Wearable Medical Devices market to Surge at 23.59% CAGR, which is anticipated to reach USD 167.10 billion by 2030.

CRI Report has released a report titled “Wearable Medical Devices Market – Analysis of Market Size, Share & Trends for 2020 – 2030 and Forecasts to 2030” which is anticipated to reach USD 167.10 billion by 2030. According to a study by CRI Report, the market is anticipated to portray a CAGR of 23.59% between 2020 and 2030. According to the report, Wearable medical devices are in high demand due to the prevalence of many chronic illnesses such as diabetes and cardiovascular disorders. Furthermore, technology advancements that allow consumers to be more mobile and connected have boosted product sales in recent years. This has provided the healthcare industry with innovative patient and illness management options. Furthermore, the ability of wearable technology to improve patient care quality while lowering costs will fuel overall market growth.

The market report on Wearable Medical Devices market includes in-depth insights as:

• The estimated value of the market was USD 20.1 billion in the year 2020.
• Region-wise, the market in North America which held the largest market share in the year 2020, emerged as a key market for the Wearable Medical Devices market.
• Based on Product, Monitors/Trackers emerged as a key segment in the Wearable Medical Devices market.
• Based on the Distribution channel, the Pharmacies segment emerged as a key segment in the Wearable Medical Devices market.
• Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.

“The increased prevalence of chronic illnesses, as well as rising death rates, is a major source of concern for both individuals and government agencies. As a result, healthcare professionals may deliver personalized care that includes ongoing and remote patient monitoring. These can also be worn for up to 24 hours without interfering with daily activities. As a result of the numerous benefits it provides, demand for wearable medical devices is expected to increase throughout the forecast period.”, according to this report

Wearable solutions that include biomedical technology are becoming increasingly popular. Improvements in terms of convenience and ease of use help people with chronic diseases to better regulate and monitor their illnesses, decrease symptoms and the risk of cardiac arrest. New wearable medical gadgets are also being integrated with iOS and Android platforms for usage with smartphones, allowing healthcare practitioners to monitor and diagnose patient outcomes more easily and effectively. The advances in virtual medicine and telemedicine, particularly in the aftermath of the Covid-19 crisis for remote healthcare and illness management, are fostering market growth.

Wearable Medical Devices market is segmented by Distribution channel into Pharmacies, Online Channel and Hypermarkets. Among these the Pharmacies category dominated the market in 2019, accounting for the bulk of global sales. The increasing popularity of self-monitoring and non-invasive monitoring and diagnosis has resulted in significant growth in the availability of wearable devices in pharmacies. Customers are adopting wearable devices as a result of having simple access to a variety of wearable devices supplied by a variety of firms. Furthermore, pharmacies are usually regarded as providing genuine and trustworthy goods, which has contributed significantly to consumer preference for this distribution channel.

Key Players in the Market

• Some of the key players operating in the Wearable Medical Devices market are Philips Electronics, Fitbit, Basis Science, Garmin, Covidien, Omron Corp., Withings, Vital Connect, Polar Electro, Intelesens.

Get Valuable Insights into Wearable Medical Devices market

In the new report, CRI Report thrives to present an unbiased analysis of the Wearable Medical Devices market that covers the historical demand data as well as the forecast figures for the period, i.e., 2020-2030. The study includes compelling insights into growth that is witnessed in the market. The market is segmented by Products into Activity Monitors/Trackers, Smartwatches, Patches, Smart Clothing. By Grade Type into Consumer-grade, Clinical-grade. By Application into General Health & Fitness, Remote Patient Monitoring, Home Healthcare. By Distribution Channel into Pharmacies, Online Channel, Hypermarkets. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.