The global wearable medical devices market was valued at US$ 29.9 Bn in 2021 and is projected to advance at a CAGR of 19.1% from 2022 to 2031. The global wearable medical devices market is anticipated to reach more than US$ 183.8 Bn by the end of 2031.
Overview of Global Wearable Medical Devices Market
The global wearable medical devices market is expected to grow at a rapid pace between 2022 and 2031 due to the expansion of the healthcare sector, government efforts, increase in number of healthcare companies, rise in product approvals, and surge in patient population.
Wearable medical devices companies are striving to improve the usability and accessibility of their products. These wearable health monitoring devices provide crucial information about user health and are designed in such a way that a layperson can easily comprehend the data.
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Large Numbers of Innovators and Early Adopters Ensure Faster Market Penetration
Wearable technology is popular. Majority of the people who purchase such items are innovators and early adopters. The global wearable medical devices market is projected to be driven by a significant population of innovators and early adopters in developed countries, and increase in the number of persons in this category in emerging economies. Surge in number of sports and fitness enthusiasts seeking new ways to track their health is also anticipated to propel the global market. A sizable proportion of the population in the U.S. and Canada are early adopters. Hence, market penetration of wearable medical gadgets is likely to be faster in North America.
Increase in Incidence of Chronic Pain and Large Diabetic Patient Population Driving Demand for Advanced Wearable Technologies
Surge in chronic pain cases is augmenting the demand for wearable medical devices such as transcutaneous electrical nerve stimulation (TENS) and pulsed electromagnetic field treatment (PEMF) devices.
Diabetes is affecting an increasing number of individuals because of improper diet, sedentary lifestyle, and obesity. This can result in life-threatening conditions such as renal failure, heart disease, and stroke. Hence, health of such persons must be checked on a regular basis. This is driving the demand for glucose monitors. Diabetic people are also at risk of dying prematurely from cardiovascular issues. This necessitates the development of wearable devices capable of continuous cardiovascular monitoring at home and in clinics.
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Integration of Technologies such as Bluetooth and Wi-Fi with Diagnostic Equipment Propelling Activity Monitors Segment
In terms of product, the global wearable devices market has been classified into smart watches, activity monitors, patches, and smart clothing. The activity monitors segment accounted for a large share of the global market in 2021. The segment is expected to grow at a high CAGR from 2022 to 2031.
Activity monitors have grown in popularity as a result of the integration of technologies such as Bluetooth and Wi-Fi with diagnostic equipment. This allows these gadgets to communicate health information to computers or smartphones, enabling medical professionals to evaluate data more quickly.
Growth in Health Awareness and Rise in Prevalence of Various Disorders to Augment Diagnostic & Monitoring Devices Segment
Based on device, the global wearable medical devices market has been bifurcated into diagnostic & monitoring devices and therapeutic devices. The diagnostic & monitoring devices segment has been split into vital signs monitoring devices, glucose monitoring devices, sleep monitoring devices, fetal monitoring & obstetric devices, and neuromonitoring devices. The therapeutic devices segment has been segregated into pain management devices, rehabilitation devices, and insulin pumps.
The diagnostic & monitoring devices segment held significant share of the global market in 2021. Increase in health awareness and rise in prevalence of disorders such as diabetes and hypertension are expected to augment the diagnostic & monitoring devices segment during the forecast period. However, high cost, data security challenges, and unfavorable reimbursement policies are likely to restrain the segment in the next few years.
Ability to Communicate with Smartphones, Laptops, and PCs Bolstering Sports & Fitness Segment
In terms of application, the global wearable medical devices market has been divided into sports & fitness, home health care, and remote patient monitoring.
The sports & fitness segment held major share of the global market during the forecast period. Sports and fitness equipment exhibit significant market penetration. These wearable gadgets can communicate with other devices, such as smartphones, laptops, and PCs, through Bluetooth and Wi-Fi, allowing for personalized settings and thorough performance monitoring.
Customer Preference for Physical Buying over Internet Shopping Driving Pharmacies Segment
Based on distribution channel, the global wearable medical devices market has been divided into online channels, pharmacies, and hypermarkets.
The pharmacies segment accounted for major market share in 2021. Increase in number of pharmacy stores and people’s preference for physical buying over Internet shopping are likely to augment the segment during the forecast period.
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Regional Outlook of Global Wearable Medical Devices Market
North America is projected to be a highly lucrative region of the global market during the forecast period. High rate of acceptance of sophisticated goods, significant reimbursement coverage, and entry of new players with unique technologies are attributed to the region’s large market share. Moreover, high incidence of chronic illnesses imposes a major economic burden and increases the need for inexpensive treatment in the U.S. This is driving the demand for wearable medical devices in the region.
The market in Europe is anticipated to grow at a rapid pace during the forecast period. Wearable medical technology pioneers can also be found in Nordic countries such as Finland, Sweden, and Iceland. Suunto, established in Finland, is a major participant in the heart rate monitor segment.
Asia Pacific is likely to be an emerging market for wearable medical devices during the forecast period due to the increase in government investment in health care and technical improvements in wearable medical devices. Surge in geriatric population and rise in awareness about wearable medical devices are also projected to augment the market in the region during the forecast period.
Analysis of Key Players in Global Wearable Medical Devices Market
The global wearable medical devices market is fragmented, with the presence of large number of small players.
Key players operating in the global wearable medical devices market include –
- Xiaomi Technology Co., Ltd.
- Samsung Electronics Co. Ltd.
- Fitbit, Inc.
- Garmin Corporation
- Apple, Inc.
- Huawei Technologies Co., Ltd.
- Polar Electro
- OMRON Corporation
- Activinsights Ltd.
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