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WEARABLE MEDICAL EQUIPMENT MARKET REPORT OVERVIEW
The global wearable medical equipment market size was projected at USD 26.27 billion in 2023 and is expected to hit USD 151.47 billion by 2032 with a CAGR of 21.49% during the forecast period.
Wearable medical equipment is a term that refers to devices that are worn on the body to monitor various health parameters, offer therapeutic interventions, or aid people with medical ailments. Because of technological improvements and the rising emphasis on preventative healthcare and continuous monitoring, these devices have grown in popularity in recent years. These wearable gadgets' data can be kept and analysed, offering useful information to both users and healthcare professionals.
COVID-19 Impact: The Telehealth Adoption and Remote Monitoring Upscaled the Market Demand
The global COVID-19 pandemic has been unprecedented and staggering, with the wearable medical equipment market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
The pandemic of COVID-19 has had a profound impact on the development, adoption, and usage of wearable medical devices. The demand for wearable devices for remote monitoring has increased in response to the need to reduce in-person visits to healthcare facilities. Wearables can track vital signs such as temperature, heart rate, and oxygen levels for patients with COVID-19 symptoms or those who need to monitor underlying health concerns. Remote monitoring of patients allows healthcare providers to intervene quickly if symptoms worsen. Wearable devices have been used in COVID-19 survivors' remote rehabilitation programmes. These gadgets may monitor and offer feedback on motions, allowing patients to undertake workouts at home while healthcare experts watch their progress remotely.
In some instances, wearable devices equipped with sensors for temperature and respiratory rate monitoring have been used to detect COVID-19 signs early. Wearable technology has also been integrated into contact tracing activities, allowing for the rapid identification of persons who may have been exposed to the virus. Many people's mental health has been harmed as a result of the pandemic. Wearable technologies that track stress levels, sleep habits, and physical activity can offer mental health specialists with vital information. This information can be used to track behavioural and emotional changes, providing insights into a person's mental health.
LATEST TRENDS
"Telehealth, Integration of Wearable Devices and Pschotherapy Approaches to Boost the Market Share"
With technological improvements, the field of wearable medical equipment has been fast evolving. ECG, SpO2 (blood oxygen saturation), and even biochemical sensors are being integrated into wearables. These sensors enable more complete health monitoring, allowing for the early detection of a variety of medical disorders. Wearables with AR and VR technologies are being developed for a variety of healthcare applications. This includes medical education, virtual treatment sessions, and even augmented reality-assisted procedures. Based on the data collected, AI-powered wearables can deliver personalised health insights. Machine learning algorithms analyse data to provide health suggestions, find patterns, and even predict prospective health issues.
WEARABLE MEDICAL EQUIPMENT MARKET SEGMENTATION
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By Type
Based on type; the wearable medical equipment market is divided into smart glasses, smart watches, smart wristband and others.
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By Application
Based on the application; the wearable medical equipment market is divided into detect, monitor, deliver medical and others.
DRIVING FACTORS
"Rising Geriatric Population and their Health Monitoring to Uplift the Market Demand"
Wearable technologies have progressed beyond simple fitness tracking. They now contain features for monitoring specific health concerns such as diabetes, cardiovascular disease, and sleep disturbances. Continuous glucose monitoring, for example, has made tremendous advances, providing diabetes patients with greater ease and precision. The global population is ageing, which increases the prevalence of chronic diseases and age-related ailments. Wearable medical equipment play an important role in monitoring the health of the elderly, ensuring their safety, and offering early medical interventions when necessary. With an ageing global population, there is an emphasis on wearables for the elderly. These technologies, which include fall detection, medication reminders, and health monitoring, promote independent living while assuring safety.
"Increased Focus Towards Mental Health Monitoring to Drive the Market Growth"
Wearable medical equipment built exclusively for mental health monitoring are becoming increasingly popular. These devices monitor sleep patterns, assess stress levels, and even provide guided meditation or stress relief exercises. This tendency has been hastened by increased mental health awareness and the need for remote mental health support. Wearables give vital data for individuals and mental health practitioners, leading to a better understanding and management of mental health disorders as mental health awareness rises. Wearable devices are becoming more prevalent in healthcare systems and electronic health records (EHRs). This integration simplifies data sharing among patients, healthcare providers, and other stakeholders, resulting in better coordinated and efficient healthcare delivery.
RESTRAINING FACTORS
"Data Security, Privacy Concerns and Limited Battery Life to Restrain the Market Growth"
Although wearable medical technology has come a long way and has many advantages, these devices also have some drawbacks and difficulties. Wearable technology gathers private health information, which attracts hackers. This data's security and privacy must be guaranteed, which is a difficult task. The privacy and safety of individuals may be seriously compromised by unauthorised access to health information. The battery life of many wearable technology gadgets is short, necessitating frequent charging. This restriction may deter users from wearing the device consistently and interrupt continuous monitoring. Therefore, the diagnosis challenges and the side effects to hamper the wearable medical equipment market growth
WEARABLE MEDICAL EQUIPMENT MARKET REGIONAL INSIGHTS
"North American Region to Lead with Advanced Health Infrastructure and Rising Geriatric Population"
North America is predicted to dominate the overall wearable medical equipment market share throughout the forecast period. Wearable medical technology has been widely used in the US and Canada since its inception. North America is the leading market for wearable medical devices due to the existence of a strong healthcare system, major investments in healthcare technology, and a culture of early technological adoption. The COVID-19 pandemic has additionally expedited the deployment of telemedicine and remote monitoring technology globally, potentially affecting the prevalence of wearable medical devices in the North American region.
KEY INDUSTRY PLAYERS
"Key Industry Players to Promote the Market Expansion"
The market's expansion was significantly impacted by the techniques employed by market participants in recent years, such as extensions. The report covers details and information about the firms and their interactions with the market.
List of Top Wearable Medical Equipment Companies
- Flextronics International (Singapore)
- Bluegiga (Finland)
- BaseBand Technologies (Canada)
- Insulet Corporation (U.S.)
- BEMIS (U.S.)
- Abbott Diabetes Care (U.S.)
- Bluetooth SIG (U.S.)
- Bosch Sensortec (Germany)
- Google (U.S.)
- Beurer (Germany)
- Apple (U.S.).
REPORT COVERAGE
This report covers a comprehensive backdrop analysis, an assessment of the parent market, intensive study in the market dynamics. Past historical, current, and projected size of the market from the point of both value and volume. Researching of recent industry developments, deep study on market share and strategies of major players and the emerging niche segments and regional market areas are covered in the report.
| REPORT COVERAGE | DETAILS |
|---|---|
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Market Size Value In |
US$ 26.27 Billion in 2023 |
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Market Size Value By |
US$ 151.47 Billion by 2032 |
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Growth Rate |
CAGR of 21.49% from 2023 to 2032 |
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Forecast Period |
2024-2032 |
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Base Year |
2024 |
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Historical Data Available |
Yes |
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Regional Scope |
Global |
Segments Covered | |
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By Type
|
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By Application
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Frequently Asked Questions
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What value is the wearable medical equipment market expected to touch by 2032?
The global wearable medical equipment market is projected to touch USD 151.47 billion by 2032.
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What CAGR is the wearable medical equipment market expected to exhibit by 2032?
The wearable medical equipment market is expected to exhibit a CAGR of 21.49% by the forecasted year 2032.
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What are the driving factors of the wearable medical equipment market?
Rising geriatric population their health monitoring and the increased focus towards mental health monitoring to drive the wearable medical equipment market growth.
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Which are the top companies operating in the wearable medical equipment market?
Flextronics International, Bluegiga, BaseBand Technologies, Insulet Corporation, BEMIS, Abbott Diabetes Care, Bluetooth SIG, Bosch Sensortec, Google, Beurer, BodyMonitor, Apple and others are the top companies operating in the wearable medical equipment market.
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