Smart Wearable Medical Devices Market | Contrive Datum Insights

The Global Smart Wearable Medical Devices Market size was valued at USD 13.8 Billion in 2021 and is projected to reach USD 37.4 Billion by 2029, growing at a CAGR of 13.1% from 2022 to 2030.

Smart Wearable Medical Devices Market Overview:

Smart wearable devices will soon become more popular due to their numerous features, technological advances, telemedicine settings, and widespread use in the home. Wearable healthcare devices are in high demand due to the prevalence of numerous chronic diseases such as diabetes and cardiovascular problems. As the prevalence of these diseases increases, so does the use of continuous monitoring devices. Additionally, technological advances that enable users to be more mobile and connected have boosted product sales in recent years. This has provided the healthcare industry with unique patient and disease management options. The ability of smart wearable technologies to improve the quality of patient care while lowering costs will drive overall market growth.

During the pandemic, the market for smart wearable medical devices has had some beneficial impacts. The industry is expected to experience unprecedented growth as the use of innovative technologies increases to meet customer expectations. Smart wearable technology has made it easier for patients and professionals to stay healthy from remote locations. As interest in health care intensifies during COVID-19, the demand for daily health tracking devices in a home environment is increasing. Additionally, at a time when movement is restricted and the risk of infection in the facility is high, these devices have provided an effective real-time monitoring option for chronically ill patients.

Additionally, the capacity of fitness trackers, temperature monitors, and respiration monitors to measure and monitor blood oxygen levels and body temperature supported the market demand. Customers can use the activity tracker to track their fitness over time. It supports daily activity monitoring such as sleep, exercise, and drinking water to help manage a healthy lifestyle. Product demand will be driven by lifestyle changes as well as increased interest in personal health and fitness. Bluetooth connectivity with the band and watch allows you to access your personal health data from your smartphone. Growing acceptance of connected technology devices such as smartwatches with fitness trackers will propel the market forward.

Fitness and activity trackers are increasingly being used in sports activities and training to help people reach their goals. National agencies play an important role in determining reimbursement for mHealthcare. National regulations in several EU member states define healthcare in terms of the physical presence of patients and doctors, which affects reimbursement for mobile and telehealth solutions. The adoption of smart wearables in healthcare is hampered by these regulations. The significant purchasing power of Americans for product development provides opportunities for business expansion. The adoption of these technologies is fueled by increases in disposable income.

Key Market Updates:

• In April 2022, FitBit Inc. announced that it has received FDA approval for its AFib detection algorithm to identify atrial fibrillation (AFib).
• In March 2022, multinational pharmaceutical company Novo Nordisk announced that two connected insulin pens, NovoPen 6 and NovoPen Echo Plus, are now available by prescription in the UK for diabetics treated with Novo Nordisk insulin.
• In January 2022, Insulet, an innovative medical device company dedicated to simplifying the lives of people with diabetes, announced that its Omnipod 5 insulin pump has received FDA clearance for use in people with diabetes. The Omnipod 5 is a patch-like device that adjusts the daily dose based on changes in the wearer's blood sugar levels.
• In February 2021, Qardio, Inc., an American technology company focused on heart health monitoring products, announced that the U.S. Food and Drug Administration (FDA) had granted the company 510k clearance for its QardioCore Holter device.
• In August 2020, Medtronic announced the acquisition of InPen manufacturer Companion Medical. The InPen is a smart, reusable insulin pen that uses Bluetooth technology to send dosage information to a mobile app.

Major Market Segments Covered in Smart Wearable Medical Devices Industry Research:

• Google
• IHealth Labs
• Telefonica
• Samsung Electronics
• Cyberdyne
• Sprint
• IRhythm Technologies
• Vendors to Watch Out
• T-Mobile US
• Interaxon
• Emerging Vendors
• Epson America
• Lark
• Orpyx Medical Technologies
• Biosensics
• Withings
• Proteus Digital Health
• Evena Medical
• Cambridge Temperature Concepts
• Sotera Wireless
• Qardio
• Others

Key Vendors:

1.IHealth Labs: iHealth has been a leader in innovation for medical supply since 2010. iHealth’s award-winning vitals monitoring devices and consumer healthcare products help people of all ages take a more active role in managing their health. Recently, iHealth played a critical role during the Covid-19 pandemic as a major supplier of at-home tests to the American federal government. In this urgent time, iHealth quickly stepped up to meet an important public health demand.

2.Telefonica: Telefónica is today one of the largest telecommunications companies in the world in terms of market capitalisation and number of customers. We have the best infrastructure, as well as an innovative range of digital and data services; therefore, we are favorably positioned to meet the needs of our customers and capture growth in new businesses. We are sensitive to the new challenges demanded by society today and, therefore, we provide the means to facilitate communication between people, providing them with the most secure and cutting-edge technology. Our vision is focused on technology making people's lives easier and our aim is to promote progress in that direction, so that technology can make a positive impact on the world both socially and environmentally, and, ultimately, so as to provide value and trust in an ever-changing and accelerating world.

3.Qardio: Qardio specializes in remote health monitoring. Our platform enables Qardio partners to quickly and efficiently track, analyze, and triage large patient populations, with improved workflows and continuous patient engagement, under all conditions. We deliver strong benefits to patients, care providers, and payers.

4.Lark: He recognized early that live physician resources simply could not cover all of those in need of chronic condition prevention and management. To this end, Lark spent six years in AI and tech R&D developing a conversational AI coaching program for the nation’s most prevalent and expensive chronic conditions. Lark’s AI-driven Diabetes Prevention Program received full CDC recognition in 2018, and Lark deployed specialized programs for diabetes, hypertension, and general wellness soon after.

5.IRhythm Technologies:iRhythm is a digital healthcare company redefining the way cardiac arrhythmias are clinically diagnosed by combining our wearable biosensing technology with cloud-based data analytics and machine- learning capabilities. Our goal is to be the leading provider of first-line ambulatory electrocardiogram, or ECG, monitoring for patients at risk for arrhythmias. We have created a unique platform, ZIO by iRhythm, which we believe allows physicians to diagnose many arrhythmias more quickly and efficiently than traditional technologies, avoiding multiple indeterminate tests, allowing for appropriate medical intervention and potentially avoiding more serious downstream medical events, including stroke.

By Type:

• Blood Pressure Monitor
• Heart Detector
• Blood Glucose Meter
• Pulse Monitor
• Others

By Application:

• Children
• Adults
• The Old
• Other

By Region:

The North America market for smart wearable medical devices in North America is expected to reach $8.92 billion by 2030, growing at a compound annual growth rate (CAGR) of 18.7% during the period of the forecast.
The region is expected to be a leading market because of things like the high number of people with chronic diseases, good government programmes, and a well-developed healthcare system.

The Europe region is also expected to grow a lot, thanks to things like the growing number of older people and the rising demand for remote patient monitoring.

The Asia-Pacific region is expected to be a fast-growing market, thanks to things like a large population, a rise in the number of people with chronic diseases, and higher healthcare costs.

The Middle East and Africa region is expected to grow slowly, thanks to things like more people using digital health technologies and more attention being paid to preventive care.

Latin America is also expected to have moderate growth, which will be caused by things like rising healthcare costs and more people getting chronic diseases.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Denmark
  • Finland
  • Iceland
  • Sweden
  • Norway
  • Belgium
  • The Netherlands
  • Luxembourg
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Benelux Union
• Rest of Europe
• Asia-Pacific
  • Indonesia
  • Thailand
  • Malaysia
  • Singapore
  • Rest of Southeast Asia
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Market Dynamics:

Drivers:

Demand for remote patient monitoring is growing. Smart medical devices that can be worn can make remote patient monitoring possible. This lets healthcare providers check on patients' health outside of traditional clinical settings.

Chronic diseases are becoming more common. For example, diabetes and heart disease are becoming more common. This is driving the demand for smart wearable medical devices that can help manage these conditions.

Technological advances: The continued development of new technologies like artificial intelligence and machine learning is expected to drive innovation in the smart wearable medical devices market, leading to new applications and use cases.

Favorable government initiatives: Governments all over the world are starting programmes to encourage the use of digital health technologies, which is expected to drive the growth of the smart wearable medical devices market.

Restraints:

High prices: Wearable medical devices that are smart can be expensive, which could make them less popular, especially in developing countries.

Limited reimbursement policies: The limited reimbursement policies for wearable medical devices can make it hard for patients to get these technologies, which can slow their spread.

Concerns about data privacy: Using smart wearable medical devices raises questions about data privacy and security, which could slow down their use.

Challenges:

Interoperability problems: Different smart wearable medical devices and health care systems need to be able to talk to each other, which can be hard to do.

Regulatory challenges: The regulatory environment for smart wearable medical devices is complicated and changing quickly, which can cause problems for manufacturers and healthcare providers.

Battery life: Many smart wearable medical devices have a short battery life, which can be a problem, especially for devices that need to be worn all the time.

Scope of Report :