Wearable Medical Devices Market Size, Share, Growth Analysis, By Product Type(Diagnostic Devices, Sleep Monitoring Devices, Electrocardiographs Fetal and Obstetric Devices, Neuromonitoring Devices), By Site(Handheld, Headband, Strap/Clip/Bracelet, Shoe Sensors), By Application(Sports & Fitness, Remote Patient Monitoring, Home Healthcare), By Grade Type(Consumer-Grade Wearable Medical Devices, Clinical Wearable Medical Devices), By Distribution Channel(Pharmacies, Online Channel, Hypermarkets), By Region - Industry Forecast 2024-2031


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

Wearable Medical Devices Market Insights

Global Wearable Medical Devices Market size was valued at USD 32.6 Billion in 2022 and is poised to grow from USD 40.88 Billion in 2023 to USD 249.97 Billion by 2031, at a CAGR of 25.40% over the forecast period (2024–2031). 

The wearable medical devices market is experiencing significant growth driven by the growing integration of wearable medical devices with digital healthcare platforms, increasing improvements in machine learning and AI, and growing emphasis on preventive health. These factors along with the rise and popularity of biosensor technologies useful in tracking different health metrics and high precision are also driving the market. However, the market is negatively impacted by the lack of standardization and legal and ethical issues. Lack of universal standards for these devices may result in variations in quality, compatibility, and performance. Proper standardization can ensure reliability and consistency in different manufacturers and devices. Moreover, concerns with consent, data ownership, and misuse of health data may hinder the adoption of these devices. Yet, a few opportunities seen in the market include growing improvements in machine learning and AI, and expansion in the developing markets. 

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

Market Snapshot - 2024–2031

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 Type, Site, Application, Grade Type, Distribution Channel, and Region. Based on Product Type, the market is segmented into Diagnostic Devices, Sleep Monitoring Devices, Electrocardiographs Fetal and Obstetric Devices, Neuromonitoring Devices, Therapeutic Devices, Insulin/Glucose Monitoring Devices, Rehabilitation Devices, and Respiratory Therapy Devices. Based on Site, the market is segmented into Handheld, Headband, Strap/Clip/Bracelet, Shoe Sensors, and Others. Based on Application, the market is segmented into Sports & Fitness, Remote Patient Monitoring, and Home Healthcare. Based on Grade Type, the market is segmented into Consumer-Grade Wearable Medical Devices and Clinical Wearable Medical Devices. Based on Distribution Channel, the market is segmented into Pharmacies, Online Channel, and Hypermarkets. By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. 

Analysis by Product Type 

Based on product type, the wearable medical devices market is categorized into diagnostic devices, sleep monitoring devices, electrocardiographs fetal and obstetric devices, neuromonitoring devices, therapeutic devices, insulin/glucose monitoring devices, rehabilitation devices, and respiratory therapy devices. The diagnostic devices segment holds the majority share of the market owing to the mounting demand for real-time monitoring. Diagnostic devices provide unbroken monitoring of vital parameters like blood pressure, heart rate, and glucose, which is important for detecting early health issues and management of chronic diseases. The growing number of patients of chronic illness is propelling the demand of these devices, thus impacting the segment growth. 

On the other hand, the therapeutic devices segment is anticipated to grow at a considerable rate owing to the increasing need to manage chronic diseases. Therapeutic devices address the growing need for better management of chronic illnesses. They offer on-demand or continuous therapy, which is important for the efficient management of these illnesses. Moreover, advancements in these devices, making them more efficient and convenient, are propelling the segment growth. 

Analysis by Application 

Based on application, the wearable medical devices market is categorized as sports & fitness, remote patient monitoring, and home healthcare. The home healthcare segment is projected to hold a significant share of the market in the coming years owing to growing demand for remote monitoring and cost-effectiveness offered. The growing demand for remote health monitoring is propelling the use of wearable devices. These devices enable patients to observe their health parameters from the comfort of their homes, reducing periodic hospital visits. This makes the use of wearable devices economic as compared to traditional hospital visits and stays. These factors will drive the segment growth in the coming years. 

However, the remote patient monitoring segment is expected to lead the market in the forecast period due to the rising inclination towards remote care. The inclination towards remote care has accelerated from the pandemic period, fueled by the demand for constant monitoring outside healthcare facilities. Remote patient monitoring also allows doctors to keep track of their patients’ health from a distance in real-time, further propelling the segment’s growth. 

Global Wearable Medical Devices Market Size By Product Type

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Wearable Medical Devices Market Regional Insights

Region-wise, North America held a dominant share of the market in the previous years and is expected to lead over the forecast period as well due to advanced healthcare infrastructure and growing consumer demand and awareness. The leading well-developed nations like the United States and Canada hold established healthcare network with improved infrastructure and major investments in healthcare IT. This aids the broader adoption of wearable devices. Moreover, growing consumer acceptance of wearable devices in the region is fueling the market growth. The leading providers of wearable devices in North America include Garmin Ltd, Apple Inc., Fitbit, Philips, and more. 

The wearable medical devices market in Asia-Pacific is growing at a speedy pace owing to speedy technological adoption. Nations like South Korea, China, and Japan are leading in technological advancements. They are making notable improvements in wearable technology, providing patients with high efficiency and convenience of monitoring their health from home. Technological development comprises connectivity features and sensors, triggering the growing demand, and hence the market growth in the region. 

Global Wearable Medical Devices Market Size By Region
  • Largest
  • Fastest

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Wearable Medical Devices Market Dynamics

Drivers  

Growing Incidences of Chronic Diseases and Geriatric Population 

  • The growing number of patients with chronic illnesses like cardiovascular disorders, diabetes, obesity is propelling the need for constant management and monitoring. These devices offer data in real-time that aid early detection of such diseases and proper management as well. Moreover, growing geriatric population on the global scale is demanding these devices for regular monitoring of vital health signals that will increase their lifespan and give them healthy lifestyle. 

Reduction of Healthcare Costs and Telemedicine Integration 

  • Wearable devices significantly reduce healthcare costs by eliminating hospital visits and hospital admissions and stays. This avoids costly hospitalizations and treatments. In addition, the market is also fueled by the growing integration of telemedicine. Telemedicine solutions are increasingly integrated in the wearable devices to improve patient monitoring and digital consultations, thus driving the market. 

Restraints  

Data Security and Privacy Concerns 

  • Wearable devices gather sensitive health information of patients, which increases worries regarding data security and privacy. Confirming string protection against data threats and illegal access is a major restraining factor that may affect consumer trust, and the market progress. This could potentially hamper the growth of the wearable medical devices market. 

Regulatory and Compliance Concerns 

  • Wearable devices should essentially comply with the strict regulatory protocols and standards, which may be different in diverse regions. Navigating these protocols may be complex and expensive for the producers and may become a barrier for market entrants and modernizations. 

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Wearable Medical Devices Market Competitive Landscape

Wearable Medical Devices Market providers need to focus on maximizing their business scope by reaching into new markets and developing wearable medical devices for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new wearable medical devices companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future.   

Wearable Medical Devices Market Top Player’s Company Profiles

  • 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)

Wearable Medical Devices Market Recent Developments

  • In September 2023, Google introduced next-generation fitness wearable, named Fitbit Charge 6, which is integrated with novel features like YouTube Music controls, accurate tracker of heart rate, exercise models, GPS capabilities, and accessibility of Google Wallet and Google Maps. 
  • In July 2024, Samsung Electronics declared the novel Galaxy Ring, Galaxy Watch Ultra, and Galaxy Watch7, increasing the power of Galaxy AI to more consumers via wearables specially designed to offer end-to-end wellness experience for all. 
  • In October 2023, Vital Connect, Inc. and Fifth Eye Inc., join hands to offer predictive patient analytics that will further improve remote monitoring. 

Wearable Medical Devices Key Market Trends

  • Introduction of Smart Hearing Devices: Hearables or smart hearing devices allow bloodless bio-signal collection and crucial sign monitoring depending on voice and audio interactions. Smart earbuds are also used for painless hemodynamic monitoring, speech-recognition-enabled disease management, and activity tracking. Several health applications also incorporate hearables in their platforms to offer digital training, therapies, consultations for different mental and physical health issues. 
  • Introduction of Sleep Management Devices: The new entrants are developing sleep-tracking gadgets that constantly monitor the patient’s duration of sleep, sleep pattern, and quality at different sleep stages. These devices are integrated with ML, AI, and big data for automated sleep study. Sleep trackers or gadgets also offer reminders to patients and guides to enhance their sleep pattern. 

Wearable Medical Devices Market SkyQuest Analysis

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

As per SkyQuest analysis, advancements in technologies and growing cases of chronic diseases are fueling the wearable medical devices market. However, high priced wearable medical devices and reliability and accuracy concerns are some of the major hampering factors for wearable medical devices market growth. North America is anticipated to lead the market due to growing technological developments, supportive government regulations, and heavy healthcare investments. Moreover, the growing focus on preventive healthcare and better connectivity and IoT integration are a few opportunities for market growth. 

Report Metric Details
Market size value in 2022 USD 32.6 Billion
Market size value in 2031 USD 249.97 Billion
Growth Rate 25.40%
Base year 2023
Forecast period 2024–2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product Type
    • Diagnostic Devices, Sleep Monitoring Devices, Electrocardiographs Fetal and Obstetric Devices, Neuromonitoring Devices, Therapeutic Devices, Insulin/Glucose Monitoring Devices, Rehabilitation Devices, and Respiratory Therapy Devices
  • Site
    • Handheld, Headband, Strap/Clip/Bracelet, Shoe Sensors, Others
  • Application
    • Sports & Fitness, Remote Patient Monitoring, Home Healthcare
  • Grade Type
    • Consumer-Grade Wearable Medical Devices, Clinical Wearable Medical Devices
  • Distribution Channel
    • Pharmacies, Online Channel, Hypermarkets
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
  • 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)
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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

Global Wearable Medical Devices Market size was valued at USD 32.6 Billion in 2022 and is poised to grow from USD 40.88 Billion in 2023 to USD 249.97 Billion by 2031, at a CAGR of 25.40% over the forecast period (2024–2031). 

Wearable Medical Devices Market providers need to focus on maximizing their business scope by reaching into new markets and developing wearable medical devices for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new wearable medical devices companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future.    '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 growing number of patients with chronic illnesses like cardiovascular disorders, diabetes, obesity is propelling the need for constant management and monitoring. These devices offer data in real-time that aid early detection of such diseases and proper management as well. Moreover, growing geriatric population on the global scale is demanding these devices for regular monitoring of vital health signals that will increase their lifespan and give them healthy lifestyle. 

Introduction of Smart Hearing Devices: Hearables or smart hearing devices allow bloodless bio-signal collection and crucial sign monitoring depending on voice and audio interactions. Smart earbuds are also used for painless hemodynamic monitoring, speech-recognition-enabled disease management, and activity tracking. Several health applications also incorporate hearables in their platforms to offer digital training, therapies, consultations for different mental and physical health issues. 

Region-wise, North America held a dominant share of the market in the previous years and is expected to lead over the forecast period as well due to advanced healthcare infrastructure and growing consumer demand and awareness. The leading well-developed nations like the United States and Canada hold established healthcare network with improved infrastructure and major investments in healthcare IT. This aids the broader adoption of wearable devices. Moreover, growing consumer acceptance of wearable devices in the region is fueling the market growth. The leading providers of wearable devices in North America include Garmin Ltd, Apple Inc., Fitbit, Philips, and more. 

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