Wearable Medical Devices Global Market Report 2024

The wearable medical devices market size has grown exponentially in recent years. It will grow from $27.37 billion in 2023 to $33.37 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth observed during the historical period can be credited to factors such as the increased adoption of health and fitness tracking, improved management of chronic diseases, the aging population, and the implementation of remote patient monitoring.

The wearable medical devices market size is expected to see exponential growth in the next few years. It will grow to $71.28 billion in 2028 at a compound annual growth rate (CAGR) of 20.9%. The anticipated growth in the upcoming period can be linked to factors like a focus on preventive health and wellness, the expansion of emerging markets, supportive regulatory measures and reimbursement policies, and the integration of artificial intelligence (AI) and machine learning. Key trends to watch for in the forecast period encompass advanced vital sign monitoring, the development of remote diagnosis and consultation services, the growth of mental health monitoring solutions, and the creation of personalized health ecosystems.

The growth in mortality rates resulting from non-communicable diseases, particularly the increasing prevalence of chronic and lifestyle-related conditions like hypertension and diabetes, has significantly driven the wearable medical devices market. The healthcare industry is actively exploring new technologies to combat this trend, focusing on measures like continuous and remote patient monitoring through wearable devices that can be worn throughout the day. These devices facilitate the ongoing monitoring of essential parameters such as vital signs and glucose levels. For instance, in 2021, the International Diabetes Federation reported that 537 million adults were living with diabetes, a number expected to rise to 643 million by 2030 and 783 million by 2045. The surge in chronic diseases, combined with growing public awareness, has propelled individuals toward continuous health monitoring, thereby boosting the growth of the wearable medical devices market.

The primary categories of wearable medical devices include diagnostic devices and therapeutic devices. Diagnostic devices are employed for assessing patient conditions and outcomes. These products come in various forms such as watches, wristbands, clothing, earwear, and other wearable devices. They find applications in sports and fitness, remote patient monitoring, home healthcare, and ear wear. These devices are typically distributed through channels like pharmacies, online platforms, and hypermarkets.

The wearable medical devices market research report is one of a series of new reports that provides wearable medical devices market statistics, including wearable medical devices industry global market size, regional shares, competitors with a wearable medical devices market share, detailed wearable medical devices market segments, market trends and opportunities, and any further data you may need to thrive in the wearable medical devices industry. This wearable medical device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing emphasis on fitness is poised to be a driving force behind the wearable medical devices market. Fitness encompasses a person's overall health and well-being, as well as their physical readiness for various activities. Wearable medical devices employ advanced sensors to analyze fitness parameters, providing users with deeper insights into their overall health and fitness. For instance, a 2023 survey of 4,538 active adults revealed significant gains in at-home fitness equipment (up 218.3%) and online fitness (up 134.7%) as the preferred methods for achieving fitness goals in 2021. Consequently, the growing focus on fitness is propelling the growth of the wearable medical devices market.

The notable challenge in the wearable medical devices market lies in data privacy concerns. Wearable device manufacturers collect and store data, offering it to customers for a fee on a monthly or periodic basis or selling it to third parties in regions where this information isn't considered Protected Health Information. With the exponential growth in the volume of data managed by Medical Internet of Things devices, there's a higher risk of sensitive data exposure during data transmission and storage. In a survey conducted by the American Medical Association (AMA) in July 2022, 92% of respondents expressed a desire to maintain their privacy and agreed that medical data should not be sold to companies. Concerns revolve around third-party healthcare service providers' access to and security of personal information, which is expected to hinder the growth of the wearable medical devices market in the forecast period.

The integration of artificial intelligence into wearable medical devices is gaining traction. The data collected by wearable medical devices becomes even more valuable with the incorporation of artificial intelligence (AI) to better leverage this information. AI-powered systems, such as an AI doctor, outperform trained medical professionals in various conditions like skin lesions, electrocardiograms, medical imaging, and pathology. A 2022 survey indicated that 88% of respondents were aware of AI, with 46% believing that the benefits of AI in healthcare outweighed the risks, while only 2% disagreed. Wearable device app developers are increasingly focused on integrating AI into their apps to analyze remotely collected data and provide enhanced diagnostic insights through an AI doctor.

Prominent companies in the wearable medical devices market are committed to developing innovative products, such as in-ear wearables, to offer dependable services to consumers. In-ear wearables are compact electronic devices worn in the ear to simultaneously track multiple health metrics and deliver real-time feedback to the user. For instance, in June 2023, STAT Health, a US-based digital health company, introduced Stat, an in-ear wearable blood flow monitor. Equipped with an optical sensor to measure blood flow in a shallow ear artery, it automatically detects changes in heart rate, blood pressure trends, and blood flow to the head with each user's movement. This device, compatible with over 90% of ear-worn devices, can even forecast fainting episodes minutes before they occur and reduces the chances of removal and reinstallation since it can be worn during sleep and showers.

Major companies operating in the wearable medical devices market include Philips, Polar Electro, Omron Corporation, Fitbit Inc., Garmin Ltd., LifeWatch AG (BioTelemetry Inc.), Xiaomi Inc., VitalConnect, Jawbone Inc., General Electric Co., Medtronic PLC, Sotera Wireless, Basis Science Inc., Intelesens Ltd., Withings, World Global Network, Activeinsights Ltd., Drägerwerk AG & Co. KGaA, LG Electronics, Sony Corporation, Nike Inc., Samsung, Boston Scientific, Honeywell International Inc., Pebble Technology Corp., Demant AS, Sonova Group, Alphabet Inc., Abbott Laboratories, Apple Inc., Biotricity, Dexcom, Embr Labs, Empatica, Hill-Rom Holdings Inc., Hocoma AG, iRhythm Technologies, Masimo Corporation, MC10 Inc., Nuubo, Oxitone Medical, Preventice Solutions, ResMed, Valencell, Owlet Baby Care

North America was the largest region in the wearable medical devices market in 2023. Asia-Pacific was the second-largest region in the global wearable medical devices market analysis. The regions covered in the wearable medical devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the wearable medical devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The wearable medical devices market consists of sales of wearable ECG monitors, wearable fitness tracker, biosensors and others that are wearable and are used for monitoring medical conditions. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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