Global Wearable Medical Devices Market By Product (Diagnostic, Patients Monitoring, and Therapeutics), By Application (Home Healthcare, Remote Patient Monitoring, and Sports & Fitness), By Distribution Channel (Retail Pharmacies, Online Distribution, Hypermarkets, and Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Wearable Medical Devices Market size is expected to be worth around USD 156.0 Billion by 2032 from USD 34.9 Billion in 2022, growing at a CAGR of 16.60% during the forecast period from 2023 to 2032.

A wearable medical device is defined as a device that is autonomous, noninvasive, and performs a particular medical function, such as monitoring or support over a long period of time. Wearable in healthcare includes medical devices that consumer can wear, such as smartwatches & activity trackers, etc. They are particularly designed to monitor and collect data on user health and fitness.

The new technological developments in wearable devices and the increasing demand between the population to maintain their health have determined numerous market players to boost more smart devices such as biosensors and hearing aids. An increasing population and an increasing number of chronic diseases are anticipated to boost the wearable medical devices market’s growth.

*Actual Numbers Might Vary In The Final Report

Key Takeaways

• In 2022, the wearable medical devices market was valued at US$30.1 Billion.
• It is expected to reach around US$165.5 Billion by 2032.
• The compound annual growth rate from 2023 to 2032 is projected to be approximately 19.1%.
• The wearable medical devices market growth is driven by increasing consumer awareness of health and fitness.
• The tracker is the most popular product type in the wearable medical devices market.
• Diagnostic and monitoring devices have the largest market share among device types.
• Home healthcare is the dominant application segment in the market.
• Pharmacies are the primary distribution channel for wearable medical devices.
• North America holds the largest market share, accounting for 38.3% of the global market in 2022.
• Fitbits and smartwatches are examples of wearable technology used for health and fitness monitoring.
• The market is expected to grow due to the rising prevalence of lifestyle diseases like hypertension and diabetes.
• Wearable medical devices offer personalized care through remote patient monitoring.
• Advancements in monitoring products, including heart rate and skin temperature monitoring, are driving market growth.
• The COVID-19 pandemic has accelerated the adoption of healthcare wearables.
• Major players in the market include Apple Inc., Xiaomi Inc., Samsung Electronics Co. Ltd., and Medtronic PLC.

Driving Factors

Increasing Dominance of Chronic Diseases to Drive Market Growth

In both developing and developed nations, a rapid rise in lifestyle-related chronic diseases has resulted from sedentary lifestyles and a lack of routine healthcare visits for diagnosis. Additionally, the healthcare systems accept a significant financial burden due to some of these chronic diseases, such as hypertension, diabetes, and cardiac conditions.

As a result, healthcare organizations, 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 as well as the rising cost burden associated with them.

Through various campaigns and awareness programs, healthcare organizations on a national and regional scale have actively encouraged routine diagnosis. As a direct result of this, there has been an increase in the general public’s awareness of products and devices that can diagnose and monitor vital signs. In addition to market players leading wearable devices with a variety of vital sign observing capabilities, such as heart rate, SpO2, blood glucose levels, etc., the aforementioned factors have resulted in a considerable rise in consumer and patient demand for these devices.

Restraining Factors

Higher Cost of Maintenance of Wearable Medical Devices to Limit Their Adoption

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. These gadgets frequently come with chips, batteries, sensors, and other accessories that require regular replacement.

The costs of these accessories result in a considerably greater cost of ownership when added to the 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.

Growth Opportunities

Rapid Development in the Home Healthcare Market

The Home healthcare market is composed of rapid development because of factors such as increasing receiving of telehealth and the untapped potential of developing regions. A significant opportunity in the market is the rising authorization of Artificial Intelligence and other technology. AI can utilize 5G to predict a patient’s potential for diagnosis and treatments. The use of novel tools and technologies is projected to give high-growth prospects in the wearable medical devices market.

Trending Factors

Wearable Medical Device Trends in the Market

The wearable medical device has developed a trend in the healthcare industry as wearable technology has gained popularity in recent years. Wearable devices have since been used to gather or transfer biometric data. Most purchasers of these products are forward-thinking and likely to try new things. Sales of wearable medical devices are anticipated to be fueled by a growing number of adopters and inventions in both developing and developed nations.

Product Analysis

The Diagnostic Segment Holds dominates the Market Share

On the basis of product, the global wearable medical devices market is segmented into diagnostic, patient monitoring, and therapeutics. Among these diagnostic segment holds the leading share of 53% in 2022, due to the rising prevalence of chronic diseases, increasing available income amongst the population, and products offered by market players. The growing dominance of neurological disorders is the major factor affecting the growth of the segment.

The therapeutic segment is expected to grow at a significant pace due to the distinct benefits offered by this device, such as precise dosing, ease to use, and can perform many functions.

By Application Analysis

The Sports and Fitness Segment Dominates the Market Growth

On the basis of application, the global medical wearable device market is divided into home healthcare, remote patient monitoring, sports, and fitness. Among them, the sports and fitness segment held the largest market share in 2022. The primary factors that have led to the dominance of this market include the shift in adult preferences toward 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, connect, and control tools, were incorporated into this brand-new device. The segment of home healthcare and remote patient monitoring held the second-largest share. During the forecast period, this market will grow primarily due to the expanding geriatric population in both developed and developing nations and the rising incidence of chronic diseases among elderly patients.

By Distribution Channel Analysis

Online Distribution Segment to Grow Significantly During the Forecast Period

Based on the distribution channel the global wearable medical devices market is divided into hypermarkets, online distribution, and retail pharmacies based on the distribution channel. The online distribution segment is expected to anticipated to hold the highest revenue share of 36% during the forecast period. The retail pharmacies sector also dominated the global market and is expected to expand at a higher CAGR over the forecast period.

The strong focus of market players on retail channels in emerging nations and the rising population’s demand for self-monitoring and noninvasive monitoring and diagnostic devices account for the dominance. Due to the growing preference of wearable device buyers in metropolitan and capital cities for e-commerce platforms, the online distribution sector is expected to expand at a significant CAGR.

Key Market Segments

By Product

• Diagnostic
• Patient Monitoring
• Therapeutics

By Application

• Home Healthcare
• Remote Patient Monitoring
• Sports& Fitness

By Distribution Channel

• Retail Pharmacies
• Online Distribution
• Hypermarkets
• Others

Regional Analysis

North America dominated the Largest Market Revenue Share and is Anticipated to Retain its Dominance over the Forecast Period.

North America holds the highest revenue share of 38.1%. During the forecast period, due to the increasing prevalence of cardiovascular disorders, diabetes, 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 attributable to a large group of geriatric patients suffering from chronic disorders, coupled with the increasing disposable income of young individuals on advanced technologies. These factors are improving the approval of these wearable devices in the region. For example, according to the data published by the World Health Organization (WHO), the German population aged 65 and above was reported to be suffering from at least one of the chronic diseases.

In the Asia Pacific, the market is anticipated to observe exponential growth over the forecast period. Major factors enhancing market growth are favorable government initiatives for the use of such wearable medical instruments, a growing geriatric population base, and rising healthcare expenditure in this region. The rest of the world is considered for a relatively lower market share due to a huge untapped market.

Key Regions

• 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

Key Players Analysis

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, including partnerships, mergers and acquisitions, and portfolio expansion. The global market is fragmented with the presence of prominent key players.

Key players functioning in the global medical device market include Xiaomi Technology Co, Ltd., SAMSUNG, BD, Neurometrix Inc., OMRON Corporation, Vital Connect, and other key players. Market players adopt growth strategies of such as new product launches, new product development, and product approval.

Key Market Players

The following are some of the major players in the global wearable medical devices market industry.

• BD
• NeuroMetrix, Inc.
• Ypsomed
• Fitbit, Inc.
• Apple Inc.
• Sonova
• Omron Healthcare, Inc.
• Samsung Electronics Co., Ltd.
• AiQ Smart Clothing
• OMRON Corporation
• Garmin Corporation
• Phillips
• Basis Science
• Vital Connect
• Xiaomi Technology Co, Ltd.
• Medtronic Plc.
• Biotelemetry Inc.
• Dexcom Inc.
• Biotricity Inc.
• Motorola Solutions Inc.
• Boston Scientific Corporation
• Nike, Inc.
• Animas Corporation
• Koninklijke Philips N.V.
• Verily Life Sciences
• LifeWatch AG
• Garmin Ltd.
• Honeywell International Inc.
• LG Electronics Inc.
• Other Key Players

Recent Developments

• April 2022: Fitbit, Inc. received clearance to use its passive cardiac rhythm monitoring technology.
• July 2021: OMRON Healthcare, a company that focuses on health monitoring and therapy, has released OMRON Complete, its first single electrocardiogram (ECG) and blood pressure (BP) observer for home usage.
• May 2021: Biobeat, a key company in wearable remote patient monitoring solutions for the healthcare continuum, declared the introduction of a new wearable and continuous ambulatory blood pressure monitoring (ABPM) chest-monitoring device. The company’s ABPM solution is the world’s only less ABPM solution. Each sterile, disposable monitor is sent by courier directly to the patient’s house.
• January 2021: The Samsung Health Monitor app will soon be available in more than 31 countries, according to Samsung. Users can use the Samsung Watch3 and Watch Active2 to track their blood pressure and ECG. The app is available for both iOS and Android devices and allows users to keep updated about their health at their convenience.

Report Scope