Wearable Medical Devices Market Forecasts to 2028 - Global Analysis By Distribution Channel (Hypermarkets, Online Channel, Pharmacies), Type (Patches, Smart Clothing, Smartwatches), Device Type, and By Geography

According to Stratistics MRC, the Global Wearable Medical Devices Market is accounted for $39.00 billion in 2022 and is expected to reach $148.06 billion by 2028 growing at a CAGR of 24.9% during the forecast period. A wearable medical device is used to track or supervise, such as heart rate, blood glucose level and blood pressure. The variety of devices includes watches, bands, clothing, and accessories. Wearable technology in healthcare includes electronic devices that consumers can wear, like Fitbits and smartwatches, and are designed to collect the data of users' personal health and exercise. These devices can even send a user's health information to a doctor or other healthcare professional in real time

Japan is currently one of the largest producers of medical devices worldwide by revenue share. The domestic demand for medical devices is steadily increasing, likely due to the fast-aging population of Japan. 85 million wearable medical sensors and devices were shipped in 2021, and the number of shipments is expected to grow to 160 million in 2024. The compounded annual growth rate for shipments of wearable medical sensors and devices during this period was 19 percent.

Market Dynamics:

Driver:

Growing consumer awareness for health and fitness

The global wearable medical devices market likely to drive growth during the forecast period, due to owing to the growing geriatric population, the rising occurrence of chronic disorders, and the availability of highly developed medical devices such as wearable medical devices that enable the delivery of high-quality care outside of hospitals. Thus, the growing consumer awareness for health and fitness is driving the growth of the wearable medical devices market during the forecast period.

Restraint:

High cost

The global wearable medical devices market likely to hamper growth during the forecast period, due to significant increase in the cost of the wearable medical devices, thus several constraints limit their use. One of them is the wearable medical devices overall high cost. These gadgets often come with sensors, batteries, and chips that must be replaced on a regular basis. When the expenses of these accessories are factored into the devices life cycle, the overall cost is much greater.

Opportunity:

AI (Artificial Intelligence) to emerge as a significant opportunity for players

The raise and complication of data in the healthcare industry have prompted studies, which focus on developing possible solutions to integrate AI (Artificial Intelligence) in wearable medical devices. The surging uptake of mobile platforms, growing popularity of 5G, and the improved awareness as well as preference for remote monitoring at home are leading to higher demand for AI and other latest technologies.

Threat:

Growth in cybercrimes

The global wearable medical devices market likely to hamper growth during the forecast period, due to rise in cybercrime, as well as theft of patient data, has led to increasing concerns among device manufacturers. The digital world is notorious for the high rate of cyber-attacks and threats, endangering private data of the patients. With the rising dominance of cyber criminals along with the rolling use of smartphones and latest software can be a huge growth restraint for the global market.

COVID-19 Impact:

The pandemic has increased the demand for digital health wearables with remote monitoring and tele-health emerging as the most effective ways to manage the lockdown and travel boycotts. Wearable medical device companies are also focusing on accelerating the manufacturing process to develop an wide range of wearable therapeutic devices. The medical device market research companies have also boosted their efforts in terms of R&D activities and are now more focused on strengthening their supply chains across the world.

The fitness and sports segment is expected to be the largest during the forecast period

The fitness and sports segment is anticipated to have a lucrative growth, due to moving preferences of the adult population towards sports and leisure activities and the launch of smart and superior wearable devices that track activity are factors fundamentally responsible for the dominance of this segment. Advances in technology have allowed individual endurance athletes, sports teams, and physicians to monitor functional movements, workloads, and biometric markers to maximize performance and minimize injury. Wearable sensors provide a method of monitoring real-time physiologic and movement parameters during training and competitive sports. These parameters can be used to detect position-specific patterns in movement, design more efficient sports-specific training programs for performance optimization, and screen for potential causes of injury.

The therapeutic devices segment is expected to have the highest CAGR during the forecast period

The therapeutic devices segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the increasing influx of therapeutic devices. Furthermore, a strong pipeline of therapeutic devices such as intelligent asthma management products, wearable pain reliever devices, and insulin management devices is likely to assist market growth. Wearable therapeutic medical devices accounted for more than 50% of global market share in terms of device type.

Region with highest share:

North America is projected to hold the largest market share during the forecast period, due to the growing occurrence of cardiovascular disorders, diabetes, and cancer within this region. A rise in chronic diseases that need regular monitoring and the presence of refined healthcare infrastructure are further possible to drive market growth.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, due to the boost in government investment in health care and technical improvements in wearable medical devices. Surge in geriatric population and increase in awareness about wearable medical devices are also projected to enhance the market in the region during the forecast period.

Key players in the market

Some of the key players in the Wearable Medical Devices Market include Apple, Samsung, Xiaomi Inc., Philips Electronics, Nokia Technologies, OMRON Corporation, Fitbit, Medtronic plc, LifeWatch AG, Actelion Pharmaceuticals, Garmin, Vitalconnect, Jawbone, Monica Healthcare, Polar Electro, Sotera Wireless, Lifesense, Cleveland Medical Devices, Inc., Nuubo and Intelesens Ltd.

Key Developments:

In July 2021, OMRON Healthcare released OMRON Complete, its first single-lead electrocardiogram (ECG) and blood pressure monitor for homecare.

In September 2020, Apple announced the launch of Apple Watch Series 6 equipped with a revolutionary blood oxygen allowing user to track accurate details of overall wellness. This has broadened its portfolio as well as contributed to the company's revenue growth.

In December 2020, Xiaomi officially launched its latest Mi Watch Lite on a global scale. The watch features several sports modes such as pool swimming, open water swimming, indoor cycling, outdoor cycling, treadmill, outdoor running, cricket, walking, trial run, trekking, indoor running, free activities and walking. The watch also has a 24x7 heart rate sensor along with a sleep monitoring system that measures the user's daily heart rate as well as sleeping data, respectively.

Distribution Channels Covered:

• Hypermarkets
• Online Channel
• Pharmacies

Types Covered:

• Patches
• Smart Clothing
• Smartwatches
• Activity Monitors
• Ear Wear

Sites Covered:

• Handheld
• Headband
• Strap/Clip/Bracelet
• Shoe Sensors

Device Types Covered:

• Therapeutic Devices
• Diagnostic and Monitoring Devices

End Users Covered:

• Home Healthcare
• Remote Patient Monitoring
• Fitness and sports
• Hospitals and clinics

Trackers Covered:

• Activity trackers
• Fitness trackers
• Sports trackers
• Other Trackers

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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