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It's becoming apparent that staying healthy and fit is important, so the market is growing quickly. What's speeding up the business's growth? Increasing numbers of consumers are interested in using smart technology to find out about their health right away. These are the important things that are making the company grow.
People in the Asia-Pacific area are getting long-term sicknesses more and more often. This means that more people need medical gear that they can wear. People who have diabetes and heart disease want to keep track of their health problems. Because of this, technology that could be put on the body was created.
Short-lived technological advances have an effect on how markets work. These days, sensor technology, networking, and data processing have come a long way. This has caused more people to use smart medical devices. Because of these improvements, people can now get health information that is not only more correct but also more useful.
It's possible that the market grew because the government worked to improve patient results and technology in the healthcare business. A lot of Asian Pacific countries are putting money into their health care systems and telling their people to stay healthy by using smart tech.
More people in the region wear medical gadgets because they are living longer. There are more and more old people, so they should get regular checkups. Smart technology could be helpful for both patients and medical workers, and it could be easy to use.
More and more people are using fitness trackers that you wear. This might be happening because people in this area are interested in health and sports more. The market for these tools is growing because people who are concerned about their health and younger people are both becoming more interested in them.
Because of the COVID-19 outbreak, more patients are being treated by having their conditions watched from afar. These factors have directly led to a big growth in the market for medical gear that can be worn. Wearable gadgets are becoming more and more popular among people, including patients and medical workers. With this technology, people can look at their health info from afar without having to call their doctors.
There are a lot of links between people who work in healthcare and companies that make technology. Through this relationship, the creation of smarter and more connected personal medical gadgets is pushed, which will eventually lead to a more all-around approach to managing healthcare.
There are worries about the safety and security of data, which is changing the business, even though the market's growth is overall positive. To make sure the business grows, it is important to deal with these problems and put in place good protection measures. This is necessary because smart devices can get important health information, and these issues need to be fixed right away.
In the Asia Pacific Wearable Medical Device Market, several firms operate. This category includes healthcare giants, IT giants, and startups. Variety encourages innovation and competition, creating a dynamic market.
Asia Pacific Wearable Medical Device Market Highlights:
Asia Pacific Wearable Medical Device Market Overview
Asia Pacific Wearable Medical Device Market Size was valued at USD 13.74 Billion in 2023. The Global Asia Pacific Wearable Medical Device industry is projected to grow from USD 14.58 Billion in 2024 to USD 46.65 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.50% during the forecast period (2024 - 2032).
The aging population, the rise in chronic illness, the growing use of home healthcare as an alternative to hospitals, and growing efficiency and accuracy in patient data are some of the major market drivers propelling the growth of the wearable medical devices market in the Asia Pacific region.
APAC Wearable Medical Device Market Trends
- Growing Prevalence of Chronic Diseases to Accelerate Market Growth
The development of wearable medical devices was aided by the rise in the death rate from non-communicable diseases, which included a rise in the frequency of chronic illnesses and lifestyle-related conditions like diabetes and hypertension. The healthcare sector is developing newer technologies to combat this. One such measure is the provision of remote and continuous patient monitoring services through wearables, which can be worn on the body to continuously monitor vital signs, glucose levels, and other parameters throughout the day.
As per the World Health Organization, 41% of China's total deaths are caused by cardiovascular events that occur annually. Conversely, by 2030, India's already 65+ million diabetics would have a startling 101 million. The market for wearable medical devices in Asia Pacific has grown as a result of the rise in chronic diseases and people's increased awareness of these conditions, which is driving people toward continuous monitoring.
Throughout the projection period, the Asia Pacific region is anticipated to emerge as a wearable medical device market due to investments in healthcare and technical advancements in wearable medical devices. There is anticipated market CAGR growth in the wearable medical device market in these regions due to changes in disposable income and lifestyle. For the duration of the projection period, the Asia-Pacific wearable medical devices market will be dominated by Japan, China, and India.
The market for wearable medical devices is expanding as a result of the rise in diabetes and cardiovascular disorders in China and India. Cardiovascular events account for 41 percent of deaths in China, according to WHO research. It is therefore anticipated that wearable medical technology will increase. Along with the growing number of elderly people and the growing public awareness of wearable medical devices, the market in the region is expected to develop throughout the forecast period. Thus, driving the wearable medical device market revenue.
APAC Wearable Medical Device Market Segment Insights
Wearable Medical Device Type Insights
The Asia Pacific Wearable Medical Device market segmentation, based on type, includes Diagnostic Devices and Therapeutic Devices. The diagnostic devices category led the market in 2023. The purpose of diagnostic wearables is to identify and track particular diseases or health issues. These gadgets are capable of gathering and evaluating a wide range of biometric data, including oxygen saturation, blood pressure, blood glucose, and heart rate.
They facilitate prompt intervention and therapy by enabling the early detection of anomalies or changes in health markers. Additionally, diagnostic wearables make remote patient monitoring possible, enabling medical professionals to follow and keep an eye on their patient's health status from a distance. This boosts the devices' sales.
Figure 1: Asia Pacific Wearable Medical Device Market, by Type, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Wearable Medical Device Device Insights
The Asia Pacific Wearable Medical Device market segmentation, based on device, includes Wristwatch/Wristband, Smart Clothing, Smartwatch, Ear Wear, and Others. The smartwatch category generated the most income. Wearable and compact, smartwatches are equipped with multiple sensors that record and display various vital signs. The use of these smartwatches in the healthcare sector is swiftly becoming rather necessary. The population's growing tech-savviness, the rise in businesses entering the smartwatch market, and people's growing consciousness of fitness and health are some of the factors propelling this market's expansion.
APAC Wearable Medical Device Site Insights
The Asia Pacific Wearable Medical Device market segmentation, based on site, includes Headband, Handheld, Arm & Wrist, Clip, Shoe Sensor, and Others. The arm & wrist category generated the most income. It consists of gadgets like wristbands, arm-mounted monitors, and smartwatches that track vital signs, including heart rate, activity level, and sleep patterns. Because wearable technology is becoming more and more popular for tracking fitness and health, this market has experienced substantial development. Further market acceptance has been fueled by the development of more precise and user-friendly devices as a result of sensor technology and downsizing breakthroughs.
APAC Wearable Medical Device Application Insights
The Asia Pacific Wearable Medical Device market segmentation, based on application, includes Cardiac Health, Obesity Control, Diabetes Care, Fitness Monitoring, and Sleep Tracking. The fitness monitoring category generated the most income. This is mostly due to the increased emphasis on maintaining a healthy lifestyle and physical fitness, as well as the growing popularity of real-time health progress tracking. Wearables for tracking general health and fitness are also popular with a wide range of consumers, even those without particular medical conditions.
APAC Wearable Medical Device Country Insights
Over the projected period, Asia Pacific is expected to see the quickest market expansion. The growth can be ascribed to the government's favorable actions regarding the utilization of wearable medical devices, the aging population in the Asia Pacific area, and the rise in healthcare costs. The huge populations of China and India contribute significantly to market expansion. The demand for this market is also being leveled by changes in eating and living trends. Sports and fitness are well-known in the Asia Pacific area; biotechnology and bioinformatics businesses are participating in this sector to introduce wearable technologies for athletes and sports players.
Moreover, researchers in bioinformatics will have more opportunities to create novel features and goods for the market as a result of wearable medical devices. Additionally, businesses produced a range of wearables and Internet of Things (IoT)-based gadgets, showing encouraging results in terms of high accuracy, prodromal phase patient identification, and monitoring symptoms, including temperature, heart rate, and breathing rate. Thus boosting the market expansion.
Figure 2: ASIA PACIFIC WEARABLE MEDICAL DEVICE MARKET SHARE BY REGION 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
APAC Wearable Medical Device Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the wearable medical device market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, wearable medical device industry must offer cost-effective items.
Major players in the wearable medical device market are attempting to increase market demand by investing in research and development operations, including Fitbit (United States), Garmin Ltd. (Switzerland), Xiaomi Corporation (China), Huawei Technologies Co., Ltd. (China), Samsung Electronics Co., Ltd. (South Korea), Nurotron Biotechnology Co., Ltd. (China), Omron Corporation (Japan), Apple Inc. (United States), Medtronic plc (Ireland), Qardio, Inc. (United Kingdom), Dexcom, Inc. (United States), Philips Healthcare (Netherlands), Abbott Laboratories (United States), Lifesense Group (China), and Andon Health Co., Ltd. (China).
Key Companies in the wearable medical device market include
- Samsung Electronics Co., Ltd. (South Korea)
- Fitbit (United States)
- Abbott Laboratories (United States)
- Garmin Ltd. (Switzerland)
- Lifesense Group (China)
- Omron Corporation (Japan)
- Xiaomi Corporation (China)
- Apple Inc. (United States)
- Nurotron Biotechnology Co., Ltd. (China)
- Huawei Technologies Co., Ltd. (China)
- Qardio, Inc. (United Kingdom)
- Philips Healthcare (Netherlands)
- Medtronic plc (Ireland)
- Dexcom, Inc. (United States)
- Andon Health Co., Ltd. (China)
APAC Wearable Medical Device Industry Developments
January 2023: The FDA approved Garmin's electrocardiogram (ECG) feature, and it may be possible to add the feature to already-existing devices. This makes Garmin the only smartwatch available right now that can use ECG technology, however there are rumors that it might eventually be available for other models as well.
October 2022: A wearable watch called the OnePlus Nord was introduced by the Chinese smartphone maker OnePlus under its Nord brand. Step counts, expended calories, and sleep quality data are measured and stored by the OnePlus Nord Watch when it is paired with the N Health app on a smartphone.
August 2021: Fitbit and LifeScan collaborated to combine glucose monitoring devices and health-tracking applications in an effort to offer a complete diabetes treatment strategy that takes lifestyle factors into account. By providing tools and resources to monitor blood glucose levels, exercise, diet, and sleep, the partnership helps patients with diabetes make better lifestyle decisions and achieve better health results.
Wearable Medical Device Market Segmentation
Wearable Medical Device Type Outlook
- Diagnostic Devices
- Therapeutic Devices
Wearable Medical Device Device Outlook
- Wristwatch/Wristband
- Smart Clothing
- Smartwatch
- Ear Wear
- Others
Wearable Medical Device Site Outlook
- Headband
- Handheld
- Arm & Wrist
- Clip
- Shoe Sensor
- Others
Wearable Medical Device Application Outlook
- Cardiac Health
- Obesity Control
- Diabetes Care
- Fitness Monitoring
- Sleep Tracking
Wearable Medical Device Regional Outlook
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Thailand
- Vietnam
- Malaysia
- Singapore
- Rest of Asia-Pacific
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