The global wearable healthcare/medical devices market size is expected to reach USD 52.35 Billion in 2030 and register a revenue CAGR of 13.9% over the forecast period, according to a latest report by Reports and Data. Increasing need for real-time health monitoring and for early detection of diseases is expected to drive market revenue growth during the forecast period. Increasing introduction of technologically-advanced connected wearable devices for healthcare applications is also expected to boost revenue growth of the global market going ahead. Healthcare industry, in collaboration with technology companies, produces products to diagnose, monitor, and treat patients, as well as help healthcare organizations lower healthcare costs and operate more efficiently. Wireless technology advancements, miniaturization, and computing power have driven MedTech innovation. As a result, more connected wearable medical devices are being developed to help patients collect, evaluate, and transfer data. The Internet of Medical Things (IoMT), a global network of connected medical devices, software applications, and health systems, is being created by the data collected by these devices. The Internet of Things is rapidly changing MedTech's role and relationships in the healthcare industry. Increasing efforts by various MedTech companies to harness data provided by digitally-enabled products and make their business and operating models relevant and sustainable are expected to drive market revenue growth over the forecast period.
However, risk of data breaches is expected to hamper revenue growth of the market during the forecast period. Fitness trackers are intended to understand and improve our health by providing critical information that could indicate health risks. During the process of collecting this information on users, the device will need to be able to access very private information about our lives, health, and much more. Hackers can use this sensitive information to create customized phishing emails, commit fraud, and obtain even more personal information. Cybersecurity is crucial for medical device safety and effectiveness. Unauthorized access to medical data is expected to hamper the market revenue growth during the forecast period.
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The report provides an in-depth analysis of the key developments and innovations of the market such as research and development advancements, product launches, mergers acquisitions, joint ventures, partnerships, government deals, and collaborations. The report offers a comprehensive assessment of key players in the market along with their global position, financial standing, business expansion plans, production and manufacturing capacity, and strategic alliances.
Key players in the market include
Fitbit, Philips, Garmin, Lifewatch, Medtronic, NeuroMetrix, Qardio, Omron, and Insulet.
Furthermore, the report segments Wearable Healthcare/Medical Devices market on the basis of key product types and applications and provides details about the revenue growth, revenue CAGR, and revenue share each segment is expected to register over the forecast period.
Product Outlook (Revenue, USD Billion, 2018-2030)
- Fitness Trackers
- Body Sensors
- Wearable Patches
- Wrist Devices
- Heart Straps
- Headbands
- Posture Monitors
- Movement Sensors
- Wearable Defibrillator
- Smart Clothing
- Smart Glasses
- Wearable Camera
- Others
Device Outlook (Revenue, USD Billion, 2018-2030)
- Diagnostic and Monitoring Devices
- Vital Signs Monitoring Devices
- Glucose Monitoring Devices
- Sleep Monitoring Devices
- Fetal Monitoring Obstetric Devices
- Neuro-monitoring Devices
- Others
- Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
- Insulin Pumps
- Cardiac Devices
- Others
Application Outlook (Revenue, USD Million, 2018-2030)
- Sports Fitness
- Remote Patient Monitoring
- Home Healthcare
- Emergency Medical Care
- Others
For a better understanding of the global Wearable Healthcare/Medical Devices market dynamics, a regional analysis of the market across key geographical areas is offered in the report. The market is spread across key geographical regions such as North America, Europe, Latin America, Asia Pacific, and Middle East Africa. Each region is analysed on the basis of the market scenario in the major countries of the regions to provide a deeper understanding of the market. It provides insights into production and consumption patterns, supply and demand ratio, export/import, current and emerging trends and demands, market share, market size, revenue contribution, and presence of key players in each region.
In-depth regional analysis includes:
- North America (U.S., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of EU)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Features of the Global Wearable Healthcare/Medical Devices Market Report:
- Comprehensive analysis of the key players operating in the market along with their SWOT analysis, their business profiles, business overview, market share, global position, and market value
- Identification and analysis of significant trends and factors driving revenue growth of the market
- Analysis of the competitive landscape along with strategic mergers, expansions, agreements, partnerships, joint ventures, acquisitions, and product launches
- Assessment of each market segment along with their growth trends and market revenue contribution
- Study of the key regions to pinpoint growth potential and study opportunities, threats, limitations, and risks
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