PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388774
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388774
Wearable Medical technology refers to health monitoring devices worn on the body, particularly on the wrist, to facilitate the monitoring of the wearer's health data. These devices utilize biosensors to collect various data points from the patient, such as heart rate, blood pressure, sleep patterns, and activity levels. In recent years, the popularity of wearable healthcare technology has significantly increased. This can be attributed to advancements in biosensor technology, leading to improved accuracy, as well as the development of smaller battery sizes and enhanced performance. Consequently, wearable medical technology now has the capability to provide users with precise healthcare data, enabling them to take charge of their own medical healthcare.
With the aging global population, the prevalence of chronic illnesses such as diabetes, cardiovascular diseases, and respiratory conditions is increasing. Wearable Medical Technology plays a vital role in delivering real-time data and facilitating remote monitoring, thereby assisting patients and healthcare providers in effectively managing these conditions. According to the American Hospital Association, a growing number of Americans are facing persistent and generally incurable chronic health conditions and diseases. Currently, approximately 133 million Americans, accounting for almost half of the population, suffer from at least one chronic illness, including hypertension, heart disease, and arthritis. This figure has risen by 15 million in just ten years and is projected to reach 170 million by 2030. Moreover, advancements in wearable technology and preventive healthcare and wellness offer opportunities for the wearable medical technology market. However, the market growth may be hindered by limited reimbursement policies.
The Global Wearable Medical Technology Market is segmented on the basis of Product Type, Application, Distribution, and Region.
The market is divided into two categories based on product type: Diagnostic Devices and Therapeutic Devices. Diagnostic Devices dominate the market. As wearable diagnostic devices progress and enhance, they are expected to assume a progressively significant function in contemporary healthcare, aiding in the determination of diagnoses and treatment decisions.
The market is divided into three categories based on application: Sports and Fitness, Remote Patient Monitoring, and Home Healthcare. Home Healthcare dominates the market. The elderly require essential home healthcare services. The integration of wearable devices equipped with fall detection and health monitoring features not only enhances their safety but also empowers caregivers to deliver superior care to this aging demographic.
The market is divided into three categories based on Distribution: Online channels, Pharmacies, and Hypermarkets. Pharmacies are expected to dominate the market growth. Some wearable medical devices can be integrated with medication management systems, enabling patients to effectively monitor their medication schedules. Pharmacies are capable of offering valuable information and assistance regarding the utilization of such devices.
Geographically, the market is extensively present across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further categorized based on the countries involved in business activities. The market growth is primarily dominated by North America, attributed to the rising adoption of smartphone-based healthcare devices. According to Manhattan Investigation, a firm based in New York City, the utilization of mobile resources for healthcare purposes among U.S. consumers aged 18 or above is witnessing an upward trend. Additionally, in 2020, approximately 87 million individuals in the United States used a health or fitness app on a monthly basis. This accounts for around 30% of adult smartphone owners, and this figure is expected to remain relatively stable over the next three years, as indicated by mobile health statistics. Europe is anticipated to drive market growth during the forecast period, driven by the growing demand for home healthcare services.
The wearable medical technology sector is experiencing rapid growth in both the healthcare and technology industries. Its primary objective is to develop wearable devices capable of monitoring and tracking various health metrics, thereby providing valuable data to both users and healthcare professionals. Given the high demand for health-beneficial and convenient devices, the wearable medical technology market is fiercely competitive, with companies continuously innovating to meet this demand. As technology continues to advance, they can anticipate the emergence of more sophisticated and integrated wearable medical devices that will play an expanded role in healthcare and everyday life. A recent example of this progress is Royal Philips, a global leader in health technology, which has obtained 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its wearable biosensor, the Philips Biosensor BX100. This device is designed to assist in managing confirmed and suspected COVID-19 patients in hospital settings.
In September 2022, Fitbit Health Solutions as well as Google Cloud have announced the development of a new service to assist healthcare and life science organizations in using wearable data.
The scope of this report covers the market by its major segments, which include as follows: