Increasing preference for technologically advanced products, surging elderly population, growing awareness regarding fitness, and rising incidence of chronic diseases are the key factors to increase the revenue size of the wearable medical devices market from $10.6 billion in 2019 to $67.2 billion by 2030, advancing at an 18.3% CAGR between 2020 and 2030 (forecast period). Additionally, this booming market is currently showcasing the trend of product launches.
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As for the segmentation of the wearable medical devices market, the type segment is categorized into fitness trackers, smartwatches, smart cloths, hearing aids, patches, breath analyzers, and others. Of these, the fitness trackers category is expected to demonstrate the fastest growth during the forecast period. This can be ascribed to the lower cost of the fitness trackers in comparison to other devices. Moreover, the ability of the fitness trackers to track pulses, steps walked, and burned calories is adding to their popularity.
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Globally, the North American wearable medical devices market generated the maximum revenue in 2019. This is ascribed to the growing prevalence of chronic diseases, improved healthcare system, presence of several industry players, product launches, and surge in elderly population. Whereas, during the forecast period, the Asia-Pacific (APAC) market is projected to showcase the fastest growth, due to the rising geriatric population, increasing investments by private and public institutions, fast-paced technological innovations in Japan, India, and China, and surging expenditure in healthcare infrastructure.
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders