Wearable Medical Devices Market

Wearable Medical Devices Market Size (2023 to 2028)

As per our analysis report, the global wearable medical devices market size is forecasted to be worth USD 23524 Million by 2028 from USD 9297.77 Mn in 2023. The market is growing at a remarkable compound annual growth rate (CAGR) of 20.40% from 2023 to 2028.

Wearable Medical Devices Market Share Insights

• Based on the therapeutic wearable devices, the glucose/insulin monitoring devices segment had the largest market share in the wearable medical devices market worldwide during the forecast period.
• Based on the therapeutic application, the home healthcare segment had the largest market share in the wearable medical devices market worldwide during the forecast period.
• North America was the largest regional segment worldwide and held 40.1% of the global market share in 2022.
• Europe had the second-largest share of the worldwide market in 2022.

Wearable medical devices track physical activities, heartbeat monitoring, and others. These devices are accurate in tracking physical fitness measurements while doing exercises. Wearable medical devices are comfortable, user-friendly, and opting as an option for home healthcare, increasing customers' focus on leading a healthy lifestyle and maintaining fit. It may become an extensive application in home healthcare, sports, and remote patient monitoring. Some of the wearable medical devices also show the calories burnt. The invention's design comes with sensors, software, and connectivity products. In the medical field, wearable medical devices play a vital role. These devices help to track several parameters like the patient's heartbeat and others. Also, it helps to improve the quality of care by the physicians, which provides health assessment. Wearable medical devices are more accurate and help individuals self-assess and promote earlier diagnosis.

MARKET DRIVERS:

Y-O-Y growth in the customer preference for fitness apparel, primarily among young people, accelerates the global wearable medical devices market growth.

Wearable medical devices are gaining popularity and improved technology by key market players due to increasing technological advancements and innovations. Wearable medical devices can connect with Android and IOS applications. As a result, a user can track physical fitness accurately; the global market for wearable medical devices is growing tremendously due to their convenient and reliable features. Increasing incidences of chronic diseases across the world, the rise in the utilization of smartphones and laptops, awareness of the internet of things, and the increase in the concern towards health in many areas are accelerating the growth of the global wearable medical devices market.

The launch of wearable devices for various diseases like obesity, sleep apnea, diabetes, chronic obstructive pulmonary device, and others increases the demand for these products. In addition, the increasing prevalence of remote patient monitoring and personalized medicine globally is elevating the market's growth.

The growing adoption of technological advancements in manufacturing wearable medical devices and the increasing number of market participants are fuelling the market’s growth rate.

Many rising companies are now focussing on the wearable medical devices market and launching new products that are more fashionable and help encourage remote healthcare services. For example, A novel wearable gadget that enables remote patient monitoring was made commercially available by Golden, a Colorado-based BioIntelliSense Inc. Using the medical-grade BioButton Rechargeable gadget, more than 20 biometrics and vital signs may be continuously monitored remotely. Additionally, Sony, a consumer electronics manufacturer, entered the mobile health technology sector with a business-to-business wearables solution competing with apple, Fitbit, etc. Sony introduced the mSafety platform at the Connected Health Conference in Boston, and a formal release of the product is scheduled for 2020. The device has features like remote health monitoring, mobile health apps, and a cloud-based backend. Solution. Furthermore, GOQii, a manufacturer of preventative healthcare equipment, unveiled its Smart Vital Ultra and GOQii Stream products, which aim to encourage young people and adults to live healthy and active lives.

MARKET RESTRAINTS:

The costs associated with some of the high-end and advanced featured devices are very high. As a result, ordinary people cannot afford them, slightly restraining the demand for the wearable medical devices market. In addition, the lack of technicians to solve the complications that arise in real-time applications degrades the market's growth.

Impact of COVID-19 on the global wearable medical devices market:

The COVID-19 pandemic has had a profound impact on lifestyles worldwide. With the global economic downturn reaching trillions of dollars, there is a lot of speculation that the recovery period could continue until early next year. Due to the high cost, the current demand for wearables is low. But in a way, it is helpful for people at home and helps them know their daily health in this pandemic. Shortly, the demand for these devices is expected to increase further as some portion of the patient population is not willing to visit the hospitals for their regular check-ups and depend upon the technological solutions and devices to track and monitor their health, which is eventually expected to favor the wearable medical devices market.

 REPORT COVERAGE:

This research report on the global wearable medical devices market has been segmented and sub-segmented based on diagnostic wearable devices, therapeutic wearable devices, applications, and regions.

Wearable Medical Devices Market - By Diagnostic Wearable Devices:

• Wearable Electro-Cardiographs 
• Wearable Sleep Monitoring devices
• Heart Rate Monitors
• Blood Pressure Monitors
• Activity Monitors
• Electro Encephalogram

Based on the diagnostic wearable devices, the blood pressure and activity monitor segments are projected to account for most of the wearable medical devices market during the forecast period. In addition, activity monitors help correct and real-time measurement of instructions required for controlling physical fitness, which allows the market to grow. Globally, the blood pressure monitors market is predicted to grow at a CAGR of 8.4% between 2023 and 202.

The wearable electro-cardiograph segment has been severely impacted by the recent COVID-19 pandemic and is estimated to decline in its growing CAGR in a couple of years.

The wearable sleep monitoring devices segment is one of the lucrative segments and is predicted to register a CAGR of 14.5% during the forecast period. The demand for these products has grown significantly recently due to the technological advancements associated with these devices and their cost-friendliness.

The heart rate monitor segment is projected to grow at a CAGR of 15.2% during the forecast period. Increasing awareness of these devices and growing consciousness of heart health are majorly driving this segment's demand.

Wearable Medical Devices Market - By Therapeutic Wearable Devices:

• Pain Management Devices
• Glucose/Insulin Monitoring Devices
• Respiratory Therapy Devices

Based on the therapeutic wearable devices, glucose/insulin monitoring devices are projected to continue their demand and are predicted to register a CAGR of 8.1% from 2023 to 2028. In addition, the increasing number of patients with diabetes will increase the market's growth rate in the coming years.

The size of the pain management devices market is to hike at a CAGR of 9.1% during the forecast period, and expected that the future for this segment would be more lucrative than in the past.

The respiratory therapy devices market segment is expected to register a healthy growth rate during the forecast period.

Wearable Medical Devices Market - By Application:

• Sports and Fitness
• Home Healthcare
• Patient Monitoring 

Based on the application, the home healthcare segment for wearable medical devices is believed to have the highest share. It is expected to grow to produce profits during the analysis period. The increasing significance of home healthcare services is propelling the market growth.

The fitness and sports segment is anticipated to thrive in the upcoming years. Sports-related wearable devices like waistbands or skin patches use Bluetooth and GPS technology and provide real-time data. The growing tendency for sports and exercise activities also propels the market's growth rate. In addition, increasing awareness of maintaining a healthy lifestyle is likely to fuel the market's demand.

Wearable Medical Devices Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Regionally, the North American wearable medical devices market occupied the most significant share worldwide in 2021 and is anticipated to dominate throughout the forecast period. North America dominates the whole market for portable medical devices, with the United States becoming the main contributor to the market. North America has taken most of the market share and is expected to maintain its dominant position over the forecast horizon. Rising investments in healthcare centers by the government and the development of various devices with the latest technologies magnify the market demand. Also, increasing focus on leading healthy lifestyles by changing food habits and adopting fitness activities in daily life escalates the market demand in this region. The penetration rate of adult wearers in the United States was 15.5% in 2016, which increased to 20.3% in 2018 and is projected to increase to 25.3% by 2022, according to a 2019 report by Yoram Wurmser.

The European wearable medical devices market accounted for a substantial share of the global market in 2021. Launching various feasible healthcare applications for smartphone users is broadening the market demand. Also, increasing demand for early diagnosis procedures is outshining the market's growth. The European market is also expected to witness growth due to the presence of key market players in the region and the rising awareness regarding the importance of remote healthcare and increasingly digitalizing populations in countries like the U.K., France, Germany, Italy, Etc. In addition, the market in Latin America, and Middle east, and Africa is also showing growth, but the market has drawbacks in the region due to a lack of awareness. 

The APAC wearable medical devices market is estimated to grow at the highest CAGR during the forecast period owing to the growing usage of wearable medical devices among the younger population, the rising geriatric population, and the device production rate. 

The Latin American wearable medical devices market is estimated to grow at a steady CAGR during the forecast period.

The MEA wearable medical devices market is predicted to hold a moderate CAGR in the coming years.

KEY MARKET PLAYERS:

Some of the most promising companies operating in the global wearable medical devices market profiled in the report are Fitbit (United States), Philips (Netherlands), LifeWatch (Switzerland), Garmin (Switzerland), Omron (Japan), Drägerwerk (Germany), Nokia Technologies (United States), Jawbone (United States), Polar (Finland), Wor(l)d Global Network (United States), Active insights (United Kingdom), VitalConnect (United States), Xiaomi (China), Misfit (United States) and Monica Healthcare (United Kingdom).

RECENT HAPPENINGS IN THE MARKET:

• In October 2022, As part of its Series A funding round, the award-winning wearable medical device startup Acurable announced an investment of €11 million. These funds will quicken the international rollout of the company's initial product, the AcuPebble SA100, and get the business closer to its goal of becoming the go-to option for at-home sleep testing globally. Following the successful introduction of AcuPebble SA100 in the UK and Spain in 2021, Acurable seeks to increase its presence in these two nations and diversify into other European and North American markets. The AcuPebble SA100 is the first wearable medical device to get the FDA 510(k) clearance in the US and the CE mark in Europe for automated home diagnosis of obstructive sleep apnea.
• In October 2022, mjn-neuro, a startup that designs, manufactures, and markets medical devices, and Neuraxpharm Group (Neuraxpharm), a leading European specialty pharmaceutical company focused on the central nervous system (CNS), today announced the signing of a commercialization agreement for mjn-SERAS. This wearable medical device aims to predict the risk of having an epileptic seizure. All EU members, the UK, Norway, Iceland, Liechtenstein, and Switzerland, are included in the agreement with mjn-neuro. This is an important milestone for the business as it prepares to penetrate the markets for wearable medical devices and digital health.
• In October 2022, With its continuous glucose monitoring (CGM) technology, Dexcom became a pioneer in diabetes technology. Its newest Dexcom G7 CGM has already been sold in several foreign nations. However, the wearable device, which is 60% smaller than the G6 model, is still awaiting FDA approval.