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DUBLIN, July 11, 2022 /PRNewswire/ — The “Global Wearable Medical Devices Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.
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 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.
Moreover, the global NCD burden will rise by 17% in the next decade, and in Africait 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 and 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 …
Full story available on Benzinga.com
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