Wearable Medical Devices Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
Wearable Medical Devices Market Overview and Definition
The wearable medical devices market refers to a segment of the healthcare industry that focuses on the development, manufacturing, and sale of medical devices that can be worn on the body. These devices are designed to monitor, diagnose, and treat a range of medical conditions and are intended to be used in the home or other non-clinical settings.
Wearable medical devices typically use sensors and other technologies to collect data on the wearer's vital signs, physical activity, and other health-related information. This data can then be transmitted to healthcare professionals or analyzed by the wearer to help manage their health.
Some examples of wearable medical devices include:
- Smartwatches and fitness trackers that monitor heart rate, activity level, and sleep quality.
- Continuous glucose monitoring systems for people with diabetes that track blood sugar levels.
- ECG monitors that record heart rhythm and can detect irregularities.
- Remote patient monitoring devices that allow healthcare providers to monitor patients from a distance.
- Smart contact lenses that monitor glucose levels in tears for people with diabetes.
The wearable medical devices market is expected to continue to grow in the coming years, as advances in technology and increasing interest in self-monitoring and preventive healthcare lead to more widespread adoption of these devices.
Wearable medical devices are autonomous devices or instruments used for diagnosing or monitoring medical or fitness conditions, combined with digital health information and typically worn over the body as body accessories or are embedded in cloth or shoes or are used as implants. These devices offer features, such as wireless transmission, noninvasive physiological sensors, real-time data processing modules, medical feedback capabilities, decision support systems and alert mechanisms.
Medical wearable devices are extensively used both remotely and on-premises for patient management and life-style disease management for the prevention of diseases and maintenance of health.
The devices monitor the medical complexities and store the data of the patient’s vital stats and forward the same data to the physicians and are then used to analyze and monitor the patient’s health on a continuous basis which further assists in enhancing comfort and providing timely clinical interventions to the patient.
The global wearable medical devices market is projected to grow at a CAGR of around 20-30% over the period of next 5 years.
The growth of this market is attributed towards major pertaining factors including; the surging health consciousness among people owing to rising prevalence of chronic diseases globally, the growing healthcare infrastructure and industry across different regions, the increasing demand for remote patient monitoring, the increasing number of awareness initiatives and implementation of fitness programs globally, the proliferating preference for home healthcare and technologically improved products and the increasing customer preference for fitness wearables around the globe etc.
Additionally, the burgeoning prevalence of lifestyle-associated disorders, such as diabetes and hypertension because of the increasing adoption of sedentary lifestyles gives makes continuous monitoring of several physiological parameters such as blood sugar levels and blood pressure etc highly necessary. Also, the rising mortality rate around the world due to non-communicable diseases requires urgent focus on personalized monitoring and care. These factors are enabling the amalgamation of healthcare data with portable medical devices, which can then be forwarded to physicians so as to have real-time access to data and minimize errors. All these factors are contributing comprehensively in the rising demand for wearable medical devices and are thus aiding in the growth of the market.
Moreover, the healthcare industry in the recent years has been witnessing colossal increase in the number of technological advancements, R&D activities and investments by major market players for the development and launching of new, innovative and unique wearable products. Some notable developments and introductions in the past years have been in the form of Internet of Things (IoT) and artificial intelligence (AI) which help the physicians in achieving real-time data of patients, the development of a wearable soft exosuit that helps users to save energy and walk over difficult terrain, the Xiaomi Mi Band 4 which offers enhanced display along with better fitness tracking features made available at a relatively lesser cost, integrated smartwatches, patches, and smart clothing ensuring accurate storing and monitoring of patient information such as steps walked, calories burned, calorie intake, miles a person ran, etc. These innovations are thus leading to enhanced customer preference and adoption rate of such devices and are hence fueling the global market expansion of wearable medical devices.
Furthermore, other factors such as the proliferating adoption of mobile platforms worldwide, the increasing adoption of technologies such as AI and 5G, the rising geriatric population and the bolstering healthcare expenditure coupled with increasing launching of new and advanced healthcare apps that are smart-phone based further augment the growth of the wearable medical devices market.
However, factors such as the lack of awareness about the availability of wearable medical devices in developing and underdeveloped countries, the high cost of wearable devices and the increasing concerns pertaining to hacking and theft in these devices restrain the growth of this market.
WEARABLE MEDICAL DEVICES MARKET SEGMENTATION:
By Device Type:
- Diagnostic & Monitoring Devices
- Vital Signs Monitoring Devices
- Multiparameter Trackers
- ECG/Heart Rate Monitors
- Pulse Oximeters
- Blood Pressure Monitors
- Glucose Monitoring Devices
- Sleep Monitoring Devices
- Fetal Monitoring & Obstetric Devices
- Neuromonitoring Devices
- Vital Signs Monitoring Devices
- Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
- Insulin Pumps
By Product Type:
- Activity Monitors/Trackers
- Smart Clothing
- Shoe Sensors
By Grade Type:
- General Health
- Sports & Fitness
- Remote Patient Monitoring
- Home Healthcare
By Distribution Channel:
- Online Channel
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The North American region holds the largest share in the wearable medical devices market followed by Europe and is further anticipated to maintain its current spot at the top in the forthcoming years as well. The growth in the region is backed by various factors including; the surging prevalence of chronic and life-style associated diseases like hypertension and diabetes in the region, the presence of advanced healthcare infrastructure in the region, the high-presence of major market players in the major economies of the region, the increasing number of technological advancements leading to launch of superior products in the region and the colossally rising adoption of wearable medical technology in the region. Additionally, factors such as the proliferating geriatric population coupled with the growing per capita medical expenditure and the rising investment in the research and development of innovative wearables also contribute to the region’s market growth substantially. The U.S. and Canada are the major contributors to the region.
The Asia Pacific region has emerged as the fastest growing regional market for wearable medical devices since last years and is expected to continue with the trend in the upcoming years also. The growth in this region could be attributed to various factors such as the increasing presence of large patient pool suffering from lifestyle and cardiac diseases in the region, the growing presence of key manufacturers in the region, the rising number of favorable government initiatives for the use of wearable medical instruments in the region, the increasing adoption of fitness activities and sports among young population in the region and the launch of initiatives such as Digital India, which proliferates the adoption of digital health solutions in the region etc. Additionally, factors such as the increasing geriatric population base in the region and the rising disposable incomes of people coupled with the improving standard of living & economic conditions in the region also add to the growth of the region’s wearable medical devices market significantly. The major contributors in the region are India and China.
FEW KEY PLAYERS IN WEARABLE MEDICAL DEVICES MARKET:
- Boston Scientific Corporation
- Honeywell International Inc.
- Verily Life Sciences
- iRhythm Technologies Inc.
- Preventice Solutions Inc.
- CONTEC Medical Systems Co. Ltd
- Garmin Ltd.
- Huawei Corporation
- Philips Electronics
- Basis Science
- Medtronic plc.
- Koninklijke Philips N.V.
- Qualcomm Inc.
- Honeywell International Inc.
- NIKE INC.
- Motorola Solutions Inc.
- LG Electronics Inc.
- Hocoma AG
- OMRON Corporation
- Biotelemetry Inc.
- Apple Inc.
- Dexcom Inc.
- Abbott Laboratories
- Masimo Corporation
- GE Healthcare
- Bio-Beat Technologies
- Everist Genomics
- Sony Corporation
- Biotricity Inc.
- Polar Electro
- Cyrcadia Asia Limited
- ten3T healthcare
- Fitbit Inc.
- Xiaomi Corporation
- Sotera Wireless Inc.
- Other Players
- In March 2021, Digital musculoskeletal (MSK) care triple-unicorn Hinge Health announced the forthcoming acquisition of Enso, the known maker of an eponymous non-invasive electrical nerve stimulation device for pain relief.
- In March 2021, Eitan Medical, a prominent leader in advanced infusion therapy and drug delivery solutions across the care continuum, announced that its Sapphire infusion pump, accessories, and administration sets, received EU Medical Device Regulation (MDR) 2017/45 certification.