USD 21.32 billion
Report ID: SQMIG35A2674 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 61 | Figures: 75
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.
Global Market Size
USD 21.32 billion
To get more reports on the above market click here to Buy The Report
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.
To get detailed analysis on other segments, Request For Sample Report
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.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Wearable Medical Devices Market Drivers
Increase in the elderly population and awareness among people
Wearable Medical Devices Market Restraints
Government rules and regulations
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
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
Wearable Medical Devices Market Recent Developments
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.
|Market size value in 2021
|USD 21.32 billion
|Market size value in 2030
|USD 167 billion
|Forecast Unit (Value)
|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)
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global 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 Global 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.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.