Artificial Intelligence
Wearable Medical Devices Global Market Report 2022
New York, May 16, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Wearable Medical Devices Global Market Report 2022” – https://www.reportlinker.com/p06277174/?utm_source=GNW
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The global wearable medical devices market is expected to grow from $18.41 billion in 2021 to $22.44 billion in 2022 at a compound annual growth rate (CAGR) of 21.9%. The market is expected to grow to $49.6 billion in 2026 at a compound annual growth rate (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.
The main types of wearable medical devices are diagnostic devices and therapeutic devices.The diagnostic devices are used for diagnosing patient outcomes.
The various product types include watches, wristbands, clothing, earwear, and other devices.These are used in sports and fitness, remote patient monitoring, home healthcare, and ear wear.
The various distribution channels are pharmacies, online channels, and hypermarkets.
North America was the largest region in the wearable medical devices market in 2021.Asia Pacific was the second-largest region in the wearable medical devices market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The wearable medical devices market covered in this report is segmented by device type into diagnostic devices, therapeutic devices. It is also segmented by product type into watch, wristband, clothing, ear wear, other devices, by distribution channel into pharmacies, online channel, hypermarkets and by application into sports and fitness, remote patient monitoring, home healthcare, ear wear.
The rise in mortality rate due to non-communicable diseases with an increasing prevalence of chronic diseases and lifestyle-associated diseases like hypertension and diabetes contributed to the growth of wearable medical devices.The Healthcare industry is coming up with newer technologies to overcome this with necessary measures like continuous and remote patient monitoring facilities through wearables which can be worn over the body all-day long for continuous monitoring of the required parameters like vital signs, glucose levels, and more.
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.
Wearable device manufacturers collect and store data to sell them to the customer itself by charging a certain amount on monthly basis or periodically as per the requirement or to third parties at places where this information is not considered as Protected Health Information.There is a higher exposure of sensitive data as the amount of data handled by Medical Internet of Things devices is growing exponentially.
The major data privacy concerns arise during the transmission of data to a cloud and during its storage.In 2019, a survey conducted for wearable device users revealed that half of the respondents are unaware of the privacy concerns related to wearable devices.
There are risks of the access and security of the personal information collected by the third-party healthcare service providers which are expected to hamper the growth of the market during the forecast period.
Integrating artificial intelligence into wearable medical devices is gaining traction.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. In 2020, Apple acquired Xnor.ai that develops technology like artificial intelligence to gain access to low-power AI tools for image recognition in wearables and others. A study published in 2019 revealed that AI and biometric monitoring devices are considered as an advantage by 47% of the respondents as it brings efficient healthcare to the patient and an overall of 20% of respondents considered the benefits outweighed the dangers of artificial intelligence integration into wearables. 55% considered that it could improve their follow-up and quality of care, 23% believed it would reduce the cost of treatment. The wearable device app developers are increasingly focused on integrating AI into the apps to analyze the remotely collected data for better interpreting the ailment by an AI doctor.
The countries covered in the wearable medical devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and USA.
Read the full report: https://www.reportlinker.com/p06277174/?utm_source=GNW
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