Wearable Medical Devices Market Analysis

Wearable Medical Devices Market Analysis

Based on the device, the wearable medical devices market from respiratory monitors segment is estimated to exceed USD 83.5 billion by 2032, driven by the cost-effectiveness and high accuracy of respiratory monitors and their capability to calibrate breathing rates in real-time. The sector development can also be attributed to an acute shortage of hospital beds and ventilators across the globe. Furthermore, there has been a global acceleration in the demand for respiratory monitors due to the COVID-19 pandemic. 
 

Sleep tracking segment is anticipated to surpass USD 48.5 billion by 2032, on account of enhancing demand for sleep trackers due to the rising incidence rate of sleep disorders. Wearable sleep trackers can monitor the user’s physiological parameters and associate daily activities and sleep quality. Subsequently, they help sleep specialists examine sleep patterns and create personalized solutions, augmenting industry landscape.
 

Wearable medical devices market from remote patient monitoring segment is poised to grow at over 24% CAGR from 2023 to 2032, led by the capability of remote patient monitoring technology to collect real-time data that can be utilized to examine the patient’s critical health status. It also helps healthcare professionals gather patient-generated health data through mobile devices which is likely to minimize delivery costs and increase access to patient care. 
 

Europe wearable medical devices industry is slated to register over USD 200 billion by 2032. This is attributed to the rising occurrences of chronic disorders and obesity along with a growing population base adopting a sedentary lifestyle. As per WHO, obesity and being overweight are one of the prominent causes of disability and death in Europe, leading to more than 1.2 million deaths yearly, which accounts for more than 13% of total mortality in the region.