Wearable Medical Devices Market to Surpass US$ 61,574.8 Mn by 2030 - Coherent Market Insights

Global Wearable Medical Devices Market, by Product Type (Wearable Therapeutic Medical Devices (Hearing Aids, Insulin Pump, Respiratory Therapy Devices) (Sleep Apnea Devices, Non-invasive Ventilation Devices)) ( Wearable Monitoring and Diagnostic Devices (Fetal and Obstetric Devices, Continuous Glucose Monitoring Devices, Cardiac Monitoring Devices (Wearable Heart Rate Monitors, Wearable Pulse Oximeter, Wearable Blood Pressure Monitors))( Health and Fitness Devices), by Application (Patient Monitoring, Health & Fitness, Home Healthcare), by End user (Clinics, Hospital Pharmacies, Online Channels, Hypermarkets, Individuals) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 33,303.8 Million in 2022 and is expected to exhibit a CAGR of 8.0% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.

The increasing adoption of inorganic strategies such as collaboration by market players is expected to drive the global wearable medical devices market over the forecast period. For instance, on March 10, 2022 Rockley photonics, a photonic-based health monitoring and communication solutions providing industry, collaborated with Medtronic an American medical devices company, to deliver the next generations of wearable health care monitoring devices.

Global Wearable Medical Devices Market– Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.

However, the COVID-19 pandemic had a positive impact on the global wearable medical devices market, owing to the increasing efforts by the key players in the market to develop vaccines for COVID-19 infection. For instance, on February 2, 2021, an article published in Journal of Medical Internet Research (JMIR) a study found out that the diagnosis of COVID-19 and COVID-19-related symptoms can be determined using longitudinally collected heart rate variability (HRV) data from a widely worn commercial wearable devices like apple watch. Significant changes in HRV were seen prior to the identification of COVID-19 by nasal PCR, suggesting its predictive capacity to diagnose COVID-19 infection.

Global wearable Medical Devices Market: Key Developments

In September 20, 2022, The U.S. food and drug administration created a new category for over the counter (OTC) hearing aids no longer require Certificates of Medical Necessity (CMNs) for some durable medical equipment, prosthetics, orthotics and supplies (DMEPOS). The rule most effective applies to positive air conduction listening to aids for adults who've slight to mild listening to loss. At the equal time, it additionally posted a very last steerage titled “Regulatory Requirements for Hearing Aid Devices and Personal Sound Amplification Products.” While listening to aids and (public-safety answering point) PSAPs frequently appearance very comparable and paintings with inside the equal way, the steerage delineates while a PSAP could be taken into consideration a listening to resource and consequently ought to meet greater stringent regulatory requirements.

On January 19, 2021, Philips, a global healthcare solution company announced that it has signed an agreement to acquire Capsule Technologies, Inc., which is provider of medical devices integration and data technologies. This acquisition will expand Philips patient care management and will add a vendor neutral medical devices integration platform.

Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Global Wearable Medical Devices Market”-  Forecast to 2030, Global Wearable Medical Devices Market, by Product Type (Wearable Therapeutic Medical Devices (Hearing Aids, Insulin Pump, Respiratory Therapy Devices) (Sleep Apnea Devices, Non-invasive Ventilation Devices)) ( Wearable Monitoring and Diagnostic Devices (Fetal and Obstetric Devices, Continuous Glucose Monitoring Devices, Cardiac Monitoring Devices (Wearable Heart Rate Monitors, Wearable Pulse Oximeter, Wearable Blood Pressure Monitors))( Health and Fitness Devices), by Application (Patient Monitoring, Health & Fitness, Home Healthcare), by End user (Clinics, Hospital Pharmacies, Online Channels, Hypermarkets, Individuals) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

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https://www.coherentmarketinsights.com/market-insight/wearable-medical-devices-market-841

Moreover, increasing prevalence of neurological disorder is expected to drive the market growth over the forecast period. For instance, The Quell neuromodulation devices (NeuroMetrix) has received the U.S. Food and Drug Administration on May 19, 2022. Quell is a transcutaneous electrical nerve stimulator (TENS) that is worn on the upper calf. The devices delivers electrical stimulation to the user through a disposable electrode.

Key Takeaways of the Global Wearable Medical Devices Market:

• The global wearable medical devices market is expected to exhibit a CAGR of 8.0% during the forecast period due to the increase in the new technological developments. For instance, on October 16, 2019, Sony, a Japanese multinational conglomerate corporation launched new B-to-B wearable and mobile health technology platform called as mSafety. This wearable devices is directly connected to internet, it does not need mobile phone for pairing and it features in devices sensors to monitor heart rate, heart rate variability, VO2Max, as well as GNSS/GPS for location tracking.
• Among applications, patient monitoring is estimated to hold a dominant position in the global wearable medical devices market over the forecast period, owing to the increased product launch and approvals by the regulatory bodies to the key players. For instance, on March 15, 2022, BioIntelliSense, a health monitoring clinical intelligence company launched BioButton rechargeable wearable devices for continuous medical grade monitoring 20 plus vital signs.
• Among regions, North America is estimated to account for the largest market share in the global wearable medical devices market over the forecast period, owing to increasing inorganic activities by market player. For instance, on November 16, 2021, Joerns Healthcare provider of streamlined solutions and BioIntelliSense manufacturer of medical devices announce North American partnership to expand access to innovative, medical grade wearable devices for continuous remote monitoring, enabling patient care available anywhere.
• Major players operating in the global wearable medical devices market include Current Health, Sorrel Medical, Willow, Aeroflow Breastpumps, Medtronic plc, Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Smiths Medical, Johnson and Johnson, Siemens AG, Fitbit Inc., Sonova, Panasonic Corporation, Fitbit, Garmin International, Lifewatch AG, Apple Inc. Omron Corporation, Xiaomi Inc., Huawei Technologies Co. Ltd., Dragerwerk AG, Nokia Technologie,s  Nymi Inc., Noise,  Zepp Health Corporation,  Fastrack, SAMSUNG, Wearable X,  Ambiotex,  Komodo Technologies, Carre Technologies Inc., Siren.