Wearable Medical Devices Market Analysis, Share, Growth Drivers and Forecast Report, 2030

The rising prevalence of obesity and various other chronic diseases, soaring geriatric population, and surging preference for technologically advanced products are the other major factors boosting the demand for wearable medical devices throughout the world. Due to these factors, the revenue generated from the worldwide sales of wearable medical devices is expected to reach $67.2 billion by 2030, which is a considerable increase from the $10.6 billion revenue that the sales of these devices generated in 2019. The global wearable medical devices market is predicted to progress at a CAGR of 18.3% during the forecast period (2020–2030).

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There are numerous types of wearable medical devices such as smartwatches, fitness trackers, hearing aids, smart cloths, breath analyzers, and patches. Out of these, the fitness trackers are projected to register the highest usage during the forecast period. This is mainly due to the fact that a majority of the people using these devices want to track their progress and fitness journey, number of steps taken, their health and fitness condition, and calories burnt. Moreover, these trackers are extremely cost-effective and are thus, being increasingly adopted by people across the world.

Globally, North America observed the highest utilization of wearable medical devices during the historical period (2014–2019), owing to the presence of several well-established wearable medical devices manufacturing companies and advanced healthcare infrastructure in the region.

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The Asia-Pacific (APAC) region is expected to record the highest adoption of wearable medical devices during the forecast period. This is primarily attributed to the increasing healthcare expenditure, soaring technological innovations, ballooning investments in healthcare and digital healthcare solutions by both public and private companies, booming geriatric population, and increasing incidence of chronic diseases, in the region.

This study covers

• Historical and the present size of the wearable medical devices market

• Major factors driving the market and their impact during the short, medium, and long terms

• Market restraints and their impact during the short, medium, and long terms

• Recent trends and evolving opportunities for the wearable medical devices market participants

• Historical and the present size of the market segments and understand their comparative future potential