The global Wearable Medical Devices Market size is estimated to be worth US$ 27.29 billion by 2022, growing at a moderate CAGR of 28.1% from 2022 to 2032. The market for Wearable Medical Devices is expected to be worth around US$ 73.48 billion by 2032.
With 5G and AI, the most likely diagnosis and treatments for a patient can be found. AI can also assist healthcare providers in predicting which patients are likely to experience difficulties following surgery, allowing them to take precautionary measures. Real-time learning with massive amounts of data often demands high availability and throughput networks.
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The emergence of 5G networks offers healthcare providers the opportunity to leverage AI applications and deliver prompt, high-quality care to patients worldwide. As a result, advanced technologies like artificial intelligence and fifth-generation wireless networks are expected to have a significant impact on the Wearable Medical Devices market.
The market for Wearable Medical Devices is expanding, with early adopters and innovators in both developed and developing nations driving sales. The increasing demand for innovative health monitoring techniques among athletes and fitness enthusiasts is expected to propel the global market. Notably, a significant fraction of individuals in the United States and Canada are early adopters, thus driving the demand for Wearable Medical Devices in North America.
Wearable Medical Devices have various applications, including therapeutic, monitoring, and diagnostic purposes, as well as foetal and obstetric monitoring, cardiovascular monitoring, and glucose monitoring. Therapeutic medical devices that patients can wear are expected to dominate this category.
In recent years, improvements in both design and technology have increased the sales of Wearable Medical Devices. However, adoption rates remain challenged by various factors such as the initial investment, ongoing maintenance costs, and frequent sensor, battery, and chip failures, which can slow consumer acceptance.
Furthermore, many countries lack adequate reimbursement options for medical wearables, which is expected to stagnate the sales of Wearable Medical Devices in developed and developing nations.
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Key Takeaways
- The Wearable Medical Devices market is expected to be worth US$ 73.48 billion by 2032.
- Because of increased incidence of cardiovascular disease, diabetes, and cancer, North America will contribute 38.1% of worldwide revenue in 2020.
- The wearable medical device market is being driven by the rising prevalence of target diseases due to an ageing population and the need to reduce healthcare spending.
Competitive Landscape
Although the Wearable Medical Devices market is somewhat concentrated, a handful of industry giants control most sales. These businesses invest heavily in research and development of new items, followed by careful timing in releasing such products to the market.
Key Players:
- Medtronic plc
- Siemens AG
- Fitbit Inc.
- Bayer AG
- Panasonic Corporation
- Animas Corporation – Johnson and Johnson
- Smiths Medical – A Smiths Group Company
- Koninklijke Philips N.V.
- Owlet Baby Care
- OMRON Corporation
- Hoffmann-La Roche Ltd and Rest Devices Inc
Companies that now dominate the Wearable Medical Devices market are focusing on diversifying their growth strategies, such as forging strategic partnerships, merging with other businesses, and expanding their product lines.
Recent Developments
- In April 2021, Alvalux Medical, a Belgian MedTech wearables maker, said that the US Patent and Trademark Office has given it a second patent for its innovative ocular insert device, which is designed to allow patients to treat retinal problems at home utilising photo-biomodulation (PBM) therapy.
- 3M has announced the discovery of a novel silicone adhesive material with conformable and breathable properties, which will be used in Wearable Medical Devices to reduce the amount of skin that must be removed.
- EOFlow, a provider of wearable medicine delivery technologies, announced the March 2021 release of a new smartphone application designed to work in tandem with wearable insulin delivery devices.
More insights available:
North America is a leading wearable healthcare devices market, driven by increasing awareness of personal health and fitness, technological advancements, and favorable government policies. The United States and Canada are the major contributors to the growth of the market in this region.
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Wearable Medical Devices Market By Segmentation
By Product:
- Wearable Monitoring and Diagnostic Devices
- Fetal and Obstetric Devices
- Wearable Fetal Monitors
- Infant Motion Sensing Monitors
- Continuous Glucose Monitoring Devices
- Cardiac Monitoring Devices
- Wearable Heart Rate Monitors
- Wearable Pulse Oximeters
- Wearable Blood Pressure Monitors
- Wearable Therapeutic Medical Device
- Hearing Aid
- Insulin Pump
- Respiratory Therapy Devices
- Sleep Apnea Devices
- Non-invasive Ventilation
- Health and Fitness Devices
By Application:
- Patient Monitoring
- Home Healthcare
- Health and Fitness
By Distribution Channel:
- Hospital Pharmacies
- Clinics
- Online Channels
- Hypermarkets
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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