Wearable Medical Devices Market to grow by USD 15.54 billion from 2022 to 2027; Market is fragmented due to the presence of prominent companies like Abbott Laboratories, Alphabet Inc., Apple Inc., and many more - Technavio
NEW YORK, Feb. 8, 2024 /PRNewswire/ -- The wearable medical devices market is estimated to grow by USD 15.54 billion from 2022 to 2027, growing at a CAGR of 17.82%. The wearable medical devices market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer wearable medical devices market are 3L Labs Co. Ltd., Abbott Laboratories, Alphabet Inc., Apple Inc., Biotricity Inc., Boston Scientific Corp., Daifuku Co. Ltd., Dexcom Inc., Garmin Ltd., General Electric Co., Huawei Technologies Co. Ltd., Johari Digital India Ltd., Koninklijke Philips N.V., Medtronic Plc, OMRON Corp., Oura Health Oy, Polar Electro Oy, Samsung Electronics Co. Ltd., The Sotera Wireless Inc., and ten3T Healthcare.
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Company Offering:
- Abbott Laboratories - The company offers wearable medical devices such as wearable FreeStyle Libre devices.
- Alphabet Inc. - The company offers wearable medical devices such as the Fitbit series under its subsidiary called Google LLC.
- Apple Inc. - The company offers wearable medical devices such as the Apple Watch series to measure blood oxygen levels.
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By Geography, the market is classified as North America, Europe, Asia, and Rest of World (ROW). North America will have the largest share of the market. The region is estimated to contribute 37% to the growth of the global market during the forecast period. The rising incidence of diseases, a high prevalence of hearing impairment, an increase in the number of technological devices used for wearables, increasing GDP, increased healthcare spending, new product launches and significant market presence of large companies are some of the major factors driving the growth in the region.
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- Impactful driver- Increasing prevalence of chronic diseases globally
- Key Trend - Emergence of innovative wearable medical devices
- Major Challenges - High cost of wearable medical devices
Market Segmentation
- The diagnostic and monitoring devices segment is estimated to witness significant growth during the forecast period. These devices enable the detection and monitoring of changes in body signatures throughout various areas and organs, thus making them a major advantage. Furthermore, factors such as the increasing health consciousness among end-users, the launch of low-cost wearable vital signs and activity monitoring devices, and technological advancements are also positively impacting the growth of this segment.
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Related Reports:
The diagnostic wearable medical devices market size is estimated to grow by USD 7,333.3 million at a CAGR of 15.2% between 2022 and 2027.
The wearable pulse oximeters market is estimated to grow by USD 244.66 million at a CAGR of 7.3% between 2023 and 2027.
TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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SOURCE Technavio
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