The global wearable medical devices market is expected to grow from $18.41 billion in 2021 to $22.44 billion in 2022 at a compound annual growth rate (CAGR) of 21.9%. The market is expected to grow to $49.6 billion in 2026 at a compound annual growth rate (CAGR) of 21.9%.
The rise in mortality rate due to non-communicable diseases with an increasing prevalence of chronic diseases and lifestyle-associated diseases like hypertension and diabetes contributed to the growth of wearable medical devices.
The Healthcare industry is coming up with newer technologies to overcome this with necessary measures like continuous and remote patient monitoring facilities through wearables which can be worn over the body all-day long for continuous monitoring of the required parameters like vital signs, glucose levels, and more.
Moreover, the global NCD burden will rise by 17% in the next decade, and in Africa, it will grow by 27%. In 2019, a report published by Diabetics Research and Clinical Practice stated that the global diabetic population is estimated to be 463 million in 2019 which is 9.3% of the global population and is expected to reach 578 million by 2030 and 700 million by 2045.
Wearable device manufacturers collect and store data to sell them to the customer itself by charging a certain amount on monthly basis or periodically as per the requirement or to third parties at places where this information is not considered as Protected Health Information. There is a higher exposure of sensitive data as the amount of data handled by Medical Internet of Things devices is growing exponentially.
The major data privacy concerns arise during the transmission of data to a cloud and during its storage. In 2019, a survey conducted for wearable device users revealed that half of the respondents are unaware of the privacy concerns related to wearable devices. There are risks of the access and security of the personal information collected by the third-party healthcare service providers which are expected to hamper the growth of the market during the forecast period.
Integrating artificial intelligence into wearable medical devices is gaining traction. The data collected by wearable medical devices lack value without the integration of artificial intelligence (AI) that better utilizes the data collected. AI doctor which is a standalone network with a deep learning algorithm performs well than trained medical practitioners in conditions like skin lesions, electrocardiograms, medical imaging, and pathology.
Key Topics Covered:
1. Executive Summary
2. Wearable Medical Devices Market Characteristics
3. Wearable Medical Devices Market Trends And Strategies
4. Impact Of COVID-19 On Wearable Medical Devices
5. Wearable Medical Devices Market Size And Growth 5.1. Global Wearable Medical Devices Historic Market, 2016-2021, $ Billion 5.1.1. Drivers Of The Market 5.1.2. Restraints On The Market 5.2. Global Wearable Medical Devices Forecast Market, 2021-2026F, 2031F, $ Billion 5.2.1. Drivers Of The Market 5.2.2. Restraints On the Market
6. Wearable Medical Devices Market Segmentation 6.1. Global Wearable Medical Devices Market
Diagnostic Devices
Therapeutic Devices
6.2. Global Wearable Medical Devices Market
Watch
Wristband
Clothing
Ear Wear
Other Devices
6.3. Global Wearable Medical Devices Market
Pharmacies
Online Channel
HyperMarkets
6.4. Global Wearable Medical Devices Market, Segmentation By Application
Sports And Fitness
Remote Patient Monitoring
Home Healthcare
Ear Wear
7. Wearable Medical Devices Market Regional And Country Analysis
8. Asia-Pacific Wearable Medical Devices Market
9. China Wearable Medical Devices Market
10. India Wearable Medical Devices Market
11. Japan Wearable Medical Devices Market
12. Australia Wearable Medical Devices Market
13. Indonesia Wearable Medical Devices Market
14. South Korea Wearable Medical Devices Market
15. Western Europe Wearable Medical Devices Market
16. UK Wearable Medical Devices Market
17. Germany Wearable Medical Devices Market
18. France Wearable Medical Devices Market
19. Eastern Europe Wearable Medical Devices Market
20. Russia Wearable Medical Devices Market
21. North America Wearable Medical Devices Market
22. USA Wearable Medical Devices Market
23. South America Wearable Medical Devices Market
24. Brazil Wearable Medical Devices Market
25. Middle East Wearable Medical Devices Market
26. Africa Wearable Medical Devices Market
27. Wearable Medical Devices Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Wearable Medical Devices Market
29. Wearable Medical Devices Market Future Outlook and Potential Analysis
