Wearable Medical Devices Market | Development in R&D activities will drive Sector Growth

Posted by Ganesh Shinde on April 18th, 2023

The Wearable Medical Devices Market is projected to reach US$ 73.48 billion by 2032, with a CAGR of 28.1%. The industry is expected to grow due to the increasing population and the rise in chronic diseases. Regulatory initiatives, healthcare sector expansion, and increasing product approvals have also contributed to the rapid growth of companies in the healthcare industry.

The use of 5G and AI can help diagnose and treat patients more accurately. AI can also assist healthcare providers in predicting which patients are likely to experience difficulties following surgery, enabling them to take precautionary measures. Real-time learning with massive amounts of data requires high availability and throughput networks.

The introduction of 5G networks will allow healthcare professionals to leverage AI apps to provide immediate, high-quality care to patients worldwide. As a result, advanced innovations such as artificial intelligence and fifth-generation wireless networks are expected to have a significant impact on wearable medical devices.

Key Takeaways

• By 2032, the wearable medical device business is anticipated to be worth 4.65 billion.
• As the prevalence of cardiovascular illness, diabetes, and cancer rises, North America will account for 38.1% of global revenue in 2020.
• Growing adoption of wearable devices for health management is likely to boost market expansion during COVID-19.
• The wearable medical device market is being driven by the increased prevalence of target diseases due to an ageing population and the need to cut healthcare spending.

Competitive Landscape

• Medtronic plc
• Siemens AG
• Fitbit Inc.
• Bayer AG
• Panasonic Corporation
• Animas Corporation - Johnson and Johnson
• Smiths Medical - A Smiths Group Company
• Koninklijke Philips N.V.
• Owlet Baby Care
• OMRON Corporation
• Hoffmann-La Roche Ltd and Rest Devices Inc

Get More Insights@ https://www.futuremarketinsights.com/reports/wearable-medical-devices-market

Wearable Medical Devices Market By Segmentation

By Product:

• Wearable Monitoring and Diagnostic Devices
• Fetal and Obstetric Devices
  • Wearable Fetal Monitors
  • Infant Motion Sensing Monitors
• Continuous Glucose Monitoring Devices
• Cardiac Monitoring Devices
  • Wearable Heart Rate Monitors
  • Wearable Pulse Oximeters
  • Wearable Blood Pressure Monitors
• Wearable Therapeutic Medical Device
• Hearing Aid
• Insulin Pump
• Respiratory Therapy Devices
  • Sleep Apnea Devices
  • Non-invasive Ventilation
• Health and Fitness Devices

By Application:

• Patient Monitoring
• Home Healthcare
• Health and Fitness

By Distribution Channel:

• Hospital Pharmacies
• Clinics
• Online Channels
• Hypermarkets