Wearable Medical Devices Market - Global Industry Size, Share, Analysis, Trends and Forecast 2022 - 2030
The Wearable Medical Devices Market Size Accounted for USD 23,581 Million in 2021 and is predicted to be worth USD 188,398 Million by 2030, with a CAGR of 26.5% during the forecasting period from 2022 to 2030.
Global Wearable Medical Devices Market DRO’s
Market Drivers
- Raising public awareness of fitness, healthy living, and home healthcare
- Advancement of technologically advanced products
- Strong penetration of 3G & 4G networks for continuous healthcare services
- The growing elderly population and the associated rise in chronic disease incidence
Market Restraints
- Undesirable standards and regulations
- Difficulties with data security
- Problems with the accuracy, standardization, and interpretation of data supplied by wearables
Market Opportunities
- Rising adoption of ai technologies and 5G
- Increasing the number of investments, resources, and grants
Report Coverage
| Market | Wearable Medical Devices Market |
| Market Size 2021 | USD 23,581 Million |
| Market Forecast 2030 | USD 188,398 Million |
| CAGR During 2022 - 2030 | 26.5% |
| Analysis Period | 2018 - 2030 |
| Base Year | 2021 |
| Forecast Data | 2022 - 2030 |
| Segments Covered | By Device, By Product Type, By Application, By Distribution Channel, And By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | VitalConnect, Xiaomi Technology Co., Ltd, Activinsights Ltd., Samsung Electronics Co. Ltd., OMRON Corporation, Fitbit, Inc., Polar Electro, Garmin Corporation, Apple Inc., and Huawei Technologies Co., Ltd. |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
| Customization Scope |
10 hrs of free customization and expert consultation |
The worldwide wearable medical devices market is driven by the ascent in pervasiveness of advertise, increment in diabetic populace, increment in the geriatric populace, and an increase in the rate of appropriation of innovatively propelled wearable medical products. Moreover, an ascent in patient mindfulness and technological advancements and innovative head ways are relied upon to drive the market amid the conjecture time frame.
The rising frequency of chronic illnesses such as type 1 diabetes as well as the cardiac disease has increased demand for wearable medical devices market. As the prevalence of these diseases rises, so does the need for continual monitoring systems. Furthermore, technical advancements that facilitate user flexibility and networking have boosted sales performance in recent years. This has provided the healthcare sector with novel solutions for physicians and chronic illnesses. Furthermore, the opportunity of wearable devices to enhance care delivery while lowering costs will drive overall wearable medical devices market growth.
The wearable gadgets and innovation are in vogue; most users who buy such products are pioneers and early adopters. Vast populace of pioneers and early adopters in created nations and expanding number of individuals in this gathering in creating nations are probably going to drive the market. Rising number of sports and fitness enthusiasts are looking for better approaches to monitor their health. These early adopters are increasingly worried about their well being and wellness. Consequently, demand for the wearable medical gadgets is ascending among this gathering. Huge part of the populace in the U.S. also, Canada falls under the gathering of early adopters. These outcome in fast market infiltration of wearable medicinal gadgets in the area.
Wearable Medical Devices Market Segmentation
The global wearable medical devices market segmentation is based on the device, product type, application, distribution channel, and geographical region.
Market by Device
- Diagnostic and Monitoring Devices
- Vital Signs Monitoring Devices
- Glucose Monitoring Devices
- Sleep Monitoring Devices
- Fetal Monitoring & Obstetric Devices
- Neuromonitoring Devices
- Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Insulin Pumps
- Respiratory Therapy Devices
Based on type, the diagnostic and monitoring devices segment is foreseen to overwhelm the worldwide wearable therapeutic gadgets market, attributable to high use of wearable medical devices for diagnosing medical health and fitness. Moreover, increment in chronic diseases, for example, cardiovascular and neurological disarranges, is required to drive the market amid the conjecture time frame.
Market by Product Type
- Smart Watches
- Activity Monitors
- Patches
- Smart Clothing
According to the Wearable Medical Devices industry analysis, smart watches will account for a sizable market share in 2021. Smart watches, which allow monitoring of many indicators including mobility, respiration rate, and respiratory oximetry, along with Wireless and cloud networking, are expected to drive segment expansion.
Market by Application
- Sports & Fitness
- Home Healthcare
- Remote Patient Monitoring
Based on application, the sports and fitness segment represented a prominent share of the market in 2017. It is relied upon to command the market amid the conjecture time frame. Increment in patient populace, progressions in way of life, and improvement in health care infrastructure are relied upon to drive the segment amid the estimate time frame.
Market by Distribution Channel
- Online Channels
- Pharmacies
- Hypermarkets
According to wearable medical devices market forecast, the online segment is predicted to grow at a significant rate owing to the rising movement of clients in metropolitan as well as capital city areas to e-commerce channels for acquiring wearable technology.
Wearable Medical Devices Market Regional Outlook
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Latin America
- Mexico
- Brazil
- Rest of Latin America
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
The Middle East & Africa (MEA)
- Gulf Cooperation Council (GCC)
- South Africa
- Rest of the Middle East & Africa
Regional Insights
North America held a huge offer of the worldwide market in 2017. This is because of improvement of imaginative products and increment sought after for products among the populace. The U.S. held a noteworthy offer of the market in North America just as all around. The region is a noteworthy center point for advancement, where the world's driving organizations in the segment conduct R&D.
Asia Pacific is a developing business sector, offering critical potential. Extension of the market in the region can be attributed to the rise of solid neighborhoods makers offering mechanically propelled products at lower costs and expanding mindfulness among individuals about early conclusion of incessant injuries.
Wearable Medical Devices Market Players
Some of the prominent global wearable medical devices market companies are VitalConnect, Xiaomi Technology Co., Ltd, Activinsights Ltd., Samsung Electronics Co. Ltd., OMRON Corporation, Fitbit, Inc., Polar Electro, Garmin Corporation, Apple Inc., and Huawei Technologies Co., Ltd.
Frequently Asked Questions
How big is the wearable medical devices market?
The wearable medical devices market size in 2021 was accounted to be USD 23,581 Million.
What will be the projected CAGR for global wearable medical devices market during forecast period of 2022 to 2030?
The projected CAGR of wearable medical devices during the analysis period of 2022 to 2030 is 26.5%.
Which are the prominent competitors operating in the market?
The prominent players of the global wearable medical devices market involve VitalConnect, Xiaomi Technology Co., Ltd, Activinsights Ltd., Samsung Electronics Co. Ltd., OMRON Corporation, Fitbit, Inc., Polar Electro, Garmin Corporation, Apple Inc., and Huawei Technologies Co., Ltd.
Which region held the dominating position in the global wearable medical devices market?
North America held the dominating share for wearable medical devices during the analysis period of 2022 to 2030.
Which region exhibited the fastest growing CAGR for the forecast period of 2022 to 2030?
Asia-Pacific region exhibited fastest growing CAGR for wearable medical devices during the analysis period of 2022 to 2030.
What are the current trends and dynamics in the global wearable medical devices market?
Increasing awareness of fitness, lifestyle, and home healthcare, as well as development of technologically advanced products are the prominent factors that fuel the growth of global wearable medical devices market.
By segment device, which sub-segment held the maximum share?
Based on device, diagnostic and monitoring devices segment hold the maximum share for wearable medical devices market in 2021.
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