of physical activity due to the stressful working hours is just as much to blame, but the former is surely a primary contributing factor.

But things seem to be getting better, as a lot of people are now realizing how their bodies are being affected by the increasing consumption of junk food. They have now started adopting healthier means and are working toward keeping themselves fit. While the inclination of people toward a healthier life is to be applauded. Technology has also made things easier. Take for example wearable medical devices that allow people to track the number of calories that they have consumed during the course of the day.

What Exactly Are Wearable Medical Devices?

 As hinted above, wearable devices enable the monitoring of physical activities of the user throughout the day. In addition to monitoring the physical aspects, these devices can also monitor physiological and biochemical parameters. Some of the most common parameters that are measured by wearable technologies are vital signs, i.e. blood pressure, and heart rate. Body temperature, posture, blood oxygen saturation, and physical activities.

Types of Wearable Medical Devices

Breath analyzers, patches, fitness trackers, hearing aids, smart clothes, and smartwatches are different types of wearable technologies. Among all these, the demand for fitness trackers has been the highest up till now. The situation is likely to remain the same in the years to come. These devices are cost-effective, which is why their popularity is high among consumers. In addition to this, the surging consciousness among people regarding tracking the calories that they have burnt and the steps that they have taken is also driving the demand for fitness trackers. By keeping track of such data, people can effectively maintain their general health.

Key Applications of Wearable Technologies 

• Remote patient monitoring
• Home healthcare
• Sports & fitness

Presently, athletes, as well as the general public, are mostly utilizing these products for sports & fitness applications.

Wearable medical devices can easily be purchased from pharmacies, hypermarkets, and online platforms. Owing to the swift expansion of the e-commerce industry. The sales of these devices have been majorly rising from online platforms. Since people can compare a number of products on online channels and get everything delivered at their doorstep. They are widely opting for online platforms, rather than shopping at physical stores.

State of Adoption in Regions

In North America, the demand for wearable medical devices has been the highest up till now, which can primarily be ascribed to the advanced healthcare infrastructure in the region. Moreover, the presence of a number of key companies, the rising geriatric population, and increasing product launches. The surging prevalence of chronic diseases is leading to the growing adoption of wearable medical devices in the region.

This being said, the adoption of wearable medical devices is also projected to grow considerably in the APAC region in the near future. Majorly because of the technological advancements in countries including India, China, and Japan. In addition to this, the increasing healthcare expenditure, growing prevalence of chronic diseases, and rising geriatric population. Surging investments by public and private organizations are expected to drive the demand for wearable medical devices in APAC.

Conclusion

The demand for wearable medical devices has majorly been rising due to the increasing inclination of people toward staying fit. As the prevalence of obesity is growing, more people are opting for healthier lifestyles. Wearable devices have now become a major part of it.