Global Wearable Medical Devices Market Size, Share & Trends Analysis Report, By Device Types (Monitoring and Diagnostics Devices and Therapeutic Devices), By Application (Remote Patient Monitoring and Sports & Fitness), By Sites (Wristband, Watches, Chest

Global Wearable Medical Devices Market Size, Share & Trends Analysis Report, By Device Types (Monitoring and Diagnostics Devices and Therapeutic Devices), By Application (Remote Patient Monitoring and Sports & Fitness), By Sites (Wristband, Watches, Chest strap, Patches, and Others), By Distribution Channel (Retail Pharmacies and drugstores, Online Channel, Others), By Region (North America, Europe, APAC, and Others), and Segment Forecasts, 2023 – 2030

Global Wearable Medical Devices Market Size, Share & Trends Analysis Report, By Device Types (Monitoring and Diagnostics Devices and Therapeutic Devices), By Application (Remote Patient Monitoring and Sports & Fitness), By Sites (Wristband, Watches, Chest strap, Patches, and Others), By Distribution Channel (Retail Pharmacies and drugstores, Online Channel, Others), By Region (North America, Europe, APAC, and Others), and Segment Forecasts, 2023 - 2030

The Global Wearable Medical Devices Market was valued at US $26.64 billion in 2022 and is expected to reach US $152.22 billion by 2030, growing at a CAGR of 24.34% during the forecast period 2023 – 2030.

Electronic gadgets called wearable medical devices are made to track a user's physical activity and personal health. These devices transform light energy into electrical energy using biosensors, such as complementary metal-oxide-semiconductor (CMOS) photodiode sensors, or they employ cameras, such as Digital Single-Lens Reflex (DSLR) cameras, to take pictures of veins. They can be worn as a patch on the skin or placed on the user's body, such as the wrist, arm, head, or ear. These days, smart textiles with built-in sensor technologies to gather data on activity and health are also accessible. Examples of these are smart shoes and clothes.

According to Deloitte's 2022 Connectivity and Mobile Trends study, a growing number of American consumers are adopting wearable medical devices to take control of their health and well-being. According to the study, over 60% of consumer households own a wearable gadget, such as a wristwatch or fitness tracker. It also turned out that most owners use them to monitor health-related parameters including heart rate, amount of exercise, and sleep quality. Furthermore, about 39% of respondents said they track their calorie consumption and nutritional habits using their gadgets. Remarkably, 47% of respondents said they provide their healthcare providers access to the health information collected by their wearables. It is noteworthy that more than 70% of wearable device owners admit to the beneficial effects of these gadgets and related apps on improving their general health and fitness.

These days' health applications combine meal planning, nutrition advice, and workout regimens to help users reach objectives like losing weight and leading an active lifestyle. However, there is unrealised potential for more progress. The Future of Fresh report by Deloitte stresses the idea of food as medicine, emphasising the curative and preventive benefits of customised, healthful diets backed by scientific evidence. According to study results, 42% of respondents were amenable to exchanging health information with their grocery providers in order to receive customised dietary advice, and nearly 50% of respondents said they would utilise a website or app to receive personalised food suggestions. Therefore, in the upcoming years, there will be a greater need for wearable medical devices from companies that integrate exercise, nutrition, and personalised food recommendations for reaching health goals.

“Wristbands segment, by sites, to be dominating market from 2023 to 2030.”

The Global Wearable Medical Devices Market is segmented into wristbands, watches, patches, chest straps, and other items based on sites. Subdivided further into smart clothing, ear wear, head, finger, waist, arm, and neck is the ""others"" part. The Wearable Medical Devices Market in 2022 was dominated by the wristband segment. It's because fitness trackers and bracelets are commonly acknowledged as wearable technology. Due to its familiarity and user-friendly design, a wide range of consumers can access them.

Due to factors including the convergence of functionality, the watches segment is developing at the fastest rate, with a compound annual growth rate (CAGR) of 24.95% during the projected period. Smartwatches provide consumers with a single device for timekeeping, notifications, communication, and health tracking by fusing the functions of classic watches with health monitoring capabilities. Because of this convergence, smartwatches are becoming increasingly appealing to users searching for multipurpose gadgets.

“Remote patient monitoring segment, by application, to be dominating market from 2023 to 2030.”

The global wearable medical device market is segmented by application into sports and fitness and remote patient monitoring. In 2022, the wearable medical devices market was dominated by the remote patient monitoring segment. The reason for this domination is the growing need for continuous and personalised health tracking solutions. The substantial presence of remote patient monitoring in the market is fuelled by the real-time information it provides to patients and healthcare providers, allowing for quicker interventions and improved patient outcomes.

The category with the fastest rate of growth is sports and fitness, which is expected to increase at a CAGR of 23.43% during the projected period. This increase is a reflection of people's growing interest in leading healthier lives and using wearable technology to improve sports performance and fitness tracking.

“Monitoring & diagnostics devices segment, by device types, to be dominating market from 2023 to 2030.”

The monitoring and diagnostics devices and therapeutic devices are the two segments of the global wearable medical devices market based on device types.

In 2022, the Wearable Medical Devices Market was dominated by the monitoring and diagnostics devices category. The importance of this market segment is ascribed to the growing requirement for wearable technology that can monitor and diagnose health in real time, meeting the growing need for preventative healthcare and prompt medical interventions.

With a projected compound annual growth rate (CAGR) of 25.59% throughout the projection period, the therapeutic devices sector is the fastest-growing market. The aforementioned development is indicative of the growing realisation of the potential of wearable technology to enhance healthcare outcomes. It also illustrates the growing acceptance of these devices for therapeutic purposes, such as pain treatment, rehabilitation, and chronic illness management.

“Retail pharmacies and drugstores segment, by distribution channel, to be dominating market from 2023 to 2030.”

The Global Wearable Medical Devices Market is segmented into online channels, drugstores, and pharmacies as its distribution channels. Supermarkets, hypermarkets, manufacturers selling directly to consumers, healthcare providers and clinics, and other segments are further separated. In 2022, the Wearable Medical Devices Market was dominated by the retail pharmacies and drugstores sector. The reason for this is because wearable medical gadgets are becoming more widely available at these conveniently located pharmacies and drugstores, allowing customers to readily buy health monitoring solutions in addition to conventional pharmaceutical products. With a projected compound annual growth rate (CAGR) of 25.19% throughout the forecast period, the online channel sector is the fastest-growing of all. This growth demonstrates how people are increasingly choosing online retailers like Amazon as a convenient way to access and buy wearable medical equipment. This preference is fuelled by factors including the simplicity of online shopping, accessibility around-the-clock, a large selection of products and prices, the availability of user reviews, and more.

“North America to be largest region in Wearable Medical Devices Market.”

The Global Wearable Medical Devices Market is segmented into several regions, including North America, Europe, and Asia-Pacific. South America and the Middle East make up the remaining categories. In 2022, the Wearable Medical Devices Market was dominated by North America. This region's supremacy can be attributed to a number of factors, including as its highly developed healthcare infrastructure, high rate of technological adoption, the presence of major industry players, and a population that is becoming more and more interested in wellness monitoring and health-conscious lifestyles. With a CAGR of 26.12% during the forecast period, the APAC region is the category with the quickest rate of growth. Technological developments, economic growth, a growing emphasis on preventative health management, and rising healthcare awareness are some of the factors driving the increased usage of wearable medical devices in APAC countries.

Wearable Medical Devices Competitive Landscape

The competitive landscape of the Wearable Medical Devices Market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Wearable Medical Devices technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Wearable Medical Devices Market is highly competitive, with numerous companies vying for market share. Prominent companies in the Wearable Medical Devices Market include:

Major Players:

Apple, Inc. (US)

Koninklijke Philips N.V. (The Netherlands)

Alphabet Inc. (US)

Omron Corporation (Japan)

Medtronic PLC (Ireland)

Samsung Group (South Korea)

Garmin Ltd. (US)

Withings (France)

Vital Connect, Inc. (US)

ResMed Inc. (US)

LifeSense Group B.V. (The Netherlands)

Panasonic Corporation (Japan)

Abbott Laboratories (US)

Dexcom Inc. (US)

Zio by iRhythm Technologies, Inc. (US)

Sony Corporation (Japan)

Sotera, Inc. (US)

Xiaomi Corporation (China)

Huawei Technologies Co., Ltd. (China)

AliveCor Inc. (India)

BTS Bioengineering Corp. (US)

Cleveland Medical Devices Inc. (US)

Wellue Health (US)

Peloton Interactive, Inc. (US)

Recent Developments:

August 2023: Fitbit, a firm owned by Google, declared that it will launch a new app in the coming months with an updated look. Fitbit said that a limited group of users will begin beta testing the new app today. Additionally, the business is launching a simple method for tracking health without a Fitbit device. With a more accurate step count and a real-time representation of their journey on the map, users may use their phones to track their physical activities such as running, walking, or hiking.

July 2023: Approach S70 series introduction in India announced by Garmin India, a division of Garmin Ltd. This is the newest generation of premier golf smartwatches, intended to improve both general fitness and golfing experiences. These high-end smartwatches, which come in two sizes, are loaded with fitness features and cutting-edge on-course capabilities to help golfers improve their whole game.