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The global diagnostic wearable medical devices market size is estimated to grow by USD 8.76 billion at a CAGR of 15.69% between 2023 and 2028. The market growth and forecasting report provides a comprehensive analysis of drivers, trends, and challenges shaping the industry. Our research examines historical data from 2018-2022, offering insights into market evolution over recent years. Additionally, the report analyzes the current market scenario, providing a detailed overview of the present landscape. By combining historical data with current market dynamics, our report offers valuable insights into the factors influencing market growth and provides a basis for forecasting future trends and developments in the industry.
Moreover, the early detection of diseases can significantly reduce the cost of treatment. Smart wearables can detect diseases in their early stages, leading to lower healthcare costs. Furthermore, cloud-based monitoring coupled with wearables can reduce healthcare costs. Regulatory boards worldwide are approving wearable technology, and cloud-based technologies will play an important role in the future of diagnostic wearables. As these devices become more popular and affordable, they may become part of individuals' fitness routines. Therefore, the demand for cost-effective diagnosis will drive market expansion during the forest period.
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The market encompasses a wide array of electronic instruments and health monitoring tools, including fitness trackers, biosensing clothing, and wristbands. These devices track vital signs such as heart rate, glucose levels, and sleep patterns, enabling early diagnosis and preventive medicine for chronic diseases like diabetes, hypertension, and cardiovascular diseases. With advancements in neuromonitoring and remote health monitoring, coupled with the adoption of cloud-based software and wireless communication technologies, the market is poised for significant growth. Key regions driving this expansion include North America, Europe, China, and Japan. Emerging trends like smartwatches and smart clothes further contribute to the market's growth prospects.
The market share by the vital signs monitors segment will be significant during the forecast period. Vital signs monitors, as a leading device type sub-segment, play an important role in driving the development of the market. As customers know proactive health monitoring, wearable gadgets continuously monitor important indications such as heart rate, blood pressure, and oxygen saturation. Leading firms, like Apple with its Apple Watch and Fitbit, are releasing revolutionary diagnostic wearables with integrated vital signs monitoring capabilities, fueling market growth.
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The vital signs monitors segment was valued at USD 1.54 billion in 2018. Additionally, as technological advancements improve the capabilities of vital sign monitors, providing users with valuable health information and contributing to the global evolution of preventive and personalized healthcare, the global demand for such devices is expected to increase significantly from the segment. Owing to these factors, the market is expected to witness significant growth during the forecast period.
Home healthcare devices are used at an individual's home, avoiding the need to visit hospitals or diagnostic centers. The devices include vital signs monitors (such as heart rate monitors and respiratory monitors), activity monitors, and sleep monitors. The growing aged population and the rising prevalence of chronic diseases have resulted in high demand for home healthcare medical devices, such as blood pressure monitors, body temperature monitors, and sleep and apnea monitors. Diagnostic wearable medical devices are finding increased use in sports and fitness applications. Athletes need sensors that can be easily worn and can capture accurate measurements of motion. In fitness applications, these wearables serve muscle-building needs. Furthermore, these devices are being used by coaches and athletes to monitor their fitness requirements and improve their performance. These devices are used to increase the levels and the quality of exercise. Some examples of fitness wearables are Stretch Sense, Gym Watch, Atlas Wristband, Fitbit Blaze, and Basis Peak.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period. North America accounted for the highest share of the market, with the US being the largest revenue generator. The growth of the market in North America is likely to be fueled by factors such as an increase in the incidence of chronic diseases among people of all ages, the increased prevalence of heart and respiratory disorders, and a rise in the number of premature births. The increasing need for continuous diagnosis and the growing awareness among the general population will drive the growth of the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Activinsights - The company offers medical wearable devices such as GENEActiv and Activinsights bands.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is driven by increasing health consciousness and the rising prevalence of chronic diseases like diabetes, cardiovascular disorders, and obesity. Key trends include the adoption of cloud-based software for remote health monitoring and the emergence of smartwatches and smart clothes. However, challenges such as ensuring the accuracy of diagnostic data, addressing privacy concerns in wireless communication, and navigating regulatory complexities persist. Despite these challenges, the market holds significant growth prospects, especially in regions like North America, Europe, China, and Japan, driven by advancements in miniaturization, sensor technology, and the expanding IoT market.
Growing demand for early diagnosis and preventive medicine is the key factor driving market growth. Early diagnosis and preventive treatment technologies, which range from wearable fitness trackers to advanced health monitoring gadgets, enable users to proactively manage their health by providing real-time data and insights. The emphasis on early diagnosis of health disorders, as well as the shift toward preventative healthcare, has accelerated the adoption of diagnostic wearables.
Furthermore, the combination of advanced sensors, data analytics, and connectivity features improves wearables diagnostic capabilities, hence contributing to personalized and data-driven healthcare. This trend is consistent with the global healthcare paradigm change toward value-based treatment, patient engagement, and chronic disease prevention, which is expected to support the continuous expansion of the market during the forecast period.
Increasing penetration in the medical sector is one of the primary market trends shaping the growth. Companies are increasingly adopting new technologies to meet growing consumer needs. Consumers are looking for additional applications, indications, and easy usability. Therefore, companies are focusing on improving the features, diagnosis, and outcomes of their offerings. For instance, Phillips offers wearable diagnostic devices for individuals with chronic obstructive pulmonary disease. The device is equipped with a digital biosensor to record biometric data and transmit this data to the cloud-based HealthSuite Digital Platform. \
Additionally, some of the other innovations in the market are Samsung Fitness Tracker, Google Glass for fitness, Nike + Fuelband, and Misfit Shine. For instance, in April 2022, Fitbit received clearance to use its passive cardiac rhythm monitoring technology. The feature periodically checks wearers' heart rhythms and alerts them if they show signs of atrial fibrillation, a type of irregular heartbeat that puts people at a higher risk for stroke. Therefore, the emergence of innovative products is expected to foster the expansion of the market during the forecast period.
Privacy issues regarding health data of individuals is a significant challenge that affects market expansion. Diagnostic wearable medical devices involve the transfer of an individual's health data to healthcare providers, which poses several privacy issues. Most wearable devices are small in size, but they are capable of storing a large amount of data. The small size of these devices implies that the chance of losing or misplacing the data is high. Furthermore, wearable devices use a global positioning system (GPS) to retrieve location-based information.
Similarly, the data of a subscriber's location is owned and controlled by the respective network operators, including mobile carriers and mobile content providers. With operators having such information, end-users are concerned about their privacy despite legal frameworks to safeguard it. There should be a proper mechanism to secure and validate the data of wearables. Therefore, this will hinder the expansion of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. Market forecasting report focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
The market report forecasts market growth analysis by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is experiencing exponential growth, driven by the increasing adoption of health-oriented lifestyles and the surge in merger and acquisition activities within the healthcare industry. Clinical trials are expanding to validate the efficacy of these devices in personal health monitoring, particularly evident in regions like the UAE Wearable Medical Devices Market. Sedentary routines have led to a rise in lifestyle-related disorders, prompting the demand for portable medical devices. These devices monitor physiological parameters like heart rate variability, breathing rate, and skin temperature, crucial for diagnosing conditions such as cardiovascular diseases.
Further, real-time health tracking facilitated by continuous monitoring devices enables personalized patient care, reducing errors and mortality rates. Regulatory approvals, like those from the FDA, validate the market's innovative offerings. Cloud DX, among other key players, leverages cloud connectivity for seamless data transmission, while the pharmacy, online, and home healthcare segments emerge as pivotal distribution channels for these devices, catering to the growing demand for remote patient monitoring in neurological and therapeutic applications. The market is witnessing rapid growth, driven by the increasing prevalence of non-communicable diseases and the demand for innovative solutions like the Ava Bracelet for monitoring health parameters.
Additionally, Physicians rely on healthcare data from wearable devices to diagnose conditions, including neurological disorders. These devices cater to various therapeutic needs, from pain management to insulin monitoring and rehabilitation. With the rise in viral infections, there's a surge in demand for respiratory therapy devices. Market dynamics include new product launches, competitive benchmarking, and regional opportunities, while market concentration and fragmentation impact company revenue shares. These devices leverage Bluetooth technology, and their distribution spans pharmacies, online channels, and the growing segment of remote patient monitoring.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.69% |
Market Growth 2024-2028 |
USD 8.76 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
14.82 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 39% |
Key countries |
US, UK, Germany, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Activinsights Ltd., AliveCor Inc., Alphabet Inc., Apple Inc., Boyd Corp., BTS Bioengineering Corp., Cleveland Medical Devices Inc., Dragerwerk AG and Co. KGaA, Johari Digital India Ltd., Koninklijke Philips N.V., Medtronic Plc, Meril Life Sciences Pvt. Ltd., Molex LLC, Murata Vios, Inc., OMRON Corp., ResMed Inc., Sanmina Corp., VitalConnect Inc., Wellue Health, and Intelesens Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Device
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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