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

The Wearable Medical Devices Market is projected to reach $184.49 billion by 2030, at a CAGR of 19.5% from 2024 to 2030.

Wearable medical devices are non-invasive devices that monitor specific vital parameters, such as blood pressure, glucose levels, oxygen levels, and sleeping patterns. This monitoring can be carried out for patients suffering from chronic diseases and must be monitored at specific intervals for a long time.

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, increase in the use of remote patient monitoring and telehealth services, increasing patient awareness, and rising adoption of remote patient monitoring technologies are a few of the opportunities that would help grow the market in the future. 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.

Increasing Prevalence of Chronic Diseases to Drive the Growth of this Market

Chronic diseases, also known as non-communicable diseases, are those disorders or conditions that are generally not caused due to an infection but by unhealthy habits or behaviors and result in long-term health issues requiring a long course of treatment. Some diseases included in this category are cardiovascular diseases, diabetes, chronic lung ailments, and even cancers. According to the World Health Organization (WHO), chronic diseases have been responsible for almost 74% of deaths worldwide, growing due to risk factors including tobacco use, unhealthy diets, physical inactivity, and inconsistent alcohol consumption.

Wearable medical devices benefit patients with chronic diseases by diagnosing, monitoring, and controlling the disease's intensity. Wearable devices collect vast amounts of data over time, allowing individuals and healthcare professionals to analyze trends and patterns. This information can provide valuable insights into the effectiveness of treatments, triggers for symptom exacerbation, and the impact of lifestyle modifications. By understanding these patterns, individuals can make informed decisions about their health management strategies. Recently, consumer wearable device companies have been trying to develop devices for in-depth health monitoring. For instance, the Apple Watch Series 8, developed by Apple, Inc. (U.S.), has sensors that track abnormal heart rhythms and can tell if the person has Atrial Fibrillation (AFib). This watch can detect sinus rhythm classification with a 99.6% accuracy and accurately identify the AFib classification and hence was cleared by the U.S. FDA.

Several other watches or smart devices help monitor patient vitals and track their health remotely, benefiting people by saving time and money. Some other wearable medical devices include continuous glucose monitoring patches, blood pressure monitoring devices, and smart clothing. These factors and healthcare providers promoting wearable medical devices would increase their use, driving the market.

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Increasing Use of Remote Patient Monitoring and Telehealth Services

Telehealth involves the healthcare service provided by professionals remotely or from a location other than the hospital using telecommunication technologies. Remote patient monitoring is a part of telehealth where technologies are used to interact with patients remotely. These services and technologies have risen in use ever since the COVID-19 pandemic. Given the high amounts of patients suffering from chronic diseases, the use of wearable medical devices is likely to rise even more than it already is. Wearable medical devices enable remote monitoring of individuals with chronic diseases. Healthcare providers can access patient data in real-time, allowing for early detection of health issues, timely interventions, and remote consultations. This is particularly useful for individuals who have difficulty traveling or require frequent monitoring but want to avoid unnecessary hospital visits.

GluCare.Health (UAE), a diabetes center and digital therapeutics company, uses continuous glucose monitoring systems such as Fitbit and connected weighing scales to measure and collect patients' data and has appointed a healthcare professional to remotely connect with patients whenever required. They have also set up a care team to monitor patients’ health data such as glucose, heart rate, and sleeping patterns and manage their medications.

Key Findings of the Wearable Medical Devices Market Study:

The Smart Watches Segment is Expected to Account for the Largest Share of the Market in 2024

Based on type, in 2024, the smart watches segment is expected to account for the largest share of the market. Smartwatches are portable devices that can be worn on the person’s wrist and have a variety of sensors that can measure different types of vital signs. These smartwatches are quickly becoming quite essential for use in the healthcare industry. They monitor and store data such as patients' heart rates, blood pressure, sleeping patterns and other physical activities. Factors such as the increasingly tech-savvy population, the increased number of companies entering the smartwatch industry, and increased awareness about fitness and health are driving the growth of this segment.  

The Diagnostic and Monitoring Segment is Expected to Account for the Largest Share of the Market in 2024

Based on application, in 2024, the diagnostic and monitoring segment is expected to account for the largest share of the market. Wearable diagnostic and monitoring devices are used to identify the cause and nature of certain diseases or disorders and then to monitor vital parameters such as blood pressure, heart rate, oxygen levels, and sleeping patterns throughout the treatment and afterward. Factors such as better management of patients’ health and health data, increased patient engagement and self-monitoring, and increasing need for real-time monitoring in patients with chronic diseases are driving the growth of this segment.

The E-commerce Segment is Projected to Register the Highest CAGR During the Forecast Period

Based on the distribution channel, the E-commerce segment is projected to register for the highest CAGR during the forecast period. E-commerce includes websites of companies selling wearable medical devices for consumer use. E-commerce enables individuals to purchase wearable medical devices conveniently from the comfort of their homes. This is especially beneficial for older adults facing mobility or transportation challenges. With just a few clicks, they can browse, select, and order the device they need and have it delivered to their doorstep. E-commerce has also seen an increase in demand due to the growth in the use of computers or electronic devices. This is coupled with the increasing number of technology users worldwide, which would eventually increase the market's growth.

In 2024, the Consumer Grade Segment is Expected to Account for the Largest Share of the Market

Based on grade, in 2024, the consumer grade segment is expected to account for the largest share of the market. Consumer-grade devices are made for consumers to use but are not approved by the FDA or any government organizations. These devices cannot be used for medicinal or clinical purposes. Companies such as Apple, Inc. (U.S.), Fitbit, Inc. (U.S.), and OMRON Corporation are trying to add new technologies to their wearable devices to make them compatible with medicinal use. This market is increasing rapidly, encouraging companies to increase their level of quality and accuracy to view the generated data and develop a way to share this data with healthcare providers immediately after monitoring.

Asia-Pacific: Fastest-growing Regional Market

The growth of this market is primarily driven by the high number of manufacturers in the region and the increased consumer pool due to the increase in population, along with the increasing geriatric population in countries like China and Japan, increasing prevalence of chronic diseases in developing countries, and increasing adoption of home healthcare as an alternative to hospitals in the region.

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 report includes a competitive landscape based on an extensive market assessment based on type, application, distribution channel, grade, and geography. The report also provides insights into major market players' geographic presence and key growth strategies in the last three to four years.

Scope of the Report:

Wearable Medical Devices Market, by Type

• Smart Watches
• Activity Monitors
• Patches/Stick-Ons
• Other Types
• (Note: Other Types primarily include Smart Clothing, Shoe sensors, Wearable ECG, Smart Glasses, Smart Bandages, and Hearing Aids)

Wearable Medical Devices Market, by Application

• Diagnostic and Monitoring
  • Vital Signs Monitoring
  • Glucose Monitoring
  • Blood Pressure Monitoring
  • Sleep Monitoring
  • Respiratory Monitoring
  • Other Diagnostic and Monitoring Applications
    (Note: Other Diagnostic and Monitoring Applications primarily include Neurological Monitoring and Baby Monitoring)
• Therapeutics
  • Pain Management
  • Rehabilitation
  • Insulin Delivery
  • Other Therapeutic Applications
    (Note: Other Therapeutic Applications primarily include Defibrillators, wearable orthopedic devices, and wearable wound therapy devices)

Wearable Medical Devices Market, by Distribution Channel

• Retail Channels
• E-commerce
• Hospitals & Pharmacies

Wearable Medical Devices Market, by Grade

• Consumer Grade
• Medical Grade

Wearable Medical Devices Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa

Key questions answered in the report: