New York, May 26, 2023 (GLOBE NEWSWIRE) -- The global market for wearable medical devices is anticipated to reach US$ 165.5 billion by the end of 2032, growing at a CAGR of 19.1% between 2023 and 2032.
A wearable medical device is defined as a device that is autonomous and performs a particular medical function, such as monitoring or support over a long period of time. Wearable in healthcare includes devices that consumers can wear, such as smartwatches & activity trackers, etc. A growing population and an increasing number of chronic diseases are anticipated to drive the wearable medical devices market's growth.
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Key Takeaway:
- By Product 2022, the diagnostic and patient monitoring segment has generated the highest market revenue share in 2022.
- By Application, the sports & fitness segment held the largest market share over the forecast period.
- By Distribution Channel, the online pharmacies segment has dominated the market, and it is growing at a CAGR of 8.5% over the forecast period 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 38.1%.
- Europe held a 20% revenue share in 2022.
- Asia-Pacific will grow at a CAGR of 5.8% from 2023-2032.
The new technological development in wearable devices and the increasing demand between the population to maintain their health have determined various market players to boost more smart devices such as biosensors and hearing aids. Increasing technological developments and innovations improve the lifestyle of the population and drive market growth during the forecast period.
Factors Affecting the Growth of the Wearable Medical Devices Market
There are several factors that can affect the growth of the wearable medical devices. Some of these factors include:
- Increasing Prevalence of Chronic Lifestyle: The increasing prevalence of chronic lifestyle disease owing to stress and unhealthy eating habits is anticipated to drive market growth.
- Growing Importance of Novel Product: Growing importance of novel product development is likely to create a significant opportunity for the players operating in the market.
- Rising Consumer Focus Towards Fitness: Rising consumer focus towards fitness as well as an effort to lead a healthy lifestyle, is the major factor that propels the market growth.
- Increasing Demand for Health Data Hacking: The increase in demand in the interest of individuals to record and track information about their health habits fuels market growth.
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Top Trends in Global Wearable Medical Devices Market
Wearable devices have since been used to gather or transfer biometric data. Sales of wearable medical devices are anticipated to be fueled by a growing number of adopters and inventions in both developing and developed nations. Wearable medical devices have developed a trend in the healthcare industry as wearable technology has become gain popularity in upcoming years. Most of the purchasers of these products are forward-thinking to try new things.
Market Growth
The increasing requirement for remote patient monitoring devices along with home healthcare solutions is projected to positively impact the market growth. The growing investments and grants, as well as the rising inclination for wireless connectivity among healthcare suppliers, are boosting market growth. Increasing requirements for remote monitoring patient devices and home healthcare is mainly propelling the market growth.
Regional Analysis
The wearable medical devices market was dominated by North America, which acquired the most significant revenue share, due to the increasing prevalence of cardiovascular disorders and cancer within this region. An increase in chronic diseases that need routine monitoring and the existence of sophisticated healthcare infrastructure are further likely to drive market growth. Europe is expected to be the second-largest major region in terms of revenue, which is attributed to a huge group of geriatric patients suffering from chronic disorders. Combined with the increasing disposable income of young individuals on advanced technologies. Asia-Pacific is anticipated to observe exponential growth over the forecast period. Increasing healthcare expenditure and favorable government initiatives enhance the market growth in this region.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. In order to maintain their management position in the market for wearable medical devices, major players are concentrating on implementing a variety of growth strategies. The global market is fragmented with the presence of prominent players. Some of the major players include
- BD
- NeuroMetrix, Inc.
- Ypsomed
- Fitbit, Inc.
- Apple Inc.
- Sonova
- Omron Healthcare, Inc.
- SAMSUNG
- AiQ Smart Clothing
- OMRON Corporation
- Garmin Corporation
- Phillips
- Basis Science
- Vital Connect
- Xiaomi Technology Co, Ltd.
- Medtronic Plc.
- Biotelemetry Inc.
- Dexcom Inc.
- Biotricity Inc.
- Other Key Players
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Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | USD 30.1 Billion |
| Market Size in 2032 | USD 165.5 Billion |
| CAGR (2023 to 2032) | 19.1% |
| North America Revenue Share | 38.1% |
| Europe Revenue Share | 20% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The increasing dominance of chronic disease drives market growth. Additionally, the healthcare systems accept a significant financial burden due to some of these chronic diseases, such as hypertension, diabetes, and other cardiac conditions. As a result, healthcare organizations m, the government, and healthcare providers are placing an increasing emphasis on timely and routine diagnosis of patients due to the rising prevalence of chronic and lifestyle diseases.
There has been an increase in the general public’s awareness of products and devices that can diagnose and monitor vital signs. Through various campaigns and awareness programs, healthcare organizations on a national and regional; scale have actively encouraged routine diagnosis.
Market Restraints
Wearable medical devices have undergone significant technological and design advancements, but there are some factors that prevent widespread use. The high overall cost of these devices is one of them. The cost of these accessories results in a considerably greater cost of ownership when added to this device's life cycle. Wearable medical devices have been relatively underutilized in both developed and developing nations due to these factors and limited reimbursement policies for these devices.
Market Opportunities
A significant opportunity in the market is the rising authorization of Artificial Intelligence and other technology. The use of novel technologies is projected to give high-growth predictions in the wearable medical devices market. The home healthcare market is composed of rapid development because of factors such as increasing receiving and the untapped potential of developing regions. The rapid development in the home healthcare market provides significant opportunities in the market.
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Report Segmentation of the Wearable Medical Devices Market
Product Insight
The diagnostic and patient monitoring category dominated the wearable medical devices market, which also held the greatest revenue share. Due to the rising prevalence of chronic disease, increasing available income among the population and products offered by market players. The increasing incidence of neurological disease is the major factor affecting segment growth. Additionally, the rising awareness of the population related to the ability of neurological diseases to assess the cognitive abilities of individuals continually during everyday activities is also anticipated to boost the segment.
Application Insight
In 2022, the sports and fitness segment held the largest market revenue share in 2022. The primary factors that have led to the dominance of this market include the shift in adult preferences towards sports and leisure activities as well as the introduction of smart and inventive wearable devices that track activity. For Instance, Fitbit, Inc. unveiled the Fitbit Charge 4, its most cutting-edge health and fitness tracker. The most recent sensors and features, as well as built-in GPS, Spotify, and control tools, were incorporated into this brand-new device.
Distribution Channel Insight
The online pharmacies segment accounted for the largest market revenue share over the forecast period due to the growing use of electronic devices as well as an increasing number of technology-aware consumers worldwide.
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Market Segmentation
By Product
- Diagnostic
- Patient Monitoring
- Therapeutics
By Application
- Home Healthcare
- Remote Patient Monitoring
- Sports& Fitness
By Distribution Channel
- Retail Pharmacies
- Online Distribution
- Hypermarkets
- Others
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
- APAC
- 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
Recent Development of the Wearable Medical Devices Market
- In April 2022, Fitbit, Inc. received clearance to use cardiac rhythm monitoring technology.
- In May 2021, Biobeat, a main industry in wearable remote patient monitoring resolutions for healthcare, declared the initiation of a novel wearable and continuous ambulatory blood pressure monitoring (ABPM) chest-monitoring equipment. The corporation’s ABPM solution is the world's only less ABPM solution. Each sterile, disposable monitor is sent by courier direct to the patient's house.
- In January 2021, The Samsung Health Monitor app will be available in more than 32 countries, according to Samsung. Consumers can use the Samsung Watch3 and Watch Active2 to track their blood pressure and ECG. The app is accessible for together iOS and Android equipment and agrees with consumers to keep efficiency related to their well-being at their accessibility.
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