Smart Wearable Medical Devices Market Is Expected To Reach USD 37.4 Billion by 2030, Grow at a CAGR Of 13.1% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.
According to a market research study published by Contrive Datum Insights, The market for smart wearable medical devices in North America is expected to reach $8.92 billion by 2030, growing at a CAGR of 18.7% during the period of the forecast.
Farmington, March 17, 2023 (GLOBE NEWSWIRE) -- The Global Smart Wearable Medical Devices Market size was valued at USD 13.8 Billion in 2021 and is projected to reach USD 37.4 Billion by 2030, growing at a CAGR of 13.1% from 2022 to 2030. Smart wearable devices will soon become more popular because they have a lot of features, can be used for telemedicine, and can be used all over the house. Wearable medical devices are in high demand because so many people have long-term illnesses like diabetes and heart problems. Continuous monitoring devices are used more and more as the number of people with these diseases goes up. In recent years, product sales have also gone up because of changes in technology that make people more mobile and connected. This has given the healthcare industry new ways to deal with patients and diseases. Smart wearable technologies will grow the market because they can improve the quality of patient care while cutting costs.
During the pandemic, the market for smart medical devices that you can wear has helped in some ways. As more innovative technologies are used to meet customer needs, the industry is expected to grow at a rate that has never been seen before. Smart wearable technology has made it easier for both patients and health care workers to keep track of their health from far away. As COVID-19 goes on, people are becoming more interested in health care, which is driving up the demand for daily health tracking devices that can be used at home. Also, at a time when patients can't move around much and the risk of getting an infection in the facility is high, these devices have given chronically ill patients a good way to be monitored in real time.
Request Sample Copy of Report “Smart Wearable Medical Devices Market Size, Share & Trends Estimation Report By Type (Blood Pressure Monitor, Heart Detector, Blood Glucose Meter, Pulse Monitor, Others), By Application (Children, Adults, The Old, Other), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Industry Developments:
In March 2022, multinational pharmaceutical company Novo Nordisk announced that two connected insulin pens, NovoPen 6 and NovoPen Echo Plus, are now available by prescription in the UK for diabetics treated with Novo Nordisk insulin.
In January 2022, Insulet, an innovative medical device company dedicated to simplifying the lives of people with diabetes, announced that its Omnipod 5 insulin pump has received FDA clearance for use in people with diabetes. The Omnipod 5 is a patch-like device that adjusts the daily dose based on changes in the wearer's blood sugar levels.
Market Dynamics:
Drivers:
Demand is growing for monitoring patients from a distance. Wearable smart medical devices can make it possible to keep an eye on a patient from afar. This lets doctors and nurses check on the health of their patients outside of the typical clinic setting.
More and more people are getting chronic diseases. Diabetes and heart disease, for example, are on the rise. This is making people want smart medical devices that can be worn and help with these conditions.
Changes in technology: The market for smart wearable medical devices is likely to be driven by new technologies like artificial intelligence and machine learning, which will lead to new applications and use cases.
Favorable government initiatives: Governments all over the world are starting programmes to encourage the use of digital health technologies, which is expected to drive the growth of the smart wearable medical devices market.
Restraints:
Smart wearable medical devices can be expensive, which could make them less popular, especially in developing countries.
Limited reimbursement policies: It can be hard for patients to get wearable medical devices because reimbursement policies are limited. This can slow the spread of these technologies.
Concerns about data privacy: The use of smart wearable medical devices raises questions about data privacy and security, which could slow down their use.
Challenges:
Interoperability problems: It can be hard to get different smart wearable medical devices and health care systems to talk to each other.
Regulatory problems: The regulatory environment for smart wearable medical devices is complicated and changes quickly, which can cause problems for manufacturers and healthcare providers.
Battery life: Many smart wearable medical devices have short battery lives, which can be a problem, especially for devices that need to be worn all the time.
Regional Outlook:
The market for smart wearable medical devices in North America is expected to reach $8.92 billion by 2030, growing at a compound annual growth rate (CAGR) of 18.7% during the period of the forecast.
People with chronic diseases, good government programmes, and a well-developed healthcare system are some of the reasons why this region is expected to be a leading market.
The Europe region is also expected to grow a lot, thanks to things like the growing number of older people and the growing demand for remote patient monitoring.
Due to a large population, a rise in the number of people with chronic diseases, and higher healthcare costs, the Asia-Pacific region is expected to be a fast-growing market.
The Middle East and Africa are expected to grow slowly because more people are using digital health technologies and more attention is being paid to preventive care.
Latin America is also expected to have slow growth, which will be caused by things like rising healthcare costs and more people getting chronic diseases.
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Scope of Report:
Report Attributes | Details |
Growth Rate | CAGR of 13.1% from 2023 to 2030. |
Revenue Forecast by 2030 | USD 37.4 Billion |
By Type | Blood Pressure Monitor, Heart Detector, Blood Glucose Meter, Pulse Monitor, Others |
By Application | Children, Adults, The Old, Other |
By Companies | Google, IHealth Labs, Telefonica, Samsung Electronics, Cyberdyne, Sprint, IRhythm Technologies, Vendors to Watch Out, T-Mobile US, Interaxon, Emerging Vendors, Epson America, Lark, Orpyx Medical Technologies, Biosensics, Withings, Proteus Digital Health, Evena Medical, Cambridge Temperature Concepts, Sotera Wireless, Qardio |
Regions and Countries Covered |
|
Base Year | 2022 |
Historical Year | 2017 to 2022 |
Forecast Year | 2023 to 2030 |
Key Segments Covered:
Top Market Players:
Google, IHealth Labs, Telefonica, Samsung Electronics, Cyberdyne, Sprint, IRhythm Technologies, Vendors to Watch Out, T-Mobile US, Interaxon, Emerging Vendors, Epson America, Lark, Orpyx Medical Technologies, Biosensics, Withings, Proteus Digital Health, Evena Medical, Cambridge Temperature Concepts, Sotera Wireless, Qardio, and others.
By Type
Blood Pressure Monitor
Heart Detector
Blood Glucose Meter
Pulse Monitor
Others
By Application
Children
Adults
The Old
Others
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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