Global Wearable Medical Devices Market is Forecasted to Hit US$ 197.5 Bn By 2030 | CAGR 23.9%

  • Date: 29 Sep, 2023

Global wearable medical devices market is expected to witness a growth rate of 23.9% to reach US$ 197.5 Bn market size by 2030.

Industry drivers and trends:

Health and wellness industry has seen several product launches in wearable medical devices category over the recent past which has propelled global wearable medical devices market growth. For instance, in November 2022, MyndTec Inc. a company in neurological rehabilitation, launched MyndStepTM, a wearable device intended to provide ankle dorsiflexion in individuals who have a dropped foot as a consequence of an upper motor neuron injury.

Furthermore increasing prevalence of diseases such as diabetes, cardiovascular devices, and other lifestyle diseases has created a need of better patient condition monitoring, minimally invasive treatment, and possibly early diagnosis of diseases. This has resulted in advent of advanced wearable devices which are capable of monitoring patient health, tracking user vital signs, and guiding users towards making better health choices. 

  • Leading and newer players are engaged in collaborations and partnerships which is expected to support global wearable medical devices market growth over the forecast period. For instance, in October 2022, Neuraxpharm Group, a leading European specialty pharmaceutical company focused on the central nervous system (CNS), and mjn-neuro, a start-up that designs, manufactures and markets medical devices, signed a commercialisation agreement for mjn-SERAS, a wearable medical device that aims to predict the risk of having an epileptic seizure.
  • Global wearable medical devices market is a fairly fragmented industry with a few organizations occupying significant market share and multiple smaller and medium sized companies occupying the rest.
  • Some of these organizations are Koninklijke Philips N.V., Medtronic Plc, Sonova, and Fitbit, Inc. among others

Key Takeaways:

  • North America region occupies highest market share in the global wearable medical devices market followed by Europe
  • Diagnostic and patient monitoring segment is expected to hold majority of the market share over the forecast period followed by therapeutic products
  • Online pharmacies segment is expected to show highest growth over the forecast period owing to increased access to internet connectivity, ease of ordering, discounts, and user friendly online interfaces
  • Advancements in sensor technologies is further expected to support global wearable medical devices market growth over the forecast period

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 MEA

Definition:

"Global wearable medical devices market refers to the global market for medical devices that can be worn on the body to monitor and track health data, diagnose and treat medical conditions, and deliver therapeutic interventions. These devices are typically small, lightweight, and easy to use, making them ideal for use in a variety of settings, including homes, hospitals, and workplaces."

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