Wearable Medical Device Market Share

Global Wearable Medical Device Market Overview

 The Wearable Medical Device Market Valued at USD 40.7 billion in 2023, projected to grow from USD 45.1 billion in 2024 to USD 87.25 billion by 2032, exhibiting a CAGR of 10.80% during the forecast period (2024 - 2032). Increasing adoption of home healthcare as an alternative to hospitals, growing prevalence of chronic diseases growing mortality rates and growing awareness related to physical fitness and wearable devices among the people base in developing countries are the key market drivers enhancing the market growth.

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

In June 2024, Sony unveiled a new wearable ECG monitor built into a wristwatch that boasts improved accuracy and real-time data processing capabilities to assist manage cardiovascular health more effectively.

In March 2024, Boston Scientific has introduced a next-generation wearable gadget for remote monitoring of chronic pain, which incorporates sophisticated sensors and AI to give actionable insights and individualized treatment suggestions.

Wearable Medical Device Market Trends

• The growing prevalence of chronic disorders is driving the market growth

Market CAGR for wearable medical devices is driven by the increasing prevalence of chronic diseases. Adopting sedentary lifestyles and the lack of regular visits to healthcare settings for routine diagnosis in emerging and developed countries has rapidly increased lifestyle-related chronic diseases. Also, some chronic diseases, such as diabetes, hypertension, and cardiac disorders, exert a huge economic burden on the healthcare systems. Thus, the rising prevalence and the increasing cost burden of chronic and lifestyle diseases have led to a growing emphasis on healthcare agencies, government, and healthcare providers towards timely and routine diagnoses of patients.

Additionally, increasing attention to fitness is a high-impact rendering driver for the market. Various wearable medical products and software have been developed to manage weight and fitness. Usually, wristbands relate to cell phones that display real-time tracking of activities such as steps walked, calories burned, calorie intake, miles a person ran, etc. Compiling all the data, vital information such as the body mass index is obtained. The regular study of these statistics helps provide a good health plan to individuals and healthcare professionals.

The rise in data and their complexity in the healthcare industry have enhanced significantly because of the introduction of cutting-edge data collection and investigation tools. On-going research to create a possible solution by integrating Artificial Intelligence and machine learning in wearable medical devices is expected to further boost the industries. This amalgamation of technologies will assist physicians in detecting any changes in the heart functioning at its early stage and initiating the required interventions to prevent re-hospitalization and reduce the heart failure rate.

Increasing adoption of artificial intelligence and 5G in wearable medical devices. 5G, artificial intelligence and machine learning (ML) can be utilized to find potential diagnoses and treatments for a specific patient. Furthermore, Al can assist in predicting which patients are more likely to have postoperative complications, permitting healthcare systems to deliver early interventions. Generally, real-time knowledge with an elevated volume of data requires trustworthy and high-bandwidth networks. With the help of 5G networks, healthcare organizations can use Al tools to deliver the best care possible in real time, wherever they are. Thus, the usage of emerging advanced tools and technologies like Al and 5G can drive the wearable medical device market revenue.

Wearable Medical Device Market Segment Insights

Wearable Medical Device Type Insights

The  wearable medical device market segmentation, based on type, includes activity monitors, smart watches, smart clothing, and patches. The smart watches segment dominated the market, accounting for 35% of market revenue (15.22 Billion). In developing economies, category growth is driven by monitoring and storing data such as patients' heart rates, blood pressure, sleeping patterns and other physical activities. However, activity monitors are the fastest-growing category due to the launch of smart and advanced wearable devices that track activity.

Wearable Medical Device Types Insights

The  wearable medical device market segmentation, based on device types, includes diagnostic & monitoring devices {vital sign monitoring devices, glucose monitoring devices, neuromonitoring devices, sleep monitoring devices, and fetal monitoring & obstetric devices}, and therapeutic devices {rehabilitation devices, pain management devices, respiratory therapy devices, and insulin pumps}. The diagnostic & monitoring devices category generated the most income (70.4%) due to the increased incidence of neurological disorders. However, therapeutic device is the fastest-growing category owing to the increasing influx of therapeutic devices.

Figure 1  Wearable Medical Device Market, by Device Types, 2023 & 2032 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Wearable Medical Application Insights

The  wearable medical device market segmentation, based on application, includes home healthcare, remote patient monitoring, and sports academies & fitness. The home healthcare segment dominated the market due to the growing geriatric population triggering prevalence rates of target diseases. However, sports academies & fitness is the fastest-growing category due to the shifting preferences of the adult population towards sports.

Wearable Medical Device Distribution Channels Insights

The  wearable medical device market segmentation, based on distribution channels, includes pharmacies, online channels, and hypermarkets. The online channels category generated the most income due to the growing consumption of electronic devices. However, pharmacies are the fastest-growing category due to the increasing demand for self-monitoring and noninvasive monitoring and diagnostic devices among the population.

Wearable Medical Device Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American wearable medical device market will dominate due to adequate reimbursement policies, higher per capita expenditure on advanced technologies, and the constant focus of market players toward introducing innovative wearable devices in this region. Further, the US wearable medical device market held the largest market share, and the Canadian wearable medical device market was the fastest-growing market in the North American region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2  Wearable Medical Device Market Share By Region 2023 (USD Billion)

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Europe's wearable medical device market accounts for the second-largest market share owing to the growing prevalence of cardiovascular disorders, diabetes, and cancer within this region. Further, the German wearable medical device market held the largest market share, and the UK wearable medical device market was the fastest-growing market in the European region.

The Asia-Pacific wearable medical device market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to this region's increasing geriatric population base and healthcare expenditure. Moreover, China’s wearable medical device market held the largest market share, and the Indian wearable medical device market was the fastest-growing market in the Asia-Pacific region.

Wearable Medical Device Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the wearable medical device market grow even more. Market participants are also undertaking numerous strategic activities to expand their  footprint, with important market developments including new product launches, contractual agreements, higher investments, mergers and acquisitions, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the wearable medical device industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the  wearable medical device industry to benefit clients and increase the market sector. Major Wearable Medical Device market players, including Sony Corporation, Boston Scientific Corporation, Apple Inc., Honeywell International Inc., Qualcomm Inc., and others, are attempting to increase market demand by investing in research and development operations.

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories and sells various related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide. 

The Apple Watch Series 8 is designed with advanced health-tracking capabilities, including a cutting-edge temperature sensor that specifically enhances women's health functions. This feature allows users to track menstrual cycles and ovulation predictions with greater accuracy. Additionally, the Series 8 introduces enhanced sleep tracking, offering users insights into their sleep stages—such as REM, Core, and Deep sleep—by utilizing the device’s accelerometer and heart rate sensors. Other health features include the Medications app for managing prescriptions and vitamins, as well as advanced workout metrics, such as stride length and ground contact time, that provide more precise data for runners and athletes​.

For safety, the Apple Watch Series 8 includes Crash Detection, a feature that can detect severe car accidents and alert emergency services. The Series 8 also boasts a faster processor and a longer-lasting battery, making it a more efficient and reliable option for users who need both performance and extended use on a single charge​.

The second-generation Apple Watch SE offers similar features to the Series 8, including the same S8 SiP processor, making it 20% faster than its predecessor. While it doesn't have the advanced sensors found in the Series 8, the SE includes key functionalities like Crash Detection and international roaming, offering a more affordable option for users seeking a comprehensive smartwatch experience without the premium price tag​.

Both models also reflect Apple's commitment to sustainability. The devices are made with 100% recycled aluminum, tungsten, and rare earth elements, and the packaging is designed to minimize environmental impact​.

Vital Connect Inc operates as a technology-based healthcare company. The Company focuses on developing a wireless biosensor technology to monitor, detect, diagnose, and treat cardiovascular disease. Vital Connect offers comprehensive intelligent health measurements, biosensor hardware, biomedical engineering, and mobile and cloud software. 

In early 2024, VitalConnect, a leader in wearable biosensor technology for remote patient monitoring, successfully raised over $30 million in its Series F funding round. This latest investment is a critical step toward expanding the company's already impressive growth, as evidenced by a tripling of its revenue from 2021 to 2022. The funds will support VitalConnect’s ongoing efforts to scale its operations, enhance its commercial team, and accelerate the development of new products.

VitalConnect's flagship product, the VitalPatch, is a wearable biosensor that allows for real-time remote monitoring of patients. The technology has been widely adopted by hospitals and healthcare providers, offering improved decision-making and better patient outcomes across a variety of healthcare settings. With the additional capital and increased investor confidence, VitalConnect aims to solidify its position as the global leader in remote patient monitoring solutions.

This Series F round highlights the growing demand for innovative healthcare technologies and places VitalConnect on track to achieve profitability in 2024​.

Key Companies in the Wearable Medical Device market include

• Sony Corporation


• Boston Scientific Corporation


• Apple Inc.


• Qualcomm Inc.


• Omron Corporation


• Fitbit Inc.


• Honeywell International Inc.


• Medtronic PLC, NIKE INC.


• Motorola Solutions Inc.


• LG Electronics Inc.


• Philips Electronics


• Honeywell International Inc.

Wearable Medical Device Industry Developments

Medtronic's Simplera Sync CGM System: In 2024, Medtronic introduced its Simplera Sync CGM, a compact and fully disposable continuous glucose monitor (CGM) designed to pair with its MiniMed 780G insulin pump system. This new device aims to offer a more seamless and user-friendly experience for patients with diabetes, with a focus on precision and convenience. This advanced technology is expected to receive broader commercial release across Europe by the end of the year, marking a significant advancement in diabetes care. With continuous improvements in CGM technology, Medtronic remains at the forefront of transforming diabetes management​.

Dexcom's Stelo CGM for Type 2 Diabetics: In 2024, Dexcom launched the Stelo CGM, a new offering specifically tailored for Type 2 diabetics who do not use insulin. The Stelo system allows users to monitor glucose trends and make informed lifestyle decisions. This affordable device is a game-changer for Type 2 diabetics, offering access to advanced glucose monitoring technology without the need for insulin injections. It will be available at a lower price point for patients without insurance coverage, making it accessible to a wider demographic of diabetes patients​.

Movano's Evie Ring for Holistic Health Monitoring: A standout in wearable health tech for 2024 is Movano Health's Evie Ring, which launched in January 2024. This innovative smart ring offers a comprehensive approach to health monitoring, tracking metrics such as heart rate, sleep, physical activity, and menstrual cycles. It’s designed to cater to those interested in a holistic view of their health, especially for users who want an all-in-one device for wellness tracking. With an increasing focus on women's health, the Evie Ring provides a unique solution that merges comfort with cutting-edge technology​.

Xring: Noninvasive Glucose Monitoring: At the 2024 Consumer Electronics Show (CES), Umeox unveiled the Xring, a revolutionary smart ring that offers noninvasive glucose monitoring. The Xring uses innovative PPG sensors and artificial intelligence algorithms to track blood glucose levels without the need for finger pricks or invasive methods. This breakthrough technology promises to revolutionize glucose monitoring, particularly for those managing diabetes, by providing real-time data on glucose trends. In addition to glucose monitoring, the Xring also tracks heart rate, sleep quality, and oxygen levels, making it a versatile and valuable tool for overall health monitoring​.

Wearable Medical Device Market Segmentation

Wearable Medical Device Type Outlook

• Activity Monitors


• Smart Watches


• Smart Clothing


• Patches

Wearable Medical Device Type Outlook

• Diagnostic & Monitoring Devices
  
  
  
  • Vital Sign Monitoring Devices
  
  
  • Glucose Monitoring Devices
  
  
  • Neuromonitoring Devices
  
  
  • Sleep Monitoring Devices
  
  
  • Fetal Monitoring & Obstetric Devices
  
  
  
  


• Therapeutic Devices
  
  
  
  • Pain Management Devices
  
  
  • Rehabilitation Devices
  
  
  • Respiratory Therapy Devices
  
  
  • Insulin Pumps
  
  
  
  

Wearable Medical Device Application Outlook

• Home Healthcare


• Remote Patient Monitoring


• Sports Academies and Fitness

Wearable Medical Device Distribution Channels Outlook

• Pharmacies


• Online Channel


• Hypermarkets

Wearable Medical Device Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America