Wearable Medical Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F

The Wearable Medical Devices Market was valued at USD 24.64 Billion in 2024, and is expected to reach USD 58.46 Billion by 2030, rising at a CAGR of 15.63%. Wearable medical devices encompass a range of healthcare technologies that individuals can wear to monitor and track various aspects of their health. These devices are designed for comfortable and non-invasive use, integrating sensors, connectivity, and data analysis capabilities to collect and analyze relevant health information.

They provide real-time monitoring and feedback, empowering individuals, caregivers, and healthcare professionals to make informed decisions regarding health and wellness. Common types of wearable devices include fitness trackers, smartwatches, heart rate monitors, glucose monitors, and blood pressure monitors. For instance, in January 2024, St. Michael’s Hospital deployed FloPatch, a wearable ultrasound device by Flosonics Medical, in two critical care units. The device provides real-time blood flow assessments, aiding fluid resuscitation decisions for critically ill patients and enhancing precision in critical care treatment.

Wearables not only transmit health information but also offer mental health care by monitoring cognition and mood in real-time, facilitating personalized intervention. The increasing popularity of wearable devices can be attributed to these and other comparable applications. Wearable medical devices are practical and convenient technological tools that offer the additional benefit of internet connectivity for data transmission. These devices are supported by various organizations in managing chronic diseases, which have been on the rise leading to increased mortality rates. Healthcare professionals are able to remotely and continuously monitor patients, providing personalized care.

The primary advantage of wearable medical devices lies in the integration of smart sensors, allowing for the measurement and monitoring of vital physiological parameters such as heart rate, blood pressure, and body temperature. Among other medical Internet of Things (IoT) devices like hearables or ingestible, wearable medical technology has emerged as the most popular choice.

Key Market Drivers

Increasing Prevalence of Chronic Diseases

Chronic diseases, also referred to as non-communicable diseases, are disorders or conditions that are typically not caused by infections but rather by unhealthy habits or behaviors. They can lead to long-term health issues, necessitating extensive treatment. Examples of diseases falling under this category include cardiovascular diseases, diabetes, chronic lung ailments, and various forms of cancer. According to the World Health Organization (WHO), chronic diseases account for nearly 74% of global deaths, with risk factors such as tobacco use, unhealthy diets, physical inactivity, and excessive alcohol consumption contributing to their growth. For instance, according to the NIH in 2024, approximately 422 million people worldwide are living with diabetes, and the global prevalence continues to rise steadily, highlighting the growing burden of this chronic condition on public health systems and the urgent need for effective prevention and management strategies.

Wearable medical devices offer significant benefits to patients with chronic diseases by facilitating diagnosis, monitoring, and disease intensity control. These devices collect substantial amounts of data over time, enabling individuals and healthcare professionals to analyze trends and patterns. This valuable information provides insights into treatment effectiveness, triggers for symptom exacerbation, and the impact of lifestyle modifications. By comprehending these patterns, individuals can make well-informed decisions regarding their health management strategies.

There has been a recent push by consumer wearable device companies to develop devices for comprehensive health monitoring. For example, Apple, Inc. (U.S.) has developed the Apple Watch Series 8, equipped with sensors that can detect abnormal heart rhythms and identify Atrial Fibrillation (AFib). With a 99.6% accuracy in sinus rhythm classification and precise identification of AFib, this watch has received clearance from the U.S. FDA.

Other watches and smart devices are also available to monitor patient vitals and track their health remotely, offering time and cost savings. Continuous glucose monitoring patches, blood pressure monitoring devices, and smart clothing are among the various wearable medical devices available. These factors, combined with healthcare providers' promotion of wearable medical devices, are expected to drive their increased usage and contribute to market growth.

Key Market Challenges

Lack of Awareness in Developing Countries

The lack of understanding among the populace in underdeveloped or developing regions could be a significant concern for the global wearable medical devices market in the coming years. In these locations, where access to education and healthcare resources may be limited, the adoption and acceptance of wearable medical devices may face obstacles. The limited availability and affordability of smart phones and other advanced technologies further add to the challenges in expanding the wearable medical devices market in these regions. Overcoming these barriers will require innovative solutions and collaborations to ensure that the benefits of wearable medical devices reach all individuals, irrespective of their geographical location or socioeconomic status.

Key Market Trends

Technological Advancements in The Field Of Artificial Intelligence

The rapid growth in the volume and complexity of data within the healthcare industry has spurred extensive research and exploration into developing feasible artificial intelligence solutions specifically tailored for wearable medical devices. These cutting-edge advancements aim to revolutionize healthcare by harnessing the power of AI to enhance remote monitoring and patient care.

With the increasing popularity of mobile platforms and a growing preference for remote monitoring in the comfort of one's home, the demand for AI-powered wearable medical devices is skyrocketing. This surge in demand, coupled with the continuous technological advancements in the field of artificial intelligence, presents lucrative opportunities for the exponential growth of the wearable medical devices market throughout the forecast period. As the industry continues to evolve and innovate, these intelligent devices are poised to transform healthcare delivery, improving patient outcomes and revolutionizing the way we approach medical treatments.

Key Market Players

• Medtronic plc
• Siemens AG
• Bayer AG
• Omron Corporation
• Withings SAS
• Fitbit Inc.
• Intelesens Ltd
• BioBeat Medical Ltd
• Koninklinje Philips NV
• Samsung Electronics Co. Ltd

Report Scope:

In this report, the Global Wearable Medical Devices Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Wearable Medical Devices Market, By Product Type:

• Activity Monitors/Trackers
• Smartwatches
• Patches
• Smart Clothing

Wearable Medical Devices Market, By Type:

• Diagnostic Devices
• Therapeutic Devices

Wearable Medical Devices Market, By Purpose:

• Heart rate
• Physical Activities
• Blood oxygen saturation
• Blood Pressure
• Hearing Aids
• Body Temperature
• Posture
• Others

Wearable Medical Devices Market, By Site:

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

Wearable Medical Devices Market, By Application:

• General Health & Fitness
• Remote Patient Monitoring
• Home Healthcare

Wearable Medical Devices Market, By Distribution Channel:

• Non-Store-Based
• Store-Based

Wearable Medical Devices Market, By Business Segment:

• B2C
• B2B

Wearable Medical Devices Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia-Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Wearable Medical Devices Market.

Available Customizations:

With the given market data, the publisher offers customizations according to a company's specific needs. The following customization options are available for the report.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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