NEW
YORK, July 31, 2024 /PRNewswire/ -- The
global diagnostic wearable medical devices market size is
estimated to grow by USD 8.76 billion
from 2024-2028, according to Technavio. The market is estimated to
grow at a CAGR of 15.69% during the forecast period. Increasing
prevalence of chronic diseases is driving market
growth, with a trend towards increasing penetration of
diagnostic wearable medical devices in medical sector.
However, issues with user acceptance and adherence to
diagnostic wearable medical devices poses a challenge. Key market
players include Activinsights Ltd., AliveCor Inc., Alphabet Inc.,
Apple Inc., Boyd Corp., BTS Bioengineering Corp., Cleveland Medical
Devices Inc., Dragerwerk AG and Co. KGaA, Johari Digital India
Ltd., Koninklijke Philips N.V., Medtronic Plc, Meril Life Sciences
Pvt. Ltd., Molex LLC, Murata Vios,
Inc., OMRON Corp., ResMed Inc., Sanmina Corp., VitalConnect Inc.,
Wellue Health, and Intelesens Ltd..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Device (Vital signs
monitors, Sleep and activity monitors, Fetal and obstetric
monitoring devices, Neuromonitoring devices, and ECG monitors),
Application (Home healthcare, Sports and fitness, and Remote
patient monitoring), and Geography (North America, Europe, Asia,
and Rest of World (ROW))
|
Region
Covered
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Key companies
profiled
|
Activinsights Ltd.,
AliveCor Inc., Alphabet Inc., Apple Inc., Boyd Corp., BTS
Bioengineering Corp., Cleveland Medical Devices Inc., Dragerwerk AG
and Co. KGaA, Johari Digital India Ltd., Koninklijke Philips N.V.,
Medtronic Plc, Meril Life Sciences Pvt. Ltd., Molex LLC, Murata
Vios, Inc., OMRON Corp., ResMed Inc., Sanmina Corp., VitalConnect
Inc., Wellue Health, and Intelesens Ltd.
|
Key Market Trends Fueling Growth
The diagnostic wearable medical devices market is experiencing
significant innovation, with companies introducing new technologies
to cater to growing consumer demands. Consumers seek additional
applications, indications, and user-friendly designs. In response,
businesses are enhancing their offerings' features, diagnosis
capabilities, and outcomes. For instance, Philips provides wearable
diagnostic devices for individuals with chronic obstructive
pulmonary disease, featuring a digital biosensor and cloud-based
HealthSuite Digital Platform for real-time health data access.
Notable innovations include Samsung Fitness Tracker, Google Glass
for fitness, Nike + Fuelband, and Misfit Shine. In April 2022, Fitbit gained clearance for its
passive cardiac rhythm monitoring technology, which periodically
checks wearers' heart rhythms and alerts them of atrial
fibrillation, a condition associated with a higher risk of stroke.
The emergence of innovative diagnostic wearable medical devices is
expected to drive market growth during the forecast
period.
The Diagnostic Wearable Medical Devices market is experiencing
significant growth with the rise of smartwatches and fitness
trackers. These consumer-grade devices, now featuring EKG
capabilities, are transforming healthcare. Companies like Respira
Labs, BioIntelliSense, and Medicalgorithmics, are leading the
charge with innovative solutions. Glucose monitoring systems, such
as Smart Vital Ultra and GOQii Stream, are revolutionizing diabetes
management. Wearable activity monitors, like the Oura ring and
Xiaomi Corporation's Biosensor BX100, focus on lifestyle management
and home healthcare applications. However, challenges like consumer
privacy, cybersecurity attacks, and battery life remain.
Advancements in 5G networks, AR, VR, and spatial computing aim to
address these concerns. Clinical-grade devices, such as ECG
wearable units, Qpatch, and Lifesense, offer remote patient
monitoring for chronic diseases and lifestyle-related disorders.
The British Heart Foundation and Rockefeller Neuroscience Institute
are also exploring opportunities in this space. Overall, the future
of wearable medical devices is bright, with a focus on improving
healthcare accessibility and efficiency.
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Market Challenges
- The diagnostic wearable medical devices market faces a
significant challenge in ensuring user acceptance and adherence to
continuous monitoring. Discomfort and inconvenience associated with
prolonged wear can deter individuals, particularly those with
chronic conditions like diabetes, from using devices such as
continuous glucose monitoring systems. Social and psychological
implications of wearing visible monitoring devices, especially for
mental health wearables, can also act as barriers. Additionally,
the constant influx of health data may overwhelm consumers, leading
to disengagement. To overcome these hurdles, a user-centric
approach is essential. This includes designing devices for comfort,
educating users on the importance of collected data, and ensuring
actionable insights are provided to enable effective
self-management. Widespread acceptance is crucial for the growth of
the global diagnostic wearable medical devices market.
- The Diagnostic Wearable Medical Devices market is experiencing
rapid growth with innovative products like Qpatch and
Lifesense leading the way. Smartphone-based healthcare devices and
wireless connectivity are making remote patient monitoring and home
healthcare applications more accessible. Lifestyle management and
fitness tracking capabilities are popular consumer features, but
challenges include consumer privacy and cybersecurity attacks. 5G
networks, AR, VR, and spatial computing offer new opportunities.
Battery life is a concern for trackers, patches, smart clothing,
and consumer-grade devices. Clinical-grade devices from Rockefeller
Neuroscience Institute, Oura ring, Xiaomi Corporation, and others,
are addressing chronic diseases and lifestyle-related disorders.
Companies like BD, Audere, and OMRON Corporation are also making
strides with mHealth Intelligence. Retail pharmacies and online
distribution channels expand market reach, while payers like
Premera Blue Cross collaborate for better patient care. New devices
from Fitbit, Gizmore, and Demant A/S continue to shape the market.
Biosensor BX100 and HealthPulse TestNow are also making waves in
cardiovascular diseases monitoring. The future of wearable
diagnostics is promising, with advancements in technology and
partnerships driving innovation.
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challenges - Download a Sample Report
Segment Overview
This diagnostic wearable medical devices market report
extensively covers market segmentation by
- Device
- 1.1 Vital signs monitors
- 1.2 Sleep and activity monitors
- 1.3 Fetal and obstetric monitoring devices
- 1.4 Neuromonitoring devices
- 1.5 ECG monitors
- Application
- 2.1 Home healthcare
- 2.2 Sports and fitness
- 2.3 Remote patient monitoring
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 Vital signs monitors- The diagnostic wearable medical
devices market is experiencing significant growth, with vital signs
monitors leading the way. Consumers prioritize proactive health
monitoring, leading to increased demand for wearable gadgets that
continuously monitor vital indications such as heart rate, blood
pressure, and oxygen saturation. Companies like Apple and Fitbit
are releasing innovative diagnostic wearables with integrated vital
signs monitoring capabilities, fueling market expansion. However,
concerns over data privacy, legal constraints, and accuracy
limitations pose challenges. The shift towards personalized
healthcare, sensor technology advancements, and AI for data
analysis are driving market growth. As technological improvements
enhance the capabilities of vital sign monitors, they provide
valuable health information to users and contribute to the global
trend of preventive and personalized healthcare. Consequently, the
diagnostic wearable medical devices market is projected to
experience substantial growth during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The Diagnostic Wearable Medical Devices market is experiencing
rapid growth due to the increasing prevalence of chronic diseases
and lifestyle-related disorders. Smartwatches and fitness trackers
with advanced capabilities, such as EKG capabilities and glucose
monitoring systems, are leading the charge in this sector. Devices
like Smart Vital Ultra, GOQii Stream, Respira Labs, and Lifesense
are transforming healthcare by providing real-time health data and
wireless connectivity. Smartphone-based healthcare devices,
wearable activity monitors, and chronic disease management
solutions are also gaining popularity. The Rockefeller Neuroscience
Institute, Oura ring, Xiaomi Corporation, and Gizmore are some of
the companies pioneering this technology. Devices with fitness
tracking capabilities, cardiovascular disease monitoring, and home
healthcare applications are revolutionizing lifestyle management
and improving patient outcomes. Other notable devices include the
GizFit Flash smartwatch and Biosensor BX100, which offer advanced
health monitoring features.
Market Research Overview
The Diagnostic Wearable Medical Devices market is experiencing
significant growth due to the integration of advanced technologies
such as EKG capabilities, glucose monitoring systems, and blood
pressure tracking into smartwatches and fitness trackers.
These consumer-grade devices offer lifestyle management features,
home healthcare applications, and remote patient monitoring for
chronic diseases and lifestyle-related disorders. Smart Vital Ultra
and GOQii Stream are examples of wearable devices with ECG
capabilities, while Respira Labs focuses on respiratory health
monitoring. Wireless connectivity, 5G networks, and mHealth
Intelligence enable real-time data sharing and analysis. However,
consumer privacy and cybersecurity concerns persist, along with the
potential for cyber attacks. Augmented reality (AR), virtual
reality (VR), and spatial computing are emerging technologies that
could enhance wearable medical devices. Battery life, trackers,
patches, smart clothing, and clinical-grade devices are other
essential aspects of the market. Key players include British Heart
Foundation, BioIntelliSense, Medicalgorithmics, and Rockefeller
Neuroscience Institute, among others. Retail pharmacies, online
distribution channels, and insurance companies like Premera Blue
Cross also play a role in the market. Devices like the Oura ring,
Xiaomi Corporation's Biosensor BX100, Gizmore's GizFit Flash
smartwatch, Fitbit Versa 4, Fitbit Sense 2, Fitbit Inspire 4, and
BD's HealthPulse TestNow offer various features for cardiovascular
diseases, fitness tracking, and home healthcare applications.
Companies like Audere, Rockley Photonics, and OMRON Corporation are
also making strides in the market with innovative solutions like
the BioButton and Qpatch.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- 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)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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