Global Wearable Medical Devices Market

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

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

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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 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. '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 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.

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