The global wearable medical device market size is expected to reach USD 196.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 28.1% from 2022 to 2030. Rising demand for hi-tech products and continuous health monitoring is fueling market growth.
Wearable Medical Devices Market Report Highlights
- The diagnostic devices segment dominated the market in 2021 owing to the increasing disposable income and awareness, and higher healthcare spending
- The strap/clip/bracelet segment dominated the market in 2021 and is expected to continue its dominance over the forecast period
- Home healthcare held a significant share of 54.5% in 2021 owing to the growing geriatric population triggering incidence rates of target diseases
- North America commanded a cumulative revenue share in 2021, due to the increasing application of home care and remote patient monitoring for regular, continuous, and long-term monitoring of patients
- The Asia Pacific region is expected to witness the fastest CAGR over the forecast period. This growth can be attributed to the growing awareness level, increasing disposable income, presence of a large population base, and rising incidence rate of chronic conditions
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Wearable medical monitoring devices are used to monitor vital signs, track medication use, and enable the follow-up of patients. They are becoming more prevalent in the healthcare industry as an instrument for clinical care and scientific research. Medical wearables include sensors, actuators, software, and electronic patches attached to the skin to monitor a patient’s health, identify anomalies, and even treat health conditions. It can be a wearable vital signs monitor, a smart watch glucose monitor, or some wearable pain relief devices. They are fast becoming interconnected among devices and sync data between wearables and mobile phones. In the future, they are expected to harvest energy from converting body heat, movement, or solar energy into power.
The increasing prevalence of obesity coupled with rising awareness about physical fitness is encouraging people to exercise and adopt other fitness-related activities. Wearable devices such as smart bands and smartwatches help in monitoring fitness parameters consisting of calories burned, footstep count, heart rate, and distance covered. The wearable devices companies offer guidance from experts who are certified dieticians or nutritionists, and hence, this business model is also generating hefty demand for these ancillary products and services.
Companies such as Google, Fitbit, Apple, and Nike are working toward the launch of new innovative products, thus portraying a high growth rate in the market. Smartwatches and wristbands are the current focal point of product development and innovation, leading to abundant availability of such instruments. For instance, HealthPatch, a product of Vital Connect, was launched in March 2014. The product is an adhesive patch that can be placed anywhere on the chest and is used to regulate biometrics such as heart rate, skin temperature, body posture, and activities like steps walked.
The COVID-19 pandemic somehow has positively impacted the market owing to the increasing demand for telemedicine. The WHO guidelines of social distancing and avoiding public gatherings increased the adoption of telemedicine among physicians for treating patients from a distance. The growth of telemedicine and expansion of applications to integrate Artificial Intelligence (AI) has led to market growth.
Wearable Medical Devices Market Insights By Demographics
North America accounted for the largest revenue share, owing to the growing prevalence of cardiovascular disorders, diabetes, and cancer within this region.A rise in chronic diseases that need routine monitoring and the presence of sophisticated healthcare infrastructure are further likely to drive market growth. 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.
Competitive Analysis By Major Brands
The key players operating in the market for wearable medical devices are focusing on adopting various growth strategies, such as partnership, mergers & acquisitions, and expansion of product portfolios to retain their market position. Some prominent players in the global wearable medical device market include:
- Philips Electronics
- Fitbit
- Basis Science
- Garmin
- Covidien
- Omron Corp.
- Withings
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Wearable Medical Devices Market Segmentation
Grand View Research has segmented the global wearable medical devices market based on product, site, application, and region:
- Wearable Medical Devices Product Outlook (Revenue, USD Billion, 2018 – 2030)
- Wearable Medical Devices Site Outlook (Revenue, USD Billion, 2018 – 2030)
- Wearable Medical Devices Application Outlook (Revenue, USD Billion, 2018 – 2030)
- Wearable Medical Devices Regional Outlook (Revenue, USD Billion, 2018 – 2030)
- List of Key Players in the Wearable Medical Devices Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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