The global wearable medical device market size was estimated at USD 26.90 billion in 2022 and is expected to surpass around USD 267.03 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 25.8% during the forecast period 2023 to 2032.
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Key Takeaways:
Wearable Medical Device Market Report Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 26.90 Billion |
| Market Size by 2032 | USD 267.03 Billion |
| Growth Rate From 2023 to 2032 | CAGR of 25.8% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Segments Covered | Product, Site, Application, Region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Key Companies Profiled | Philips Electronics; Fitbit; Basis Science; Garmin; Covidien; Omron Corp.; Withings; Vital Connect; Polar Electro; Intelesens Ltd.; Everist Genomics; Sotera Wireless |
The growth of industries such as home healthcare and remote patient monitoring devices is anticipated to influence market growth. In addition, increasing focus on fitness and a healthy lifestyle orientation are also expected to impact the market. A surge in product demand during the COVID-19 pandemic and increasing awareness about personal health monitoring are expected to be some of the major market drivers.
Also, due to the sedentary routine, the incidence and prevalence of lifestyle-associated disorders, such as diabetes and hypertension, are projected to increase over the forecast period. Some of these diseases demand continuous monitoring of several physiological parameters, for instance, blood sugar levels and blood pressure. This allows the amalgamation of healthcare data with portable medical devices, which can then be forwarded to physicians to have real-time access to data and minimize errors. Moreover, the rising mortality rate due to non-communicable diseases is the major reason for concern demanding more focus on personalized monitoring and care. This is ultimately anticipated to further increase the demand for wearable medical products.
The outbreak of the COVID-19 pandemic has extended the role of wearable medical devices in the healthcare trade. Various companies are entering the landscape, with innovative wearable products that can help detect the early warning signs of viral infections. For example, Ava Bracelet, which is primarily used as a fertility tracker, is now being leveraged to help in combating the coronavirus. This bracelet tracks heart rate variability, breathing rate, and skin temperature making it useful in tracking symptoms of the virus. This offers a unique opportunity during this pandemic.
The rising prevalence of chronic diseases along with increasing mortality rates is a major area of concern among people as well as government organizations. Thus, healthcare providers are offering personalized care including continuous and remote patient monitoring. Also, these can be worn for 24 hours without affecting the routine life. Hence, considering the various advantages that it offers, the demand for wearable medical devices is projected to boost over the forecast period.
Increasing attention on fitness is a high impact rendering driver for the market. Various wearable medical products and software have been developed for the management of 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. By compiling all the data together, vital information such as the body mass index is obtained. The regular study of these statistics helps in providing a good health plan to individuals as well as healthcare professionals. Also, the fitness club count is seen increasing in recent years. According to the 2019 IHRSA Global Report, there are around 183 million users of fitness clubs globally.
Product Insights
The diagnostic devices segment dominated the market and accounted for the largest revenue share of 62.0% in 2022. Among diagnostics, the neuromonitoring devices segment was the largest in 2021. The growing prevalence of neurological disorders is the prime factor affecting segment growth.
For example, as per a survey “A Global Burden of Disease Study” in 2020, migraine was most the prevalent neurological disorder in the U.S. Around 95.0% of people are suffering from migraine in the U.S. In this case, neuromodulation devices are most widely used to diagnose/treat migraine.
In addition, increasing awareness of the population regarding the ability of neurological wearables to assess the cognitive capabilities of individuals continuously during everyday activities is also expected to drive the segment.
The therapeutic device segment is anticipated to witness the fastest CAGR throughout the forecast period owing to the increasing influx of therapeutic devices. Moreover, a strong pipeline of therapeutic devices such as intelligent asthma management products, wearable pain reliever devices, and insulin management devices is anticipated to assist market growth.
The segment is bifurcated into pain management, insulin monitoring, rehabilitation, and respiratory therapy devices. The insulin monitoring device was dominant in 2022 and is anticipated to remain dominant over the forecast period owing to the large population suffering from diabetes.
Site Insights
The strap/clip/bracelet segment dominated the wearable medical devices market and accounted for the largest revenue share of 51.0% in 2022 and is likely to remain dominant throughout the forecast period. Products like smartwatches allow monitoring of several parameters such as mobility, respiratory rate, and pulse rate coupled with Bluetooth and cloud connectivity are anticipated to propel the segment growth.
Advancements in wrist-worn products such as Fitbit Ace 3 Next Generation Activity and Sleep Tracker for kids, which promotes a healthy lifestyle by making fitness enjoyable, in March 2021, for monitoring multiple parameters such as heart tare, skin temperature, and activities like steps count are anticipated to drive the segment. Also, major players such as Samsung and Apple have introduced mobile apps, which are compatible with wearable medical instruments and enable data recording and digital display. Such apps are attracting people towards routine health monitoring, thereby impelling market growth.
Application Insights
The home healthcare segment dominated the market for wearable medical devices and accounted for the largest revenue share of 54.3% in 2022 due to the increasing geriatric population triggering prevalence rates of target diseases and the growing need to curb healthcare expenditure as an economically viable initiative are some of the factors responsible for market growth.
Sports & fitness is identified as the second-largest segment accounting for 30.0% of the global market share in 2022. Various devices and software have been developed for the management of weight and monitoring fitness. Usually, wristbands or cell phones have used that track all activities such as calorie intake, miles a person ran, calories burned, steps walked, etc. By compiling all the data together, vital information such as body mass index is obtained and studied to provide a good health plan to individuals. Wearable devices offer numerous benefits to amateur & professional athletes, fitness consumers, & wellness programs. Some of these benefits are workout injury prevention, player safety assessment tools, and metrics of physical conditioning & performance. For example, in golf, wristband GPS sports watches are commonly used during practice sessions to improve swing mechanics.
The remote patient monitoring segment is anticipated to witness the fastest CAGR over the forecast period. Globally rising geriatric population base and rising incidences of chronic conditions are expected to be high-impact rendering drivers for the growth of remote patient monitoring instruments over the forecast period.
Regional Insights
North America accounted for the largest revenue share of 36.9% in 2022, owing to the growing prevalence of cardiovascular disorders, diabetes, and cancer within this region. High adoption of remote patient monitoring and home care devices for regular, continuous, and long-term monitoring of patients and reducing the frequency of hospital visits are anticipated to fuel the market growth over the forecast period.
According to a 2019 Pew Research Center survey, one in five U.S. adults (21%) wear a fitness band or wearable fitness tracker on a regular basis. Women are far more likely than men to use such devices on a regular basis (25% vs. 18 %). Approximately 41% people think it is acceptable for fitness tracker manufacturers to share user information with medical professionals seeking to better understand the connection between exercise and heart disease. Thus, this survey demonstrates the popularity and use of wearable devices in the U.S. All the aforementioned factors are expected to drive the growth of the wearable medical devices market in the U.S. during the forecast period.
In the Asia Pacific, the market is expected to witness exponential growth over the forecast period. Major factors boosting market growth are favorable government initiatives for use of such wearable medical instruments, increasing geriatric population base, and increasing healthcare expenditure in this region. Japan held the largest share of remote patient monitoring devices market in Asia Pacific region in 2021 and is expected to maintain its dominance over the forecast period owing to the rapid technological advancements and the growing requirement for home care devices and round-the-clock monitoring. Japanese firms place a high value on health, skin care, and all human consumables.
Recent Developments
Some of the prominent players in the Wearable medical device Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2020 to 2032. For this study, Nova one advisor, Inc. has segmented the global Wearable medical device market.
Product
Site
Application
By Region
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers