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

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.