Market Overview
The Global Wearable Medical Devices Market size is estimated to have a value of
USD 36.2 billion in 2023 and is expected to
reach USD 333.2 billion at a
CAGR of 28.0% by the end of 2032.
The global wearable
medical device market refers to the industry that is engaged in the development, manufacturing, and distribution of medical wearable devices specifically designed for individuals and patients diagnosed with different medical conditions. These devices are worn by them to monitor, track, and manage various aspects of their health and well-being. The market involves a wide range of products and technologies that provide users, healthcare professionals, and caregivers a real-time health information, facilitating proactive management of health conditions, and promoting a more personalized and patient-centric approach to healthcare. The growth of this market is driven by the rising advancements in sensor technologies, increasing awareness about health and fitness, and the growing trend towards remote healthcare monitoring.
Market Dynamic
In modern lifestyles, people are including regular visits to hospitals for routine checkups which aim to sustain their well-being and monitor potential health concerns. This pattern has resulted in a swift adoption of wearable medical devices in their daily life, as these devices furnish individuals with data regarding their health status without necessitating visits to
healthcare facilities. The global wearable medical device market is highly influenced by a variety of factors such as changes in demand and supply, product pricing, competition between major companies, technological advancements, regulatory policies, and the shift in consumer preferences. Supply and demand is one of the major factors that affect this market. It can be disrupted by the fluctuations in production capabilities, resource availability, and technical difficulties.
Additionally, this market is also affected by changes in consumer preferences, population growth, and economic conditions that have a significant impact on the demand for wearable products. Also, the rapid advancements in technology create new opportunities for medical wearable manufacturers.
Research Scope and Analysis
By Product
In product segment, diagnostic devices dominate the global wearable medical device market as they hold 64.1% of the market share in 2023 and are predicted to show subsequent growth in the forthcoming years of 2023 to 2032. Diagnostic devices dominate this market as they have a wide range of applications as they are used in monitoring the vital signs of patients, sleep and their neural state. However, the rising prevalence of chronic diseases around the world, such as cardiovascular disorders and respiratory conditions drives the demand for the wearable diagnostic device.
These devices are used for the continuous monitoring of vital signs, allowing healthcare professionals to manage individuals who are suffering from chronic conditions more effectively. Vital sign monitoring devices, such as heart rate monitors, activity monitors, pulse oximeters, and spirometers, play a crucial role in preventive healthcare. Consumers have started to show interest in monitoring their health in real time, and these diagnostic devices fulfil such requirement as it provides valuable data for assessing overall wellness. While diagnostic devices dominate the wearable medical devices market, therapeutic devices, such as pain management devices, insulin monitoring devices, rehabilitation devices, and respiratory therapy devices, also play a vital role in the growth of this market.
By Site
Based on the by site segment, they are worn by individuals, strap/clip/bracelet dominate this segment as it holds 52.7% of the market share in 2023 and is anticipated to subsequent growth in the forecasted period of 2023 to 2032. The strap, clip and bracelet dominate this segment as they offer a variety of factors like user comfort, diverse functionality, fitness and health monitoring. In terms of user comfort strap, clip, and bracelet-style wearables are typically designed to be worn on the body in a non-intrusive manner, ensuring user comfort and convenience. Users can easily wear these devices throughout the day without hindrance, promoting consistent usage and data collection.
Another factor that plays a major role in the growth of the market of these wearables is that they align with modern lifestyle preferences. These devices often resemble wristwatches, bracelets, or fitness bands, making them aesthetically appealing and socially acceptable. The integration of style and functionality has contributed to their widespread adoption, especially in the sports and fitness sectors.
Furthermore, these wearables can accommodate a variety of sensors and features such as heart rate monitors, accelerometers, and GPS modules which allows these wearables to serve multiple purposes, such as fitness tracking, sleep monitoring, and notifications.
By Application
In application segment, home healthcare dominates the global wearable medical devices market as it holds the highest share in 2023 and is expected to show significant growth in the upcoming period of 2023 to 2032. The growing prevalence of chronic diseases in the developed regions globally is primarily led by the increasing aged population. The wearable medical devices used in home healthcare settings play a crucial role in monitoring and managing chronic conditions such as diabetes, cardiovascular diseases, and respiratory disorders.
Moreover, home healthcare services offer remote patient monitoring (RPM) which allows healthcare providers to monitor patients' vital signs and health metrics remotely, reducing the need for frequent hospital visits. This is especially relevant in situations where regular monitoring is required for managing chronic conditions or post-surgery recovery. Continuous monitoring of health conditions remotely is particularly valuable for elderly individuals who are not able to visit hospitals and healthcare centres frequently due to their growing age. The dominance of home healthcare applications in the wearable medical devices market can be attributed to the changing demographic trends, the shift towards preventive healthcare, new advancements in wearables, and the increasing importance of remote patient monitoring.
The Wearable Medical Devices Market Report is segmented on the basis of the following:
By Product
- Diagnostic Devices
- Vital Sign Monitoring Devices
- Heart rate Monitors
- Activity Monitors
- Electrocardiographs
- Pulse Oximeters
- Spirometers
- Others
- Sleep Monitoring Devices
- Sleep Trackers
- Wrist Actigraphs
- Polysomnography
- Others
- Electrocardiographs Fetal and Obstetric Devices
- Neuromonitoring Devices
- Electroencephalographs
- Electromyographs
- Others
- Therapeutic Devices
- Pain Management Devices
- Neurostimulation Devices
- Others
- Insulin/Glucose Monitoring Devices
- Rehabilitation Devices
- Accelometers
- Sensing Devices
- Ultrasound Platform
- Others
- Respiratory Therapy Devices
- Ventilators
- Positive Airway Pressure Devices
- Portable Oxygen Concentrators
- Others
By Site
- Strap/Clip/Bracelet
- Headband
- Handheld
- Shoe Sensors
- Others
By Application
- Home Healthcare
- Sport & Fitness
- Remote Patient Monitoring
Regional Analysis
North America dominated the global wearable medical devices in terms of revenue in 2023, as it holds the highest share at 38.0% and is projected to show significant growth in the upcoming period of 2023 to 2032. The dominance of this region in the wearable market can be attributed to the rising incidence of cardiovascular ailments, diabetes, and cancer patients. The primary factors that influence the growth of this region in the global wearable medical device market are remote patient monitoring and home care gadgets which are specifically aimed at consistent and continuous monitoring of patients that minimize the need for frequent hospital trips.
Moreover, a tech-savvy population and high awareness of personal health and fitness drive consumer demand for wearable devices. Collaborations between technology companies and healthcare institutions in North America facilitate the development of cutting-edge solutions, enhancing the overall market ecosystem. While other regions are growing, North America's early and sustained investment in healthcare technology positions it as a leader in the wearable medical devices market.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The competitive landscape of the global wearable medical devices market is characterized by the presence of a few key players who are deeply engaged in research and development to gain a competitive edge over other companies that are driving the growth of this market. Companies such as Apple Inc., known for its Apple Watch with advanced health monitoring features, and Fitbit, acquired by Google, significantly contribute to the growth of this market.
Samsung Electronics, Garmin, Huawei, and Xiaomi are also prominent players in this market who are offering diverse smartwatches and fitness trackers. While, Philips Healthcare and Abbott Laboratories bring their medical expertise to the global wearable medical devices market with a focus on health monitoring and disease management, such as continuous glucose monitoring systems. The competitive landscape of this market is highly dynamic, and these companies are continually enhancing their product portfolios to expand their manufacturing units in new regions.
This market also oversees the partnerships between technology firms and healthcare providers who further shape this industry, emphasizing the convergence of healthcare and consumer electronics. As the demand for remote patient monitoring and personalized healthcare solutions grows, the competitive landscape of the global wearable medical devices market is expected to evolve and present extensive opportunities for both established players and emerging startups.
Some of the prominent players in the Global Wearable Medical Devices Market:
- Philips Electronics
- Fitbit
- Basis Science
- Garmin
- Covidien
- Omron Corp.
- Withings
- Vital Connect
- Polar Electro
- Verist Genomics
- Intelesens Ltd.
- Sotera Wireless
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Wearable Medical Devices Market:
The COVID-19 outbreak and the following economic recession had a comparatively positive impact on this market in comparison to other industries as this market significantly reported growth in its annual revenue during a pandemic. As the consumer became more conscious and aware of their health the demand for medical wearable devices increased. Also, various research and healthcare institutions recommended using medical wearables as they can help in the identification of COVID-19 symptoms. The pandemic has emphasized the importance of remote monitoring of patients and how much it reduces the burden on healthcare systems and minimizes the risk of virus transmission.
Wearable medical devices, such as smartwatches and fitness trackers with health monitoring features, gained attention for their potential to monitor vital signs and provide early warning signs of illness. The economic recession led to various challenges such as reduced investments in research and development. Also, the companies that were involved in the development of advanced wearable medical devices faced many obstacles in launching their new products to market.
Report Details
| Report Characteristics |
| Market Size (2023) |
USD 36.2 Bn |
| Forecast Value (2032) |
USD 333.2 Bn |
| CAGR (2023-2032) |
28.0% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Product (Diagnostic Devices and Therapeutic
Devices), By Site (Strap/Clip/Bracelet, Headband,
Handheld, Shoe Sensors, Others), By Application
(Home Healthcare, Sport & Fitness and Remote
Patient Monitoring) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
Philips Electronics, Fitbit, Basis Science, Garmin,
Covidien, Omron Corp., Withings, Vital Connect, Polar
Electro, verist Genomics, Intelesens Ltd., Sotera
Wireless, and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Wearable Medical Devices Market size is estimated to have a value of USD 36.2 billion in
2023 and is expected to reach USD 333.2 billion by the end of 2032.
North America has the largest market share for the Global Wearable Medical Devices Market with a
share of about 38.0% in 2023.
Some of the major key players in the Global Wearable Medical Devices Market are Philips Electronics,
Fitbit, Basis Science, Garmin, Covidien, Omron Corp., Withings, Vital Connect, Polar Electro, verist
Genomics, Intelesens Ltd., Sotera Wireless, and many others.
The market is growing at a CAGR of 28.0 percent over the forecasted period.