Diagnostic Wearable Medical Devices Market Size to grow by USD 8.76 billion between 2024-2028
According to a research report “ Diagnostic Wearable Medical Devices Market” by 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, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 8.76 billion, at a CAGR of 15.69% during the forecast period. The global burden of chronic diseases, particularly cardiovascular diseases (CVDs), is a significant challenge for healthcare systems worldwide. According to the World Health Organization (WHO), approximately 970 million people live with elevated blood pressure, leading to an estimated 9.4 million annual deaths. This represents over half of all stroke fatalities and the remainder due to cardiac disorders. CVDs account for a substantial portion of global mortality, nearly equaling the combined deaths from Alzheimer's disease, breast, cervical, prostate, and colorectal cancers. The high prevalence of sedentary lifestyles contributes to the rise in chronic diseases, necessitating effective diagnostic solutions through wearable medical devices to improve patient outcomes and reduce hospitalizations.
Browse market data tables, figures, and in-depth TOC on “Diagnostic Wearable Medical Devices Market” by 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, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample
By Device, the Vital signs monitors segment is projected to dominate the market size in 2024
In the evolving healthcare landscape, home diagnostic wearable medical devices have gained significant traction. These devices enable individuals to monitor their health conditions at home, eliminating the need for hospital or diagnostic center visits. Notable examples include vital signs monitors, such as heart rate and respiratory monitors, activity monitors, and sleep monitors. The demographic shift towards an aging population and the escalating prevalence of chronic diseases have fueled the demand for home healthcare devices, including blood pressure monitors, body temperature monitors, and sleep apnea monitors. The healthcare sector has witnessed a profound transformation in the last decade, with a growing number of consumers preferring home healthcare solutions over traditional hospital care. Empowered by technology, people are increasingly taking charge of their health management, seeking devices that facilitate diagnosis and treatment within the comfort of their homes.
By Application, Home healthcare segment is expected to hold the largest market size for the year 2024
The diagnostic wearable medical devices market is experiencing significant growth, with vital signs monitors serving as a key driving factor. These devices, which continuously monitor crucial health indicators such as heart rate, blood pressure, and oxygen saturation, are increasingly preferred by consumers prioritizing proactive health management. Market leaders, including Apple with its Apple Watch and Fitbit, are introducing innovative wearables equipped with integrated vital signs monitoring capabilities, further fueling market expansion. The demand for these devices is propelled by health-conscious consumers seeking real-time health information. However, challenges such as data privacy concerns, legal constraints, and accuracy limitations pose obstacles to market growth. Despite these hurdles, the shift towards personalized healthcare, advancements in sensor technology, and AI for data analysis are major growth catalysts.
North America is forecasted to hold the largest market size by region in 2024
In the diagnostic wearable medical devices market, North America held the largest market share in 2023, with the US being the primary revenue contributor. Factors such as the rising prevalence of chronic diseases, an increase in heart and respiratory disorders, and a growing number of premature births are driving the market's expansion in the region. The need for continuous diagnosis and heightened public awareness are further fueling market growth. These trends are expected to continue shaping the diagnostic wearable medical devices market during the forecast period.
The Diagnostic Wearable Medical Devices Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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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
The Diagnostic Wearable Medical Devices market is experiencing significant growth due to the increasing prevalence of Cardiovascular Diseases, lifestyle-related disorders, and chronic diseases. Companies like Rockley Photonics, Audere, BD, OMRON Corporation, Demant A/S, Premera Blue Cross, and others are leading the charge with innovative solutions. Rockley Photonics' HealthPulse TestNow wearable device uses biosensors to monitor vital signs, while Audere's wearable ECG unit offers clinical-grade accuracy. BD's collaboration with Fitbit on glucose monitoring systems is a game-changer for diabetes management. Other players in the market include OMRON Corporation with its blood pressure monitors, Demant A/S with its hearing aids, and Premera Blue Cross with its online distribution platform. Fitbit's Inspire 4, Sense 2, and Versa 4 offer fitness tracking capabilities, while GizFit Flash smartwatch and Gizmore's patches and trackers cater to home healthcare applications and remote patient monitoring. Smart clothing, patches, and wearable activity monitors are also gaining popularity, with companies like Xiaomi Corporation, Oura ring, Rockefeller Neuroscience Institute, and Respira Labs offering consumer-grade and clinical-grade solutions. The future of wearable medical devices includes spatial computing, virtual reality (VR), and augmented reality (AR) technologies, 5G networks, and cybersecurity measures to protect consumer privacy. Smartphone-based healthcare devices, such as Lifesense, Qpatch, Medicalgorithmics' BioButton, BioIntelliSense, British Heart Foundation, and others, offer wireless connectivity and smartphone integration. Glucose monitoring systems, EKG capabilities, and home healthcare applications are key areas of focus, with wearable devices offering battery life of up to 7 days, and advanced features like activity tracking, sleep analysis, and stress management. The market is expected to continue growing as technology advances and consumer demand for convenient, accessible healthcare solutions increases.
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