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Home ➤ Life Science ➤ Medical Devices & Supplies ➤ Wearable Medical Devices Market
Global Wearable Medical Devices Market By Product (Diagnostic,
Patients Monitoring, and Therapeutics), By Application (Home
Healthcare, Remote Patient Monitoring, and Sports & Fitness), By
Distribution Channel (Retail Pharmacies, Online Distribution,
Hypermarkets, and Others), By Region and Companies - Industry
Segment Outlook, Market Assessment, Competition Scenario,
Trends, and Forecast 2023-2032
Published date: Oct
2023
Report ID:
27935
Number of Pages:
351
Format:
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The Global Wearable Medical Devices Market size is expected to be worth
around USD 156.0 Billion by 2032 from USD 34.9 Billion in 2022, growing at a
CAGR of 16.60% during the forecast period from 2023 to 2032.
A wearable medical device is defined as a device that is autonomous,
Report ID
noninvasive, and performs a particular medical function, such as
monitoring or support over a long period of time. Wearable in healthcare
27935
includes medical devices that consumer can wear, such as smartwatches
Published Date
& activity trackers, etc. They are particularly designed to monitor and
Oct 2023
collect data on user health and fitness.
Rating
★★★★★ (43)
The new technological developments in wearable devices and the
increasing demand between the population to maintain their health have
determined numerous market players to boost more smart devices such
as biosensors and hearing aids. An increasing population and an
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increasing number of chronic diseases are anticipated to boost the
wearable medical devices market’s growth.
Trusted by more than 17382
organizations globally
*Actual Numbers Might Vary In The Final Report
Key Takeaways
In 2022, the wearable medical devices market was valued at US$30.1
Billion.
It is expected to reach around US$165.5 Billion by 2032.
The compound annual growth rate from 2023 to 2032 is projected to
be approximately 19.1%.
The wearable medical devices market growth is driven by increasing
consumer awareness of health and fitness.
The tracker is the most popular product type in the wearable medical
devices market.
Diagnostic and monitoring devices have the largest market share
among device types.
Home healthcare is the dominant application segment in the market.
Pharmacies are the primary distribution channel for wearable
medical devices.
North America holds the largest market share, accounting for 38.3%
of the global market in 2022.
Fitbits and smartwatches are examples of wearable technology used
for health and fitness monitoring.
The market is expected to grow due to the rising prevalence of
lifestyle diseases like hypertension and diabetes.
Wearable medical devices offer personalized care through remote
patient monitoring.
Advancements in monitoring products, including heart rate and skin
temperature monitoring, are driving market growth.
The COVID-19 pandemic has accelerated the adoption of healthcare
wearables.
Major players in the market include Apple Inc., Xiaomi Inc., Samsung
Electronics Co. Ltd., and Medtronic PLC.
Driving Factors
Increasing Dominance of Chronic Diseases to Drive Market Growth
In both developing and developed nations, a rapid rise in lifestyle-related
chronic diseases has resulted from sedentary lifestyles and a lack of
routine healthcare visits for diagnosis. Additionally, the healthcare systems
accept a significant financial burden due to some of these chronic
diseases, such as hypertension, diabetes, and cardiac conditions.
As a result, healthcare organizations, the government, and healthcare
providers are placing an increasing emphasis on timely and routine
diagnosis of patients due to the rising prevalence of chronic and lifestyle
diseases as well as the rising cost burden associated with them.
Through various campaigns and awareness programs, healthcare
organizations on a national and regional scale have actively encouraged
routine diagnosis. As a direct result of this, there has been an increase in
the general public’s awareness of products and devices that can diagnose
and monitor vital signs. In addition to market players leading wearable
devices with a variety of vital sign observing capabilities, such as heart
rate, SpO2, blood glucose levels, etc., the aforementioned factors have
resulted in a considerable rise in consumer and patient demand for these
devices.
Restraining Factors
Higher Cost of Maintenance of Wearable Medical Devices to Limit Their
Adoption
Wearable medical devices have undergone significant technological and
design advancements, but there are some factors that prevent
widespread use. The high overall cost of these devices is one of them.
These gadgets frequently come with chips, batteries, sensors, and other
accessories that require regular replacement.
The costs of these accessories result in a considerably greater cost of
ownership when added to the device’s life cycle. Wearable medical
devices have been relatively underutilized in both developed and
developing nations due to these factors and limited reimbursement
policies for these devices.
Growth Opportunities
Rapid Development in the Home Healthcare Market
The Home healthcare market is composed of rapid development because
of factors such as increasing receiving of telehealth and the untapped
potential of developing regions. A significant opportunity in the market is
the rising authorization of Artificial Intelligence and other technology. AI
can utilize 5G to predict a patient’s potential for diagnosis and treatments.
The use of novel tools and technologies is projected to give high-growth
prospects in the wearable medical devices market.
Trending Factors
Wearable Medical Device Trends in the Market
The wearable medical device has developed a trend in the healthcare
industry as wearable technology has gained popularity in recent years.
Wearable devices have since been used to gather or transfer biometric
data. Most purchasers of these products are forward-thinking and likely to
try new things. Sales of wearable medical devices are anticipated to be
fueled by a growing number of adopters and inventions in both developing
and developed nations.
Product Analysis
The Diagnostic Segment Holds dominates the Market Share
On the basis of product, the global wearable medical devices market is
segmented into diagnostic, patient monitoring, and therapeutics. Among
these diagnostic segment holds the leading share of 53% in 2022, due to
the rising prevalence of chronic diseases, increasing available income
amongst the population, and products offered by market players. The
growing dominance of neurological disorders is the major factor affecting
the growth of the segment.
The therapeutic segment is expected to grow at a significant pace due to
the distinct benefits offered by this device, such as precise dosing, ease to
use, and can perform many functions.
By Application Analysis
The Sports and Fitness Segment Dominates the Market Growth
On the basis of application, the global medical wearable device market is
divided into home healthcare, remote patient monitoring, sports, and
fitness. Among them, the sports and fitness segment held the largest
market share in 2022. The primary factors that have led to the dominance
of this market include the shift in adult preferences toward sports and
leisure activities as well as the introduction of smart and inventive
wearable devices that track activity. For instance, Fitbit Inc. unveiled the
Fitbit Charge 4, its most cutting-edge health and fitness tracker.
The most recent sensors and features, as well as built-in GPS, Spotify,
connect, and control tools, were incorporated into this brand-new device.
The segment of home healthcare and remote patient monitoring held the
second-largest share. During the forecast period, this market will grow
primarily due to the expanding geriatric population in both developed and
developing nations and the rising incidence of chronic diseases among
elderly patients.
By Distribution Channel Analysis
Online Distribution Segment to Grow Significantly During the Forecast
Period
Based on the distribution channel the global wearable medical devices
market is divided into hypermarkets, online distribution, and retail
pharmacies based on the distribution channel. The online distribution
segment is expected to anticipated to hold the highest revenue share of
36% during the forecast period. The retail pharmacies sector also
dominated the global market and is expected to expand at a higher CAGR
over the forecast period.
The strong focus of market players on retail channels in emerging nations
and the rising population’s demand for self-monitoring and noninvasive
monitoring and diagnostic devices account for the dominance. Due to the
growing preference of wearable device buyers in metropolitan and capital
cities for e-commerce platforms, the online distribution sector is expected
to expand at a significant CAGR.
Key Market Segments
By Product
Diagnostic
Patient Monitoring
Therapeutics
By Application
Home Healthcare
Remote Patient Monitoring
Sports& Fitness
By Distribution Channel
Retail Pharmacies
Online Distribution
Hypermarkets
Others
Regional Analysis
North America dominated the Largest Market Revenue Share and is
Anticipated to Retain its Dominance over the Forecast Period.
North America holds the highest revenue share of 38.1%. During the
forecast period, due to the increasing prevalence of cardiovascular
disorders, diabetes, and cancer within this region. An increase in chronic
diseases that need routine monitoring and the existence of sophisticated
healthcare infrastructure are further likely to drive market growth.
Europe is expected to be the second-largest major region in terms of
revenue, which is attributable to a large group of geriatric patients
suffering from chronic disorders, coupled with the increasing disposable
income of young individuals on advanced technologies. These factors are
improving the approval of these wearable devices in the region. For
example, according to the data published by the World Health
Organization (WHO), the German population aged 65 and above was
reported to be suffering from at least one of the chronic diseases.
In the Asia Pacific, the market is anticipated to observe exponential growth
over the forecast period. Major factors enhancing market growth are
favorable government initiatives for the use of such wearable medical
instruments, a growing geriatric population base, and rising healthcare
expenditure in this region. The rest of the world is considered for a relatively
lower market share due to a huge untapped market.
Key Regions
North America
The US
Canada
Mexico
Western Europe
Germany
France
The UK
Spain
Italy
Portugal
Ireland
Austria
Switzerland
Benelux
Nordic
Rest of Western Europe
Eastern Europe
Russia
Poland
The Czech Republic
Greece
Rest of Eastern Europe
APAC
China
Japan
South Korea
India
Australia & New Zealand
Indonesia
Malaysia
Philippines
Singapore
Thailand
Vietnam
Rest of APAC
Latin America
Brazil
Colombia
Chile
Argentina
Costa Rica
Rest of Latin America
Middle East & Africa
Algeria
Egypt
Israel
Kuwait
Nigeria
Saudi Arabia
South Africa
Turkey
United Arab Emirates
Rest of MEA
Key Players Analysis
In order to maintain their management position in the market for wearable
medical devices, major players are concentrating on implementing a
variety of growth strategies, including partnerships, mergers and
acquisitions, and portfolio expansion. The global market is fragmented
with the presence of prominent key players.
Key players functioning in the global medical device market include
Xiaomi Technology Co, Ltd., SAMSUNG, BD, Neurometrix Inc., OMRON
Corporation, Vital Connect, and other key players. Market players adopt
growth strategies of such as new product launches, new product
development, and product approval.
Key Market Players
The following are some of the major players in the global wearable
medical devices market industry.
BD
NeuroMetrix, Inc.
Ypsomed
Fitbit, Inc.
Apple Inc.
Sonova
Omron Healthcare, Inc.
Samsung Electronics Co., Ltd.
AiQ Smart Clothing
OMRON Corporation
Garmin Corporation
Phillips
Basis Science
Vital Connect
Xiaomi Technology Co, Ltd.
Medtronic Plc.
Biotelemetry Inc.
Dexcom Inc.
Biotricity Inc.
Motorola Solutions Inc.
Boston Scientific Corporation
Nike, Inc.
Animas Corporation
Koninklijke Philips N.V.
Verily Life Sciences
LifeWatch AG
Garmin Ltd.
Honeywell International Inc.
LG Electronics Inc.
Other Key Players
Recent Developments
April 2022: Fitbit, Inc. received clearance to use its passive cardiac
rhythm monitoring technology.
July 2021: OMRON Healthcare, a company that focuses on health
monitoring and therapy, has released OMRON Complete, its first
single electrocardiogram (ECG) and blood pressure (BP) observer for
home usage.
May 2021: Biobeat, a key company in wearable remote patient
monitoring solutions for the healthcare continuum, declared the
introduction of a new wearable and continuous ambulatory blood
pressure monitoring (ABPM) chest-monitoring device. The company’s
ABPM solution is the world’s only less ABPM solution. Each sterile,
disposable monitor is sent by courier directly to the patient’s house.
January 2021: The Samsung Health Monitor app will soon be
available in more than 31 countries, according to Samsung. Users can
use the Samsung Watch3 and Watch Active2 to track their blood
pressure and ECG. The app is available for both iOS and Android
devices and allows users to keep updated about their health at their
convenience.
Report Scope
Report Features
Description
Market Value (2022)
USD 34.9 Billion
Forecast Revenue
USD 156.0 Billion
(2032)
CAGR (2023-2032)
16.6%
Base Year for
2022
Estimation
Historic Period
2016-2022
Forecast Period
2023-2032
Report Coverage
Revenue Forecast, Market Dynamics, COVID-19
Impact, Competitive Landscape, Recent
Developments
Segments Covered
By Product-Diagnostic, Patient Monitoring, and
Therapeutics; By Application- Home Healthcare,
Remote Patient Monitoring, Sports& Fitness; By
Distribution Channel-Retail Pharmacies, Online
Distribution, Hypermarkets, and Others
Regional Analysis
North America – The US, Canada, & Mexico; Western
Europe – Germany, France, The UK, Spain, Italy,
Portugal, Ireland, Austria, Switzerland, Benelux,
Nordic, & Rest of Western Europe; Eastern Europe –
Russia, Poland, The Czech Republic, Greece, & Rest of
Eastern Europe; APAC – China, Japan, South Korea,
India, Australia & New Zealand, Indonesia, Malaysia,
Philippines, Singapore, Thailand, Vietnam, & Rest of
APAC; Latin America – Brazil, Colombia, Chile,
Argentina, Costa Rica, & Rest of Latin America; The
Middle East & Africa – Algeria, Egypt, Israel, Kuwait,
Nigeria, Saudi Arabia, South Africa, Turkey, United
Arab Emirates, & Rest of MEA
Competitive
BD, Neurometrix Inc., Ypsomed, Fitbit Inc., Apple Inc.,
Landscape
Sonova, SAMSUNG, OMRON Corporation, Xiaomi
Technology Co, Ltd., and Other Key Players
Customization Scope
Customization for segments, region/country-level
will be provided. Moreover, additional customization
can be done based on the requirements.
Purchase Options
We have three licenses to opt for Single User License,
Multi-User License (Up to 5 Users), Corporate Use
License (Unlimited User and Printable PDF)
Frequently Asked Questions (FAQ)
What was the Market Segmentation of the Wearable Medical
Devices Market?
By Product Type (Watch, Trackers, Wristband, Ear Wear, Smart
Clothing, and Others), By Device Type (Diagnostic And Monitoring
Devices, and Therapeutic Devices), By Application Type (Sports &
Fitness, Home Healthcare, and Remote Patient Monitoring), By
Product Type (Watch, Trackers, Wristband, Ear Wear, Smart
Clothing, and Other), By Distribution Channel (Pharmacies, Online
Channels, and Hypermarkets)
Who are the major players operating in the Wearable Medical
Devices Market?
Phillips, Apple Inc., Xiaomi Inc., Samsung Electronics Co.
Ltd.Lifesense, Medtronic PLC, Fitbit, Koninklijke Philips N.V., Omron
Corporation, Philips Electronics, Fitbit, Basis Science, Garmin,
Covidien, Omron Corp., Withings, Vital Connect, Polar Electro,
Vverist Genomics, Intelesens Ltd., garmin Garmin Ltd., And and
Other Key Players.
Which region will lead the Global Wearable Medical Devices
Market?
North America is estimated to be the fastest-growing region
during the forthcoming years.
What is the Wearable Medical Devices Market Size in the Year
2022?
The Global Wearable Medical Devices Market size was USD 34.9
Billion in 2022, growing at a CAGR of 16.60%.
What is the Wearable Medical Devices Market CAGR During the
Forecast Period?
The Global Wearable Medical Devices Market size is growing at a
CAGR of 16.60% during the forecast period from 2023 to 2032.
What is the Wearable Medical Devices Market Size in the Forecast
Period 2023-2032?
The Global Wearable Medical Devices Market size is expected to
be worth around USD 156.0 Billion by 2032 growing at a CAGR of
16.60% during the forecast period from 2023 to 2032.
Wearable Medical Devices Market
Published date: Oct 2023
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