Wearable Medical Device Market Outlook 2031
The Global Wearable Medical Device Market size was valued at USD 26.80 Billion in 2022 and is likely reach to USD 209.97 Billion by 2031, expanding at a CAGR of 25.7% during the forecast period, 2023–2031. The growth of the market is attributed to the rising incidence of chronic diseases.
Wearable medical devices are all fashion wearables, smart devices, and electrical wearables that are worn near to or just over the skin. Consumers can use wearable technology to get important fitness and health information. Non-invasive physiological sensors, data analysis modules, clinical feedback, and wireless data transfer features are all included in these devices.
Microchips are used to make wearable gadgets, that can conveniently transmit, get, and monitor data. These have sensors and Bluetooth to monitor distances, pace, fitness, respiration, blood pressure, cholesterol, heartbeat, energy, and altitude, among other things.
Developments in terms of simplicity and comfort of the use enable people with chronic diseases to better regulate and track their symptoms, reducing pain and the risk of heart failure.
Modern wearable medical devices are being coupled with iOS and Android platforms for usage with smartphones, allowing healthcare practitioners to track and assess health outcomes more efficiently and effectively. The advancements in online medicine and telemedicine, especially in the wake of the Covid-19 disaster for remote healthcare and disease prevention, are fostering industry expansion.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing technological advances and breakthroughs, as they can accomplish better normal populations and patients population lifestyles are projected to propel the market growth during the forecast period.
- Capability of fitness trackers, temperature monitors, and breathing monitors to track and monitor blood pressure and heart rate, and body temperature is a key factor spurring the market expansion in the coming years.
- Wearable gadgets are notable for their convenience of use, the comfort of handling, ability to provide real-time data, and flexibility in operational performance are anticipated to boost the market growth during the forecast period.
- Lack of consciousness about the accessibility of few wearable devices in emerging and small countries are expected to impede the market growth.
- High price of wearable devices possesses as a major factor that can hamper the market expansion in the coming years.
- Increasing consumer health awareness, demand for sports and fitness activities are projected to offer significant opportunities for the market players.
Scope of the Wearable Medical Device Market Report
The report on the global wearable medical device market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Wearable Medical Device Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Device Types (Diagnostic Devices [Electrocardiographs Fetal and Obstetric Devices, Vital Sign Monitoring Devices, Neuromonitoring Devices, and Sleep Monitoring Devices] and Therapeutic Devices [Rehabilitation Devices, Respiratory Therapy Devices, Pain Management Devices, and Others]), Product Types (Wristbands, Ear Wears, Watches, and Others), Applications (Diabetes Care, Cardiac Health, Fitness Monitoring, Obesity Control, Sleep Tracking), End-users (Remote Patient Monitoring, Sports and Fitness, and Home Healthcare), Distribution Channels (Online Distribution, Retail Pharmacies, Hypermarkets, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Otsuka Holding Inc.; AIQ Smart Clothing; Intelesens Ltd; imec; MINTTIHEALTH; Fitbit; Withings; Omron Corporation; Apple Inc.; Samsung Electronics Co. Ltd; Koninklinje Philips NV; Medtronic PLC; Biobeat; and Lifesense
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Wearable Medical Device Market Segment Insights
Based on device types, the global wearable medical device market is bifurcated into diagnostic devices [electrocardiographs fetal and obstetric devices, vital sign monitoring devices, neuromonitoring devices, and sleep monitoring devices] and therapeutic devices [rehabilitation devices, respiratory therapy devices, pain management devices, and others].
The respiratory therapy devices by therapeutics segment are expected to hold a key share of the market in the coming years due to the unknown risk of cardiac attack associated with adopting a sedentary life, there is a demand for cardiovascular health management systems.
Along with rising chronic diseases, advancements in cardiac disease diagnostics and care have created enormous potential opportunities.
Wearable technology is also being used by healthcare providers to remotely monitor patients' cardiovascular health and provide on-time therapy with advanced identification of problems. Furthermore, the introduction of innovative equipment such as patches and wearable defibrillators, among others, allows for continuous heart rate and critical care monitoring.
On the basis of product types, the market is divided into wristbands, ear wears, watches, and others. The watches segment is expected to constitute a key share of the market during the forecast period owing to personal health data can be accessed on smartphones via Bluetooth technology with wristbands and smartwatches. Increased adoption of linked technological devices, such as smartwatches with fitness trackers, can propel the business forward.
In terms of applications, the global wearable medical device market is segregated into diabetes care, cardiac health, fitness monitoring, obesity control, sleep tracking. The fitness monitoring segment is expected to hold a key share of the market in the coming years due to customers can use activity trackers to track their fitness over time.
They aid in the management of healthy lifestyles by assisting in the monitoring of everyday activities such as sleeping, exercising, and water drinking, among others. Product demand can be boosted by a rising emphasis on local fitness and health, as well as a changing lifestyle.
Based on end-users, the market is segmented into remote patient monitoring, sports and fitness, and home healthcare. The remote patient monitoring segment is expected to represent a key share of the market during the forecast period owing to remote patient monitoring is the procedure by which patients can utilize a mobile medical device to perform a routine test and report the results to healthcare providers in real-time (RPM).
Remote patient monitoring, which measures crucial risk factors including blood pressure and sugar, can help in the improvement of chronic illnesses. RPM has various benefits for hospitals and end consumers, including shorter hospital stays, lower healthcare costs, and fewer medical appointments. This can also assist to reduce the price associated with chronic disease treatment.
On the basis of distribution channels, the market is divided into online distribution, retail pharmacies, hypermarkets, and others. The online distribution segment is expected to constitute a key share of the market in the coming years due to the market's dominance can be linked to rising public demand for self-monitoring and non-invasive tracking and diagnostic equipment, as well as market players' strong focus on retail channels in emerging nations.
Wearable Medical Device Market Regional Outlook
On the basis of regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market at a healthy CAGR during the forecast period.
The regional market growth can be attributed to the United States appearing as the leading contributor. Due to the increasing incidences of cardiac arrest and lifestyle-related disorders, rising acceptance of wearable medical advancements, and significant per capita medical expenses, the United States has the greatest share of the wearable medical device market.
In the United States, Philips introduced a next-generation wearable biosensor for advanced patients degradation identification in 2020, incorporating medical observation for COVID-19.
Researchers in Washington created a stamp-sized gadget with a suite of sensors, particularly ones that track blood oxygen levels and body temperature, in 2020, a development that can be used to detect initial signs and indicators of COVID-19 and monitor patients as the disease develops.
Segments
Device Types
- Diagnostic Devices
- Electrocardiographs Fetal and Obstetric Devices
- Vital Sign Monitoring Devices
- Neuromonitoring Devices
- Sleep Monitoring Devices
- Therapeutic Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
- Pain Management Devices
- Others
Product Types
- Wristbands
- Ear Wears
- Watches
- Others
Applications
- Diabetes Care
- Cardiac Health
- Fitness Monitoring
- Obesity Control
- Sleep Tracking
End-users
- Remote Patient Monitoring
- Sports and Fitness
- Home Healthcare
Distribution Channels
- Online Distribution
- Retail Pharmacies
- Hypermarkets
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global wearable medical device market are Otsuka Holding Inc.; AIQ Smart Clothing; Intelesens Ltd; imec; MINTTIHEALTH; Fitbit; Withings; Omron Corporation; Apple Inc.; Samsung Electronics Co. Ltd; Koninklinje Philips NV; Medtronic PLC; Biobeat; and Lifesense. Some of these players are adopting several business strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares.
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