Latest News- Diagnostic Wearable Medical Devices Market: Vital signs monitors is expected to lead the Device segment during 2024-2028

The Diagnostic Wearable Medical Devices Market is being driven by Increasing prevalence of chronic diseases

The Diagnostic Wearable Medical Devices Market is expected to grow at a CAGR of 15.69% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 8.76 billion. The global diagnostic wearable medical devices market is experiencing a significant surge in innovation, positioning it for substantial growth during the forecast period. Companies are responding to escalating consumer demands by integrating advanced technologies into their offerings. Key consumer priorities include expanded applications, indications, and user-friendly designs. For instance, Philips' diagnostic wearable devices cater to individuals with chronic obstructive pulmonary disease. Equipped with digital biosensors and cloud-based HealthSuite Digital Platform, these devices enable real-time health data transmission and analysis. The HealthPatch sensor and cloud service empower doctors and patients to access critical health information, enhancing diagnosis and treatment outcomes. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Device
  • Vital signs monitors
  • Sleep and activity monitors
  • Fetal and obstetric monitoring devices
  • Neuromonitoring devices
  • ECG monitors
• Application
  • Home healthcare
  • Sports and fitness
  • Remote patient monitoring
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • Asia
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing prevalence of chronic diseases
• Growing demand for early diagnosis and preventive medicine
• Increased need for cost-effective diagnosis

However, the market also witnesses some limitations, which are as follows:

• Issues with user acceptance and adherence to diagnostic wearable medical devices
• Privacy issues regarding health data of individuals
• Growing design constraints associated with diagnostic wearable medical devices

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Market Scope in Diagnostic Wearable Medical Devices Market Research Report

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Research Analysis Overview

The Diagnostic Wearable Medical Devices market is witnessing significant growth due to the increasing prevalence of cardiovascular diseases, lifestyle-related disorders, and chronic diseases. Companies like Gizmore, with their GizFit Flash smartwatch, are leading the charge with innovative wearable devices that offer advanced health monitoring features. The GizFit Flash smartwatch comes with biosensors, wireless connectivity, and fitness tracking capabilities, making it an ideal device for home healthcare and lifestyle management. Xiaomi Corporation's Mi Band and Oura ring are other popular wearable devices that offer glucose monitoring systems, EKG capabilities, and other health monitoring features. The Rockefeller Neuroscience Institute is also exploring the potential of wearable devices for diagnosing and managing neurological disorders. Other notable players in the market include Lifesense, Respira Labs, GOQii Stream, and Smart Vital Ultra, which offer a range of medical devices and smartwatches with advanced health monitoring features. These devices are transforming the healthcare industry by enabling early detection and management of various health conditions, making healthcare more accessible and convenient for consumers.

Market Research Overview

According to Technavio, the global diagnostic wearable medical devices market is a significant segment of the expansive USD395.63 billion global healthcare equipment market. This market encompasses companies and innovations dedicated to research and development (R&D) of diagnostic tools, implants, accessories, and consumables. These devices and equipment are integral to the diagnosis, monitoring, and treatment of various diseases. Technavio's market analysis is derived from the combined revenue generated by manufacturers across diverse therapy areas.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/