The global wearable medical devices market size was estimated at USD 22.53 billion in 2021 and is expected to hit over USD 169.58 billion by 2030 with a registered CAGR of 25.6% from 2022 to 2030.
The medical equipment that customers can wear, such an activity trackers and smartwatches, are examples of wearables in healthcare. They’re made to track and collect information on a user’s health and fitness. The growing investments, funding, and grants, as well as a growing preference for wireless connectivity among healthcare providers, are driving the growth of the wearable medical devices market. Wearable devices will gain popularity in the near future due to their numerous features, technological advancements, and wide range of uses in remote healthcare settings and at home. Furthermore, the rising frequency of chronic diseases is expected to wearable medical devices market growth over the forecast period.
Rising demand for remote patient monitoring devices along with home healthcare solutions anticipated to positively influence the market growth for wearable medical devices. In addition, rising consumer focus towards fitness as well as effort for leading a healthy lifestyle expected to be the other main factor that fuels the product demand.
Rise in data and their complexity in healthcare industry have increased significantly over the recent past because of the introduction of advanced data collection and analysis tools in the industry. On-going research to develop a viable solution by integrating Artificial Intelligence (AI) and machine learning in wearable medical devices anticipated to further boost the size of data generation from the industry. This amalgamation of technologies will assist physicians to detect any changes in the heart functioning at its early stage and to initiate the required interventions that could prevent the re-hospitalization as well as reduces the heart failure rate.
Drivers: Growing consumer awareness for health and fitness
The wearable medical devices market has grown significantly in recent years, owing to the growing geriatric population, the rising prevalence of chronic disorders, and the availability of advanced medical devices such as wearable medical devices that enable the delivery of high-quality care outside of hospitals. As a result, the growing consumer awareness for health and fitness is driving the growth of the wearable medical devices market during the forecast period.
Restraints: High cost of maintenance
Due to substantial technological advancements in wearable medical devices market, several constraints limit their use. One of them is the wearable medical devices’ overall high cost. These gadgets frequently 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. These concerns, together with the lack of payment regulations for these wearable medical devices, have contributed to the relatively low adoption of wearable medical devices in both developed and developing nations. Thus, the high cost of maintenance is a restricting factor for the growth of the wearable medical devices market.
Opportunities: Technological advancements in the field of artificial intelligence
The growing volume and complexity of data in the healthcare industry has encouraged research into building feasible artificial intelligence solutions for wearable medical devices. The growing popularity of mobile platforms, as well as increased awareness and preference for remote monitoring at home, are driving up demand for artificial intelligence and other innovative technologies. As a result, the technological advancements in the field of artificial intelligence are creating lucrative opportunities for the growth of the wearable medical devices market during the forecast period.
Challenges: Lack of awareness in developing countries
The lack of understanding among the populace in underdeveloped or developing regions could be a big concern for the global wearable medical devices market in the coming years. In these locations, limited access to smart phones and other advanced technologies may provide a challenge to the wearable medical devices market expansion.
Scope of the Wearable Medical Device Market Report
|Market Size||USD 169.58 Billion by 2030|
|Growth Rate||CAGR of 25.6% From 2022 to 2030|
|Historic Data||2017 To 2020|
|Forecast Period||2022 To 2030|
|Segments Covered||Site, Product, Application|
|Regional Scope||North America, APAC, Europe, Latin America, MEAN, Rest of the World|
|Companies Mentioned||Koninklijke Philips N.V., Medtronic Plc, Sotera Wireless, Omron Corporation, Polar Electro, Everist Health, Intelesens Ltd, Fitbit Inc., Withings, Vital Connect, and Garmin Ltd.|
The diagnostic devices segment has garnered largest revenue share of 63% in 2021.
The therapeutic device anticipated to exhibit the fastest growth rate among product segment throughout the analysis period due to the rising influx of these products over the recent time. Moreover, a strong product pipeline of therapeutic devices for example wearable pain reliever devices, intelligent asthma management devices, and insulin management devices estimated to assist the market growth.
Within the therapeutic segment, insulin monitoring device emerged as a market leader in 2021 and predicted to continue the same trend over the upcoming years because of increasing prevalence of diabetes.
Besides this, Neuromonitoring captured the largest value share in the diagnostic device segment in 2021. Rising prevalence of neurological disorders attributed as the major factor that positively affects the growth of the segment. Additionally, growing awareness among consumers related to the ability of neurological wearable devices in order to continuously assess the cognitive capabilities of a person during their everyday activities estimated to be a prime factor that drives the market.
Home healthcare dominated the market in the year 2021 with revenue share of over 54% owing to the rising geriatric population that triggers the prevalence of chronic diseases coupled with the increasing need to curb the rising healthcare expenditure as home healthcare is an economically viable initiative.
Due to factors such as increased usage of activity trackers in home healthcare in developed countries and increased investment by major market players in developing innovative devices for home healthcare, the home healthcare segment held the highest share in 2021.
The remote patient monitoring application anticipated to grow at the fastest rate over the forecast timeframe. Globally increasing geriatric population coupled with the prevalence of chronic diseases projected as few high impact rendering drivers for the growth of the segment over the analysis time period.
Distribution Channels Insights
The online platforms, hypermarkets, and pharmacies are all major distribution channels in the global wearable medical devices market. Due to the growing use of electronic devices such as smartphones and tablets, as well as the growing number of technology aware consumers globally, the online channels are gaining traction during the forecast period.
North America accounted largest market share of around 38.5% in 2021 because of the increasing prevalence of diabetes, cardiovascular disorders, and cancer within this region. In addition to this, significant rise in the chronic diseases that require routine and continuous monitoring along with the presence of well-established healthcare infrastructure are further expected to propel the market growth during the upcoming period.
This is attributed to the rising prevalence of cancer, diabetes, and cardiovascular diseases in the North America region. Furthermore, the rise in chronic diseases that require regular monitoring, as well as the presence of modern healthcare infrastructure, are expected to drive the wearable medical devices market expansion throughout the forecast period.
The Asia Pacific however witnesses an exponential growth rate over the analysis period owing to favorable government initiatives for the adoption of such devices, rising geriatric population, and increase in healthcare expenditure within the region. Apart from this, the region offer immense opportunity for the infrastructure development related to construction and healthcare for upgrading the medical research & services in the region.
The growing favorable government activities and initiatives for the usage of wearable medical devices, an increasing senior population base, and rising healthcare expenditures in the Asia-Pacific region are all driving the wearable medical devices market expansion.
Key Companies & Market Share Insights
The global wearable medical device market faces intense competition among the market players owing to significant spending in Research & Development (R&D) sector to upgrade and enhance the product continuously to cater the rapid changing consumer demand and need. Further, these industry participants are also largely adopting inorganic growth strategies such as merger & acquisition, partnership, and collaboration to retain their competitive edge in the global market. For instance, in 2020, Fitbit Inc. introduced Fitbit Charge 4 to continuously track the activities of the user and provide relevant information in real-time.
Some of the prominent players in the wearable medical device market include:
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of site, product, application, and region:
By Grade Type
By Distribution Channel
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