USD 21.32 billion
Report ID:
SQMIG35A2674 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
61
|Figures:
75
Global Wearable Medical Devices Market size was valued at USD 32.6 Billion in 2022 and is poised to grow from USD 40.88 Billion in 2023 to USD 249.97 Billion by 2031, at a CAGR of 25.40% over the forecast period (2024–2031).
The wearable medical devices market is experiencing significant growth driven by the growing integration of wearable medical devices with digital healthcare platforms, increasing improvements in machine learning and AI, and growing emphasis on preventive health. These factors along with the rise and popularity of biosensor technologies useful in tracking different health metrics and high precision are also driving the market. However, the market is negatively impacted by the lack of standardization and legal and ethical issues. Lack of universal standards for these devices may result in variations in quality, compatibility, and performance. Proper standardization can ensure reliability and consistency in different manufacturers and devices. Moreover, concerns with consent, data ownership, and misuse of health data may hinder the adoption of these devices. Yet, a few opportunities seen in the market include growing improvements in machine learning and AI, and expansion in the developing markets.
US Wearable Medical Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 21.32 billion
Largest Segment
Diagnostic Devices
Fastest Growth
Diagnostic Devices
Growth Rate
25.7% CAGR
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The Global Wearable Medical Devices Market is segmented by Product Type, Site, Application, Grade Type, Distribution Channel, and Region. Based on Product Type, the market is segmented into Diagnostic Devices, Sleep Monitoring Devices, Electrocardiographs Fetal and Obstetric Devices, Neuromonitoring Devices, Therapeutic Devices, Insulin/Glucose Monitoring Devices, Rehabilitation Devices, and Respiratory Therapy Devices. Based on Site, the market is segmented into Handheld, Headband, Strap/Clip/Bracelet, Shoe Sensors, and Others. Based on Application, the market is segmented into Sports & Fitness, Remote Patient Monitoring, and Home Healthcare. Based on Grade Type, the market is segmented into Consumer-Grade Wearable Medical Devices and Clinical Wearable Medical Devices. Based on Distribution Channel, the market is segmented into Pharmacies, Online Channel, and Hypermarkets. By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Product Type
Based on product type, the wearable medical devices market is categorized into diagnostic devices, sleep monitoring devices, electrocardiographs fetal and obstetric devices, neuromonitoring devices, therapeutic devices, insulin/glucose monitoring devices, rehabilitation devices, and respiratory therapy devices. The diagnostic devices segment holds the majority share of the market owing to the mounting demand for real-time monitoring. Diagnostic devices provide unbroken monitoring of vital parameters like blood pressure, heart rate, and glucose, which is important for detecting early health issues and management of chronic diseases. The growing number of patients of chronic illness is propelling the demand of these devices, thus impacting the segment growth.
On the other hand, the therapeutic devices segment is anticipated to grow at a considerable rate owing to the increasing need to manage chronic diseases. Therapeutic devices address the growing need for better management of chronic illnesses. They offer on-demand or continuous therapy, which is important for the efficient management of these illnesses. Moreover, advancements in these devices, making them more efficient and convenient, are propelling the segment growth.
Analysis by Application
Based on application, the wearable medical devices market is categorized as sports & fitness, remote patient monitoring, and home healthcare. The home healthcare segment is projected to hold a significant share of the market in the coming years owing to growing demand for remote monitoring and cost-effectiveness offered. The growing demand for remote health monitoring is propelling the use of wearable devices. These devices enable patients to observe their health parameters from the comfort of their homes, reducing periodic hospital visits. This makes the use of wearable devices economic as compared to traditional hospital visits and stays. These factors will drive the segment growth in the coming years.
However, the remote patient monitoring segment is expected to lead the market in the forecast period due to the rising inclination towards remote care. The inclination towards remote care has accelerated from the pandemic period, fueled by the demand for constant monitoring outside healthcare facilities. Remote patient monitoring also allows doctors to keep track of their patients’ health from a distance in real-time, further propelling the segment’s growth.
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Region-wise, North America held a dominant share of the market in the previous years and is expected to lead over the forecast period as well due to advanced healthcare infrastructure and growing consumer demand and awareness. The leading well-developed nations like the United States and Canada hold established healthcare network with improved infrastructure and major investments in healthcare IT. This aids the broader adoption of wearable devices. Moreover, growing consumer acceptance of wearable devices in the region is fueling the market growth. The leading providers of wearable devices in North America include Garmin Ltd, Apple Inc., Fitbit, Philips, and more.
The wearable medical devices market in Asia-Pacific is growing at a speedy pace owing to speedy technological adoption. Nations like South Korea, China, and Japan are leading in technological advancements. They are making notable improvements in wearable technology, providing patients with high efficiency and convenience of monitoring their health from home. Technological development comprises connectivity features and sensors, triggering the growing demand, and hence the market growth in the region.
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Drivers
Growing Incidences of Chronic Diseases and Geriatric Population
Reduction of Healthcare Costs and Telemedicine Integration
Restraints
Data Security and Privacy Concerns
Regulatory and Compliance Concerns
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Wearable Medical Devices Market providers need to focus on maximizing their business scope by reaching into new markets and developing wearable medical devices for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new wearable medical devices companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future.
Wearable Medical Devices Market Top Player’s Company Profiles
Wearable Medical Devices Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, advancements in technologies and growing cases of chronic diseases are fueling the wearable medical devices market. However, high priced wearable medical devices and reliability and accuracy concerns are some of the major hampering factors for wearable medical devices market growth. North America is anticipated to lead the market due to growing technological developments, supportive government regulations, and heavy healthcare investments. Moreover, the growing focus on preventive healthcare and better connectivity and IoT integration are a few opportunities for market growth.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 32.6 Billion |
Market size value in 2031 | USD 249.97 Billion |
Growth Rate | 25.40% |
Base year | 2023 |
Forecast period | 2024–2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Wearable Medical Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wearable Medical Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wearable Medical Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Wearable Medical Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35A2674