Wearable Medical Devices Market is expected to expand at a CAGR of 28.1% by 2030

Wearable Medical Device Industry Overview

The global wearable medical device market size was valued at USD 21.3 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 28.1% from 2022 to 2030. The growth of industries such as home healthcare and remote patient monitoring devices is anticipated to influence market growth. In addition, increasing focus on fitness and a healthy lifestyle orientation are also expected to impact the market. A surge in product demand during the COVID-19 pandemic and increasing awareness about personal health monitoring are expected to be some of the major market drivers.

Also, due to the sedentary routine, the incidence and prevalence of lifestyle-associated disorders, such as diabetes and hypertension, are projected to increase over the forecast period. Some of these diseases demand continuous monitoring of several physiological parameters, for instance, blood sugar levels and blood pressure. This allows the amalgamation of healthcare data with portable medical devices, which can then be forwarded to physicians to have real-time access to data and minimize errors. Moreover, the rising mortality rate due to non-communicable diseases is the major reason for concern demanding more focus on personalized monitoring and care. This is ultimately anticipated to further increase the demand for wearable medical products.

Gather more insights about the market drivers, restraints, and growth of the Global Wearable Medical Device market

The outbreak of the COVID-19 pandemic has extended the role of wearable medical devices in the healthcare trade. Various companies are entering the landscape, with innovative wearable products that can help detect the early warning signs of viral infections. For example, Ava Bracelet, which is primarily used as a fertility tracker, is now being leveraged to help in combating the coronavirus. This bracelet tracks heart rate variability, breathing rate, and skin temperature making it useful in tracking symptoms of the virus. This offers a unique opportunity during this pandemic.

The rising prevalence of chronic diseases along with increasing mortality rates is a major area of concern among people as well as government organizations. Thus, healthcare providers are offering personalized care including continuous and remote patient monitoring. Also, these can be worn for 24 hours without affecting the routine life. Hence, considering the various advantages that it offers, the demand for wearable medical devices is projected to boost over the forecast period.

Increasing attention on fitness is a high-impact rendering driver for the market. Various wearable medical products and software have been developed for the management of weight and fitness. Usually, wristbands are connected with cell phones that display real-time tracking of activities such as steps walked, calories burned, calorie intake, miles a person ran, etc. By compiling all the data together, vital information such as the body mass index is obtained. The regular study of these statistics helps in providing a good health plan to individuals as well as healthcare professionals. Also, the fitness club count is seen increasing in recent years. According to the 2019 IHRSA Global Report, there are around 183 million users of fitness clubs globally.

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Home Healthcare Market - The global home healthcare market size was valued at USD 336.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.93% from 2022 to 2030.

Remote Patient Monitoring System Market - The global remote patient monitoring system market size was valued at USD 4.4 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 18.5% over the forecast period.

Wearable Medical Device 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)

• Diagnostic Devices
• Therapeutic Devices

Wearable Medical Devices Site Outlook (Revenue, USD Billion, 2018 - 2030)

• Handheld
• Headband
• Strap/Clip/Bracelet
• Shoe Sensors
• Others

Wearable Medical Devices Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Sports And Fitness
• Remote Patient Monitoring
• Home Healthcare

Wearable Medical Device Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Market Share Insights

November 2020: Royal Philips and African Union announced a partnership to strengthen healthcare infrastructure and enhance access to care in African Union Member States by improving access to medical equipment.

November 2020: Royal Philips announced the introduction of Philips Ventilator BiPAP A40 EFL. This initiative would help the company in expanding its home healthcare portfolio for COPD patients.

Key Companies profiled:

Some prominent players in the global Wearable Medical Device market include -

• Philips Electronics
• Fitbit
• Basis Science
• Garmin
• Covidien
• Omron Corp.
• Withings
• Vital Connect
• Polar Electro
• Intelesens
• Everist Genomics
• Intelesens
• Sotera Wireless

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Wearable Medical Devices Market Key Players, Competitive Strategies, and Forecasts

 27 May 2019, The global wearable medical devices market is estimated to develop at a CAGR of 9.82% for the duration of the prediction. Growing demand for technically innovative wearable medical devices, growing alertness about physical appropriateness, arrival of new-fangled smartphone linked healthcare applications, and increasing demand for wireless connectivity in the healthcare business are the important reasons boosting the general business. Additionally, continuous development of home-based healthcare and checking of patients at distance are projected clearly inspire the wearable medical devices market.

The market on the source of Type of Application could span Home-based Healthcare, Remote Patient Monitoring, and Sports & Fitness. The subdivision of Home-based Healthcare ruled the application division and is projected to preserve its supremacy above the prediction period due to growing technical progression in therapeutic merchandises to pervade greater precision and stress-free practice by persons deprived of specialized help.

The wearable medical devices market on the source of Type of Position could span Shoe Sensors, Headband, Strap, Handheld, Bracelet, Strap and Clip. The subdivision of Strap, Handheld, Bracelet, Strap, Clip devices is estimated to hold around 40.0% stake of the income in the market.

The market on the source of Type of Product could span Therapeutic Devices, Diagnostic. The subdivision of Diagnostic ruled the product section during the year 2014. This is credited to the growing uses of diagnostic and monitoring products in remote patient monitoring and home-based healthcare. Yet, the subdivision of therapeutic is expected to display profitable development above the prediction period, due to growing demand with increasing patient.

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The market on the source of Area with respect to Trades in terms of intake, Profits, Market stake, and Development percentage in these areas, for the duration of the prediction could span North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

By the source of geography, North America held the biggest stake of the international market during the year 2015. The issues for example increasing occurrence of long-lasting sicknesses for example fatness, cardiac sickness and diabetes, could be credited to the area’s biggest stake of the market. Furthermore, growing use of remote patient observing and home-based care for the determination of consistent, nonstop, and long-standing observing of patients together with the necessity for dropping the incidence of hospital appointments, projected to power the progress of this market above the prediction period.

The Asia Pacific is estimated to be the profitable market above the prediction period due to the speedy outline of technically progressive arrangements. Most important reasons driving the development of the market are promising government inventiveness for usage of such therapeutic merchandises, growing elderly inhabitants, and growing expenses on healthcare in this area.

Wearable Medical Devices Market

Japan is the leading contributor to the market in the Asia Pacific, due to the greater spending on healthcare and increasing R&D. However, China and India are estimated to progress with speedy development percentage above the prediction period. Due to the increasing elderly and sick residents together with the necessity for the fitness administration of the residents, by this means increasing spending on healthcare.

In contrast, Europe is projected to be motivated owing to the escalation in elderly residents, in the nations like the U.K. and Germany. This is, eventually, estimated to witness greater acceptance of continuous monitoring. The overall expenditure incurred on healthcare by the European nations is refining the healthcare arrangement in the area.

The statement revises Trades in terms of intake of wearable medical devices in the market; particularly in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. It concentrates on the topmost companies operating in these regions. Some of the important companies operating in the field are Everist Genomics, Polar Electro, Covidien Plc, Withings, Pebble Technology Corp., Sot era Wireless, Vital Connect, Fitbit Inc., Philips Electronics, Life Watch AG, Intelesens Ltd, Basis Science Inc., Jawbone, Omron Corp., and Garmin.

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