Wearable Medical Devices Market to be Worth $184.49 Billion by 2030

Wearable Medical Devices Market by Type (Smart Watch, Activity Monitor, Patch), Application (Monitoring {Glucose, BP, Sleep, RPM}, Therapeutic {Pain, Rehabilitation, Insulin), Grade (Consumer, Medical), Distribution Channel – Global Forecast to 2030

Meticulous Research^®—a leading market research company, published a research report titled, 'Wearable Medical Devices Market by Type (Smart Watch, Activity Monitor, Patch), Application (Monitoring {Glucose, BP, Sleep, RPM}, Therapeutic {Pain, Rehabilitation, Insulin), Grade (Consumer, Medical), Distribution Channel – Global Forecast to 2030.’

According to this latest publication from Meticulous Research^®, the wearable medical devices market is projected to reach $184.49 billion by 2030, at a CAGR of 19.5% from 2023 to 2030. The growth of the wearable medical devices market is driven by several factors, including growing efficiency and accuracy regarding patient data, increasing geriatric population, increasing prevalence of chronic diseases, and increasing adoption of home healthcare as an alternative to hospitals. Factors such as the potential to expand in emerging economies, an increase in the use of telehealth and services, and technological advancements in sensor technologies are a few of the opportunities that would help grow the market in the future.

Factors such as lack of privacy and the high cost of wearable medical devices could be considered challenges for the market. However, the manufacturing defects concerned with these wearable medical devices and the reluctance to adopt newer technologies compared to traditional healthcare technologies restrain the market's growth.

Key Players

The key players profiled in the wearable medical devices market report are Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), Fitbit, Inc. (U.S.), Apple, Inc. (U.S.), OMRON Corporation (Japan), VitalConnect, Inc. (U.S.), Garmin Ltd. (U.S.), Sotera Digital Health (U.S.), Abbott Laboratories (U.S.), DexCom, Inc. (U.S.), and Withings (France).

The wearable medical devices market is segmented by Type (Smartwatches, Activity Monitors, Patches/Stick-Ons, Other Types), Application [Diagnostic and Monitoring Devices {Vital Monitoring Devices, Glucose Monitoring Devices, Blood Pressure Monitoring Devices, Sleep Monitoring Devices, Respiratory Monitoring Devices, Other Diagnostic and Monitoring Applications}, Therapeutic Devices {Pain Management Devices, Rehabilitation Devices, Insulin Delivery, Other Therapeutic Applications}], Distribution Channel (E-commerce, Hospitals & Pharmacies, Retail Channels), Grade (Consumer Grade, Medical Grade), and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on type, in 2023, the smartwatches segment is expected to account for the largest share of the market due to their benefits, such as easy availability, reasonable costs and quick outcomes or results of health parameters such as step counts, heart rate, oxygen levels, and blood pressure. Apart from this, most wearables are only concerned with monitoring or treating a certain kind of disease or condition, whereas smartwatches measure many vitals such as blood pressure, oxygen levels, and sleeping patterns all at the same time. These features are driving the demand among consumers to buy smartwatches and follow fitness regimes for a healthy lifestyle, thus leading to the growth of this market.

Based on application, the diagnostic and monitoring devices segment is expected to account for the largest share of the market. These devices are used to monitor the vital signs produced by the body, such as blood pressure, oxygen levels, heart rate, and sleep data. The use of wearable medical devices has been growing gradually over the years, but it has seen a sudden jump after the pandemic. Factors such as improved patient health and data handling, increasing self-monitoring and patient engagement, and increasing prevalence of chronic diseases drive the growth of this segment.

Based on distribution channel, the E-commerce segment is projected to register the highest CAGR during the forecast period. E-commerce distribution channels are becoming popular as consumers prefer to purchase devices through E-commerce websites. This is due to its ease of access, affordable rates, doorstep delivery, and convenience. Additionally, 24/7 buying, selling and customer support for the devices sold and a large variety of products drive the growth of this segment.

Based on grade, in 2023, the consumer grade segment is expected to account for the largest share of the market. Consumer grade includes products or devices developed by wearable device companies but not approved by a government organization such as the FDA and cannot be used for clinical purposes. Apart from this, increasing awareness of fitness and a healthy lifestyle is leading people to buy these devices. Easy health and fitness tracking, low-cost devices, variety of choices of wearables are some of the factors driving this segment's growth.

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the wearable medical devices market, followed by Europe and Asia-Pacific. North America’s major market share is attributed to the increasing geriatric population, high prevalence of chronic diseases, the rising popularity of wearable devices due to new and advanced features for health and fitness tracking, and large amounts of disposable income driving the market growth in North America.

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Key questions answered in the report-

Which are the high-growth market segments in terms of wearable medical devices type, application, distribution channel, grade, and geography?
What was the historical market for wearable medical devices across the globe?
What are the market forecasts and estimates for the period 2023–2030?
What are the major drivers, restraints, opportunities, and challenges in the wearable medical devices market?
Who are the major players in the wearable medical devices market?
What is the competitive landscape, and who are the market leaders in the wearable medical devices market?
What are the recent developments in the global wearable medical devices market?
What strategies are adopted by the major players in the global wearable medical devices market?
What are the geographical trends and high-growth regions/countries?

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