Wearable Medical Device Market Size Hit US$ 280.51 Bn 2032

The global wearable medical devices market size accounted for USD 30 billion in 2022 and is expected to hit around USD 280.51 billion by 2032, poised to grow at a CAGR of 25.1% during the forecast period from 2023 to 2032.

A wearable medical device refers to a device that is noninvasive, autonomous, and performs specific medical function for example support or monitoring over a long period of time. These devices are smart devices equipped with sensors & other technologies and can be worn on a human body as a piece of clothing.

Table of Contents

Growth Factors

Increasing awareness regarding health-oriented lifestyle and fitness has significantly propelled the market growth for smart wearable devices. These devices are largely beneficial to track and monitor the health and activity of the user and provide real-time data regarding their health performance. Hence, such devices are significantly helpful for the physicians to prior diagnose the health related issues and provide proper medication in time that further prevent the loss of life. Apart from this, rising prevalence of chronic disease along with increasing penetration of smartphones and internet in almost every part of the world expected to further thrive the market growth.

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In addition to this, rise in the sedentary lifestyle has prominently propelled the prevalence of lifestyle-related disorders, such as hypertension and diabetes that is again predicted to boom over the forecast timeframe. Some of these disorders demand continuous monitoring, for instance, blood pressure levels and blood sugar that in turn estimated to uplift the demand for wearable medical devices. Thus, increase in the mortality rate because of non-communicable diseases is a major concern that demands increased focus towards personalized care and monitoring. Hence, this shifting focus towards personalized care eventually anticipated to prosper the product demand.

However, rising concern for data security along with increasing incidences of data breach has prominently surged the user concern for such devices this in turn is likely to restrict the market growth in the upcoming years. Nonetheless, integration of advanced technologies such as Internet of Things (IoT) and Artificial Intelligence (AI) together growing preference for smart devices anticipated to create alluring opportunities in the market.

Wearable Medical Device Market Scope

Report Coverage	Details
Market Size in 2023	USD 37.38 Billion
Market Size by 2032	USD 280.51 Billion
Growth Rate from 2023 to 2032	CAGR of 25.1%
Base Year	2022
Forecast Period	2023 To 2032
Segments Covered	Site, Product, Application
Regional Scope	North America, APAC, Europe, Latin America, MEAN, Rest of the World

Report Highlights

North America led the global wearable medical devices market in 2019 because of the increasing prevalence of diabetes, cardiovascular disorders, and cancer in the region
The Asia Pacific however witnesses an exponential growth rate over the analysis period owing to favorable government initiatives for the adoption of such devices
The therapeutic device anticipated to exhibit the fastest growth rate among product segment throughout the analysis period due to the rising influx of these products over the recent time
Neuromonitoring captured the largest value share in the diagnostic device segment in 2019 because of rising prevalence of neurological disorders among the people
Home healthcare dominated the global wearable medical devices market in the year 2019 owing to the rising geriatric population that triggers the prevalence of chronic diseases
The remote patient monitoring application anticipated to grow at the fastest rate over the forecast timeframe owing to the increasing prevalence of chronic diseases most commonly among the geriatric population

Regional Snapshots

North America captured maximum revenue share in the global wearable medical devices market in 2019, with the U.S. as the major value contributor to the region. The U.S. holds the major market share in the wearable medical devices attributed to the high prevalence of cardiovascular &lifestyle-oriented diseases and the early adoption of the technology, along with significant medical expenditure per head. As per a report published by Yoram Wurmser in 2019, the penetration rate of the wearable devices in adult in the U.S. was around 15.5% in the year 2016 that increased to 20.3% in 2018, and further expected to rise to 25.3% by the end of 2022. Subsequently, increasing prevalence of chronic disease in the region expected to be the major factor that propels the market growth at a moderate rate in the region during the upcoming years.

However, the Asia Pacific anticipated being the most lucrative region in the market owing to increasing healthcare spending particularly for infrastructure development along with favorable government support for the adoption of such devices.

Key Players & Strategies

The wearable medical device industry is highly vulnerable to new market entrants owing to significant integration of upcoming technologies with the wearable devices in order to enhance its feature and user experience. Hence, the competition has risen significantly among the market players to offer advanced devices with attractive features and in the wake of same they are investing prominently in the research & development (R&D) sector. For instance, in 2019, Apple Inc. introduced Apple Watch Series 5 with advanced functions.

Some of the prominent players in the wearable medical device market include:

Koninklijke Philips N.V.
Medtronic Plc
Sotera Wireless
Omron Corporation
Polar Electro
Everist Health
Intelesens Ltd
Fitbit Inc.
Withings
Vital Connect
Garmin Ltd.

Segments Covered in the Report

By Site

Headband
Handheld
Shoe Sensors
Strap/Clip/Bracelet
Others

By Product

Therapeutic Devices
- Insulin/Glucose Monitoring Devices
  - Insulin Pumps
  - Others
- Pain Management Devices
  - Neurostimulation Devices
  - Others
- Respiratory Therapy Devices
  - Portable Oxygen Concentrators
  - Positive Airway Pressure (PAP) Devices
  - Ventilators
  - Others
- Rehabilitation Devices
  - Sensing Devices
  - Accelerometers
  - Ultrasound Platform
  - Others
- Diagnostic Devices
  - Sleep Monitoring Devices
    - Polysomnographs
    - Wrist Actigraphs
    - Sleep Trackers
    - Others
  - Vital Sign Monitoring Devices
    - Activity Monitors
    - Heart Rate Monitors
    - Electrocardiographs
    - Spirometers
    - Pulse Oximeters
    - Blood Pressure Monitors
    - Others
  - Neuromonitoring Devices
    - Electromyographs
    - Electroencephalographs
    - Others
  - Electrocardiographs Fetal & Obstetric Devices

By Application

Remote Patient Monitoring
Sports & Fitness
Home Healthcare

By Grade Type

Consumer-Grade Wearable Healthcare Devices
Clinical-Grade Wearable Healthcare Devices

By Distribution Channel

Pharmacies
Online Channel
Hypermarkets

By Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa

Table of Content

Chapter 1. Introduction

1.1. Research Objective
1.2. Scope of the Study
1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope

4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis

Chapter 5. Market Dynamics Analysis and Trends

5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers

Chapter 7. Global Wearable Medical Device Market, By Product

7.1. Wearable Medical Device Market, by Product Type, 2023-2032
7.1.1. Therapeutic Devices (Insulin/Glucose Monitoring Devices, Pain Management Devices, Respiratory Therapy Devices, Rehabilitation Devices)
7.1.1.1. Market Revenue and Forecast (2021-2032)
7.1.2. Diagnostic Devices (Sleep Monitoring Devices, Vital Sign Monitoring Devices, Neuromonitoring Devices, Electrocardiographs Fetal & Obstetric Devices)
7.1.2.1. Market Revenue and Forecast (2021-2032)

Chapter 8. Global Wearable Medical Device Market, By Application

8.1. Wearable Medical Device Market, by Application, 2023-2032
8.1.1. Remote Patient Monitoring
8.1.1.1. Market Revenue and Forecast (2021-2032)
8.1.2. Sports & Fitness
8.1.2.1. Market Revenue and Forecast (2021-2032)
8.1.3. Home Healthcare
8.1.3.1. Market Revenue and Forecast (2021-2032)

Chapter 9. Global Wearable Medical Device Market, By Site

9.1. Wearable Medical Device Market, by Site, 2023-2032
9.1.1. Headband
9.1.1.1. Market Revenue and Forecast (2021-2032)
9.1.2. Handheld
9.1.2.1. Market Revenue and Forecast (2021-2032)
9.1.3. Shoe Sensors
9.1.3.1. Market Revenue and Forecast (2021-2032)
9.1.4. Strap/Clip/Bracelet
9.1.4.1. Market Revenue and Forecast (2021-2032)
9.1.5. Others
9.1.5.1. Market Revenue and Forecast (2021-2032)

Chapter 10. Global Wearable Medical Device Market, Regional Estimates and Trend Forecast

10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2021-2032)
10.1.2. Market Revenue and Forecast, by Application (2021-2032)
10.1.3. Market Revenue and Forecast, by Site (2021-2032)
10.1.4. U.S.
10.1.4.1. Market Revenue and Forecast, by Product (2021-2032)
10.1.4.2. Market Revenue and Forecast, by Application (2021-2032)
10.1.4.3. Market Revenue and Forecast, by Site (2021-2032)
10.1.5. Rest of North America
10.1.5.1. Market Revenue and Forecast, by Product (2021-2032)
10.1.5.2. Market Revenue and Forecast, by Application (2021-2032)
10.1.5.3. Market Revenue and Forecast, by Site (2021-2032)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2021-2032)
10.2.2. Market Revenue and Forecast, by Application (2021-2032)
10.2.3. Market Revenue and Forecast, by Site (2021-2032)
10.2.4. UK
10.2.4.1. Market Revenue and Forecast, by Product (2021-2032)
10.2.4.2. Market Revenue and Forecast, by Application (2021-2032)
10.2.4.3. Market Revenue and Forecast, by Site (2021-2032)
10.2.5. Germany
10.2.5.1. Market Revenue and Forecast, by Product (2021-2032)
10.2.5.2. Market Revenue and Forecast, by Application (2021-2032)
10.2.5.3. Market Revenue and Forecast, by Site (2021-2032)
10.2.6. France
10.2.6.1. Market Revenue and Forecast, by Product (2021-2032)
10.2.6.2. Market Revenue and Forecast, by Application (2021-2032)
10.2.6.3. Market Revenue and Forecast, by Site (2021-2032)
10.2.7. Rest of Europe
10.2.7.1. Market Revenue and Forecast, by Product (2021-2032)
10.2.7.2. Market Revenue and Forecast, by Application (2021-2032)
10.2.7.3. Market Revenue and Forecast, by Site (2021-2032)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2021-2032)
10.3.2. Market Revenue and Forecast, by Application (2021-2032)
10.3.3. Market Revenue and Forecast, by Site (2021-2032)
10.3.4. India
10.3.4.1. Market Revenue and Forecast, by Product (2021-2032)
10.3.4.2. Market Revenue and Forecast, by Application (2021-2032)
10.3.4.3. Market Revenue and Forecast, by Site (2021-2032)
10.3.5. China
10.3.5.1. Market Revenue and Forecast, by Product (2021-2032)
10.3.5.2. Market Revenue and Forecast, by Application (2021-2032)
10.3.5.3. Market Revenue and Forecast, by Site (2021-2032)
10.3.6. Japan
10.3.6.1. Market Revenue and Forecast, by Product (2021-2032)
10.3.6.2. Market Revenue and Forecast, by Application (2021-2032)
10.3.6.3. Market Revenue and Forecast, by Site (2021-2032)
10.3.7. Rest of APAC
10.3.7.1. Market Revenue and Forecast, by Product (2021-2032)
10.3.7.2. Market Revenue and Forecast, by Application (2021-2032)
10.3.7.3. Market Revenue and Forecast, by Site (2021-2032)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2021-2032)
10.4.2. Market Revenue and Forecast, by Application (2021-2032)
10.4.3. Market Revenue and Forecast, by Site (2021-2032)
10.4.4. GCC
10.4.4.1. Market Revenue and Forecast, by Product (2021-2032)
10.4.4.2. Market Revenue and Forecast, by Application (2021-2032)
10.4.4.3. Market Revenue and Forecast, by Site (2021-2032)
10.4.5. North Africa
10.4.5.1. Market Revenue and Forecast, by Product (2021-2032)
10.4.5.2. Market Revenue and Forecast, by Application (2021-2032)
10.4.5.3. Market Revenue and Forecast, by Site (2021-2032)
10.4.6. South Africa
10.4.6.1. Market Revenue and Forecast, by Product (2021-2032)
10.4.6.2. Market Revenue and Forecast, by Application (2021-2032)
10.4.6.3. Market Revenue and Forecast, by Site (2021-2032)
10.4.7. Rest of MEA
10.4.7.1. Market Revenue and Forecast, by Product (2021-2032)
10.4.7.2. Market Revenue and Forecast, by Application (2021-2032)
10.4.7.3. Market Revenue and Forecast, by Site (2021-2032)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2021-2032)
10.5.2. Market Revenue and Forecast, by Application (2021-2032)
10.5.3. Market Revenue and Forecast, by Site (2021-2032)
10.5.4. Brazil
10.5.4.1. Market Revenue and Forecast, by Product (2021-2032)
10.5.4.2. Market Revenue and Forecast, by Application (2021-2032)
10.5.4.3. Market Revenue and Forecast, by Site (2021-2032)
10.5.5. Rest of LATAM
10.5.5.1. Market Revenue and Forecast, by Product (2021-2032)
10.5.5.2. Market Revenue and Forecast, by Application (2021-2032)
10.5.5.3. Market Revenue and Forecast, by Site (2021-2032)

Chapter 11. Company Profiles

11.1. Koninklijke Philips N.V.
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Medtronic Plc
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Sotera Wireless
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Omron Corporation
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Polar Electro
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Everist Health
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Intelesens Ltd
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Fitbit Inc.
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Withings
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Vital Connect
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
11.11. Garmin Ltd.
11.11.1. Company Overview
11.11.2. Product Offerings
11.11.3. Financial Performance
11.11.4. Recent Initiatives