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Wearable Medical Devices Market size to surpass $750Bn by 2032

  • Published Date: January 13, 2023

Wearable Medical Devices Market size is expected to reach USD 750 billion by 2032, as per a new research report announced by Global Market Insights Inc.

Increasing per capita income and healthcare expenditure in emerging economies is positively impact the industry landscape. Moreover, the increased spending power of people on advanced devices owing to rising disposable income in developed and developing countries is likely to benefit the adoption of wearable medical devices. The rise in overall healthcare expenditure has resulted in the adoption of innovative technologies in healthcare units. It has also led to optimized procedural time, minimized overall treatment costs, and allowed physicians to improve upon healthcare access, augmenting market expansion.

Surging demand for daily health tracking devices to foster hearing aids device segment growth

Hearing aids segment is poised to grow at over 24% CAGR from 2023 to 2032, owing to the growing demand for daily health tracking devices in home settings due to the rising focus on health management during COVID-19. Moreover, wearable technologies have helped professionals and patients manage health remotely, stimulating segment growth.

Browse key industry insights spread across 184 pages with 198 market data tables & 13 figures & charts from the report,Wearable Medical Devices Market Size By Device (Activity/Fitness Monitors, Diabetes Devices, Cardiac Monitors, Neurological Monitors, Respiratory Monitors, Body & Temperature Monitors, Hearing Aids), Application (Cardiac Health, Obesity Control, Diabetes Care, Fitness Monitoring, Sleep Tracking), End-use (Home Healthcare, Remote Patient Monitoring, Fitness and Sports), Regional Outlook, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032in detail along with the table of contents:

Rising prevalence of cardiovascular disorders to propel the cardiac health application segment expansion

Cardiac health segment is estimated to cross USD 105 billion by 2032, on account of increasing occurrences of cardiovascular disorders (CVDs) such as cardiac arrhythmias, coronary heart diseases, heart stroke, and heart diseases. The rise in elderly population, who are more prone to CVDs will also drive the overall market size.

Increasing personal health awareness to impel the fitness and sports end-use segment outlook

Wearable medical devices market revenue from the fitness and sports segment crossed USD 20 billion in 2022, owing to rising awareness about personal health which led to the increased number of sports activities globally. Moreover, lower cost and increased availability of smart phones and digital watches is stimulating the demand for wearable sports devices leveraging sensor technology.

Awareness initiatives to encourage APAC wearable medical devices market growth

Asia Pacific wearable medical devices industry share is anticipated to hit USD 220 billion by 2032, owing to increasing investments by public and private organizations for spreading awareness about chronic ailments. The growth can also be ascribed to the increasing focus of key market players in emerging Asia-Pacific nations for capturing high industry share.

Business partnerships to define the future of wearable medical devices industry

Some key industry contenders include Apple Inc., Koninklijke Philips N.V., BioTelemetry Inc. (LifeWatch), Fitbit, Inc., Samsung, Sotera Wireless, Inc., VitalConnect, Xiaomi Corporation, Garmin Ltd., among others. Many of these companies are focusing on partnerships to extend their footprint.

Authors: Sumant Ugalmugle, Rupali Swain