#Wearable Medical Devices Market
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Wearable Medical Devices Market To Reach USD 168.29 Billion By 2030
Wearable Medical Devices Market Growth & Trends
The global wearable medical devices market size is anticipated to reach USD 168.29 billion by 2030 and is anticipated to expand at a CAGR of 25.66% during the forecast period, according to a new report by Grand View Research, Inc. The market is experiencing growth driven by an increasing demand for high-tech products and the growing trend of continuous health monitoring.
The rising obesity rate and a heightened awareness of physical fitness, is motivating individuals to engage in workouts and adopt fitness-related activities. Wearable devices like smartwatches and smart bands play a crucial role in monitoring various fitness parameters, including calories burned, step count, heart rate, and distance covered. Companies such as Google, Fitbit, Apple, and Nike are actively launching innovative products, particularly focusing on smartwatches and wristbands, contributing to a surge in product availability.
The COVID-19 pandemic has positively impacted the market, driven by the increased demand for telemedicine. WHO guidelines promoting social distancing and discouraging public gatherings have led to a preference for telemedicine among physicians, enabling remote patient treatment without the risk of virus transmission. The growth of telemedicine, coupled with the integration of artificial intelligence (AI) into its systems, has further propelled the expansion of the wearable medical device market.
The escalating prevalence of chronic diseases and rising mortality rates are causing major concern, prompting healthcare providers to focus on personalized care, particularly through continuous remote patient monitoring. Wearable medical devices, capable of 24-hour wear without disrupting daily routines, are gaining traction due to their various advantages. Consequently, the demand for these devices is expected to surge over the forecast period.
Wearable medical devices are playing a pivotal role in the cardiovascular device market. These innovative technologies, ranging from smartwatches to continuous monitoring devices, offer new avenues for real-time health tracking, early detection of cardiovascular issues, and personalized patient care. The integration of wearable devices in cardiovascular healthcare reflects a transformative shift towards preventive and proactive healthcare solutions, ultimately enhancing patient outcomes and disease management.
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Regional Insights
North America accounted for the largest revenue share in 2023, owing to the growing prevalence of cardiovascular disorders, diabetes, and cancer within this region. High adoption of remote patient monitoring and home care devices for regular, continuous, and long-term monitoring of patients and reducing the frequency of hospital visits are anticipated to fuel market growth over the forecast period.
The market is expected to witness exponential growth in Asia Pacific over the forecast period. Significant factors boosting market growth are favorable government initiatives for using such wearable medical instruments, increasing geriatric population base, and increasing healthcare expenditure in this region. Japan held the largest share of the remote patient monitoring devices market in the Asia Pacific region in 2023. It is expected to maintain its dominance over the forecast period due to rapid technological advancements and the growing requirement for home care devices and round-the-clock monitoring. Japanese firms place a high value on health, skincare, and all human consumables.
Wearable Medical Devices Company Insights
By introducing groundbreaking technologies, key wearable medical device companies are significantly impacting the market. Innovations such as advanced wearable medical device sensors, continuous monitoring capabilities, and integration with artificial intelligence are reshaping the landscape. Industry leaders leverage these technologies to enhance the accuracy and range of health metrics that wearable devices can track. Moreover, the incorporation of data analytics and cloud connectivity enables seamless data sharing, improving the overall healthcare ecosystem. This technological evolution propels the market's growth. It contributes to improved patient outcomes, personalized healthcare, and the transformation of wearable medical devices into indispensable tools for consumers and healthcare providers.
Wearable Medical Devices Market Report Highlights
The diagnostic devices segment emerged as the market leader in 2023, driven by rising disposable income, increased awareness, and higher healthcare spending
Straps, clips, bracelets, and watches constitute the largest and fastest-growing segment of the market
Home healthcare secured a substantial share of 53.6% in 2023, propelled by a growing geriatric population contributing to higher incidence rates of target diseases
North America held the largest revenue share in 2023, primarily due to the expanding home care applications and remote patient monitoring for regular, continuous, and long-term patient monitoring
The Asia-Pacific region is poised to experience the fastest growth over the forecast period, attributed to increasing awareness levels, rising disposable income, a large population base, and an increasing incidence rate of chronic conditions
Wearable Medical Devices Market Segmentation
Grand View Research has segmented the global wearable medical device market based on product, site, application, distribution channel, grade type, and region:
Wearable Medical Devices Product Outlook (Revenue, USD Million, 2018 - 2030)
Diagnostic Devices
Therapeutic Devices
Wearable Medical Devices Site Outlook (Revenue, USD Million, 2018 - 2030)
Handheld
Headband
Strap/Clip/Bracelet
Shoe Sensors
Others
Wearable Medical Devices Application Outlook (Revenue, USD Million, 2018 - 2030)
Sports & Fitness
Remote Patient Monitoring
Home Healthcare
Wearable Medical Devices Grade Type Outlook (Revenue, USD Million, 2018 - 2030)
Consumer-Grade Wearable Medical Devices
Clinical Wearable Medical Devices
Wearable Medical Devices Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)
Pharmacies
Online Channel
Hypermarkets
Wearable Medical Devices Regional Outlook (Revenue, USD Million, 2018 - 2030)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
List of Key Players in Wearable Medical Devices Market
Koninklijke Philips N.V.
Fitbit
Basis Science
Garmin
Covidien (Medtronic)
Omron Corp.
Withings
Vital Connect
Polar Electro
Everist Genomics
Intelesens Ltd.
Sotera Wireless
Apple
Browse Full Report: https://www.grandviewresearch.com/industry-analysis/wearable-medical-devices-market
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Wearable Medical Devices Market Future: Key Trends and Opportunities
Wearable Medical Devices Market Outlook, Scope & Overview:
Industry reports indicate that the global wearable medical devices market was valued at USD 33.84 billion in 2023 and is projected to reach USD 210.51 billion by 2031, growing at a CAGR of 25.67% over the forecast period 2024-2031.
Technological Advancements to Drive Growth of Global Wearable Medical Devices Market
The adoption of wearable medical devices will continue to influence global market revenues. Healthcare providers and consumers are increasingly utilizing wearable devices for continuous health monitoring, chronic disease management, and preventive healthcare.
As a product segment, fitness and activity trackers currently hold a significant share of the global wearable medical devices market. This segment is anticipated to grow at a year-over-year rate of 25.67% in 2024 over 2023 and reach USD 210.51 billion in revenues by 2031. The increasing prevalence of lifestyle-related diseases, coupled with advancements in sensor technologies, is expected to drive market growth.
Wearable Medical Devices Solutions – Market Dynamics
Drivers:
Wearable medical devices are witnessing significant growth in the global market due to their ability to provide real-time health monitoring, enhance patient engagement, and improve health outcomes. The growing adoption of digital health technologies, rising healthcare costs, and the shift towards personalized medicine are key factors driving the adoption of wearable medical devices worldwide. Additionally, the increasing elderly population and the need for home-based healthcare solutions are further propelling market growth.
Restraints:
Despite the growth potential, challenges such as data privacy concerns, high initial costs, and the need for reliable connectivity are hindering the widespread adoption of wearable medical devices. Moreover, regulatory and reimbursement issues, as well as the need for healthcare professionals to adapt to new technologies, pose additional challenges to market expansion.
Wearable Medical Devices Solutions – Market Outlook
The proven benefits of wearable medical devices in improving patient outcomes, enabling remote monitoring, and supporting chronic disease management have contributed to the market's growth. Wearable medical devices are expected to witness increased adoption across major healthcare markets, including North America, Europe, and Asia Pacific, driven by technological advancements and the increasing focus on preventive healthcare.
Global Wearable Medical Devices Market
The rise in demand for wearable medical devices in developed and emerging markets is expected to drive market growth over the forecast period. North America currently holds a significant market share in the global wearable medical devices market, with the US being a key contributor to market revenues. Europe and Asia Pacific regions are also experiencing rapid adoption of wearable medical devices, supported by favorable regulatory frameworks and increasing investments in digital health infrastructure.
Key Players in the Wearable Medical Devices Solutions Market
Leading companies in the wearable medical devices solutions market include Fitbit (Google LLC), Apple Inc., Garmin Ltd., and Samsung Electronics Co., Ltd. These companies are at the forefront of developing and commercializing advanced wearable technologies for various healthcare applications, including fitness tracking, heart rate monitoring, and chronic disease management.
In conclusion, the global wearable medical devices market is poised for substantial growth over the forecast period, driven by technological advancements, increasing healthcare digitization, and the expanding adoption of digital health solutions in medical diagnostics and treatment planning.
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Wearable Medical Device Market Outlook from 2024 to 2034
The Global Wearable Medical Device Industry is on track for a remarkable surge, according to a recent market analysis by Future Market Insights (FMI). The market, valued at US$38.58 billion in 2024, is projected to reach US$84.85 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of 8.20% over the next decade.
This significant expansion is fueled by a paradigm shift in healthcare, driven by the rising prevalence of chronic diseases and the growing trend of sedentary lifestyles. Traditional healthcare models are being reevaluated as governments, healthcare organizations, and medical service providers prioritize early diagnosis and regular patient monitoring.
Wearable medical devices are emerging as a pivotal solution to address these challenges, offering continuous monitoring and real-time data collection. This trend is further accelerated by the active encouragement of routine diagnosis by regional and national healthcare agencies through awareness programs and various campaigns. These initiatives are fostering heightened awareness among the masses regarding the benefits of wearable medical devices for monitoring and diagnosing vital signs.
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Wearable Medical Devices Market Development, Share, Demand and Forecast Till 2029
In the recent past, the growing occurrence of a sedentary lifestyle and high consumption of junk food has resulted in an alarming rise in chronic illnesses cases. The prevalence of cardiovascular diseases, diabetes, high blood pressure, respiratory diseases, and cancers has skyrocketed of late. These trends are creating a notable burden on the healthcare system, thereby making the lives of patients more difficult. Many government bodies and other healthcare organizations have taken cognizance of this intensifying healthcare challenge. Increasing healthcare awareness has motivated people to regularly conduct health check-ups, and diagnoses. In such circumstances, advancements in wearable technologies have emerged as a viable solution for keeping an eye on the patient's vitals. These devices work as an early warning system and allow people to be aware of their health. These precedents are the primary contributors to the growth of the global wearable medical devices market.
Sustained Increment in Geriatric Population to Prolong Healthy Growth Trajectory of Wearable Medical Devices Market
The growing geriatric population has been instrumental in the creation of demand for wearable medical devices. The population above the age of 65 is growing in various developed and developing economies across the world. This section is more vulnerable to developing chronic ailments and other health conditions. Moreover, the recent COVID-19 pandemic has revitalised the focus on maintaining health and fitness. Modern smart wearables such as smartwatches are great in allowing users to self-monitor their heartbeat, pulse, and blood pressure. Such user-friendly features are attracting consumer interest in the young population sections too. These trends are leading the global wearable medical devices market to fruition.
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Soaring Demand for Diagnostic Smart Wearables to Facilitate Global Wearable Medical Devices Market Expansion
As wearable technologies continue to improve in terms of convenience and accuracy, several niches have emerged to cater to specific user requirements. In such a scenario, the demand for diagnostic wearable medical devices has showcased unprecedented escalation. The neuromonitoring wearables are generating notable traction against the backdrop of burgeoning neurological disorder cases. The occurrence of diseases such as migraine has grown due to worsening air and noise pollution. In addition, neurological health awareness campaigns are also incentivising people to be aware of their health conditions. Such changes in consumption patterns are poised to create considerable business possibilities for the global wearable medical devices market. North America’s Wearable Medical Devices Market Spearheads Amidst Increasing Lifestyle Disorders
The alarming rise in lifestyle disorders, coupled with paced tech gadget adoption is nurturing a favourable business climate for the wearable medical devices market in North America. The developed economies in the region have a common problem of unhealthy lifestyles and dietary habits. This is boosting the prevalence of chronic disorders such as diabetes and cardiovascular ailments. The economies in the region also have a relatively high GDP per capita and disposable income rates which support the adoption of smart wearable devices. All these prerequisites are expected to establish North America as the leading market region.
Key Market Players
The most active players participating in the global wearable medical devices market include Fitbit Inc., Samsung, Apple Inc., Philips, Beckton Dickinson, Ypsomed, Sonova, Omron Healthcare Inc., AiQ Smart Clothing, and NeuroMetrix Inc.
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Europe Wearable Medical Devices Market Key Players, Revenue And Growth Rate
The Europe wearable medical devices market was estimated at USD 10.1 billion in 2023 and is expected to grow at a CAGR of 25.9% from 2024 to 2030. The surging demand for home care devices, central data management systems, and efficient wearable medical devices is expected to propel the market growth in the coming years. As consumers are growing more conscious about their health, there is a major increase in interest in keeping close tabs on their habits through remote patient monitoring systems. There is an increase in health quantification through mobile apps and a major concentration on healthy lifestyle orientation.
Several companies are launching remote patient monitoring devices and home healthcare products. This includes wearable medical devices that can navigate blood oxygen and respiration levels, heat and pulse rates, heat flux, galvanic skin responses, and skin temperature.
In 2023, the Europe region accounted for approximately 29.9% revenue share of the global wearable medical devices market. A major factor driving the market growth in Europe is the ongoing technological developments, the rising number of obese patients, increasing geriatric population, and rising healthcare expenditures. These have made companies launch health-related smart devices and apps, such as smart body analyzers and blood pressure monitors. These newly launched products designed with aesthetic appeal are likely to spur the rapid growth of wearable medical devices in Europe.
Gather more insights about the market drivers, restrains and growth of the Europe Wearable Medical Devices Market
Key Europe Wearable Medical Devices Company Insights
Companies are launching products designed to meet diverse consumer demands. Several leaders are dominating the market in different categories and are advancing with a wide range of products, including wearable medical devices such as monitors, telemetry systems, blood glucose monitoring systems, oximeters, fetal monitors, and others.
Recent Developments
• In December 2022, WISE received US Food and Drug Administration (FDA) approval for the WISE Cortical Strip. This is a single-use neuromonitoring device, developed using supersonic technology, that can be used for intraoperative monitoring and recording and as stimulation equipment to record the brain’s spontaneous electrical activity (ECoG) and somatosensory evoked potentials (SEPs).
Europe Wearable Medical Devices Market Report Segmentation
This report forecasts revenue growth at regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the Europe wearable medical devices market report based on product, site, application, distribution channel, grade type, and country:
Product Outlook (Revenue, USD Billion, 2018 - 2030)
• Diagnostic Devices
o Vital Sign Monitoring Devices
o Heart Rate Monitors
o Activity Monitors
o Electrocardiographs
o Pulse Oximeters
o Spirometers
o Blood Pressure Monitors
o Others
o Sleep Monitoring Devices
o Sleep trackers
o Wrist Actigraphs
o Polysomnographs
o Others
o Electrocardiographs Fetal And Obstetric Devices
o Neuromonitoring Devices
o Electroencephalographs
o Electromyographs
o Others
• Therapeutic Devices
o Pain Management Devices
o Neurostimulation Devices
o Others
o Insulin/Glucose Monitoring Devices
o Insulin Pumps
o Others
o Rehabilitation Devices
o Accelerometers
o Sensing Devices
o Ultrasound Platform
o Others
o Respiratory Therapy Devices
o Ventilators
o Positive Airway Pressure (PAP) Devices
o Portable Oxygen Concentrators
o Others
Site Outlook (Revenue, USD Billion, 2018 - 2030)
• Handheld
• Headband
• Strap/Clip/Bracelet
• Shoe Sensors
• Others
Application Outlook (Revenue, USD Billion, 2018 - 2030)
• Sports & Fitness
• Remote Patient Monitoring
• Home Healthcare
Grade Type Outlook (Revenue, USD Billion, 2018 - 2030)
• Consumer-Grade Wearable Medical Devices
• Clinical Wearable Medical Devices
Distribution Channel Outlook (Revenue, USD Billion, 2018 - 2030)
• Pharmacies
• Online Channel
• Hypermarkets
Country Outlook (Revenue, USD Billion, 2018 - 2030)
• Germany
• France
• Italy
• Spain
• Netherlands
• Russia
• Sweden
• UK
Order a free sample PDF of the Europe Wearable Medical Devices Market Intelligence Study, published by Grand View Research.
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Wearable Medical Devices Market Size, Demand & Trend to 2034
The Global Wearable Medical Device Industry is on track for a remarkable surge, according to a recent market analysis by Future Market Insights (FMI). The market, valued at US$38.58 billion in 2024, is projected to reach US$84.85 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of 8.20% over the next decade.
This significant expansion is fueled by a paradigm shift in healthcare, driven by the rising prevalence of chronic diseases and the growing trend of sedentary lifestyles. Traditional healthcare models are being reevaluated as governments, healthcare organizations, and medical service providers prioritize early diagnosis and regular patient monitoring.
Wearable medical devices are emerging as a pivotal solution to address these challenges, offering continuous monitoring and real-time data collection. This trend is further accelerated by the active encouragement of routine diagnosis by regional and national healthcare agencies through awareness programs and various campaigns. These initiatives are fostering heightened awareness among the masses regarding the benefits of wearable medical devices for monitoring and diagnosing vital signs.
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Wearable Medical Devices Market Status, Growth Opportunities And Competitive Landscape till 2030
The global wearable medical devices market size was estimated at USD 33.85 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 25.66% from 2024 to 2030. The anticipated growth in industries like remote patient monitoring and home healthcare will impact the market, along with an increased focus on fitness and a health-oriented lifestyle. The market holds significant…
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Wearable Medical Devices Market to Surpass USD 249.97 Billion by 2031, Witnessing 25.40% CAGR Growth | SkyQuest Technology
SkyQuest projects that Global Wearable Medical Devices Market will attain a value of USD 209.96 Billion by 2031, with a CAGR of 25.7% over the forecast period (2024-2031). The risk is high that sedentary behaviour leads to more lifestyle diseases such as high blood pressure and diabetes which in turn require for consistent observation of body functioning. The advent of wearable medical devices combines different health parameters thereby allowing doctors a chance to prevent errors while attending to patients in real-time. The increasing number of deaths from non-communicable diseases raises the necessity for personalized monitoring and treatment, thereby increasing need for wearable medical devices. Download a detailed overview: https://www.skyquestt.com/sample-request/wearable-medical-devices-market
Browse in-depth TOC on the " Wearable Medical Devices Market "
Wearable Medical Devices Market Overview:
Report Coverage
Details
Market Revenue in 2023
$40.88 Billion
Estimated Value by 2031
$249.97 Billion
Growth Rate
Poised to grow at a CAGR of 25.7%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Product Type, Site, Application, Grade Type, and Distribution Channel
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Reducing the expense of treating chronic illnesses
Key Market Opportunities
Improved novel innovations like artificial intelligence and IoT
Key Market Drivers
Increase in the elderly population and awareness among people
Real-Time Health Monitoring Allows Diagnostic Devices to Hold a High Market Share
Diagnostic devices are leading the global wearable medical device market led by technological advancements and increased consumer health awareness in terms of their improved early disease detection capabilities and real-time health surveillance. Growing investments in healthcare technology and the increasing incidence of chronic illnesses, which are needed for ongoing health tracking systems, support this dominance even more.
Demand for Remote Patient Monitoring in Home Healthcare Allowing them to Emerge as a Dominant Segment
The ageing population and the need to cut down on hospital visits have created a growing need for individualised treatment and remote patient monitoring, which has led to a dominance of home healthcare applications in the global wearable medical devices market. There are many factors which make telemedicine dominate over other forms in healthcare; these include; ease in managing medical conditions from one’s home/clinic as well as being affordable.
Remote Patient Monitoring and Home Care Devices Allowing North America to Spearhead Demand
The market for wearable medical devices is dominated by North America, which is expected to grow at a fast pace over the course of the forecast period due to the region's widespread usage of home care and remote patient monitoring technologies. Long-term, ongoing patient monitoring is reducing the number of hospital visits. Compared to men, women are considerably more likely to consistently use these devices (25% vs. 18%).
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Wearable Medical Devices Market Insight
Drivers:
Increase in the Elderly Population and Awareness among People
Home Healthcare for Covid-19 Pandemic
Increasing Prevalence of Chronic Diseases
Restraints:
Government Stringent Rules and Regulations
High Cost of Maintenance of Wearable Medical Devices
Interoperability and Compatibility Issues
Prominent Players in Wearable Medical Devices Market
ADIDAS AG (Germany)
Nike, Inc. (US)
LG Electronics (South Korea)
Motorola Solutions, Inc. (US)
Fossil Group, Inc. (US)
Google LLC (US)
Polar Electro (Finland)
Withings (France)
Michael Kors (US)
CASIO AMERICA, INC. (US)
View Report Summary and Table of Contents (TOC): https://www.skyquestt.com/report/wearable-medical-devices-market
Key Questions Answered in Global Wearable Medical Devices Market Report
What is SkyQuest's estimated 2031 market value for wearable medical devices worldwide?
Which two major variables account for most diagnostic devices in the market for wearable medical devices?
Which geographic region is anticipated to have the most demand for wearable medical technology, and why?
This report provides the following insights:
Analysis of key drivers (Chronic diseases that are escalating, providing individualized care, healthcare practitioners using continual patient monitoring and general fitness is becoming more popular), restraints (Less modest uptake of medical wearables, retail prices of it are often high and manufacturing & distribution are limited), opportunities (Improved AI & IOT devices, carefully identifying vitals & monitoring personal health and growing product innovations), and challenges (Inadequate regulatory standardization and issues related to accuracy & analysis of wearable-generated data) influencing the growth of wearable medical devices market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the wearable medical devices market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the wearable medical devices market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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According to latest report, the U.S. wearable medical devices Market is valued at USD 11.45 Billion in 2023 and is projected to reach a value of USD 112.67 Billion by 2033 at a CAGR (Compound Annual Growth Rate) of 25.69% between 2024 and 2033.
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According to the report, the U.S. wearable medical devices market size was estimated at USD 11.45 billion in 2023 and is projected to hit around USD 112.67 billion by 2033, growing at a CAGR of 25.69% during the forecast period from 2024 to 2033, North America accounted for the largest revenue share 42.11% in 2023.
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