US tops market, followed by China, Canada and Germany
The global market for wearable medical devices estimated at $20.7 billion in 2022, is projected to reach $72.2 billion by 2030, growing at a CAGR of 16.9% over the analysis period 2022-2030. Diagnostic devices, one of the segments analyzed in this Research and Markets report, is projected to record 14.3% CAGR and reach $38.2 billion by the end of the analysis period. The therapeutic devices segment has also been readjusted to a revised 20.7% CAGR for the next eight-year period.
Additionally, the wearable medical devices market in China, the world's second largest economy, is forecast to reach a projected market size of $9 billion US by the year 2030 trailing a CAGR of 21.5% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 14.1% and 16.2% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 15.3% CAGR.
Reference: Wearable Medical Devices Global Market Report 2023: Rising Healthcare Costs Drives Focus on Wearables for Their Ability to Reduce Cost of Healthcare. DUBLIN, March 6, 2023 /PRNewswire.