Wearable Medical Devices Market Size, Share, Growth Analysis, By Product(Diagnostic Devices and Therapeutic Devices), By Application(Home Healthcare, Sports & Fitness, and Remote Patient Monitoring), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35A2674 | Region: Global | Published Date: June, 2024
Pages: 157 |Tables: 61 |Figures: 75

Wearable Medical Devices Market Insights

Wearable Medical Devices Market size was valued at USD 21.32 billion in 2021 and is poised to grow from USD 26.8 billion in 2022 to USD 167 billion by 2030, growing at a CAGR of 25.7% in the forecast period (2023-2030).

The market is expected for growth as industries like home healthcare and remote patient monitoring devices expand their presence. Moreover, there is a growing emphasis on fitness and adopting a healthy lifestyle, which is expected to have a significant impact on the market. Additionally, the forecast period predicts a rise in lifestyle-associated disorders such as diabetes and hypertension due to sedentary routines. These conditions necessitate continuous monitoring of physiological parameters like blood sugar levels and blood pressure. The integration of healthcare data with portable medical devices allows for real-time access to data and minimizes errors when shared with physicians. Concerns over the increasing mortality rate from non-communicable diseases underscore the need for personalized monitoring and care, further driving the demand for wearable medical products.

Various companies are entering the market with innovative wearable products that can detect early warning signs of viral infections. For example, the Ava Bracelet, originally designed as a fertility tracker, is now being leveraged to combat the coronavirus. By monitoring heart rate variability, breathing rate, and skin temperature, this bracelet proves useful in tracking symptoms of the virus. This presents a unique opportunity during these challenging times.

The rising prevalence of chronic diseases and increasing mortality rates are major concerns for individuals and government organizations alike. Consequently, healthcare providers are offering personalized care through continuous and remote patient monitoring, allowing individuals to wear devices without disruption to their daily routines. Given the numerous advantages they offer, the demand for wearable medical devices is projected to surge over the forecast period.

The market is also driven by the growing focus on fitness, leading to the development of various wearable medical products and software for weight and fitness management. Wristbands, commonly connected to cell phones, provide real-time tracking of activities such as steps walked, calories burned, calorie intake, and distance covered. By consolidating this data, vital information such as body mass index can be obtained, facilitating the provision of tailored health plans to individuals and healthcare professionals.

US Wearable Medical Devices Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2023-2030

Global Market Size

USD 21.32 billion

Largest Segment

Diagnostic Devices

Fastest Growth

Diagnostic Devices

Growth Rate

25.7% CAGR

Global Wearable Medical Devices Market ($ Bn)
Country Share for North America Region (%)

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Wearable Medical Devices Market Segmental Analysis

The Global Wearable Medical Devices Market is segmented by product, application, and region. Based on product, the market can be segmented into diagnostic devices and therapeutic devices. Based on application, the market is segmented into home healthcare, sports & fitness, and remote patient monitoring. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Wearable Medical Devices Market Analysis by Product

By product, the market can be segmented into diagnostic devices and therapeutic devices. Diagnostic device segment is the dominating segment in the wearable medical device market. It holds largest revenue share of 62% in 2023. The neuromonitoring devices market was the largest among diagnostic in 2023. The main element influencing sector expansion is the rising prevalence of neurological illnesses. The segment is also anticipated to be driven by rising public awareness of the potential of neurological wearables to continuously evaluate people's cognitive capacities while engaging in daily activities.

While the therapeutic device segment is experiencing significant growth and is the fastest-growing segment. It is expected to witness the fastest CAGR. Additionally, a robust pipeline of therapeutic devices—including wearable painkillers, intelligent asthma management products, and insulin control tools—is predicted to support market expansion. The market is divided into devices for respiratory therapy, insulin monitoring, rehabilitation, and pain management. Due to the significant number of people with diabetes, the insulin monitoring device dominated the market and is predicted to continue to do so over the projected period.

Wearable Medical Devices Market Analysis by Application

By application, the market can be segmented into home healthcare, sports & fitness, and remote patient monitoring. Home healthcare segemnt represents the dominating segment in the Wearable Medical Devices market. It holds the largest revenue share of 54.3% in 2023. Some of the factors driving market expansion are the rising need to reduce healthcare spending as an economically viable effort, rising prevalence rates of target diseases, and the growing elderly population.

Remote patient monitoring segment has emerged as the fastest-growing segment in the Wearable Medical Devices market. Over the projection period, rising chronic disease rates and the global geriatric population base are anticipated to have a significant impact on the development of remote patient monitoring devices.

Global Wearable Medical Devices Market By Application

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Wearable Medical Devices Market Regional Insights

North America dominates the global Wearable Medical Devices market. The region accounts for the largest revenue share of 36.9% in 2023. The region is predicted to develop at a rapid rate throughout the forecast period due to the high use of remote patient monitoring and home care devices for frequent, continuous, and long-term patient monitoring and lowering the frequency of hospital visits. Women are far more likely than men to regularly use these gadgets (25% vs. 18%). According to 41% of respondents, it is appropriate for fitness tracker makers to give medical experts access to user data so they can learn more about the link between activity and heart disease. This poll so indicates the acceptance and utilization of wearable technology in the United States. During the forecast period, all of the aforementioned elements are anticipated to fuel the expansion of the wearable medical devices market in the United States.

Asia Pacific is expected to be the fastest growing region in the global Wearable Medical Devices market. The region is witnessing rapid market growth due to various factors like, favorable government measures encouraging the use of such wearable medical devices, an ageing population, and rising healthcare costs in this region are the main drivers of market expansion. Due to the accelerating pace of technical improvements and the rising demand for home care equipment and round-the-clock monitoring, Japan held the highest share of the Asia Pacific region's market for remote patient monitoring devices and it is anticipated that it will continue to dominate the market throughout the forecast period. All human consumables, including health and skin care, are highly valued by Japanese businesses.

Global Wearable Medical Devices Market By Geography
  • Largest
  • Fastest

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Wearable Medical Devices Market Dynamics

Wearable Medical Devices Market Drivers

Increase in the elderly population and awareness among people

  • The significant rise in the older population could cause chronic diseases to spread more widely and boost demand for medical equipment. Governmental organisations are aiding in the management of chronic diseases that are escalating by increasing death rates. To provide individualized care, healthcare practitioners use remote and continual patient monitoring. The need for medical equipment is expanding along with people's knowledge of their health. Fitness is becoming more popular, which has increased demand and market share demand. Numerous products have been developed to help people manage their weight and fitness. Real-time monitoring of activities like jogging, walking, calorie burn, food intake, etc. is possible using wearable bands that are connected to smartphones. As a result, 220 million people will utilise fitness centres globally.

Wearable Medical Devices Market Restraints

Government rules and regulations

  • The cost of reimbursing healthcare mobile medical devices is borne by the national governments. When confirming the presence of physicians and patients, federal laws are necessary in European countries. Hence, the modest uptake of medical wearables. Real-time learning and a strong network. As a result, utilising AI and 5G can help with giving care in real-time even if they are not present at the same area. Therefore, cutting-edge technology may help the market for wearable medical devices grow quickly. Businesses in both Europe and America are against changing the patent laws. Patent trolls run businesses that take money in the form of royalties from parties who commit patent infringement. Businesses attempt to file lawsuits and negotiate settlements for reduced damages.

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Wearable Medical Devices Market Competitive Landscape

The global wearable device market is highly competitive, characterized by the presence of several key players striving for market dominance. These companies face intense competition as they continuously innovate and introduce new features to attract customers. Key areas of competition include device design, health tracking capabilities, battery life, connectivity, app ecosystems, and user experience. Additionally, partnerships with healthcare providers, integration with health platforms, and collaborations with fashion brands are strategies employed to gain a competitive edge in the global wearable device market.

Wearable Medical Devices Market Top Player’s Company Profiles

  • Basis Science (US)
  • Covidien (Ireland)
  • Omron Corp. (Japan)
  • Withings (France)
  • Vital Connect (US)
  • Polar Electro (Finland)
  • Verist Genomics (US)
  • Intelesens Ltd. (UK)
  • Sotera Wireless (US)
  • Apple Inc. (US)
  • Huawei Technologies Co. (China)
  • Activinsights Ltd. (UK)
  • MINTTIHEALTH (China)
  • Imec (Belgium)
  • Intelesens Ltd (UK)
  • Biobeat (Isreal)
  • Samsung Electronics Co. Ltd (South Korea)

Wearable Medical Devices Market Recent Developments

  • In November 2022, Zepp Health introduced the Amazfit Pop 2, a smartwatch available only in India. The e-commerce website Flipkart sells the fitness wearable.
  • In October 2022, Chinese smartphone company OnePlus introduced the wearable OnePlus Nord watch as part of its Nord line. Step counts, calories burnt, and sleep quality data are measured and stored by the OnePlus Nord Watch when it is connected to a smartphone running the N Health app.

Wearable Medical Devices Key Market Trends

  • By monitoring vital risk factors like blood pressure and glucose, Remote Patient Monitoring (RPM) may enhance the management of chronic illnesses. RPM offers hospitals and end users a number of benefits, including a decrease in lengthy hospital stays, cheap healthcare costs, and fewer doctor visits. Additionally, this may assist in reducing the expense of treating chronic illnesses. The two main drivers driving the growth of RPM services around the world are the rise in the number of people with chronic diseases and the ageing population. The British Heart Foundation estimates that 7.6 million people in the UK will have heart and circulatory disorders. However, these figures can keep increasing as the population gets older, grows, and survival rates from cardiac and circulation problems increase. The need for remote patient monitoring devices is expected to rise further due to the rising prevalence of chronic diseases in developed nations, fueling the expansion of this market.

Wearable Medical Devices Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

The global wearable medical devices market is expected for significant growth driven by factors such as the expansion of home healthcare and remote patient monitoring industries, increasing focus on fitness, and heightened awareness of personal health monitoring. The rising prevalence of chronic diseases and the need for continuous and remote patient monitoring have also contributed to market growth. The convenience of wearing these devices for 24 hours without disrupting daily routines, coupled with the integration of healthcare data and real-time access to physicians, further fuels demand. Additionally, wearable devices for weight and fitness management are gaining traction.

Report Metric Details
Market size value in 2021 USD 21.32 billion
Market size value in 2030 USD 167 billion
Growth Rate 25.7%
Base year 2023
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Diagnostic Devices and Therapeutic Devices
  • Application
    • Home Healthcare, Sports & Fitness, and Remote Patient Monitoring
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Basis Science (US)
  • Covidien (Ireland)
  • Omron Corp. (Japan)
  • Withings (France)
  • Vital Connect (US)
  • Polar Electro (Finland)
  • Verist Genomics (US)
  • Intelesens Ltd. (UK)
  • Sotera Wireless (US)
  • Apple Inc. (US)
  • Huawei Technologies Co. (China)
  • Activinsights Ltd. (UK)
  • MINTTIHEALTH (China)
  • Imec (Belgium)
  • Intelesens Ltd (UK)
  • Biobeat (Isreal)
  • Samsung Electronics Co. Ltd (South Korea)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Wearable Medical Devices Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Wearable Medical Devices Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Wearable Medical Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wearable Medical Devices Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wearable Medical Devices Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Wearable Medical Devices Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Wearable Medical Devices Market size was valued at USD 21.32 billion in 2021 and is poised to grow from USD 26.8 billion in 2022 to USD 167 billion by 2030, growing at a CAGR of 25.7% in the forecast period (2023-2030).

The wearable device market is highly competitive, characterized by the presence of several key players striving for market dominance. These companies face intense competition as they continuously innovate and introduce new features to attract customers. Key areas of competition include device design, health tracking capabilities, battery life, connectivity, app ecosystems, and user experience. Additionally, partnerships with healthcare providers, integration with health platforms, and collaborations with fashion brands are strategies employed to gain a competitive edge in the wearable device market. 'Philips Electronics (Netherlands)', 'Fitbit (US)', 'Basis Science (US)', 'Garmin (US)', 'Covidien (Ireland)', 'Omron Corp. (Japan)', 'Withings (France)', 'Vital Connect (US)', 'Polar Electro (Finland)', 'Verist Genomics (US)', 'Intelesens Ltd. (UK)', 'Sotera Wireless (US)', 'Apple Inc. (US)', 'Huawei Technologies Co. (China)', 'Activinsights Ltd. (UK)', 'MINTTIHEALTH (China)', 'Imec (Belgium)', 'Intelesens Ltd (UK)', 'Biobeat (Isreal)', 'Samsung Electronics Co. Ltd (South Korea)'

The significant rise in the older population could cause chronic diseases to spread more widely and boost demand for medical equipment. Governmental organisations are aiding in the management of chronic diseases that are escalating by increasing death rates. To provide individualized care, healthcare practitioners use remote and continual patient monitoring. The need for medical equipment is expanding along with people's knowledge of their health. Fitness is becoming more popular, which has increased demand and market share demand. Numerous products have been developed to help people manage their weight and fitness. Real-time monitoring of activities like jogging, walking, calorie burn, food intake, etc. is possible using wearable bands that are connected to smartphones. As a result, 220 million people will utilise fitness centres globally.

By monitoring vital risk factors like blood pressure and glucose, Remote Patient Monitoring (RPM) may enhance the management of chronic illnesses. RPM offers hospitals and end users a number of benefits, including a decrease in lengthy hospital stays, cheap healthcare costs, and fewer doctor visits. Additionally, this may assist in reducing the expense of treating chronic illnesses. The two main drivers driving the growth of RPM services around the world are the rise in the number of people with chronic diseases and the ageing population. The British Heart Foundation estimates that 7.6 million people in the UK will have heart and circulatory disorders. However, these figures can keep increasing as the population gets older, grows, and survival rates from cardiac and circulation problems increase. The need for remote patient monitoring devices is expected to rise further due to the rising prevalence of chronic diseases in developed nations, fueling the expansion of this market.

North America dominates the Wearable Medical Devices market. The region accounts for the largest revenue share of 36.9% in 2023. The region is predicted to develop at a rapid rate throughout the forecast period due to the high use of remote patient monitoring and home care devices for frequent, continuous, and long-term patient monitoring and lowering the frequency of hospital visits. Women are far more likely than men to regularly use these gadgets (25% vs. 18%). According to 41% of respondents, it is appropriate for fitness tracker makers to give medical experts access to user data so they can learn more about the link between activity and heart disease. This poll so indicates the acceptance and utilization of wearable technology in the United States. During the forecast period, all of the aforementioned elements are anticipated to fuel the expansion of the wearable medical devices market in the United States.

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