P&S Intelligence

Wearable Medical Devices Market Set to Generate over $67.2 Billion Revenue by 2030


New York, NY -- (SBWIRE) -- 08/20/2020 -- The increasing awareness amongst the people about fitness and wellness is one of the major factors fuelling the surge in the demand for wearable medical devices across the world. Several organizations and companies are regularly organizing awareness programs and campaigns for increasing the awareness in people regarding health and wellness and for making them understand the importance of staying healthy and fit. In addition to this, the wearable medical devices contain important information and advice from nutritionists and dieticians, which make them highly sought-after across the globe.

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The objective of this research includes;
- Major factors driving the wearable medical devices market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the wearable medical devices market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the wearable medical devices market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders

The rising prevalence of obesity and various other chronic diseases, soaring geriatric population, and surging preference for technologically advanced products are the other major factors boosting the demand for wearable medical devices throughout the world. Due to these factors, the revenue generated from the worldwide sales of wearable medical devices is expected to reach $67.2 billion by 2030, which is a considerable increase from the $10.6 billion revenue that the sales of these devices generated in 2019. The global wearable medical devices market is predicted to progress at a CAGR of 18.3% during the forecast period (2020–2030).

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Globally, North America observed the highest utilization of wearable medical devices during the historical period (2014–2019), owing to the presence of several well-established wearable medical devices manufacturing companies and advanced healthcare infrastructure in the region. The Asia-Pacific (APAC) region is expected to record the highest adoption of wearable medical devices during the forecast period. This is primarily attributed to the increasing healthcare expenditure, soaring technological innovations, ballooning investments in healthcare and digital healthcare solutions by both public and private companies, booming geriatric population, and increasing incidence of chronic diseases, in the region.

Therefore, it is certain that the usage of wearable medical devices will skyrocket in future, on account of the increasing prevalence of chronic diseases and rising awareness about health and fitness amongst the people.

The research includes detailed analysis of;

Based on Type
- Fitness Trackers
- Smartwatches
- Smart Cloths
- Hearing Aids
- Patches
- Breath Analyzers

Based on Application
- Sports & Fitness
- Remote Patient Monitoring
- Home Healthcare

Based on Distribution Channel
- Online
- Hypermarkets
- Pharmacies