What is the global market size of Wearable Medical Devices Market?

Wearable Medical Devices Market size was valued at USD 21.32 billion in 2021 and is poised to grow from USD 26.8 billion in 2022 to USD 167 billion by 2030, growing at a CAGR of 25.7% in the forecast period (2023-2030).

Who are the key vendors in the Global Wearable Medical Devices Market?

The global wearable device market is highly competitive, characterized by the presence of several key players striving for market dominance. These companies face intense competition as they continuously innovate and introduce new features to attract customers. Key areas of competition include device design, health tracking capabilities, battery life, connectivity, app ecosystems, and user experience. Additionally, partnerships with healthcare providers, integration with health platforms, and collaborations with fashion brands are strategies employed to gain a competitive edge in the global wearable device market. 'Philips Electronics (Netherlands)', 'Fitbit (US)', 'Basis Science (US)', 'Garmin (US)', 'Covidien (Ireland)', 'Omron Corp. (Japan)', 'Withings (France)', 'Vital Connect (US)', 'Polar Electro (Finland)', 'Verist Genomics (US)', 'Intelesens Ltd. (UK)', 'Sotera Wireless (US)', 'Apple Inc. (US)', 'Huawei Technologies Co. (China)', 'Activinsights Ltd. (UK)', 'MINTTIHEALTH (China)', 'Imec (Belgium)', 'Intelesens Ltd (UK)', 'Biobeat (Isreal)', 'Samsung Electronics Co. Ltd (South Korea)'.

What is the key driver of Global Wearable Medical Devices Market?

The significant rise in the older population could cause chronic diseases to spread more widely and boost demand for medical equipment. Governmental organisations are aiding in the management of chronic diseases that are escalating by increasing death rates. To provide individualized care, healthcare practitioners use remote and continual patient monitoring. The need for medical equipment is expanding along with people's knowledge of their health. Fitness is becoming more popular, which has increased demand and market share demand. Numerous products have been developed to help people manage their weight and fitness. Real-time monitoring of activities like jogging, walking, calorie burn, food intake, etc. is possible using wearable bands that are connected to smartphones. As a result, 220 million people will utilise fitness centres globally.

What is the key market trend for Global Wearable Medical Devices Market?

By monitoring vital risk factors like blood pressure and glucose, Remote Patient Monitoring (RPM) may enhance the management of chronic illnesses. RPM offers hospitals and end users a number of benefits, including a decrease in lengthy hospital stays, cheap healthcare costs, and fewer doctor visits. Additionally, this may assist in reducing the expense of treating chronic illnesses. The two main drivers driving the growth of RPM services around the world are the rise in the number of people with chronic diseases and the ageing population. The British Heart Foundation estimates that 7.6 million people in the UK will have heart and circulatory disorders. However, these figures can keep increasing as the population gets older, grows, and survival rates from cardiac and circulation problems increase. The need for remote patient monitoring devices is expected to rise further due to the rising prevalence of chronic diseases in developed nations, fueling the expansion of this market.

Which region accounted for the largest share in Global Wearable Medical Devices Market?

North America dominates the global Wearable Medical Devices market. The region accounts for the largest revenue share of 36.9% in 2023. The region is predicted to develop at a rapid rate throughout the forecast period due to the high use of remote patient monitoring and home care devices for frequent, continuous, and long-term patient monitoring and lowering the frequency of hospital visits. Women are far more likely than men to regularly use these gadgets (25% vs. 18%). According to 41% of respondents, it is appropriate for fitness tracker makers to give medical experts access to user data so they can learn more about the link between activity and heart disease. This poll so indicates the acceptance and utilization of wearable technology in the United States. During the forecast period, all of the aforementioned elements are anticipated to fuel the expansion of the wearable medical devices market in the United States.

Wearable Medical Devices Market Size, Share, Growth Analysis, By Product Type(Diagnostic Devices, Sleep Monitoring Devices, Electrocardiographs Fetal and Obstetric Devices, Neuromonitoring Devices), By Site(Handheld, Headband, Strap/Clip/Bracelet, Shoe Sensors), By Application(Sports & Fitness, Remote Patient Monitoring, Home Healthcare), By Grade Type(Consumer-Grade Wearable Medical Devices, Clinical Wearable Medical Devices), By Distribution Channel(Pharmacies, Online Channel, Hypermarkets), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2674 | Region: Global | Published Date: November, 2024
Pages: 157 | Tables: 61 | Figures: 75

Wearable Medical Devices Market Regional Insights

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.

Wearable Medical Devices Market Report Snapshots

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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).

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. 'Philips Electronics (Netherlands)', 'Fitbit (US)', 'Basis Science (US)', 'Garmin (US)', 'Covidien (Ireland)', 'Omron Corp. (Japan)', 'Withings (France)', 'Vital Connect (US)', 'Polar Electro (Finland)', 'Verist Genomics (US)', 'Intelesens Ltd. (UK)', 'Sotera Wireless (US)', 'Apple Inc. (US)', 'Huawei Technologies Co. (China)', 'Activinsights Ltd. (UK)', 'MINTTIHEALTH (China)', 'Imec (Belgium)', 'Intelesens Ltd (UK)', 'Biobeat (Isreal)', 'Samsung Electronics Co. Ltd (South Korea)'

The growing number of patients with chronic illnesses like cardiovascular disorders, diabetes, obesity is propelling the need for constant management and monitoring. These devices offer data in real-time that aid early detection of such diseases and proper management as well. Moreover, growing geriatric population on the global scale is demanding these devices for regular monitoring of vital health signals that will increase their lifespan and give them healthy lifestyle.

Introduction of Smart Hearing Devices: Hearables or smart hearing devices allow bloodless bio-signal collection and crucial sign monitoring depending on voice and audio interactions. Smart earbuds are also used for painless hemodynamic monitoring, speech-recognition-enabled disease management, and activity tracking. Several health applications also incorporate hearables in their platforms to offer digital training, therapies, consultations for different mental and physical health issues.

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Wearable Medical Devices Market Regional Insights

Wearable Medical Devices Market Report Snapshots

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What is the global market size of Wearable Medical Devices Market?

Who are the key vendors in the Wearable Medical Devices Market?

What is the key driver of Wearable Medical Devices Market?

What is the key market trend for Wearable Medical Devices Market?

Which region accounted for the largest share in Wearable Medical Devices Market?

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