Wearable Medical Devices Market - By Device (Activity/Fitness Monitors, Diabetes Devices, Cardiac Monitors, Neurological Monitors, Hearing Aids), By Application (Cardiac Health, Diabetes Care), By End-use (Home Healthcare, Fitness and Sports) & Forecast to 2032

Industry Statistics

Wearable Medical Devices Market size was valued at over USD 78 billion in 2022 and is poised to register over 24% CAGR from 2023 to 2032 owing to Rising disposable income and healthcare expenditure in emerging countries.
 

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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.
 

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. Additionally, data breaches, manipulative marketing, and discriminatory profiling are the potential implications of privacy issues that hinder industry progress.  
 

High accuracy of respiratory monitors to propel segmental demand

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Based on the device, the wearable medical devices market from respiratory monitors segment is estimated to exceed USD 83.5 billion by 2032, driven by the cost-effectiveness and high accuracy of respiratory monitors and their capability to calibrate breathing rates in real-time. The sector development can also be attributed to an acute shortage of hospital beds and ventilators across the globe. Furthermore, there has been a global acceleration in the demand for respiratory monitors due to the COVID-19 pandemic. 
 

The increasing prevalence of sleep disorders is likely to fuel the segment proliferation

Sleep tracking segment is anticipated to surpass USD 48.5 billion by 2032, on account of enhancing 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 industry landscape.
 

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

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Wearable medical devices market from remote patient monitoring segment is poised to grow at over 24% CAGR from 2023 to 2032, led by 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. 
 

Boosting prevalence of obesity to strengthen the European industry statistics

Europe wearable medical devices industry is slated to register over USD 200 billion by 2032. This 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

Several prominent players in the wearable medical devices market are Apple Inc., Abbott Laboratories, Lifesense, Fitbit Inc., Hocoma AG, Garmin Ltd., BioTelemetry Inc. (LifeWatch), and others. These companies are focusing on developing innovative products as a means to achieve a competitive advantage.
 

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. 
 

The 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:

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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