IoMT Wearable Devices Market Size, Growth, Trends 2023-2031
The ‘Global IoMT Wearable Devices Market Size, Share, Price, Trends, Growth, Industry Report and Forecast 2023-2031’ by Expert Market Research gives an extensive outlook of the global IoMT wearable devices market, assessing the market on the basis of its segments like product type, device type, components, application, end-user, and major regions. The report also provides a detailed insight of the market on the basis of patent analysis, grants analysis, funding and investment analysis, partnership and collaborations analysis.
The report studies the latest updates in the market, along with their impact across the market. It also analyzes the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
IoMT Wearable Devices Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2016-2031)
• Historical Market Size (2022): USD 28.4 Billion
• Forecast CAGR (2023-2031): 23%
• Forecast Market Size (2031): USD 186.2 Billion
The global IoMT wearable devices market is expected to witness significant growth due to the increasing adoption of connected devices, rising awareness about health and fitness, and advancements in wearable technology. The increasing prevalence of chronic diseases and an aging population are also driving the demand for IoMT wearable devices for remote patient monitoring and diagnostics. The growing penetration of smartphones and the internet, coupled with the rising demand for real-time health data, is expected to propel the market growth. Furthermore, technological advancements, such as miniaturization, improved battery life, and advanced sensor technologies, are anticipated to contribute to the market growth.
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IoMT Wearable Devices Industry Definition and Major Segments
The Internet of Medical Things (IoMT) refers to a connected ecosystem of medical devices, applications, and healthcare systems that can communicate with each other. Wearable devices are a subset of the IoMT, consisting of smart electronic devices that can be worn on the body to monitor, track, and analyze various health parameters.
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Based on product type, the market is segmented into:
• Fitness Wearables
• Clinical Grade Wearables
• Remote Patient Monitoring Devices
• Smart Pills
Based on device type, the market is segmented into:
• Handheld Devices
• Headband Devices
• Strap/Clip/Bracelet
• Shoe Sensor
• Others
Based on components, the market is segmented into:
• Hardware
• Software
• Services
Based on application, the market is classified into:
• Health Monitoring
• Telemedicine
• Data assortment and Analysis
• Tracking and Alerts
• Others
Based on end-user, the market is bifurcated into:
• Hospitals and Clinics
• Home Healthcare
• Sports and Fitness
• Others
Based on region, the market is segregated into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
IoMT Wearable Devices Market Trends
The key trends in the global IoMT wearable devices market include the growing adoption of artificial intelligence (AI) and machine learning in wearable devices, the development of advanced sensor technologies, and the integration of virtual and augmented reality in healthcare wearables.
The increasing focus on personalized healthcare and precision medicine is driving the demand for wearable devices that can provide real-time, personalized health data. Furthermore, collaborations between technology companies and healthcare providers are expected to result in the development of innovative IoMT wearable devices. Additionally, the growing interest in telemedicine and remote patient monitoring, accelerated by the COVID-19 pandemic, is anticipated to further boost the market growth.
Key Market Players
The major players in the global IoMT wearable devices market report are
• Apple Inc.
• Fitbit, Inc.
• Garmin Ltd.
• Huawei Technologies Co., Ltd.
• Samsung Electronics Co., Ltd.
• Xiaomi Corporation
• Fossil Group, Inc.
• LG Electronics
• Sony Corporation
• others
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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