Wearable Medical Devices Market – By Device (Activity/Fitness Monitors, Diabetes Devices, Cardiac Monitors), Application (Cardiac Health, Diabetes Care), End-use (Home Healthcare, Remote Patient Monitoring) – Global Forecast 2024 – 2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Download Sample Ask for Discount Request CustomizationWearable Medical Devices Market – By Device (Activity/Fitness Monitors, Diabetes Devices, Cardiac Monitors), Application (Cardiac Health, Diabetes Care), End-use (Home Healthcare, Remote Patient Monitoring) – Global Forecast 2024 – 2032
Wearable Medical Devices Market Size
Wearable Medical Devices Market size was valued at around USD 105.1 billion in 2023 and is estimated to grow at 15.9% CAGR from 2024 to 2032. Wearable medical devices are health-monitoring or diagnostic tools designed to be worn on or attached to the body. They collect, monitor, and sometimes analyze health-related data in real-time, providing valuable insights into a person's health status. These devices often integrate with smartphones or other digital platforms to deliver results, track health metrics, and manage medical conditions.
To get key market trends
Download Free Sample
Wearable medical devices, characterized by their non-invasive and lightweight nature, are increasingly preferred by consumers. These products enable rapid, continuous, and effective diagnosis, thereby improving treatment outcomes. For instance, in January 2023, Masimo and Koninklijke Philips N.V. broadened their collaboration, utilizing the Masimo W1 advanced health tracking watch to enhance patient monitoring in the realm of home telehealth.
The integration of Koninklijke Philips N.V.'s enterprise patient monitoring ecosystem with the W1 watch propelled the advancements in telehealth and telemonitoring capabilities. This expansion had a significant impact on the wearable medical devices market by fostering innovative solutions for remote patient monitoring and enhancing the synergy between health-tracking wearables and telehealth systems.
Furthermore, numerous market players are prioritizing research and development efforts to advance wearable medical device technologies. Companies are also focusing on expanding into emerging markets to tap into new opportunities. Strategic partnerships and collaborations are key strategies adopted by companies to enhance their product offerings, expand their customer base, and capture significant market share. These factors are expected to contribute to the sustained growth of the industry in the foreseeable future.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Wearable Medical Devices Market Size in 2023 | USD 105.1 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 15.9% |
| 2032 Value Projection | USD 391.3 Billion |
| Historical Data for | 2018 – 2023 |
| No. of Pages | 230 |
| Tables, Charts & Figures | 300 |
| Segments covered | Device, Application, End-use, and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
Download Free Sample
Wearable Medical Devices Market Trends
- Advances in sensor technology and miniaturization have enabled the development of more accurate and comfortable devices, enhancing user compliance and expanding their applications.
- Additionally, the integration of artificial intelligence (AI) and machine learning (ML) algorithms allows for more sophisticated data analysis and predictive insights, improving disease management and early detection of health issues.
- Furthermore, the increasing prevalence of chronic diseases, such as diabetes and cardiovascular conditions, fuels the demand for continuous monitoring solutions.
- Moreover, the COVID-19 pandemic has accelerated the adoption of telemedicine and remote patient monitoring devices, highlighting the importance of wearables in reducing hospital visits and enabling healthcare at home.
Wearable Medical Devices Market Analysis
Learn more about the key segments shaping this market
Download Free Sample
Based on devices, the market is segmented into activity/fitness monitors, diabetes devices, cardiac monitors, neurological monitors, respiratory monitors, body & temperature monitors, in-ear devices, and other devices. The activity/fitness monitors segment dominated the market with the largest revenue of USD 26.1 billion in 2023.
- Consumers are increasingly adopting wearable devices to monitor physical activity, heart rate, and sleep patterns, driven by a heightened focus on health and preventive care. These devices, enhanced by technological advancements, offer improved accuracy and user-friendliness, thereby broadening their appeal.
- By utilizing advanced sensors and real-time analytics, users can access personalized insights, refining their fitness regimens and health management. The seamless integration of wearables with smartphones and digital health platforms further streamlines health tracking and goal setting.
Learn more about the key segments shaping this market
Download Free Sample
Based on application, the wearable medical devices market is segmented into fitness monitoring, obesity control, diabetes care, cardiac health, sleep tracking, and other applications. The fitness monitoring segment dominated the market and was valued at USD 24 billion in 2023.
- Consumers, motivated by increasing health consciousness and a shift towards active lifestyles, are progressively adopting fitness wearables. These devices, which monitor physical activities, heart rates, sleep patterns, and other health metrics, have benefited from significant technological advancements.
- Additionally, the rise in lifestyle-related health issues such as obesity, diabetes, and cardiovascular conditions underscores the necessity for continuous health monitoring, driving the demand for fitness wearables.
- Hence, these factors are expected to boost the growth of the segment over the forecast period.
Based on end-use, the wearable medical devices market is segmented into home healthcare, remote patient monitoring, and fitness and sports. The home healthcare segment held the largest revenue of USD 52.4 billion in 2023.
- Advances in sensor technology and wireless connectivity have enhanced the accuracy and reliability of these devices, making them more user-friendly and accessible. Additionally, the growing elderly population requires consistent health monitoring, further fueling demand.
- Moreover, consumer awareness and the shift towards proactive health management have also contributed to the market's expansion. Wearable devices, including smartwatches, fitness trackers, and biosensors, enable patients to monitor vital signs such as heart rate, blood pressure, glucose levels, and physical activity, promoting better health outcomes and reducing the need for frequent hospital visits.
Looking for region specific data?
Download Free Sample
The North America wearable medical devices market is forecasted to reach USD 124 billion by 2032. The U.S. dominated the North America market with the largest revenue of USD 30.6 billion in 2023.
- The region's advanced healthcare infrastructure and higher healthcare expenditure support the adoption of innovative medical technologies.
- Additionally, U.S. has a tech-savvy population with a strong inclination towards health and fitness, driving the demand for wearable devices.
The wearable medical devices market in UK is expected to experience significant and promising growth from 2024 to 2032.
- The National Health Service (NHS) is increasingly emphasizing on digital health and remote patient monitoring to alleviate pressure on healthcare facilities and reduce costs.
- Moreover, the aging population in the UK necessitates efficient home healthcare solutions to manage chronic diseases and maintain independence, driving demand for wearables.
Japan wearable medical devices market is anticipated to witness lucrative growth between 2024 – 2032.
- Japan’s rapidly aging population is a primary catalyst, as there is an increasing need for continuous health monitoring to manage age-related conditions and enhance the quality of life for the elderly.
- Additionally, the Japanese government’s proactive stance on healthcare innovation, including policies and initiatives promoting digital health and telemedicine, significantly supports the adoption of wearable medical devices.
The wearable medical devices market in Saudi Arabia is expected to experience significant and promising growth from 2024 to 2032.
- The Saudi government's Vision 2030 initiative aims to modernize the healthcare sector and increase the adoption of advanced technologies, including wearable medical devices.
- Furthermore, rising awareness of lifestyle-related diseases such as diabetes and obesity has heightened the demand for continuous health monitoring solutions.
Wearable Medical Devices Market Share
The wearable medical devices sector is competitive in nature, with a mix of major global and smaller to medium-sized companies competing for market share. A pivotal aspect of market strategy involves the continual introduction of innovations such as advanced sensors, integration with AI and machine learning, continuous glucose monitoring, and wearable ECG monitors. Notably, prominent industry players command considerable influence in this dynamic landscape, often driving forward advancements through substantial investments in research and development. Additionally, strategic alliances, acquisitions, and mergers are instrumental in fortifying market positions and expanding global footprint amidst evolving regulatory landscapes.
Wearable Medical Devices Market Companies
Some of the eminent market participants operating in the wearable medical devices industry include
- Abbott laboratories
- Apple Inc.
- Alphabet Inc.
- Garmin Ltd.
- Hocoma AG
- Koninklijke Philips N.V.
- LifeSense Group B.V.
- Samsung
- Sotera Wireless, Inc.
- VitalConnect
- Xiaomi Corporation
- ZOLL Medical Corporation
Wearable Medical Devices Industry News
- In January 2024, Garmin Ltd. introduced the Lily 2 series, enhancing its line of elegant smartwatches with refined designs, metal cases, hidden displays, and stylish color options. With up to five days of battery life, new features included sleep score tracking, dance fitness activities, and Garmin Pay for contactless payments, poised to impact the market with sophisticated health and wellness capabilities.
- In January 2024, Garmin Ltd. upgraded its Garmin Connect app and website, offering a more personalized and streamlined homepage for health and fitness metrics. Beta access was provided to users with Garmin devices, with a full rollout planned later in the year. This update aimed to enhance user experience and influence the market by emphasizing health and fitness tracking.
The wearable medical devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 – 2032 for the following segments
Click here to Buy Section of this Report
Market, By Device
- Activity/fitness monitors
- Diabetes devices
- Cardiac monitors
- Neurological monitors
- Respiratory monitors
- Body & temperature monitors
- In-ear devices
- Other devices
Market, By Application
- Cardiac health
- Obesity control
- Diabetes care
- Fitness monitoring
- Sleep tracking
- Other applications
Market, By End-use
- Home healthcare
- Remote patient monitoring
- Fitness and sports
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Russia
- Poland
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
Table of Content
To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )
List Tables Figures
To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy