Market Size – USD 16.23 Billion in 2021, Market Growth – at a CAGR of 14.0%, Market Trends – Increasing Technology Introduction
NEW YORK, NEW YORK, USA, Aug. 5, 2022 /EINPresswire.com/ —
Growing need for real-time health monitoring and early disease detection are key factors driving the market revenue growth
The global wearable medical/healthcare device market size is expected to reach USD 52.35 billion in 2030 and register a revenue CAGR of 14.0% over the forecast period, according to a latest report by Reports and Data. Growing need for real-time health monitoring and early disease detection is expected to drive the market revenue growth over the forecast period. Increasing introduction of cutting-edge connected wearables for healthcare applications is also expected to drive the global market revenue growth in the future. The healthcare industry, in collaboration with technology companies, manufactures products to diagnose, monitor and treat patients, as well as to help healthcare organizations reduce healthcare costs and operate more efficiently. There were approximately 161 million Internet of Things (IoT) devices in use in the healthcare sector in 2020. Additionally, advances in wireless technology, miniaturization, and computing power have spurred MedTech innovation. As a result, more connected wearable medical devices are being developed to help patients collect, assess and transfer data. The Internet of Medical Things (IoMT), a global network of connected medical devices, software applications and healthcare systems, is created from the data collected by these devices. The Internet of Things (IoT) is rapidly changing the role and relationships of MedTech in the healthcare industry. Growing efforts by various MedTech companies to leverage the data provided by digital products to make their business and operating models relevant and sustainable are expected to drive the market revenue growth over the forecast period.
However, the risk of data breach is expected to hamper the market revenue growth over the forecast period. Fitness trackers are meant to understand and improve people’s health by providing vital information that could indicate health risks. During the process of collecting this user information, the device needs to access private information about people’s life and health. Hackers can use this sensitive information to create personalized phishing emails, commit fraud, and obtain even more personal information. Cybersecurity is therefore crucial for the safety and effectiveness of medical devices. Unauthorized access to medical data is expected to hamper the market revenue growth over the forecast period.
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The report provides a comprehensive assessment of the market covering key elements such as revenue estimates, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply patterns and request. It also highlights recent technological developments, product advancements, and research and development activities in the region.
The report examines the major players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s five forces analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, product launches and brand promotions.
Key companies profiled in the report include:
Apple, Inc., Samsung Electronics Co., Ltd., Xiaomi Corporation, Garmin, Ltd., Fitbit, Inc., LifeWatch GmbH, Omron Healthcare, Inc., Misfit, Inc., Vital Connect, Inc., Biobeat Technologies, Ltd . ., Medtronic PLC, Vital Connect, Inc. and Sotera Wireless, Inc.
Market segmentation by types:
Device Type Outlook (Revenue, USD Billion; 2019-2030)
Diagnostic and monitoring devices
Vital signs monitoring devices
Glucose monitoring devices
Sleep monitoring devices
Blood pressure monitoring devices
Fetal and Obstetric Monitoring Devices
Pain management devices
Respiratory therapy devices
Product Outlook (Revenue, USD Billion; 2019-2030)
Ratings Outlook (Revenue, USD Billion; 2019-2030)
Sales Channel Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
Sports and fitness
Remote patient monitoring
Emergency medical care
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The regional analysis covers an in-depth analysis of the Global Wearable Healthcare/Medical Devices Market revenue analysis, market share and growth rate in each region for the forecast period 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and the presence of key players in each region.
The rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Rest of MEA
Some highlights of the report
The diagnostic and monitoring devices segment is expected to account for a substantial market share in the global wearable healthcare/medical devices market during the forecast period. This is due to the growing attention to monitoring and personalized health care as well as the increasing incidence of diseases such as obesity, diabetes, chronic obstructive pulmonary disease, hypertension, chronic pain and heart problems.
The fitness tracker segment is expected to account for a considerable market share over the forecast period owing to the growing usage of smartphone-based health devices.
The North America wearable medical/healthcare device market is expected to account for the largest revenue share during the forecast period. Strong presence of leading wearable healthcare device manufacturers and rising government spending on smart technologies to detect chronic diseases early and treat them appropriately are expected to drive the market revenue growth.
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Reports and Data is a market research and consulting firm that provides syndicated research reports, custom research reports and consulting services. Our solutions are uniquely focused on your goal of locating, targeting and analyzing changes in consumer behavior across demographics, across industries and helping customers make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries including healthcare, technology, chemicals, power and energy. We are constantly updating our search offerings to ensure that our clients are aware of the latest trends existing in the market. Reports and Data has a strong base of experienced analysts in various areas of expertise.
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