Wearable Medical Devices Market To Develop Strongly And Cross USD 165.5 Bn By 2032 | CAGR 19.1%

According to Market.us, the market for wearable medical devices was estimated to be worth US$ 30.1 billion in 2022, and it is anticipated to grow to US$ 165.5 million by 2032, showing a CAGR of almost 19.1% from 2023 to 2032, Owing to Surging Consumer Awareness of Health and Fitness

New York, March 08, 2023 (GLOBE NEWSWIRE) -- Market.us has published a new report on the wearable medical devices market was valued at USD 30.1 billion in 2022 and is estimated to exceed USD 165.5 Bn from 2023 to 2032, it is anticipated to expand at a CAGR of 19.1%. By evaluating our senses and providing numerical data, the market for wearable medical gadgets generates a market that will aid in tracking people's health. PEMA and TENS usage increased as a result of chronic conditions, which helped determine, monitor, and maintain people's health. The need for wearable medical technology is therefore very significant.

Wearable Medical Devices Market Value

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Key Takeaway:

  • By product type, the tracker has acquired the highest market share in the wearable medical devices market.
  • By device type, diagnostic and monitoring devices has the largest market share, anticipated to grow by 10.6% throughout the forecast period.
  • By Application, the largest market share is held by the home healthcare segment.
  • In terms of distribution channels, the market for wearable medical gadgets has been dominated by pharmacies.
  • In 2022, with 38.3% of the global market, North America holds the greatest market share.

Fitbits and smartwatches are only two examples of wearable technology that can be worn on the body. Also, it is simple to adapt to and has access to several existing technologies. Moreover, real-time data on a patient's health and exercise routines is gathered and communicated using medical wearable technology. 

Factors affecting the growth of Wearable Medical Devices industry?

  • Surging Number of Lifestyle Diseases: The market for wearable medical devices is expected to develop significantly in the coming years due to the increasing prevalence of sedentary or inactive lifestyles and the consequent rise in lifestyle illnesses including hypertension and diabetes.
  • Healthcare professionals provide personalised attention: Individualized treatment is provided by healthcare professionals, including constant remote patient monitoring. Also, wearing them for a full day won't hinder regular tasks. Because of all the advantages it offers, wearable medical device demand is anticipated to rise over the forecast period.
  • Increasing awareness of regional and national healthcare organizations: Regional and national healthcare organisations have actively pushed routine diagnosis through a variety of marketing and awareness initiatives. This has caused a rise in public awareness of products and equipment for diagnosing and keeping track of vital signs.
  • Advancements in products: This market is expected to be fueled by advancements in products for monitoring several parameters, including heart rate, skin temperature, and activities like steps count.

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Top Trends in Global Wearable Medical Devices Market

The COVID-19 epidemic has highlighted the urgent need to put health first. It was noted that various market participants were pushing their wearable technology to aid in the fight against COVID-19 in the middle of 2020. Healthcare wearables are also becoming an essential tool to enhance bedside care as well as clinical mobility, particularly smartwatches. Several research estimates predict that over 30 million wearable devices with tracking and monitoring capabilities will be available to health organizations and patients by the end of 2020.

To meet the expanding needs of consumers, major industry participants are presently concentrating on releasing cutting-edge wearable medical gadgets onto the market. For instance, Koninklijke Philips N.V. obtained FDA and CE approval in May 2020 to use the Biosensor BX100 to monitor COVID-19 in hospitals. The biosensor is a wearable patch with a single-use design that was created to be linked with a scalable hub to monitor patients in various hospital rooms. Also, this solution can be added to current clinical workflows for mobile notifications and viewing.

Market Growth

It is anticipated that the market will develop in response to the expansion of sectors like home healthcare and remote patient monitoring devices. The market is also anticipated to be impacted by the growing emphasis on fitness and a healthy lifestyle attitude. Some of the key market drivers anticipated include an increase in product demand during the COVID-19 pandemic and rising consumer awareness of personal health monitoring.

Regional Analysis

With 38.3% of the global market, North America holds the greatest market share. Wearable medical technologies are becoming more necessary since diabetes, cancer, and cardiovascular problems are on the rise. The expansion of market share can be attributed in large part to the adoption of new companies using diverse technologies and a wide market penetration. The Asia-Pacific market will increase rapidly during the anticipated timeframe. Substantial growth as a result of the government initiative to promote medical devices and support health care spending. With the rise in demand for wearable medical devices, there is also an increase in the elderly population. Throughout the anticipated period, Europe's growth rate will accelerate. European nations like Sweden, Iceland, and Finland have the most potential for wearable medical technology. Finland is one of these nations with the largest heart rate monitor markets.

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Some of the major players include Apple Inc., Xiaomi Inc., Samsung Electronics Co. Ltd., Medtronic PLC, Fitbit, Koninklijke Philips N.V., Omron Corporation, Basis Science, Covidien, Withings, Vital Connect, Polar Electro, Verist Genomics, Intelesens Ltd., Garmin Ltd., etc.

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Scope of the Report

Report AttributeDetails
Market Value (2022)USD 30.1 Billion
Market Size (2032)USD 165.5 Billion
CAGR (from 2023 to 2032)19.1%
North America Revenue Share38.3%
Historic Period2016 to 2022
Base Year2022
Forecast Year2023 to 2032

Market Drivers

The considerable increase in the elderly population may lead to an increase in chronic diseases and a rise in the need for medical equipment. Governmental agencies are assisting in the management of expanding chronic diseases by raising death rates. Healthcare professionals use remote and ongoing patient monitoring to deliver individualized care.

As the market for medical equipment grows, people's awareness of their health is rising. The market's growing awareness of fitness has boosted demand, which has increased market share demand. Products for managing weight and fitness have come in a wide variety. Wearable Bands that are connected to phones monitor activities like jogging, walking, calorie burn, food intake, etc., in real time. Fitness clubs will therefore have up to 220 million users worldwide in 2022 due to their recent growth.

Market Restraints

The national governments contribute to the cost of reimbursing healthcare mobile medical devices. Federal regulations are required in European nations when verifying the presence of physicians and patients. Therefore, the limited uptake of healthcare wearables. High network bandwidth and real-time learning. As a result, even if they are not present at the same location, using AI and 5G can aid in providing care in real-time. Thus, a high growth rate in the market for wearable medical devices might be facilitated by advanced technology.

European and American businesses are opposing the revision of the patent rules. Patent trolls operate companies that receive payments in the form of royalties from parties engaging in patent fraud. Companies try to sue and receive legal settlements with diminishing losses requested in order to reduce losses. The key factor driving the market expansion of wearable medical devices is patent protection.

Market Opportunities

A patient's identification or diagnosis may be aided by AI and 5G. Of these, artificial intelligence can assist in identifying potential difficulties following the procedure, which can assist in supplying interventions if necessary. Healthcare firms can offer real-time care using 5G networks at the same time. Thus, forthcoming cutting-edge technologies and tools like AI and 5G will greatly increase the market prospects for wearable medical devices.

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Report Segmentation of the Wearable Medical Devices Market

Product Type Insight

The wearable medical devices market is divided into watches, trackers, wristbands, earwear, smart clothing, and others based on product type. The tracker has the largest market share among these goods in the market for wearable medical devices. Trackers are mostly used to measure physical activity and fitness. Due to real-time tracking and smartphone connectivity, the number of healthcare gadgets is growing.

Device Type Insight

The market for wearable medical devices is divided into diagnostic and monitoring devices and therapeutic devices based on the kind of device. Diagnostic and monitoring devices have the largest market share of these device categories and are projected to grow by 10.6% during the projection period. The number of elderly people is rising, which causes a rise in chronic diseases and a rise in the demand for wearable medical devices. Health awareness and the use of technologies like ECG, Blood Pressure monitors, glucose monitoring devices, pulse oximeters, and others grew during the pandemic. Hence, there will be an increase in demand for wearable medical devices during the forecast period. A neuro-modulation device can diagnose and treat migraine illnesses, which affect 93% of people.

Application Insight

The wearable medical device market is divided into three categories based on application types: sports & fitness, home healthcare, and remote patient monitoring. The market share leader among these applications is the home healthcare industry. Daily increases in interest and understanding of health and fitness will lead to rapid expansion in the home healthcare market over the course of the projected period. Software and hardware for weight control and fitness are being developed to track activities linked to phones in real time. Among the activities displayed in real-time are calorie burn, running distance in kilometers, and calories consumed. Wearable medical gadgets will see increased market growth due to AI and 5G. 

Distribution Channel Insight

The market for wearable medical equipment is divided into three categories based on the kind of distribution channel: pharmacies, superstores, and online channels. Pharmacy is a well-liked conventional technique of distributing medical equipment, thus it has accounted for the largest market share for wearable medical devices among these distribution channels. As a result of the high preference for self-checking and non-invasive checking equipment due to the growing senior population, internet distribution channels are seeing a surge in demand.

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Market Segmentation

By Product Type

  • Watch
  • Trackers
  • Wristband
  • Ear Wear
  • Smart Clothing
  • Other

By Device Type

  • Diagnostic & Monitoring Devices
    • Vital Sign Monitoring Devices
    • Neuro-monitoring Devices
    • Electrocardiographs Fetal and Obstetric Devices
    • Sleep Monitoring Devices
  • Therapeutic Devices
    • Respiratory Therapy Devices
    • Pain Management Devices
    • Rehabilitation Devices
    • Other Therapeutic Devices

By Application Type

  • Sports & Fitness
  • Home Healthcare
  • Remote Patient Monitoring

By Distribution Channel Type

  • Pharmacies
  • Online Channel
  • Hypermarkets

By Geography

  • 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
  • Asia-Pacific
    • 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

Major Manufacturers:

To maintain the demand for various applications leading players are getting a higher quality product through acquisitions and mergers. Some of the key players include:

  • Koninklijke Philips N.V.
  • Fitbit
  • Samsung electronics co. Ltd.
  • Apple Inc. Company Profile
  • Basis Science
  • Covidien
  • Withings
  • Vital Connect
  • Polar Electro
  • Verist Genomics
  • Intelesens Ltd.
  • Lifesense
  • Medtronic PLC
  • Omron Corporation
  • Xiaomi Inc.
  • Sotera Wireless
  • Garmin Ltd.

Recent Development of the Wearable Medical Devices Market

  • In 2022, Noise Fit Buzz, the company's newest wearable model, is offering 24-hour heart rate monitoring, a sleep-timer, and female health tracking. Nine different sports, including yoga, spinning, walking, climbing, jogging, and hiking, can all be tracked.
  • Abbott Labs produced new wearables in 2022 that track ketone, lactate, glucose, and alcohol levels.

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