Wearable Medical Device Market Size

Global Wearable Medical Device Market Overview

The  wearable medical device market size was valued at USD 43.48 Billion in 2023. The wearable medical device industry is projected to grow from USD 54.17608 Billion in 2024 to USD 252.63 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.22% 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 2023 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. In September 2022, Apple introduced its two newest watch models. The Apple Series 8 model is loaded with market-leading health features, including a state-of-the-art temperature sensor that enables complex functions for women's health, and the second-generation Apple has a faster Central Processing Unit (CPU) and more battery life, which makes it a fantastic Series 8 substitute for those on a tighter budget.

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 January 2022, VitalConnect announced that it had received funding of USD 39 million from EW Healthcare Partners and other existing and new VitalConnect investors. The investment has been utilized to expand the scaling operations, commercial team and accelerate product development.

Key Companies in the Wearable Medical Device market include

• Sony Corporation


• Boston Scientific Corporation


• Apple Inc.


• Honeywell International Inc.


• Qualcomm Inc.


• Omron Corporation


• Fitbit Inc.


• Honeywell International Inc.


• Medtronic PLC, NIKE INC.


• Motorola Solutions Inc.


• LG Electronics Inc.


• Philips Electronics

Wearable Medical Device Industry Developments

September 2023 Bonatra, an Indian startup, recently launched the Smart Ring X1, a wearable smart ring that analyses several health factors such as heart rate, blood oxygen (SpO2), and sleep quality.

May 2023 Covidien (Medtronic) acquired EOFlow Co. Ltd., the maker of the EOPatch insulin delivery system. This is a wearable, tubeless, and completely disposable gadget that would allow the corporation to better meet the demands of diabetics.

April 2023 Garmin launched the Dexcom Connect IQ applications, which are accessible for users with Type 1 or Type 2 diabetes who use the Dexcom G6 or Dexcom G7 Continuous Glucose Monitoring System, will be expanded regionally. Users may utilise the programmes to rapidly view their glucose levels and trends on a compatible wristwatch or cycle computer.

January 2023 UltraLinQ Healthcare Solutions launched a novel end-to-end patient monitoring paradigm for diagnosing cardiac arrhythmias.

January 2023 With the Masimo W1 Watch, Masimo and Philips expand their partnership to improve telehealth for patients and clinicians worldwide. The Masimo W1 is the first watch to provide precise, continuous pulse oximetry measures as well as other valuable health data. Patient data will be sent to the Philips patient monitoring ecosystem for remote clinician supervision via Masimo's secure health data cloud. Hospital physicians will be able to track important health indicators while their patients move around their homes and go about their everyday lives.

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