Global Wearable Medical Devices Market - 2023-2030

Global Wearable Medical Devices Market - 2023-2030

Global Wearable Medical Devices Market reached US$ YY billion in 2022 and is expected to reach US$ YY billion by 2030 growing with a CAGR of YY% during the forecast period 2023-2030.

Wearable Medical Devices (WMDs) are medical devices that are designed to be worn directly on the body to monitor vital signs, record data, and give therapies. These devices are becoming increasingly popular because they provide a handy, non-invasive approach to track health indicators and provide therapies.

Wearable technology in healthcare is providing solutions to a wide range of diseases, including vision loss, hearing loss, and disabilities. The sector is vast, ranging from the science-fiction vibe of exoskeleton technology to the ubiquitousness of smartwatches.

For instance, Electronic skin patches, which stick directly to the skin, are seen as the next generation of wearable health technology. Sensors in the patches include wireless transmitters that provide clinicians with continuous remote data access. Electronic skin patches are utilized for vital sign monitoring, medicine delivery, wound care, and motion detection.

Electronic skin patches can be used by healthcare providers for a variety of purposes, making them a versatile wearable device. Applied health sciences, health informatics, pharmacology, and kinesiology are all academic paths to working with these devices. Professionals from these fields can contribute their expertise to the development, implementation, and analysis of electronic skin patch technology, further driving its trend status.

WMDs are typically made up of device housing, sensors, and communication systems. The device hardware typically includes a microprocessor for control and data processing, memory for data storage, power supply, and communication technologies such as Bluetooth and Wi-Fi. WMDs may additionally have extra sensors for monitoring vital indicators like as temperature and breathing rate.

Moreover, these devices are used to monitor a variety of health issues, including heart disease, diabetes, high blood pressure, and more. It can monitor vital signs such as heart rate, blood pressure, and respiratory rate, monitor physical activity and sleep patterns, and provide medication. Furthermore, the increasing technological advancement in wearable medical devices and the rise of remote patient monitoring and telemedicine have driven the demand for wearable medical devices in the forecast period.

Dynamics

Technological Advancement in Wearable Medical Devices is Expected to Drive Global Wearable Medical Device Market Growth

In 2022, Apple introduced fall detection technology available in their newly announced watches. The tendency is continued in Series 8. Series 8 employs fall detection technology to identify whether or not a person has fallen.

This technology is always active, however, it is optimized in the Series 8 when using the workout app. This implies that seniors who are taking a walk around the neighborhood or trying out balance exercises may use the workout program to not only track their heart rate and steps but also to ensure that if they fall, they will be able to receive assistance through their watch.

In addition to fall detection, the Series 8 improves its safety capabilities by including car crash detection. The watch, which employs similar technology, is intended to check on users when it fears a serious vehicle accident. Of course, this is useful for people of all ages, but it adds an extra layer of security for any senior who is still driving.

The Series 8 also has on-demand ECG functionality, which is comparable to a single-lead electrocardiogram. The reading information can be saved on the user's Health app and accessed and shared at their next physician consultation if necessary.

Furthermore, combining the Series 8 with the Medications app might make it much easier to manage a complicated drug plan. When it is time to take prescriptions or over-the-counter meds, the app will send messages to the user's watch. The user can log that they took the meds and adjust the regimen on the app as needed. It's a useful tool that can help a lot of the elderly. Thus, owing to the above factors, the market is expected to drive over the forecast period.

Increasing Launches of Ear Wearable Devices are Expected to Drive Global Wearable Medical Device Market Growth

On June 13, 2023, Stat Health launched a 24/7 in-ear wearable device meant to assess blood flow to the head, with $5.1 million in preliminary funding. J2 Ventures, BonAngels Venture Partners, and a broad group of angel investors provided startup capital to the company. The US Air Force also provided grant support to Stat Health.

Moreover, Boston-based Stat Health created its wearable to aid in the understanding of symptoms such as dizziness, brain fog, migraines, fainting, and weariness when standing. Long COVID and postural orthostatic tachycardia syndrome (POTS) are two frequent conditions that can cause these symptoms. They may also be symptoms of myalgic encephalomyelitis/chronic fatigue syndrome (ME/CFS) or other orthostatic illnesses. Furthermore, according to Stat Health, the symptoms of these disorders are caused by diminished blood flow to the brain when standing.

The company clinically tested its service at Johns Hopkins, and it was peer-reviewed in the Journal of the American College of Cardiology (JACC) in March 2023. Stat Health claimed to have proven the ability to predict fainting minutes in advance. Thus, owing to the above factors, the market is expected to drive over the forecast period.

Challenges for Wearable Devices in Digital Health are Expected to Hamper the Global Wearable Medical Device Market Growth

According to National Center for Biotechnology Information Report 2022, Fitbit data has been utilized to detect increased signals at the level of heart rate and temperature—these are possible indicators of COVID-19 that can be discovered in advance or only when more specific symptoms appear.

This is a highly potential application of wearables, however, the current state of predictions based on wearable data poses obstacles. Overestimation, a problem in which non-problematic situations and anomalies are systematically recognized or forecasted as problematic, has a significant impact on wearable COVID-19 detection applications.

Furthermore, based on wearable data, it is frequently difficult to distinguish between COVID-19, seasonal influenza, and cases of standard influenza—elevated heart rate can be interpreted as a symptom of respiratory illness in general, and as a result, wearables have incorrectly detected and predicted COVID-19 infections. Thus, owing to the above factors, the market is expected to hamper over the forecast period.

Segment Analysis

The global wearable medical devices market is segmented based on device type, product type, application, end user and region.

Owing to the Convenience and Wearability, Accuracy, and Reliability, Integration with Healthcare Systems, Price, and Affordability, the Product Type Segment Accounted for Approximately 23.25% of the Wearable Medical Devices Market Share

Wearable technology allows consumers to measure fitness levels, track whereabouts using GPS, and read text messages more rapidly. Best of all, most of the technologies that enable this are hands-free and portable, eliminating the need to take our devices out of consumer pockets.

Wearables are linked to smart devices, delivering data to them and allowing consumers to view it later as well as in the moment. This might assist consumers in defining objectives and measuring their progress toward them.

Furthermore, the increasing prevalence of chronic diseases, rising product launches and collaborations by the market players, adoption of smartwatches in sports, and advancement in wearable medical watches are the factors expected to drive over the forecast period.

For instance, on November 20, 2022, Digital health start-up H2o Therapeutics received 510(k) marketing clearance from the U.S. Food and Drug Administration for its prescription mobile app Parky for monitoring Parkinson's Disease. Parky App monitors symptoms such as tremors and dyskinesia in real time via the use of the Apple Watch. It is a tool for sharing meaningful and reliable data between patients and medical professionals regarding the course of the disease.

Similarly, Xplore Lifestyle, a Pune-based patient monitoring service provider, introduced a medical-grade smartwatch for continuous cardiac health monitoring. This watch, which claims to be the world's first medical-grade continuous monitoring system in the shape of a watch, was created in collaboration with the Israeli business CardiacSense.

This medical equipment can distinguish between a Normal Heart Rhythm and an Abnormal/Irregular Heart Rhythm (Arrhythmia), particularly Atrial Fibrillation (AFib). It is manufactured in Israel and costs Rs 1 lakh plus taxes.

Additionally, smartwatch innovation is progressing rapidly, driven by advances in sensors, semiconductors, and AI. For example, some smartwatches now feature optical sensors that continuously measure variations in blood volume and composition using a technology called photoplethysmography (PPG). Algorithms produced and continually improved via machine learning use data from these sensors to provide insights into users’ activity levels, stress, heart pattern anomalies, and more. Thus, owing to the above factors, the market segment is expected to hold the largest market share over the forecast period.

Geographical Penetration

North America Accounted for Approximately 38.4% of the Market Share in 2022, Owing to the Investing in Wearable Technology, Award Recognition, and Technological Advancement in Wearable Medical Devices in the Region

On May 3, 2023, BioIntelliSense, a continuous health monitoring and clinical intelligence company, has been recognized as the “Best Overall Medical Device Company” for 2023 in the 7th annual MedTech Breakthrough Awards program.

MedTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies, and products in the global health and medical technology market, selected BioIntelliSense with its BioButton multi-parameter, medical grade wearable device, and advanced clinical intelligence solutions as the 2023 Best Overall Medical Device Company.

The BioIntelliSense comprehensive portfolio of tech-enabled care solutions makes continuous vital sign monitoring efficient, reliable, and cost-effective from in-hospital to home. Its medical grade acute and post-acute solutions empower clinicians with up to 1,440 high-frequency trending measurements per day, versus episodic manually collected vital signs 4-6 times per day, to enable early detection of clinical patient deterioration.

Coupled with the company’s advanced data analytics and AlertWatch clinical intelligence engine, this system enables scalable, continuous in-facility and home patient monitoring at a fraction of the cost relative to manually measured traditional care.

Additionally, on April 28, 2023, the Defense Innovation Unit, also known as DIU, in partnership with the private sector, developed a wearable device that was highly successful during the COVID-19 pandemic in identifying infections.

DOD is extending the RATE initiative, which began with the Defence Threat Reduction Agency in 2020, to new user groups following a successful prototype during COVID-19. The DIU's RATE project employs a technologically advanced, predictive artificial intelligence system that was developed utilizing hospital-acquired data from COVID-19-monitored patients. Thus, owing to the above factors, the North American region is expected to hold the largest market share over the forecast period.

Competitive Landscape
The major global players in the market include Vital Connect, Apple Inc, Fitbit Inc, Philips Electronics, Garmin Ltd, Fossil Group, Google Inc, Covidien, Omron Corp, Proteus, TomTom International BV, Xiaomi Technology Co. Ltd, and Huawei Technologies Co., Ltd among others.

COVID-19 Impact Analysis

Wearable medical devices have gained attention during the COVID-19 pandemic for their potential in healthcare. Wearable technology can be used for the early detection of asymptomatic and pre-symptomatic cases of COVID-19.

As COVID-19 expanded, smartwatches that measure blood oxygen saturation (SpO2) were more commonly available, alerting people with low SpO2—a potentially fatal indication that is difficult to identify on one's own.

More than 10% of smartwatch owners in the United States are now utilizing them to detect COVID-19 symptoms. The pandemic may have even boosted smartwatch sales: 15% of US consumers who own a smartwatch purchased it following the outbreak of COVID-19.

Additionally, Wearable sensors that monitor heart rate, skin temperature, and respiratory rate have shown promise in detecting COVID-19. These sensors can track presymptomatic and asymptomatic infections, aiming to decrease the spread of COVID-19.

Also, Healthcare apps can be used to monitor the spread of COVID-19 and gather vital measurements such as pulse, temperature, and sleep duration from users. For instance, in 2021, the Robert Koch Institute partnered with a healthcare start-up to launch an app named Corona Data Donation that gathers vital measurements from users and analyzes whether they are symptomatic of COVID-19.

In contrast, getting healthcare providers to use wearable devices is challenging as healthcare is a highly regulated industry and is slow to adopt new technologies. The majority of healthcare providers are skeptical about the accuracy and reliability of wearable devices.

Also, poor or over-optimistic accuracy results may undermine the applicability of wearable technology in real-world settings. Thus, owing to the above factors, the pandemic had a moderate impact and is expected to improve gradually over the forecast period.

By Product Type
• Diagnostic Devices
Vital Sign Monitoring Devices
Sleep Monitoring Devices
Electrocardiographs Fetal
Obstetric Devices
Neuromonitoring Devices
Other diagnostic devices
• Therapeutic devices
Pain Management Devices
Rehabilitation Devices
Respiratory Therapy Devices
Other Therapeutic Devices

By Product Type
• Watch
• Headband
• Wristband
• Ear Wear
• Others

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

By End User
• Sports and Fitness
• Home Healthcare
• Remote Patient Monitoring
• Hospitals
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• On August 3, 2022, GOQii introduced Smart Vital Ultra and GOQii Stream devices targeted at young adults and youth, encouraging them to lead healthy and active lifestyles. GOQii is also launching a feather-light and water-resistant device, GOQii STream that allows a user to make and receive calls via Bluetooth and a built-in speaker and microphone. It features a dial pad, an option to access recent calls, and sync phone contacts. This upcoming device (GOQii STream) can be booked at GOQii Webstore and e-commerce platforms like Amazon India and Flipkart.
• On December 12, 2022, Frost & Sullivan awarded VitalConnect the 2022 North America New Product Innovation Award based on its latest evaluation of the wearable biosensor business for developing a world-class biosensor that comfortably monitors patients and diagnoses several health concerns. VitalConnect greatly lowered hospital workloads by allowing patients who wish to move freely or can be monitored at home to utilize comfortable, cutting-edge cardiac monitoring equipment with the same efficacy and quality as a hospital or home-based device.
• On September 27, 2022, Google Cloud and Fitbit Health Solutions introduced the Device Connect for Fitbit solution, which intends to provide healthcare organizations with a more holistic view of patients outside of clinical settings by utilizing data from wearable devices. Participating health systems will get access to consenting patients' wearable data via the Fitbit Web API, which will allow consumers to select what data they share. The data, which includes temperature, heart rate, oxygen levels, sleep, stress, and activity, is then filtered through a data connection with automated normalization and standardization capabilities for analytics via Google Cloud BigQuery. From there, health systems can create and customize analytics dashboards and artificial intelligence models.

Why Purchase the Report?
• To visualize the global wearable medical devices market segmentation based on the device type, product type, application, end user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of wearable medical devices market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global wearable medical devices market report would provide approximately 69 tables, 70 figures, and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies