Wearable Medical Devices Market Size Valued US$ 196.5 BN by 2030

The global wearable medical devices market size is expected to be worth around US$ 196.5 billion by 2030 from valued at US$ 21.5 billion in 2021 and growing at a CAGR of 28% during forecast period 2022 to 2030. Rising demand for hi-tech products and continuous health monitoring is fueling the market growth.

The increasing prevalence of obesity coupled with rising awareness about physical fitness is encouraging people to exercise and adopt other fitness-related activities. Wearable devices such as smart bands and smartwatches help in monitoring fitness parameters consisting of calories burned, footstep count, heart rate, and distance covered. The wearable devices companies offer guidance from experts who are certified dieticians or nutritionists, and hence, this business model is also generating hefty demand for these ancillary products and services.

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Companies such as Google, Fitbit, Apple, and Nike are working toward the launch of new innovative products, thus portraying a high growth rate in the market. Smartwatches and wristbands are the current focal point of product development and innovation, leading to abundant availability of such instruments. For instance, HealthPatch, a product of Vital Connect, was launched in March 2014. The product is an adhesive patch that can be placed anywhere on the chest and is used to regulate biometrics such as heart rate, skin temperature, body posture, and activities like steps walked.

The COVID-19 pandemic somehow has positively impacted the market owing to the increasing demand for telemedicine. The WHO guidelines of social distancing and avoiding public gatherings increased the adoption of telemedicine among physicians for treating patients from a distance. The growth of telemedicine and expansion of applications to integrate Artificial Intelligence (AI) has led to market growth.

Scope of the Wearable Medical Devices Market

Report Coverage	Details
Market Size by 2030	USD 196.5 Billion
Growth Rate from 2022 to 2030	CAGR of 28%
Base Year	2021
Forecast Data	2022 to 2030
Segmentation	Product, Site, Application, Region

 

Product Insights

The diagnostic devices segment dominated the market and accounted for the largest revenue share of 62.2% in 2021. Among diagnostic, the neuromonitoring devices segment was the largest in 2021. The growing prevalence of neurological disorders is the prime factor affecting segment growth.

The therapeutic device segment is anticipated to witness the fastest CAGR throughout the forecast period owing to the increasing influx of therapeutic devices. Moreover, a strong pipeline of therapeutic devices such as intelligent asthma management products, wearable pain reliever devices, and insulin management devices is anticipated to assist market growth.

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Site Insights

The strap/clip/bracelet segment dominated the wearable medical devices market and accounted for the largest revenue share of 51.0% in 2021 and is likely to remain dominant throughout the forecast period. Products like smartwatches allow monitoring of several parameters such as mobility, respiratory rate, and pulse rate coupled with Bluetooth and cloud connectivity are anticipated to propel the segment growth.

Advancements in wrist-worn products such as Healthpatch by Vital Connect in March 2014, for monitoring multiple parameters such as heart tare, skin temperature, and activities like steps count are anticipated to drive the segment. Also, major players like Samsung and Apple have introduced mobile apps, which are compatible with wearable medical instruments and enable data recording and digital display. Such apps are attracting people towards routine health monitoring, thereby impelling market growth.

Application Insights

The home healthcare segment dominated the market for wearable medical devices and accounted for the largest revenue share of 54.5% in 2021 due to the increasing geriatric population triggering prevalence rates of target diseases and the growing need to curb healthcare expenditure as an economically viable initiative are some of the factors responsible for market growth.

The remote patient monitoring segment is anticipated to witness the fastest CAGR over the forecast period.Globally rising geriatric population base and rising incidences of chronic conditions are expected to be high impact rendering drivers for the growth of remote patient monitoring instruments over the forecast period.

Regional Insights

North America accounted for the largest revenue share of 38.1% in 2020, owing to the growing prevalence of cardiovascular disorders, diabetes, and cancer within this region.A rise in chronic diseases that need routine monitoring and the presence of sophisticated healthcare infrastructure are further likely to drive market growth.

In the Asia Pacific, the market is expected to witness exponential growth over the forecast period. Major factors boosting market growth are favorable government initiatives for use of such wearable medical instruments, increasing geriatric population base, and increasing healthcare expenditure in this region.

Key Players

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

Market Segmentation

• Product Outlook 
  • Diagnostic Devices
    • Vital Sign Monitoring Devices
      • Heart Rate Monitors
      • Activity Monitors
      • Electrocardiographs
      • Pulse Oximeters
      • Spirometers
      • Blood Pressure Monitors
      • Others
    • Sleep Monitoring Devices
      • Sleep trackers
      • Wrist Actigraphs
      • Polysomnographs
      • Others
    • Electrocardiographs Fetal And Obstetric Devices
    • Neuromonitoring Devices
      • Electroencephalographs
      • Electromyographs
      • Others
  • Therapeutic Devices
    • Pain Management Devices
      • Neurostimulation Devices
      • Others
    • Insulin/Glucose Monitoring Devices
      • Insulin Pumps
      • Others
    • Rehabilitation Devices
      • Accelerometers
      • Sensing Devices
      • Ultrasound Platform
      • Others
    • Respiratory Therapy Devices
      • Ventilators
      • Positive Airway Pressure (PAP) Devices
      • Portable Oxygen Concentrators
      • Others
• Site Outlook 
  • Handheld
  • Headband
  • Strap/Clip/Bracelet
  • Shoe Sensors
  • Others
• Application Outlook 
  • Sports And Fitness
  • Remote Patient Monitoring
  • Home Healthcare
• Regional Outlook
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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