Global Remote Monitoring Wearables Market - 2024-2031

Report Overview

Global Remote Monitoring Wearables Market reached US$ 5.4 billion in 2023 and is expected to reach US$ 15.1 billion by 2031, growing at a CAGR of 14.1% during the forecast period 2024-2031.

Remote monitoring wearables capabilities are technological gadgets designed to gather and send user-provided health data to personal health applications or healthcare practitioners. These gadgets provide the continuous tracking of numerous physiological parameters, assisting users in taking preventative measures for their health.

Wearables can share real-time data with healthcare practitioners or health apps by connecting to smartphones or the cloud via Bluetooth or Wi-Fi. Wearables for remote patient monitoring can easily be integrated with telehealth platforms, giving medical professionals the ability to watch patients from a distance and modify treatment regimens in real-time.

Market Dynamics: Drivers & Restraints

Increasing prevalence of chronic diseases

The rising prevalence of chronic diseases is expected to drive the market growth. To properly manage symptoms, chronic disorders like diabetes, hypertension, and cardiovascular issues require continual health monitoring. Wearables with remote monitoring allow patients to track their health measures and vital signs in real time, improving the management of their conditions.

The prevalence of chronic diseases is increasing, this is expected to increase healthcare providers to manage their patient's health conditions and manage their symptoms.

For instance, in June 2023, the Institute for Health Metrics and Evaluation of the University of Washington stated that more than half a billion people are living with diabetes worldwide, affecting men, women, and children of all ages in every country, and that number is projected to more than double to 1.3 billion people in the next 30 years.

By giving patients and medical professionals access to up-to-date data, wearables facilitate the proactive handling of chronic diseases. This makes it possible to detect possible problems at an early stage, allowing timely action and lowering the number of hospital admissions.

Lack of adoption of technology by elderly people

The lack of familiarity with technology and smart gadgets may be faced by many potential users, elderly people in particular. Wearable technology adoption can be hampered by this discomfort, which would reduce its ability to monitor health. Wearables for remote monitoring can lead users to doubt their efficacy and precision. Users may be hesitant to adopt these gadgets if they don't see an obvious benefit or improvement in their health results.

Market Segment Analysis

The global remote monitoring wearables market is segmented based on device type, disease, function, end-user, and region.

The smartwatches and fitness trackers segment is expected to dominate the market share

The smartwatches and fitness trackers segment is expected to hold a major position in the market share. In recent years, fitness trackers and smartwatches have expanded. These elegant, wrist-worn gadgets are featured with functions and sensors that let users keep an eye on a variety of health indicators.

For monitoring heart rate, sleep patterns, stress levels, and everyday physical activity, doctors frequently recommend smartwatches and fitness trackers. Additionally, some of these devices have abilities like ECG monitoring, which can be used to identify possible cardiac problems and abnormal heart rhythms.

The rising advancements in technology and an increasing number of advanced devices by the companies that are comfortable to use by the patients and healthcare providers are expected to drive the segment growth.

For instance, in July 2024, KORE, an Internet of Things (IoT) company announced the launch of a smartwatch for virtual patient monitoring called mCareWatch 241. The watch features an SOS setting that enables wearers to obtain emergency assistance, call capabilities, GPS tracking, reminders, a heart rate monitor, speed dialing, fall detection, a pedometer, a geo-fence alarm, non-movement detection, and a mobile app and web dashboard.

Additionally, on July 12, 2024, Samsung unveiled its expanded slate of wearable products, including the highly-buzzed new Galaxy Ring that can be worn 24/7 with end-to-end integration with its smartphones and smartwatches. The lightweight device boasts a suite of sensors that continuously monitor key health metrics including sleep patterns, heart rate variability, and activity levels 24 hours a day.

Market Geographical Analysis

North America is expected to hold a significant position in the remote monitoring wearables market share

North America holds a significant position in the market share. The rising technological advancements, increasing prevalence of chronic diseases, and increasing awareness among individuals. The presence of a large number of device manufacturers in the region is also expected to hold the region in a dominant position in the market share.

For instance, in June 2023, STAT Health introduced a 24/7 in-ear wearable general wellness product that measures blood flow to the head to allow a better understanding of conditions in the body that occur upon standing.

Additionally, in November 2022, Sensoria Health, a developer of tele-rehab remote patient monitoring wearable solutions, introduced the first truly wearable telerehabilitation platform. Sensoria offers a patient-centric, multi-device mobile and cloud software tele-rehab system that makes it easy and efficient for physical therapists and clinicians to remotely monitor the most common conditions in their patient population.

Market Segmentation

By Device Type

• Smartwatches and Fitness Trackers
• Continuous Glucose Monitors (CGMs)
• Wearable ECG Monitors
• Remote Monitoring Patches
• Others

By Disease

• Cardiovascular Diseases
• Asthma
• Alzheimer Disease
• Kidney Diseases
• Others

By Function

• Heart Rate Tracking
• ECG (Electrocardiogram)
• Blood Oxygen Levels (SpO2) Monitoring
• Sleep Quality Monitoring
• Physical Activity Monitoring
• Others

By End-User

• Hospitals
• Clinics
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific
• Middle East and Africa

Market Competitive Landscape

The major global players in the market include MedIoTek Health Systems, BioIntelliSense, Inc., Apple Inc., AliveCor India, Koninklijke Philips N.V., Garmin Ltd., Samsung Health, Biobeat, Qardio, Inc., and Fitbit among others.

Why Purchase the Report?

• To visualize the global remote monitoring wearables market segmentation based on device type, disease, function, end-user, and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of remote monitoring wearables market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global remote monitoring wearables market report would provide approximately 53 tables, 47 figures, and 176 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies