Global Wearable Medical Devices Market Outlook, Trends And Future Opportunities (2023-2030)

Global Wearable Medical Devices Market Outlook, Trends And Future Opportunities (2023-2030)

Global Wearable Medical Devices Market, Product Type ((Diagnostic and Patient Monitoring Wearable Medical Devices - Smart-watches, Activity monitors, Smart-clothing, Others), Therapeutic wearable medical devices - Wearable defibrillators, Drug delivery devices (Injectors, patches), Pain management devices (EMS, TENS), Hearing aids, Others)), Application (Remote patient monitoring and home healthcare, Sports and fitness, Distribution Channel, Retail Pharmacies, Hypermarkets, Online Pharmacies), Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) The report offers a comprehensive view of the market from supply as well as demand side to help take informed decisions.

  • Published On: Sep 2023
  • Report ID: IDA41
  • Region: Global
  • Format: PDF/EXCEL

Wearable medical devices are technology embedded products that are used by patients and consumers alike for health monitoring purposes. Wearable medical devices are increasingly being used in health and wellness industry due to factors such as portability, remote health monitoring, and technological advancement. Wearable medical devices are electronic devices such as smart watches, fitbits, wristbands, and other accessories. These devices utilize sensors to collect, analyze, and track users data such as vital signs which can then be utilized to develop more personalized offerings, and healthcare monitoring.

Market Drivers and Restraints:

  • Advancement in the wearable technology has supported global wearable medical devices market growth over the past few years. For example, devices such as skin patches, advanced ECG and CGM sensors have revolutionized the wearable technology industry. 
  • Established global organizations as well as start-up’s have introduced several advanced devices in the recent past. On November 03, 2022, NeuroMetrix, Inc. launched its Quell Fibromyalgia device through the Pathfinder Program. Quell Fibromyalgia is the first and only wearable neuromodulator authorized by the U.S. Food and Drug Administration (FDA) to help reduce the symptoms of fibromyalgia.

However, there are certain limitations associated with these devices such as security issues, and patient or user discomfort. Also, human factors such as comfort, ease of mobility, error-free usage for users means manufacturers have to focus on incorporating smaller devices and functions into lesser space. These factors are expected to restrain global wearable medical devices market growth up to certain extent.   

Global Wearable Medical Devices Market accounted for US$ 35.6 Bn in 2022 and is expected to witness a CAGR of 23.9% over the forecast period (2022-2030) to reach US$ 197.5 Bn by 2030

Competitive Landscape:

The global wearable medical devices market is fairly fragmented with multinational corporations and smaller companies operating in the industry. Leading companies operating in the market are offering advanced wearable home healthcare devices, and wearable patient monitoring solutions.

We have employed tools and techniques such as PEST analysis, SWOT analysis, PORTER’s analysis, BCG matrix to provide competitive and market intelligence.

Some of the prominent players operating in the market are:

  • Koninklijke Philips N.V.
  • Medtronic Plc
  • Sonova
  • Apple Inc.
  • Sotera Wireless
  • Omron Corporation
  • Polar Electro
  • Everist Health
  • Intelesens Ltd
  • Fitbit Inc.
  • Withings
  • Vital Connect
  • Garmin Ltd.
  • Ypsomed

Key Insights

Description

The market size in 2021

USD 28.7 Billion 

CAGR (2021 - 2030)

23.9%

The revenue forecast in 2030

USD 197.5 Billion

Base year for estimation

2021 

Historical data

2017-2020

Forecast period

2022-2030

Quantitative units

Revenue in USD Billion, and CAGR from 2021 to 2030

Market segments

Product Type, Application, Distribution Channel, Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East, and Africa

Market Drivers

  • Technological advancement
  • Products launches

Market Restraints

  • Security issues
  • Regulatory challenges

Competitive Landscape

Koninklijke Philips N.V., Medtronic Plc, Sonova, Apple Inc., Sotera Wireless, Omron Corporation, Polar Electro, Everist Health, Intelesens Ltd, Fitbit Inc., Withings, Vital Connect, Garmin Ltd., Ypsomed

Segments Covered in the global wearable medical devices market report:

The global wearable medical devices market is segmented based on product type, application, distribution channel, and region as follows:

  • Product Type (Revenue, USD Billion; 2022–2030)
    • Diagnostic and Patient Monitoring Wearable Medical Devices
      • Smart-watches
      • Activity monitors
      • Smart-clothing
      • Others
    • Therapeutic wearable medical devices
      • Wearable defibrillators
      • Drug delivery devices (Injectors, patches)
      • Pain management devices (EMS, TENS)
      • Hearing aids
      • Others
  • Application (Revenue, USD Billion; 2022–2030)
    • Remote patient monitoring and home healthcare
    • Sports and fitness
  • Distribution Channel (Revenue, USD Billion; 2022–2030)
    • Retail Pharmacies
    • Hypermarkets
    • Online Pharmacies
  • Region (Revenue, USD Billion; 2022–2030)
    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • ASEAN
      • Rest of APAC
    • Latin America
      • Brazil
      • Mexico
      • Rest of LATAM
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • Rest of ME

Frequently Asked Questions

The current market size of the Wearable Medical Devices industry is estimated to be USD 44.6 billion (as of 2023).

Increasing prevalence of chronic diseases, rising demand for personalized healthcare, and technological advancements are driving the growth of the wearable medical devices market.

High cost of devices and lack of reimbursement policies are key factors hampering the growth of the wearable medical devices market.

Wristwear is the leading component segment in the Wearable Medical Devices Market.

Apple, Fitbit, Samsung, Garmin, and Philips are some of the major players operating in the wearable medical devices market.

The wearable medical devices market is expected to grow at a CAGR of 23.9% to reach US$ 197.5 billion by 2030.
Select License Type
Download FREE Sample Customize As Per Need Buy Now