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The diagnostic wearable medical devices market size is forecast to increase by USD 8.76 billion at a CAGR of 15.69% between 2023 and 2028. The market is experiencing significant growth due to the increasing prevalence of chronic diseases and the rising adoption of these devices in the medical sector. Chronic diseases such as diabetes, cardiovascular diseases, and respiratory disorders have a large and growing patient population, creating a high demand for continuous monitoring and early detection. Diagnostic global wearable medical devices offer an effective solution by providing real-time health data, enabling timely intervention and improving patient outcomes. However, challenges persist in the form of user acceptance and adherence to these devices. Addressing these challenges through user-friendly designs, affordability, and effective communication strategies will be crucial for market growth. The market is expected to witness steady progress, driven by technological advancements and increasing consumer awareness towards preventive healthcare.
The market is experiencing significant growth due to the increasing prevalence of chronic diseases and lifestyle-related disorders. Home healthcare solutions, like those from Lifesense and Rockefeller Neuroscience Institute, offer remote patient monitoring and diagnosis for various chronic conditions. The market is expected to grow further with advancements in technology and increasing consumer awareness of the importance of preventive healthcare.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The vital signs monitors segment is estimated to witness significant growth during the forecast period. The market is experiencing significant growth, driven primarily by the increasing popularity of smartwatches and fitness trackers with advanced diagnostic capabilities. These devices, which include ECG capabilities, glucose monitoring systems, and blood pressure trackers, are transforming the healthcare landscape by enabling consumers to monitor their vital signs in real-time. The shift towards home healthcare and remote patient monitoring is further fueling market growth, with wearable activity monitors and smart clothing becoming increasingly common.
However, concerns over consumer privacy and cybersecurity attacks pose challenges to market expansion. The integration of 5G networks, augmented reality (AR), and virtual reality (VR) technologies, as well as spatial computing, is expected to revolutionize the industry. Despite these advancements, battery life and accuracy remain critical factors, as does the need for regulatory compliance and clinical-grade precision. Chronic disease management is a key application area for diagnostic wearables, with mHealth Intelligence and remote patient monitoring playing essential roles in the market's growth. As the demand for consumer-grade and clinical-grade devices continues to rise, sensor technology developments and AI for data analysis will be crucial drivers of innovation. Ultimately, the market is poised for continued expansion, offering significant opportunities for companies that can address the challenges and capitalize on the trends shaping the industry.
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The vital signs monitors segment accounted for USD 1.54 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market experienced significant growth in 2023, with North America leading the way. This region accounted for the largest share of the global market, driven primarily by the US. Factors contributing to this growth include the rising incidence of lifestyle-related disorders such as cardiovascular diseases, respiratory disorders, and premature births. The need for continuous diagnosis and heightened awareness among consumers are further fueling market expansion.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing prevalence of chronic diseases is the key driver of the market. The global market for diagnostic wearable medical devices is witnessing significant growth due to the increasing prevalence of chronic diseases such as cardiovascular diseases (CVDs), chronic respiratory diseases, and diabetes. According to the World Health Organization (WHO), approximately 970 million people worldwide have elevated blood pressure, leading to around 9.4 million annual deaths, with over 50% of these deaths resulting from strokes and the remainder from cardiac disorders. Smartwatches and fitness trackers, which are consumer-grade wearable devices, have gained immense popularity in recent years for their lifestyle management features, including fitness tracking capabilities and wireless connectivity.
Furthermore, these devices enable remote patient monitoring, home healthcare applications, and real-time health data analysis, making them essential tools for managing chronic diseases. As the market for wearable medical devices continues to expand, advancements in technology, such as 5G networks, augmented reality (AR), virtual reality (VR), and spatial computing, are expected to enhance the functionality and user experience of these devices. However, concerns regarding consumer privacy and cybersecurity attacks remain significant challenges. Additionally, the development of smart clothing, trackers, patches, and smartphone-based healthcare devices with extended battery life and improved tracking capabilities will further fuel market growth.
Increasing penetration of diagnostic wearable medical devices in medical sector is the upcoming trend in the market. The market is experiencing an increase in innovation, driven by the integration of advanced technologies into smartwatches and fitness trackers. These devices, which include ECG capabilities, glucose monitoring systems, and blood pressure trackers, are transforming the medical devices industry. Companies such as Respira Labs, Medicalgorithmics, and BioIntelliSense are leading this trend with their ECG wearable units, Qpatch, and BioButton, respectively. These devices offer remote patient monitoring, home healthcare applications, and lifestyle management features. Smartphone-based healthcare devices with wireless connectivity are also gaining popularity. However, consumer privacy and cybersecurity concerns, as well as the need for long battery life, remain challenges.
Furthermore, the future of diagnostic wearable medical devices is promising, with the integration of augmented reality (AR), virtual reality (VR), and spatial computing technologies. Additionally, 5G networks are expected to revolutionize the market by enabling real-time data transfer and analysis. Chronic disease management is a significant application area for these devices, with companies focusing on developing consumer-grade and clinical-grade offerings. Activity trackers and wearable patches are becoming increasingly common, and mHealth Intelligence is playing a crucial role in improving diagnosis and outcomes.
Issues with user acceptance and adherence to diagnostic wearable medical devices is a key challenge affecting the market growth. The market encompasses a range of innovative technologies, including smartwatches and fitness trackers, that integrate medical capabilities such as EKG capabilities, glucose monitoring systems, and blood pressure measurement. However, user acceptance and adherence to these devices remain crucial for their long-term success. Discomfort from continual monitoring is a significant concern, with individuals finding the persistent wearing of devices, such as patches or trackers, bothersome or uncomfortable. This noncompliance can impact the effectiveness of chronic disease management, particularly for those using continuous glucose monitoring systems.
Moreover, the social and psychological implications of wearing visible monitoring devices, especially for mental health wearables, can act as a barrier. Consumer privacy and cybersecurity attacks are also major concerns, with the increasing use of wireless connectivity and 5G networks. The integration of advanced technologies like augmented reality (AR), virtual reality (VR), and spatial computing, as well as smart clothing, adds to the complexity of these devices. Battery life and the need for consumer-grade and clinical-grade devices further complicate the market landscape. Despite these challenges, the potential benefits of wearable medical devices, such as lifestyle management, fitness tracking capabilities, and remote patient monitoring, make them an attractive proposition for both consumers and healthcare providers. MHealth Intelligence plays a vital role in optimizing the performance and user experience of these devices.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Activinsights - The company offers medical wearable devices such as GENEActiv and Activinsights bands.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the integration of advanced technologies such as ECG capabilities, glucose monitoring systems, and wireless connectivity in smartwatches and fitness trackers. These consumer-grade devices offer lifestyle management features, including fitness tracking capabilities and home healthcare applications. The British Heart Foundation and other healthcare organizations are collaborating with tech companies to develop ECG wearable units and biobuttons for early detection and prevention of chronic diseases.
Furthermore, the market is also witnessing the emergence of smart clothing, 5G networks, augmented reality (AR), virtual reality (VR), and spatial computing in wearable medical devices. However, consumer privacy and cybersecurity attacks are major concerns in this market. The battery life of these devices is also a significant factor influencing their adoption. The market is expected to grow significantly in the coming years due to the increasing prevalence of chronic diseases and the need for remote patient monitoring. The integration of AR, VR, and spatial computing technologies is expected to revolutionize the market by providing enriching healthcare experiences.
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Market Scope |
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Report Coverage |
Details |
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Page number |
174 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 15.69% |
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Market growth 2024-2028 |
USD 8.76 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
14.82 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 39% |
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Key countries |
US, UK, Germany, China, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Activinsights Ltd., AliveCor Inc., Alphabet Inc., Apple Inc., Boyd Corp., BTS Bioengineering Corp., Cleveland Medical Devices Inc., Dragerwerk AG and Co. KGaA, Johari Digital India Ltd., Koninklijke Philips N.V., Medtronic Plc, Meril Life Sciences Pvt. Ltd., Molex LLC, Murata Vios, Inc., OMRON Corp., ResMed Inc., Sanmina Corp., VitalConnect Inc., Wellue Health, and Intelesens Ltd. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Device
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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