The global wearable medical devices market size was estimated to be USD 27.38 billion in 2023 and is expected to reach at USD 358.4 billion by 2033 with a CAGR of 26.34% during the forecast period 2023-2033. Rising focus on fitness & a healthy lifestyle, growing awareness about personal health monitoring, increasing prevalence of lifestyle-associated disorders such as diabetes, hypertension, & cardiovascular disorders, surge in mortality rate due to non-communicable diseases, rising demand for personalized care including continuous & remote patient monitoring, growing technological advancements, and surge in launch of advanced medical wearable devices are some of the key factors fuelling the market growth.
Surge in launch of advanced medical wearable devices is predicted to boost the market growth during the forecast period. For instance, in May 2022, In the United States, Withings has introduced the ScanWatch Horizon, a hybrid smartwatch that offers a range of health monitoring features. The device can track the wearer's ECG, heart rate, blood oxygen levels, breathing patterns, physical activity, and sleep patterns, both on land and underwater. With a water resistance of up to 10 ATM, the smartwatch boasts a battery life of up to 30 days.
By Product, Diagnostic devices was the highest revenue-grossing segment in the global wearable medical devices market in 2022 owing to increasing prevalence of neurological disorders, growing usage of neuromodulation devices to diagnose/treat migraine, rising awareness regarding neurological wearables among population, and surge in technological advancements. Additionally, Therapeutic device is predicted to grow at fastest CAGR during the forecast period owing to the surge in number of therapeutic devices, growing prevalence of diabetes, rising usage of insulin monitoring devices, and increasing launch of advanced devices. For instance, in April 2023, Garmin has announced that the regional availability of Dexcom Connect IQ apps will be expanded for individuals with Type 1 or Type 2 diabetes who utilize the Dexcom G6 or Dexcom G7 Continuous Glucose Monitoring System. These apps enable users to conveniently monitor their glucose levels and trends on a compatible smartwatch or cycling computer.
By Site, Strap/clip/bracelet was the highest revenue-grossing segment in the global wearable medical devices market in 2022 owing to rising adoption of smartwatches which enables monitoring of a number of signs including movement, breathing rate, & pulse rate in conjunction with Bluetooth & cloud connectivity, increasing advancements in wrist-worn products, and growing launch of advanced products. For instance, in March 2021, Fitbit has introduced the Fitbit Ace 3™, an upgraded activity and sleep tracker designed for children, aimed at encouraging a healthy lifestyle by making fitness enjoyable. The device monitors various metrics including heart rate, skin temperature, and activities such as step count. Additionally, Handheld is predicted to grow at fastest CAGR during the forecast period owing to the rising usage of advanced smartphone devices and increasing technological advancements.
By Application, Home Healthcare was the highest revenue-grossing segment in the global wearable medical devices market in 2022 owing to the growing geriatric population, rising prevalence of target diseases, increasing benefits of wearable devices, and surge in development of devices & software for the management of weight and monitoring fitness. Additionally, Remote patient monitoring is predicted to grow at fastest CAGR during the forecast period owing to the surge in prevalence of cardiovascular diseases, rising demand for personalized care including continuous & remote patient monitoring, growing technological advancements, and increasing initiatives by key market players. For instance, in January 2022, At the 2022 Consumer Electronics Show (CES), OMRON introduced its remote patient monitoring services, in addition to revealing connected blood pressure monitors and an advanced mobile application designed to assist customers with their heart health needs.
North America region is anticipated for the highest revenue share during the forecast period owing to the rising prevalence of chronic diseases such as cardiovascular disorders, diabetes, & cancer, increasing adoption of remote patient monitoring & home care devices, growing popularity & use of wearable devices, surge in launch of technologically advanced devices within the region, and rising partnerships & collaborations within market players. For instance, in January 2023, Masimo and Royal Philips have extended their collaboration to enhance patient monitoring capabilities in home telehealth using the advanced health tracking watch, Masimo W1. Advancements in telehealth and telemonitoring will arise from the W1 watch's integration with Philips' corporate patient monitoring ecosystem. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising government initiatives for use of such wearable medical instruments, growing geriatric population, surge in healthcare expenditure, increasing technological advancements, rising need for home care devices and routine monitoring, growing prevalence of diabetes, and surge in initiatives such as mergers & acquisitions by major market players. For instance, in May 2023, Medtronic plc has revealed that it will acquire EOFlow Co. Ltd., the maker of the EOPatch® device, which is a fully disposable insulin delivery device that is tubeless and wearable. The acquisition is based on a set of definitive agreements.
Surge in launch of advanced medical wearable devices is predicted to boost the market growth during the forecast period. For instance, in May 2022, In the United States, Withings has introduced the ScanWatch Horizon, a hybrid smartwatch that offers a range of health monitoring features. The device can track the wearer's ECG, heart rate, blood oxygen levels, breathing patterns, physical activity, and sleep patterns, both on land and underwater. With a water resistance of up to 10 ATM, the smartwatch boasts a battery life of up to 30 days.
By Product, Diagnostic devices was the highest revenue-grossing segment in the global wearable medical devices market in 2022 owing to increasing prevalence of neurological disorders, growing usage of neuromodulation devices to diagnose/treat migraine, rising awareness regarding neurological wearables among population, and surge in technological advancements. Additionally, Therapeutic device is predicted to grow at fastest CAGR during the forecast period owing to the surge in number of therapeutic devices, growing prevalence of diabetes, rising usage of insulin monitoring devices, and increasing launch of advanced devices. For instance, in April 2023, Garmin has announced that the regional availability of Dexcom Connect IQ apps will be expanded for individuals with Type 1 or Type 2 diabetes who utilize the Dexcom G6 or Dexcom G7 Continuous Glucose Monitoring System. These apps enable users to conveniently monitor their glucose levels and trends on a compatible smartwatch or cycling computer.
By Site, Strap/clip/bracelet was the highest revenue-grossing segment in the global wearable medical devices market in 2022 owing to rising adoption of smartwatches which enables monitoring of a number of signs including movement, breathing rate, & pulse rate in conjunction with Bluetooth & cloud connectivity, increasing advancements in wrist-worn products, and growing launch of advanced products. For instance, in March 2021, Fitbit has introduced the Fitbit Ace 3™, an upgraded activity and sleep tracker designed for children, aimed at encouraging a healthy lifestyle by making fitness enjoyable. The device monitors various metrics including heart rate, skin temperature, and activities such as step count. Additionally, Handheld is predicted to grow at fastest CAGR during the forecast period owing to the rising usage of advanced smartphone devices and increasing technological advancements.
By Application, Home Healthcare was the highest revenue-grossing segment in the global wearable medical devices market in 2022 owing to the growing geriatric population, rising prevalence of target diseases, increasing benefits of wearable devices, and surge in development of devices & software for the management of weight and monitoring fitness. Additionally, Remote patient monitoring is predicted to grow at fastest CAGR during the forecast period owing to the surge in prevalence of cardiovascular diseases, rising demand for personalized care including continuous & remote patient monitoring, growing technological advancements, and increasing initiatives by key market players. For instance, in January 2022, At the 2022 Consumer Electronics Show (CES), OMRON introduced its remote patient monitoring services, in addition to revealing connected blood pressure monitors and an advanced mobile application designed to assist customers with their heart health needs.
North America region is anticipated for the highest revenue share during the forecast period owing to the rising prevalence of chronic diseases such as cardiovascular disorders, diabetes, & cancer, increasing adoption of remote patient monitoring & home care devices, growing popularity & use of wearable devices, surge in launch of technologically advanced devices within the region, and rising partnerships & collaborations within market players. For instance, in January 2023, Masimo and Royal Philips have extended their collaboration to enhance patient monitoring capabilities in home telehealth using the advanced health tracking watch, Masimo W1. Advancements in telehealth and telemonitoring will arise from the W1 watch's integration with Philips' corporate patient monitoring ecosystem. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising government initiatives for use of such wearable medical instruments, growing geriatric population, surge in healthcare expenditure, increasing technological advancements, rising need for home care devices and routine monitoring, growing prevalence of diabetes, and surge in initiatives such as mergers & acquisitions by major market players. For instance, in May 2023, Medtronic plc has revealed that it will acquire EOFlow Co. Ltd., the maker of the EOPatch® device, which is a fully disposable insulin delivery device that is tubeless and wearable. The acquisition is based on a set of definitive agreements.
Segmentation: Wearable Medical Devices Market Report 2022 - 2033
Wearable Medical Devices Market Analysis & Forecast by Product 2022 - 2033 (Revenue USD Bn)
Diagnostic Devices
- Electrocardiographs Fetal And Obstetric Devices
- Neuromonitoring Devices
- Electroencephalographs
- Electromyographs
Others
- Vital Sign Monitoring Devices
- Spirometers
- Activity Monitors
- Pulse Oximeters
- Heart Rate Monitors
- Electrocardiographs
- Blood Pressure Monitors
Others
- Sleep Monitoring Devices
- Wrist Actigraphs
- Sleep trackers
- Polysomnographs
- Others
Therapeutic Devices
- Insulin/Glucose Monitoring Devices
- Insulin Pumps
Others
- Pain Management Devices
- Neurostimulation Devices
Others
- Respiratory Therapy Devices
- Ventilators
- Positive Airway Pressure (PAP) Devices
- Portable Oxygen Concentrators
Others
- Rehabilitation Devices
- Accelometers
- Sensing Devices
- Ultrasound Platform
- Others
Wearable Medical Devices Market Analysis & Forecast by Site 2022 - 2033 (Revenue USD Bn)
- Strap/Clip/Bracelet
- Shoe Sensors
- Headband
- Handheld
- Others
Wearable Medical Devices Market Analysis & Forecast by Application 2022 - 2033 (Revenue USD Bn)
- Remote Patient Monitoring
- Home Healthcare
- Sports And Fitness
Wearable Medical Devices Market Analysis & Forecast by Region 2022 - 2033 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Wearable Medical Devices Market: Product Estimates & Trend Analysis
8. Wearable Medical Devices Market: Site Estimates & Trend Analysis
9. Wearable Medical Devices Market: Application Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Wearable Medical Devices Market
12. Europe Global Wearable Medical Devices Market
13. Asia Pacific Global Wearable Medical Devices Market
14. Latin America Global Wearable Medical Devices Market
15. MEA Global Wearable Medical Devices Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Intelesens Ltd.
- Garmin
- Withings
- Fitbit
- Sotera Wireless Basis Science
- Covidien
- Vital Connect
- Philips Electronics
- Polar Electro
- Omron Corp.
- verist Genomics
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | August 2023 |
| Forecast Period | 2022 - 2033 |
| Estimated Market Value ( USD | $ 27.38 Billion |
| Forecasted Market Value ( USD | $ 358.4 Billion |
| Compound Annual Growth Rate | 26.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
