Wearable Medical Devices Global Market Opportunities and Strategies to 2033

This report describes and explains the wearable medical devices market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global wearable medical devices market reached a value of nearly $27.9 billion in 2023, having grown at a compound annual growth rate (CAGR) of 24.59% since 2018. The market is expected to grow from $27.9 billion in 2023 to $77.2 billion in 2028 at a rate of 22.55%. The market is then expected to grow at a CAGR of 21.35% from 2028 and reach $203 billion in 2033.

Growth in the historic period resulted from increased research and development spending, increasing preference for outpatient procedures and growth in the number of healthcare facilities. Factors that negatively affected growth in the historic period were side effects associated with medications.

Going forward, the ageing population, increase in healthcare expenditure globally, rising prevalence of various types of cancers and increase in use of telemedicine will drive the growth. Factor that could hinder the growth of the wearable medical devices market in the future include high cost of procedures.

The wearable medical devices market is segmented by device type into diagnostic devices and therapeutic devices. The diagnostic devices market was the largest segment of the wearable medical devices market segmented by device type, accounting for 64.4% or $18 billion of the total in 2023. Going forward, the therapeutic devices segment is expected to be the fastest growing segment in the wearable medical devices market segmented by device type, at a CAGR of 23.34% during 2023-2028.

The wearable medical devices market is segmented by product type into watch, wristband, clothing, ear wear and other devices. The watch market was the largest segment of the wearable medical devices market segmented by product type, accounting for 64.2% or $18 billion of the total in 2023. Going forward, the ear wear segment is expected to be the fastest growing segment in the wearable medical devices market segmented by product type, at a CAGR of 25.90% during 2023-2028.

The wearable medical devices market is segmented by distribution channel into pharmacies, online channel and hypermarkets. The pharmacies market was the largest segment of the wearable medical devices market segmented by distribution channel, accounting for 47.2% or $13.2 billion of the total in 2023. Going forward, the online channel segment is expected to be the fastest growing segment in the wearable medical devices market segmented by distribution channel, at a CAGR of 24.81% during 2023-2028.

The wearable medical devices market is segmented by application into sports and fitness, remote patient monitoring, home healthcare and other applications. The sports and fitness market was the largest segment of the wearable medical devices market segmented by e application, accounting for 45.8% or $12.8 billion of the total in 2023. Going forward, the remote patient monitoring segment is expected to be the fastest growing segment in wearable medical devices market segmented by application, at a CAGR of 26.72% during 2023-2028.

North America was the largest region in the wearable medical devices market, accounting for 37% or $10.3 billion of the total in 2023. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the wearable medical devices market will be Asia-Pacific and Eastern Europe where growth will be at CAGRs of 25.04% and 24.84% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 22.19% and 22.14% respectively.

The global wearable medical devices market is fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up 9.53% of the total market in 2022. BioTelemetry Inc. was the largest competitor with a 1.65% share of the market, followed by Fitbit Inc. with 1.43%, DexCom, Inc. with 1.26%, Koninklijke Philips N.V. with 0.86%, Xiaomi Inc. with 0.85%, Apple Inc. with 0.72%, iRhythm Technologies, Inc. with 0.71%, Medtronic PLC with 0.69%, Boston Scientific Corporation with 0.68% and Omron Corporation with 0.67%.

The top opportunities in the wearable medical devices market segmented by device type will arise in the diagnostic devices segment, which will gain $30.9 billion of global annual sales by 2028. The top opportunities in the wearable medical devices market segmented by product type will arise in the watch segment, which will gain $30.9 billion of global annual sales by 2028. The top opportunities in the wearable medical devices market segmented by distribution channel will arise in the pharmacies segment, which will gain $22.6 billion of global annual sales by 2028. The top opportunities in the wearable medical devices market segmented by application will arise in the sports and fitness segment, which will gain $18.7 billion of global annual sales by 2028. The wearable medical devices market size will gain the most in the USA at $15.9 billion.

Market-trend-based strategies for the wearable medical devices market include introduction of artificial intelligence (AI) in wearable medical devices to improve accuracy, focus on launch of advanced fitness and wellness wearable trackers, strategic partnerships and collaborations among market players to drive innovation and focus on innovative product developments in-ear wearables.

Player-adopted strategies in the wearable medical devices market include focus on expanding business through new product developments, its business through strategic partnerships, launching its products in different geographic areas and launching new products to expand its business.

To take advantage of the opportunities, the analyst recommends the wearable medical devices companies to focus on AI integration for wearable medical devices, focus on advanced fitness and wellness wearables, focus on innovative in-ear wearables for health monitoring, focus on therapeutic devices segment, focus on watch and wristband segments, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships for market expansion, focus on pharmacies and online channel segments, provide competitively priced offerings, focus on strategic pricing strategies for market leadership, participate in trade shows and events, continue to use B2B promotions, prioritize technical webinars for thought leadership, and focus on sports and fitness, and remote patient monitoring segments.