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Wearable Medical Devices Market Size By Device (Activity/Fitness Monitors, Diabetes Devices, Cardiac Monitors, Neurological Monitors, Respiratory Monitors, Body & Temperature Monitors, Hearing Aids), By Application (Cardiac Health, Obesity Control, Diabetes Care, Fitness Monitoring, Sleep Tracking), By End-use (Home Healthcare, Remote Patient Monitoring, Fitness and Sports), Regional Outlook, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI3509
  • Published Date: Dec 2022
  • Report Format: PDF

Industry Statistics

Wearable Medical Devices Market size was valued at over USD 78 billion in 2022. Driven by the rising patient pool of chronic health conditions such as diabetes and cardiac diseases, the market is poised to register over 24% CAGR from 2023 to 2032.
 

Wearable Medical Devices Market

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The increase in number of people suffering from chronic health issues such as diabetes and cardiac ailments is expected to positively shape the industry landscape. In addition, the increasing adoption of sedentary lifestyles and unhealthy dietary habits such as overconsumption of alcohol and smoking has increased the incidence rate of cardiovascular diseases (CVDs), further elevating the demand for wearable medical devices. As per the WHO, an estimated 17.9 million mortalities occur due to CVDs annually, of which heart attacks account for 85%.
 

Data security concerns may impede wearable medical devices market development

Wearable medical devices have offered meaningful insights to patients and healthcare professionals in monitoring a wide range of physical activities. They provide health data to device manufacturers’ centralized database. However, the industry is challenged by growing concerns about information security and privacy. Moreover, data breaches, manipulative marketing, and discriminatory profiling are the potential implications of privacy issues that hinder industry development. Since these devices are designed to gather user data, irrespective of place and time, storage and data uploading to the cloud make data vulnerable to leakage and attacks.
 

High accuracy of respiratory monitors to propel segmental demand

Wearable Medical Device Market , by Device

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Based on the device, the wearable medical devices market is segmented into cardiac monitors, respiratory monitors, neurological monitors, body & temperature monitors, diabetes devices, hearing aids, activity/fitness monitors, and others. The respiratory monitors segment is anticipated to exceed USD 83.5 billion by 2032, owing to the cost-effectiveness and high accuracy of respiratory monitors and their capability to calibrate breathing rates in real-time. The segment growth can also be attributed to an acute shortage of hospital beds and ventilators across the globe. Moreover, the COVID-19 pandemic has also accelerated the demand for respiratory monitors across the globe.
 

Rising incidences of sleep disorders to bolster sleep tracking application segment expansion

Based on application, the wearable medical devices market is categorized into cardiac health, fitness monitoring, sleep tracking, diabetes care, obesity control, and others. The wearable medical devices industry size from the sleep tracking segment is anticipated to surpass USD 48.5 billion by 2032, owing to increasing demand for sleep trackers due to the rising incidence rate of sleep disorders. Wearable sleep trackers can monitor the user’s physiological parameters and associate daily activities and sleep quality. Subsequently, they help sleep specialists examine sleep patterns and create personalized solutions, augmenting segment growth.
 

High affordability to augment the adoption rate of remote patient monitoring technology

Wearable Medical Device Market, by End-use

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With respect to end-use, wearable medical devices market is classified into fitness and sports, remote patient monitoring, and home healthcare. Amongst them, the remote patient monitoring segment is poised to grow at over 24% CAGR from 2023 to 2032, owing to the capability of remote patient monitoring technology to collect real-time data that can be utilized to examine the patient’s critical health status. It also helps healthcare professionals gather patient-generated health data through mobile devices which is likely to minimize delivery costs and increase access to patient care. 
 

Increasing prevalence of obesity to strengthen the European wearable medical devices industry statistics

Wearable Medical Device Market, by Region

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Europe wearable medical devices market is slated to register over USD 200 billion by 2032. The market growth is attributed to the rising occurrences of chronic disorders and obesity along with a growing population base adopting a sedentary lifestyle. As per WHO, obesity and being overweight are one of the prominent causes of disability and death in Europe, leading to more than 1.2 million deaths yearly, which accounts for more than 13% of total mortality in the region.
 

Product innovations to outline wearable medical devices competitive landscape

Some major wearable medical devices market players include Apple Inc., Abbott Laboratories, Lifesense, Fitbit, Inc., Hocoma AG, Garmin Ltd., BioTelemetry Inc. (LifeWatch), among others. Many of these companies are emphasizing product innovations to gain a competitive edge.
 

Impact of COVID-19 on the wearable medical devices industry

The COVID-19 pandemic positively affected the industry owing to rising adoption and awareness about digital health. These devices helped people track and monitor physical activities by showing blood glucose levels and cardiac activities at home settings during a halt in healthcare services due to the pandemic. These devices also help healthcare professionals in monitoring patients remotely. 
 

Furthermore, many healthcare companies are working collectively on several projects for manufacturing Holter monitors, wearable ECGs, and patches, among others to offer medical assistance while tracking the patient’s progress. Lately, VitalConnect, a U.S. based wearable medical device provider has received FDA clearance for Emergency Use Authorization (EUA) for its product VitalConnect sensor for COVID-19 patients undergoing treatment. It is an adhesive wearable sensor that enables users to track cardiac activity, single-lead ECG, and heart rate. 
 

Wearable medical devices market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:

By Device

  • Activity/fitness monitors
  • Diabetes devices
  • Cardiac monitors
  • Neurological monitors
  • Respiratory monitors
  • Body & temperature monitors
  • Hearing aids
  • Others

By Application

  • Cardiac health
  • Obesity control
  • Diabetes care
  • Fitness monitoring
  • Sleep tracking
  • Others

By End-use

  • Home healthcare
  • Remote patient monitoring
  • Fitness and sports

 

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Spain
    • Italy
    • Russa
    • Poland
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Others
  • Middle East and Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Others

 

Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

Global market for wearable medical devices crossed USD 78 billion in 2022 and is slated to grow at over 24% CAGR from 2023 to 2032 owing to the increase in incidences of chronic ailments and adoption of sedentary lifestyles and unhealthy eating habits.

The overall market value from respiratory monitors is anticipated to surpass USD 83.5 billion by 2032, owing to the high accuracy and cost-effectiveness of respiratory monitors and acute shortage of hospital beds and ventilators globally.

Europe wearable medical devices market is poised to register over USD 200 billion by 2032, owing to rise in number of patients with chronic disorders, obesity and a growing population base adopting a sedentary lifestyle in the region.

Some key contenders partaking in the global business share include Samsung, Apple Inc., Abbott Laboratories, Fitbit, Inc., Hocoma AG, Garmin Ltd., Lifesense, Koninklijke Philips N.V., among others.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 12
  • Tables & Figures: 210
  • Countries covered: 19
  • Pages: 184

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