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The global wearable medical devices market was valued at USD 30 billion in 2022 and grew at a CAGR of 25% from 2023 to 2032. The market is expected to reach USD 279.39 billion by 2032. The increasing incidence of chronic diseases globally will drive the growth of the global wearable medical devices market.
A medical device is an equipment, apparatus, machine or object used in healthcare or medicine. Medical devices are used for diagnosis or treatments. For instance, an ultrasound is used to examine internal body structures and identify if anything is amiss to make a diagnosis and prescribe treatment. Medical devices are also used for monitoring patients' vital signs, which helps in early diagnosis and prevention. Wearable medical devices are a niche category of devices the user can wear. It can be a wristwatch used by fitness enthusiasts to monitor their heart rate, oxygen saturation, steps taken and calories burned to monitor their health and overall progress. Smart jewellery, web-enabled eyewear, and Bluetooth headsets are other examples of modern wearable technology. Wearable medical devices are vital for patients suffering from chronic diseases as they enable real-time monitoring of their vitals and timely intervention in case of deviations. Real-time monitoring of patients enables physicians to remotely monitor their patients. This reduces unnecessary hospital trips, making them more efficient and productive towards delivering community healthcare. It reduces the cost of healthcare for the patients and encourages proactive health management.
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The increasing incidence of chronic diseases – The sedentary lifestyle with poor and unhealthy eating habits has led to an increase in the incidence and prevalence of chronic diseases. Furthermore, the covid-19 pandemic has led many survivors with long covid, increasing the need for constant patient monitoring. For instance, there was an uptick in demand for pulse oximeters during the covid-19 pandemic for home healthcare purposes. The growing health-conscious has increased the population's adoption of an active lifestyle, driving the demand for smartwatches that track vital signs, which help monitor health and fitness progress. The growing emphasis on telehealth to improve the reach of medicine and healthcare services and the growing importance of mental wellness will also propel the growth of the global wearable medical devices market.
The high costs of wearable medical devices – Medical devices are sophisticated pieces of equipment and technology which cost significant capital to develop. Furthermore, it takes special manufacturing assembly and maintenance costs as well. These devices are patented, so retail prices are often high. The manufacturing and distribution are limited to certain geographical territories, which increases the costs in other areas, often the developing and under-developing regions, rendering the population helpless. Therefore, the high costs of wearable medical devices will limit the market's growth.
Product innovations – Technological advancements have improved novel innovations like artificial intelligence and IoT. Introducing and integrating these technologies in medical devices have improved their efficiency in identifying vitals and monitoring health. Such innovations show promising benefits in proactive health management, early diagnosis and prevention of diseases and deaths. Therefore, the growing product innovations will offer lucrative opportunities for the market players in the wearable medical devices market in the forecast period. Many hospitals are now choosing digital surgical instrument monitoring systems, like RFID-based ones, to enhance how surgical tools are controlled. By speeding up surgical procedures and ensuring the right equipment are accessible, these technologies can enhance patient safety and hospital efficiency.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global wearable medical devices market, with a 40% market revenue share in 2022.
The increasing incidence of chronic diseases will increase the demand for wearable medical devices. Furthermore, significant regional manufacturers and distributors offer easy accessibility to these products for consumers. The increasing fiscal healthcare expenditure will also propel the market's growth. The well-established healthcare sector, extensive insurance coverage, and favourable healthcare initiatives will augment the market's growth. The increasing research and development expenditure has propelled product innovation, contributing to the regional market's growth.
North America Region Wearable Medical Devices Market Share in 2022 - 40%
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The product type segment is divided into diagnostic and patient-monitoring wearable medical devices and therapeutic wearable medical devices. The diagnostic and patient monitoring wearable medical devices segment dominated the market, with a share of around 59% in 2022. Diagnostic and patient monitoring wearable devices allow real-time monitoring of patients' vitals like heart rate, oxygen saturation, sleep cycle, etc., which enables proactive health management. It leads to early diagnosis and timely intervention. Real-time and remote patient monitoring allows effective health management for hospitals as it reduces patient burden and overload on staff. It also reduces costs and saves time. Public healthcare systems increasingly use diagnostic and patient-monitoring wearable medical devices to further telemedicine and reach every corner of civilization. The use of smartwatches and pulse oximeters by the geriatric population and active individuals in fitness is driving the segment's growth.
The application segment is divided into sports and fitness, remote patient monitoring and home healthcare. The remote patient monitoring segment dominated the market, with a market share of around 43% in 2022. Using digital medical instruments like pulse oximeters, blood glucose metres, blood pressure monitors, and scales, healthcare providers can monitor patients remotely from hospitals or otherwise. Real-time monitoring enables physicians to prioritize cases and leads to effective health management. It also leads to early diagnosis and prevention. It minimizes hospital visits and hospitalization, reduces costs, saves time, and prevents patients from being exposed to germs. It leads to proactive healthcare management and overall improvement in community health indicators. Additionally, it is highly beneficial for patients suffering from chronic diseases, and the increasing incidence of chronic diseases will drive the segment's growth. The growing emphasis on telehealth will also contribute to the segment's growth.
The distribution channel segment is divided into online and offline. The online segment dominated the market, with a market share of around 53% in 2022. The trend of online shopping has gained traction over the years, given its convenience. A wide range of products from different brands within a range of prices, if offered online, gives consumers accessibility and affordability. The growth of the e-commerce industry has also augmented the online segment's growth.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 30 Billion |
| Market size value in 2032 | USD 279.39 Billion |
| CAGR (2023 to 2032) | 25% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Product Type, Application and Distribution Channel |
As per The Brainy Insights, the size of the global wearable medical devices market was valued at USD 30 billion in 2022 to USD 279.39 billion by 2032.
Global wearable medical devices market is growing at a CAGR of 25% during the forecast period 2023-2032.
The market's growth will be influenced by the increasing incidence of chronic diseases.
The high costs of wearable medical devices could hamper the market growth.
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis by Product Type
4.3.2. Market Attractiveness Analysis by Application
4.3.3. Market Attractiveness Analysis by Distribution Channel
4.3.4. Market Attractiveness Analysis by Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. The increasing incidence of chronic diseases
5.3. Restraints
5.3.1. The high costs of wearable medical devices
5.4. Opportunities
5.4.1. Product innovations
5.5. Challenges
5.5.1. The stringent government regulations
6. Global Wearable Medical Devices Market Analysis and Forecast, By Product Type
6.1. Segment Overview
6.2. Diagnostic and Patient Monitoring Wearable Medical Devices
6.3. Therapeutic Wearable Medical Devices
7. Global Wearable Medical Devices Market Analysis and Forecast, By Application
7.1. Segment Overview
7.2. Sports and Fitness
7.3. Remote Patient Monitoring
7.4. Home Healthcare
8. Global Wearable Medical Devices Market Analysis and Forecast, By Distribution Channel
8.1. Segment Overview
8.2. Online
8.3. Offline
9. Global Wearable Medical Devices Market Analysis and Forecast, By Regional Analysis
9.1. Segment Overview
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. U.K.
9.3.4. Italy
9.3.5. Spain
9.4. Asia-Pacific
9.4.1. Japan
9.4.2. China
9.4.3. India
9.5. South America
9.5.1. Brazil
9.6. Middle East and Africa
9.6.1. UAE
9.6.2. South Africa
10. Global Wearable Medical Devices Market-Competitive Landscape
10.1. Overview
10.2. Market Share of Key Players in the Wearable Medical Devices Market
10.2.1. Global Company Market Share
10.2.2. North America Company Market Share
10.2.3. Europe Company Market Share
10.2.4. APAC Company Market Share
10.3. Competitive Situations and Trends
10.3.1. Product Launches and Developments
10.3.2. Partnerships, Collaborations, and Agreements
10.3.3. Mergers & Acquisitions
10.3.4. Expansions
11. Company Profiles
11.1. Apple Inc.
11.1.1. Business Overview
11.1.2. Company Snapshot
11.1.3. Company Market Share Analysis
11.1.4. Company Product Portfolio
11.1.5. Recent Developments
11.1.6. SWOT Analysis
11.2. Basis Science Inc.
11.2.1. Business Overview
11.2.2. Company Snapshot
11.2.3. Company Market Share Analysis
11.2.4. Company Product Portfolio
11.2.5. Recent Developments
11.2.6. SWOT Analysis
11.3. Fitbit
11.3.1. Business Overview
11.3.2. Company Snapshot
11.3.3. Company Market Share Analysis
11.3.4. Company Product Portfolio
11.3.5. Recent Developments
11.3.6. SWOT Analysis
11.4. Medtronic Plc
11.4.1. Business Overview
11.4.2. Company Snapshot
11.4.3. Company Market Share Analysis
11.4.4. Company Product Portfolio
11.4.5. Recent Developments
11.4.6. SWOT Analysis
11.5. Omron Corp.
11.5.1. Business Overview
11.5.2. Company Snapshot
11.5.3. Company Market Share Analysis
11.5.4. Company Product Portfolio
11.5.5. Recent Developments
11.5.6. SWOT Analysis
11.6. Philips Electronics
11.6.1. Business Overview
11.6.2. Company Snapshot
11.6.3. Company Market Share Analysis
11.6.4. Company Product Portfolio
11.6.5. Recent Developments
11.6.6. SWOT Analysis
11.7. Polar Electro
11.7.1. Business Overview
11.7.2. Company Snapshot
11.7.3. Company Market Share Analysis
11.7.4. Company Product Portfolio
11.7.5. Recent Developments
11.7.6. SWOT Analysis
11.8. Sotera Wireless
11.8.1. Business Overview
11.8.2. Company Snapshot
11.8.3. Company Market Share Analysis
11.8.4. Company Product Portfolio
11.8.5. Recent Developments
11.8.6. SWOT Analysis
11.9. Vital Connect
11.9.1. Business Overview
11.9.2. Company Snapshot
11.9.3. Company Market Share Analysis
11.9.4. Company Product Portfolio
11.9.5. Recent Developments
11.9.6. SWOT Analysis
11.10. Withings
11.10.1. Business Overview
11.10.2. Company Snapshot
11.10.3. Company Market Share Analysis
11.10.4. Company Product Portfolio
11.10.5. Recent Developments
11.10.6. SWOT Analysis
List of Table
1. Global Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
2. Global Diagnostic and Patient Monitoring Wearable Medical Devices Wearable Medical Devices Wearable Medical Devices Market, By Region, 2019-2032 (USD Billion)
3. Global Therapeutic Wearable Medical Devices Wearable Medical Devices Wearable Medical Devices Market, By Region, 2019-2032 (USD Billion)
4. Global Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
5. Global Sports and Fitness Wearable Medical Devices Wearable Medical Devices Market, By Region, 2019-2032 (USD Billion)
6. Global Remote Patient Monitoring Wearable Medical Devices Wearable Medical Devices Market, By Region, 2019-2032 (USD Billion)
7. Global Home Healthcare Wearable Medical Devices Wearable Medical Devices Market, By Region, 2019-2032 (USD Billion)
8. Global Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
9. Global Online Wearable Medical Devices Wearable Medical Devices Market, By Region, 2019-2032 (USD Billion)
10. Global Offline Wearable Medical Devices Wearable Medical Devices Market, By Region, 2019-2032 (USD Billion)
11. Global Wearable Medical Devices Market, By Region, 2019-2032 (USD Billion)
12. North America Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
13. North America Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
14. North America Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
15. U.S. Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
16. U.S. Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
17. U.S. Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
18. Canada Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
19. Canada Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
20. Canada Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
21. Mexico Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
22. Mexico Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
23. Mexico Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
24. Europe Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
25. Europe Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
26. Europe Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
27. Germany Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
28. Germany Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
29. Germany Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
30. France Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
31. France Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
32. France Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
33. U.K. Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
34. U.K. Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
35. U.K. Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
36. Italy Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
37. Italy Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
38. Italy Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
39. Spain Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
40. Spain Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
41. Spain Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
42. Asia Pacific Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
43. Asia Pacific Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
44. Asia Pacific Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
45. Japan Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
46. Japan Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
47. Japan Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
48. China Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
49. China Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
50. China Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
51. India Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
52. India Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
53. India Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
54. South America Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
55. South America Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
56. South America Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
57. Brazil Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
58. Brazil Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
59. Brazil Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
60. Middle East and Africa Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
61. Middle East and Africa Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
62. Middle East and Africa Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
63. UAE Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
64. UAE Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
65. UAE Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
66. South Africa Wearable Medical Devices Market, By Product Type, 2019-2032 (USD Billion)
67. South Africa Wearable Medical Devices Market, By Application, 2019-2032 (USD Billion)
68. South Africa Wearable Medical Devices Market, By Distribution Channel, 2019-2032 (USD Billion)
List of Figures
1. Global Wearable Medical Devices Market Segmentation
2. Wearable Medical Devices Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Wearable Medical Devices Market Attractiveness Analysis by Product Type
9. Global Wearable Medical Devices Market Attractiveness Analysis by Application
10. Global Wearable Medical Devices Market Attractiveness Analysis by Distribution Channel
11. Global Wearable Medical Devices Market Attractiveness Analysis by Region
12. Global Wearable Medical Devices Market: Dynamics
13. Global Wearable Medical Devices Market Share by Product Type (2022 & 2032)
14. Global Wearable Medical Devices Market Share by Application (2022 & 2032)
15. Global Wearable Medical Devices Market Share by Distribution Channel (2022 & 2032)
16. Global Wearable Medical Devices Market Share by Regions (2022 & 2032)
17. Global Wearable Medical Devices Market Share by Company (2022)
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global wearable medical devices market based on below mentioned segments:
Global Wearable Medical Devices Market by Product Type:
Global Wearable Medical Devices Market by Application:
Global Wearable Medical Devices Market by Distribution Channel:
Global Wearable Medical Devices Market by Region:
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