Wearable Medical Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Wearable Medical Devices Market By Device Type (Diagnostic And Monitoring Devices [Vital Sign Monitoring Devices, Sleep Monitoring Devices, Electrocardiographs Fetal And Obstetric Devices, Neuromonitoring Devices, And Others] And Therapeutic Devices [Pain Management Devices, Rehabilitation Devices, Respiratory Therapy Devices, And Others]), By Product Type (Wristband, Headband, Ear Wear, Watch, And Others), By Application (Sports And Fitness, Remote Patient Monitoring, And Home Healthcare), By Distribution Channel (Online And Offline), and by geography is expected to grow at a steady CAGR forecast till 2030 owing to a rise in the geriatric population and increasing prevalence of chronic diseases across the globe

The global wearable medical devices market is estimated to grow at a CAGR of 13.67% during the forecast period from 2024 to 2030. The wearable medical devices market is witnessing positive growth primarily owing to the rising prevalence of various chronic diseases such as cardiovascular, diabetes, pain, and others. Further, the rising burden of the geriatric population prone to various chronic diseases across the globe, the increasing awareness about fitness & physical activity, the increasing regulatory approval for wearable medical devices across the globe along with the presence of key players will in turn surge the demand of wearable medical devices during the forecast period. Therefore, the market for wearable medical devices is expected to grow during the forecast period from 2024 to 2030.

Wearable Medical Devices Market Dynamics:

One of the most prominent factors driving the demand for wearable medical devices market is the rise in the geriatric population prone to chronic disease.

For instance, according to World Health Organization (WHO) 2022, it was estimated that between the years 2015-2050 the people of age group 60 years and beyond will be doubled from 12-22% and will reach 2.1 billion by 2050. Furthermore, by 2030, one out of every six people globally will age 60 years or beyond. As per the source mentioned above, the number of people aged 80 years or above is expected to triple between 2020 and 2050 to reach 426 million population.

Moreover, according to the latest data provided by the Centers for Disease Control and Prevention (CDC), 9.6% of adults aged 45 to 64 years reported being diagnosed with chronic heart disease, or a stroke, in 2022, in the United States.

Therefore, with an increase in the aging population, the susceptibility to health-related issues also increases such as diabetes, fluctuations in blood pressure, heart problems, and others, can increase the demand for wearable medical devices, thereby propelling the growth for wearable medical devices overall market during the forecast period (2024-2030).

Moreover, another key factor responsible for the growth of the wearable medical devices market is the increasing prevalence of chronic diseases. For instance, according to the WHO 2022, as per the latest statistics, every year about 41 million deaths occur worldwide due to chronic diseases. Therefore, the mortality rates due to chronic diseases can be controlled by either taking proper care of physical fitness which can be done by using wearable medical devices, or by continuously monitoring life-threatening diseases and also providing continuous treatment to them using the wearable medical devices. Thus, this would increase the demand for medical wearable devices which will provide a conducive growth environment for wearable medical devices overall market during the upcoming years.

However, concerns related to individual privacy & data collection, incorporation of complicated & multidimensional technology thereby making its usage difficult, and stringent regulatory processes can hamper the global wearable medical devices market growth.

Additionally, the COVID-19 pandemic has positively impacted the wearable medical devices market. There was nationwide lockdown in almost every country, movement restrictions for non-essential goods, and unavailability of the workforce at the production sites which hampered the manufacturing rate of wearable medical devices but at the same time, COVID-19 had also increased awareness about physical fitness around the globe which surged the demand of monitoring devices such as fitness monitors, cardiac monitors, pulse oximeters, respiratory monitors, blood pressure monitors, and others. This increased the wearable medical devices demand significantly and in turn propelled the overall market. Along with the afore-said factor, the masses being vaccinated, relaxation in lockdown restrictions, and resumption of supply chains, logistics, and manufacturing units, the wearable medical devices demand also increased drastically and is anticipated to do the same during the forecast period.

Wearable Medical Devices Market Segment Analysis:

Wearable Medical Devices Market by Device Type (Diagnostic and Monitoring Devices [Vital Sign Monitoring Devices, Sleep Monitoring Devices, Electrocardiographs Fetal and Obstetric Devices, Neuromonitoring Devices, and Others] and Therapeutic Devices [Pain Management Devices, Rehabilitation Devices, Respiratory Therapy Devices, Others]), Product Type (Wristband, Headband, Ear Wear, Watch, and Others), Application (Sports and Fitness, Remote Patient Monitoring, and Home Healthcare), Distribution Channel (Online and Offline), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the device type segment of the wearable medical devices market, electrocardiographs fetal and obstetric devices are expected to hold a significant revenue share in the year 2023.

The rapid growth of this segment can be attributed to the growing advantages and applications of the segment. Along with this, the surging product approvals, launches, and other strategic activities by key players will propel the demand of the segment during the forecast period.

The fetal monitoring devices help to hear the baby's heartbeat. Furthermore, advantageous properties such as detecting changes in the normal heart rate pattern during labor, or preventing unnecessary treatments.

In addition, new product approvals are also likely to upsurge the electrocardiographs fetal and obstetric devices market during the forecasted period. For example, in June 2022, remote pregnancy monitoring company Nuvo Group announced the FDA supplemental 510(k) clearance to add a new uterine activity module to its INVU system. INVU is a physician-prescribed, wearable pregnancy monitor that allows women to remotely collect fetal and maternal heart rates.

Also, in June 2020, Philips, launched, the wireless Avalon CL Fetal and Maternal Pod and Patch. The Fetal and Maternal Pod and Patch allow for continuous, non-invasive monitoring of maternal heart rate, fetal heart rate, and uterine activity with a single-use, 48-hour, disposable electrode patch placed on the mother's abdomen. The patch is designed to be placed on the patient by a clinician only once, unlike traditional elastic belts and sensors that require frequent repositioning.

Therefore, owing to the above-mentioned factors, the demand for electrocardiographs fetal and obstetric devices rises, thereby the category is expected to witness considerable growth eventually contributing to the overall growth of the global wearable medical devices market during the forecast period.

North America is expected to dominate the overall Wearable Medical Devices Market:

Among all the regions, North America is expected to dominate the global wearable medical devices market in the year 2023 and is expected to do the same during the forecast period from 2024-2030. This can be attributed to the growing prevalence of various chronic diseases in the country, the surging burden of the elderly population, the increasing unhealthy lifestyle, and the increasing regulatory approval for wearable medical devices in the country thereby propelling the market of wearable medical devices in North America.

According to the Centers For Disease Control and Prevention (CDC) 2022 data, about 6 in 10 adults in the United States have chronic diseases & 4 in 10 have two or more chronic diseases such as heart disease, cancer, chronic lung disease, stroke, Alzheimer's disease, diabetes, chronic kidney disease, and others. Therefore, the number of chronic disease cases can be readily reduced by concentrating on physical fitness which can be monitored by using wearable medical devices, this will further lead to an increase in the demand for wearable medical devices which will surge the wearable medical devices overall market during the forecast period (2024-2030).

Furthermore, another factor that is responsible for the growth of the wearable medical devices market is the increasing regulatory approval for wearable medical devices. For instance, in March 2022, Biobeat, a global leader in wearable remote patient monitoring solutions for the healthcare continuum, announced that the U.S. Food and Drug Administration (FDA) had granted 510(k) clearance to the US, for its wearable remote patient monitoring device to monitor respiratory rate, body temperature in addition to cuffless blood pressure, blood oxygen saturation, and pulse rate.

Moreover, in January 2020, VivaLNK, a leading provider of connected healthcare solutions, announced that its Continuous ECG Platform had obtained FDA approval for the United States. The sensor platform, which consists of reusable wearable ECG sensors and an accompanying software development kit (SDK), provides developers and providers complete control over data.

Therefore, due to the interplay of the factors mentioned above, the demand for wearable medical devices could boost, which in turn would provide a conducive growth environment in the North American region for the wearable medical devices market during the forecast from 2024-2030.

Wearable Medical Devices Market Key Players:

Some of the key market players operating in the wearable medical devices market include Koninklijke Philips N.V., Omron Corporation, Medtronic Canada, Dexcom Inc., Masimo, iRhythm Technologies Inc., CONTEC MEDICAL SYSTEMS CO.LTD, MediBioSense Ltd, VitalConnect, ten3T Healthcare Pvt. Ltd., Verily Life Sciences LLC, Biobeat, Biotricity, iHealth Labs Inc, VivaLNK Inc., Garmin Ltd, Intelesens Ltd, MINTTIHEALTH, Withings, Fitbit Health Solutions, among others.

Recent Developmental Activities in the Wearable Medical Devices:

In March 2022, Rockley Photonics, a global leader in photonics-based health monitoring & communications solutions, and Medtronic, a global leader in healthcare technology collaborated to deliver the next generation of wearable healthcare monitoring devices

In January 2022, Boston Scientific, a medical technology company, acquired Preventice Solutions, a producer of several wearable cardiac sensors for remote patient monitoring

In May 2022, Biobeat, a global pioneer in wearable remote patient monitoring solutions for the healthcare continuum, announced the launch of its new wearable and continuous ambulatory blood pressure monitoring (ABPM) chest-monitoring device. ABPM can serve as a critical indicator of a patient's health, collecting patient cardiac data in real-world circumstances outside of the doctor's office to offer an accurate, comprehensive, and impartial picture of the patient's health.

Key Takeaways from the Wearable Medical Devices Market Report Study:

• Market size analysis for the current wearable medical devices market (2023), and market forecast for 5 years (2024-2030)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the wearable medical devices market
• Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the global wearable medical devices
• Various opportunities available for the other competitor in the wearable medical devices market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030.
• Which are the top-performing regions and countries in the current wearable medical devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for wearable medical devices market growth in the coming future?

Target Audience who can be benefited from this Wearable Medical Devices Market Report Study

• Wearable medical devices providers
• Research organizations and consulting companies
• Wearable medical devices-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in wearable medical devices
• Various end-users who want to know more about the wearable medical devices market and the latest technological developments in the wearable medical devices

Frequently Asked Questions for Wearable Medical Devices:

1. What are wearable medical devices?

Wearable medical devices are devices that can be worn by an individual, they collect data about the health of an individual which helps to maintain physical fitness. These gadgets can even transmit real-time health data of the user to a doctor or other healthcare expert.

2. What is the market for global wearable medical devices?

The global wearable medical devices market is estimated to grow at a CAGR of 13.67% during the forecast period from 2024 to 2030.

3. What are the drivers for the global wearable medical devices market?

The wearable medical devices market is witnessing positive market growth owing to the factors such as the rise in the geriatric population prone to chronic diseases, the increasing prevalence of chronic diseases, the increasing awareness about fitness & physical activity among t young and adults across the globe, and the increasing regulatory approval for wearable medical devices.

4. Who are the key players operating in the wearable medical devices market?

Some of the key market players operating in the wearable medical devices market include Koninklijke Philips N.V., Omron Corporation, Medtronic Canada, Dexcom Inc., Masimo, iRhythm Technologies Inc., CONTEC MEDICAL SYSTEMS CO.LTD, MediBioSense Ltd, VitalConnect, ten3T Healthcare Pvt. Ltd., Verily Life Sciences LLC, Biobeat, Biotricity, iHealth Labs Inc, VivaLNK Inc., Garmin Ltd, Intelesens Ltd, MINTTIHEALTH, Withings, Fitbit Health Solutions, among others.

5. Which region has the highest share in the wearable medical devices Market?

North America is expected to dominate the global wearable medical devices market. Factors contributing to the growth are the increasing prevalence of chronic diseases and the increasing regulatory approval for wearable medical devices are contributing to the growth of the wearable medical devices market in the North America region.