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Wearable Healthcare/Medical Devices Market size was USD 29.21 billion in 2022 and is expected to reach USD 251.05 billion in 2032, and CAGR of 27%

NEW YORK, NY, UNITED STATES, May 3, 2023 /EINPresswire.com/ -- The global Wearable Healthcare/Medical Devices Market Size was valued at USD 29.21 billion in 2022 and is projected to reach USD 251.05 billion by 2032, with a revenue Compound Annual Growth Rate (CAGR) of 27% during the forecast period. This growth is mainly attributed to the increasing focus on fitness and wellness. People are adopting wearable technology such as smartwatches, fitness trackers, and activity monitors to monitor their physical activities, sleep patterns, and overall health, thereby contributing to the growth of the wearable medical and healthcare devices market.

Moreover, the integration of Artificial Intelligence (AI) and Machine Learning (ML) in wearable medical and healthcare devices is expected to further boost the market growth. The use of AI and ML algorithms to analyze wearable device data can provide insights into a patient's health condition, leading to early diagnosis and efficient treatment.

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Segments Covered in the Report

The market for wearable medical and healthcare devices is segmented based on product type and application outlook.

In terms of product type, the market is categorized into diagnostic devices, therapeutic devices, and fitness devices. Diagnostic devices are used to diagnose various medical conditions, while therapeutic devices aid in treatment and management of diseases. Fitness devices, on the other hand, are primarily designed for monitoring and tracking fitness-related parameters such as heart rate, steps taken, and calories burned.

Based on application outlook, the market is segmented into remote patient monitoring, home healthcare, and sports & fitness. Remote patient monitoring refers to the use of wearable devices to monitor patients' health status from a remote location, allowing for better disease management and improved patient outcomes. Home healthcare devices are designed for use in home settings, enabling patients to receive medical care in the comfort of their own homes. Sports and fitness devices are mainly used for tracking and monitoring physical activity levels, providing users with feedback on their fitness goals and progress.

Overall, the market for wearable medical and healthcare devices is growing rapidly, driven by factors such as increasing adoption of wearable technology for fitness and wellness, and the incorporation of Artificial Intelligence (AI) and Machine Learning (ML) into these devices for more efficient diagnosis and treatment of medical conditions.

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Strategic development:

In 2021, Medtronic plc acquired Companion Medical, a privately held company that specializes in creating smart insulin pens. This acquisition will allow Medtronic to expand its diabetes care offering and provide patients with more complete solutions.
Philips Healthcare is set to launch the BioIntelliSense, a wearable biosensor in 2021. The device can remotely track a patient's symptoms and monitor their vital signs, enabling early intervention and prompt care. It is expected that this device will improve patient outcomes while reducing healthcare costs.
Samsung Electronics Co., Ltd. introduced the Galaxy Watch3 in 2020, a wearable device with advanced health monitoring features such as fall detection, electrocardiogram (ECG) tracking, and blood oxygen (SpO2) measuring. The device aims to enhance users' overall health and well-being.
Fitbit Inc. announced the release of the Sense in 2020, a smartwatch equipped with various health and wellness features, including stress management, heart rate monitoring, and skin temperature tracking. The device is designed to help users improve their overall health and well-being.

Competitive Landscape:

The global market for wearable medical and healthcare devices is rapidly expanding, with a growing number of companies entering the market to develop innovative products. Some of the key players in this market include Apple Inc., Fitbit Inc., Garmin Ltd., Medtronic plc, Philips Healthcare, Samsung Electronics Co., Ltd., Abbott Laboratories, GE Healthcare, and Omron Corporation.

Apple Inc. is a leading player in the market, with its Apple Watch offering advanced health and fitness tracking features, including heart rate monitoring, fall detection, and electrocardiogram (ECG) tracking. Fitbit Inc. is another major player in the market, offering a range of wearable devices that track physical activity, sleep, and other health metrics.

Garmin Ltd. specializes in developing wearable devices for sports and fitness enthusiasts, including GPS-enabled smartwatches and fitness trackers. Medtronic plc is a global healthcare solutions company that offers a range of wearable medical devices, including insulin pumps and continuous glucose monitoring systems.

Philips Healthcare is focused on developing innovative solutions to improve patient outcomes and reduce healthcare costs. The company's portfolio includes wearable biosensors that can remotely monitor patients' vital signs and symptoms. Samsung Electronics Co., Ltd. is also a major player in the market, offering a range of smartwatches and fitness trackers with advanced health monitoring capabilities.

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Abbott Laboratories is a healthcare company that offers a range of medical devices, including wearable continuous glucose monitoring systems for diabetes management. GE Healthcare is another key player in the market, offering wearable medical devices for remote patient monitoring and disease management. Omron Corporation specializes in developing wearable blood pressure monitors and other health monitoring devices. With the rapid growth of the wearable medical and healthcare devices market, these companies are expected to continue to innovate and develop new products to meet the evolving needs of consumers and healthcare providers.

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