Wearable Medical Devices Market to cross USD 67.2 billion by 2030

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The wearable medical devices market will rise at a value of USD 67.2 billion by 2030 at a CAGR of 18.3% by the end of this decade.  The growing requirement for cutting-edge products, budding awareness regarding fitness among people, surging populace of elderly people, and mounting incidence of chronic ailments are the key factors powering the expansion of the industry, all over the globe. 

Fitness trackers will have most of the revenue, on the basis of the type segment. This is attributed to the mounting awareness of people with regards to the number of calories burned, various steps taken, and their general health condition. Besides this, the cost-efficiency of fitness trackers is boosting their acceptance.  

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The sports & fitness category will grow the fastest in the years to come, on the basis of the application segment. This is credited to the fact that persons are quickly becoming conscious of the reimbursements of a healthy routine and the mounting need for monitoring athlete health at a global level. 

The online category was the leader of the wearable medical devices market in the past, on the basis of distribution channel segment. This has a lot to do with the availability of more than a few wearable medical devices on e-commerce platforms at lucrative rates and the online payment and home delivery services offered by these kinds of portals.  

North America was the leader of the industry in the past. This has a lot to do with the presence of cutting-edge healthcare infra and more than a few leading market players.  Apart from this, the large elderly populace, high occurrence of chronic ailments, and regular product introductions contributed in the direction of the development of the industry in this region. 

One of the key trends is the product launches by the players of the industry. For instance, mSafety, a platform integrating a cloud-based back-end solution, connected wearable device, and wristwatch, was introduced by Sony Corporation in October 2019.  

This product offers general users, healthcare practitioners, and mHealth app developers with a ready-made platform for remote health monitoring and mHealth applications. Likewise, Fitbit Inc. introduced new activity and sleep tracker wristlets, under the Inspire HR and Inspire brands, in Feb 2019. These monitor activity and sleep, tracking the heart rate, and count the calories being burned by the person who wears the device. 

It is because of the increasing incidence of chronic diseases, and increasing elderly population all over the world, the demand for medical devices is on the rise. This trend will continue in the years to come as well. 

SOURCE: P&S Intelligence

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