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The wearable medical devices market is forecasted to achieve exponential growth in the coming few years with a forecast CAGR (compound annual growth rate) of almost 22%, as per The Business Research Company’s market report!

Read More On The Wearable Medical Devices Market Report 2022 – https://www.thebusinessresearchcompany.com/report/wearable-medical-devices-global-market-report

The Wearable Medical Devices Market Size In 2022 And Forecast
The global wearable medical devices market grew from $18.41 billion in 2021 to $22.44 billion in 2022 at a compound annual growth rate (CAGR) of 21.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The wearable medical devices market is expected to grow to $49.6 billion in 2026 at a CAGR of 21.9%.

The wearable medical devices market consists of sales of wearable medical equipment and related services that include diagnostic devices and therapeutic devices like vital signs, sleep, neuromonitoring devices, electrocardiographs, pain management, and respiratory therapeutic devices among others.

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Rise In Mortality Rate Due To Non-Communicable Diseases Is Driving The Growth Of The Wearable Medical Devices Market
According to the world health organization (WHO), 2020, Non-communicable diseases (NCDs) will estimate 80% of the global disease burden. Seven out of every ten deaths in developing countries are caused by NCDs, and around half of these deaths are in people younger than 70 years. Moreover, the global NCD burden will rise by 17% in the next decade, and in Africa., it will grow by 27%. In 2019, a report published by Diabetics Research and Clinical Practice stated that the global diabetic population is estimated to be 463 million in 2019 which is 9.3% of the global population and is expected to reach 578 million by 2030 700 million by 2045. The rise in the number of chronic diseases coupled with growing awareness among the people is pushing them towards continuous monitoring which boosted the market growth.

Competitive Landscape And The Regional Analysis Of The Wearable Medical Devices Market
Major players in the wearable medical devices market are Philips, Polar Electro, Omron Corporation, Fitbit Inc., Garmin Ltd., LifeWatch AG (BioTelemetry Inc.), Xiaomi Inc., VitalConnect, Jawbone Inc., General Electric Co., and Medtronic PLC,

Additionally, as per TBRC’s research – North America was the largest region in the wearable medical devices market in 2021 holding the largest market share.

The Wearable Medical Devices Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the wearable medical devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the wearable medical devices market.

Integrating AI Into Wearable Medical Devices – A Key Trend In The Wearable Medical Devices Market
The data collected by wearable medical devices lack value without the integration of artificial intelligence (AI) that better utilizes the data collected. AI doctor which is a standalone network with a deep learning algorithm performs well than trained medical practitioners in conditions like skin lesions, electrocardiograms, medical imaging, and pathology.

Wearable Medical Devices Market Segmentation By The Business Research Company

1) By Device Type: Diagnostic Devices, Therapeutic Devices

2) By Product Type: Watch, Wristband, Clothing, Ear Wear, Other Devices

3) By Distribution Channel: Pharmacies, Online Channel, HyperMarkets

4) By Application: Sports And Fitness, Remote Patient Monitoring, Home Healthcare, Ear Wear

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