Stratview Research releases a new insightful report on the Wearable Medical Devices Market, that makes efforts at providing deep insights into numerous factors that are vital to the growth of this industry.

Market Insights

According to the present report, the wearable medical devices market size was estimated at USD 21.5 billion in 2021 and is likely to grow at a CAGR of 23.7% during 2022-2028 to reach USD 95.4 billion by 2028.

What are wearable medical devices?

Wearable medical devices are defined as electronic devices that can be worn by consumers which include activity monitors, smart watches, smart clothing, and patches. These devices are used to collect data on people’s exercise and monitor personal health. It has been widely used by consumers for fitness purposes.

Market Segments Analysis

Based on application, the market has been segmented into sports and fitness, remote patient monitoring, and home healthcare.

• The home healthcare segment accounted for the largest market share of >50% in 2021.
• Expanding geriatric population and prevalence of chronic diseases have resulted in increased demand for devices to monitor health continuously at home and reduce the number of frequent hospital visits and thus, curb healthcare expenditure.

Based on the device, the market has been segmented into diagnostic devices and therapeutic devices. The diagnostic devices segment accounted for a revenue share of nearly 65% in 2021.

Geographically, the market in North America accounted for the largest market share in 2021 owing to expanding geriatric population and an increasing number of people having non-communicable diseases due to changing lifestyles.

• Additionally, the high adoption rate of technologically advanced healthcare products coupled with high purchasing power is another important factor propelling the market growth.
• The market in the Asia-Pacific region is projected to register the fastest growth during the review period on account of the increasing usage of fitness devices coupled with rising per capita disposable income.

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