Wearable technology is the focus of ResearchAndMarkets’ new report which points to rising demand for home healthcare and remote monitoring.
Background
We’ve dipped into wearable technology over the years. Now ResearchAndMarkets.com has added the “Wearable Medical Devices: Technologies and Global Markets” report to its offering. This report covers the global market for wearable medical devices segmented based on product, application and sales channel. It incorporates an in-depth analysis of the wearable medical devices market, including market estimations and trends through 2029.
Wearable Technology Extends to Medical Application
The emergence of wearable technology has disrupted the healthcare industry in recent years. Indeed there has been increasing adoption and market growth for wearable medical devices. The trend is for these devices have an impact far beyond typical consumer uses like fitness and activity tracking. They have penetrated the area of medical applications like diagnosis and monitoring. Moreover to a certain extent the treatment of chronic diseases has also benefitted from the revolution. Overall the growth of smart technology in healthcare has resulted from a convergence of wearables like smartwatches and activity trackers with medical-grade products.
Although not yet a mainstay in the healthcare industry, many medical device manufacturers have started adding wearable components to their product lines. Unmet needs in home healthcare and remote monitoring are two areas that are showing exponential growth.
Medical device companies, both industry giants and startups, are investing significantly in research and development (R&D) to develop innovative wearables that can manage a host of medical conditions. These range from obesity and sleep apnea to diabetes, chronic obstructive pulmonary disease (COPD), asthma and cardiac disease. Applications even extend to disability rehabilitation and the monitoring of progressive nervous system disorders like Parkinson’s disease.
Drivers of wearable technology development
The increasing prevalence of diseases requiring round-the-clock monitoring is an important driver of the wearable medical device market. It alone is expected to significantly contribute to the double -digit growth of the industry. This is especially likely considering the global increase in the geriatric population. Technology that enables real-time activity and health tracking, remote patient monitoring are key factors behind this exponential growth. Furthermore the convenience of home healthcare and a booming fitness trend, coupled with smartphone connectivity are also promoting adoption.
Newer advancements in technology, make them smaller, lighter, and less invasive. As a result, the wearable medical device industry is now innovating medical-grade devices that can easily be worn and integrated into everyday life. Examples include continuous glucose monitoring devices and wearable insulin delivery systems have revolutionized diabetes management.
What the report includes
Incorporating 39 data tables and 62 additional tables the report addresses the global markets for wearable medical devices and technologies. It includes global market trends, with market revenue data from 2021 to 2023, estimates for 2024, forecasts for 2029, and projected CAGRs through 2029. The report includes estimates of the current market size and revenue prospects, along with a market share analysis based on product type, application, sales channel, and region.
Beyond the headlines it delivers facts and figures pertaining to market dynamics, current and emerging technologies, regulatory scenarios and reimbursement policies. It also extends to the expected impact of macroeconomic factors.
Interestingly the report endeavours to assess technologies in development and the probability of their successful commercialization in the next five years.
published: August 13, 2024 in: Market Research, News