The Global Wearable Medical Device Industry is set to witness a remarkable surge, projecting a significant leap from US$ 38,580.9 million in 2024 to an estimated US$ 84,848.6 million by 2034. This substantial growth is underpinned by a promising Compound Annual Growth Rate (CAGR) of 8.20% over the next decade, according to market intelligence provided by Future Market Insights.
The healthcare landscape is undergoing a transformative shift, with the rising burden of diseases prompting a reevaluation of traditional healthcare models. Factors such as irregular hospital visits for routine check-ups and an increasingly sedentary lifestyle have spurred healthcare bodies, medical service providers, and governments to prioritize timely and regular patient diagnosis.
Wearable medical devices are emerging as a pivotal solution to address these challenges, offering continuous monitoring and real-time data collection. This trend is further accelerated by the active encouragement of routine diagnosis by regional and national healthcare agencies through awareness programs and various campaigns. These initiatives are fostering heightened awareness among the masses regarding the benefits of wearable medical devices for monitoring and diagnosing vital signs.
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Key Takeaways from the Global Wearable Medical Device Industry Report
- The wearable medical device market achieved a market size of US$ 36,604.3 million in 2023. During the historical period, the market registered a CAGR of 7%.
- By product, the wearable therapeutic medical device segment is estimated to acquire a value share of 55% in 2024.
- Based on the application, the home healthcare segment is anticipated to obtain a market share of 63% in 2024.
- The wearable medical device industry in the United States is expected to expand at a CAGR of 5% through 2034.
- The wearable medical device market in France is projected to register a CAGR of 8% from 2024 to 2034.
- The wearable medical device market in India is estimated to record a staggering CAGR of 40% over the forecast period.
- The market in Singapore is projected to grow at a CAGR of 10% through 2034.
“Continuous advancements and release of upgraded wearable medical devices by leading players are expected to be a go-to-market strategy of leading players. Additionally, players are expected to explore the potential of wearable medical devices in various new segments,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Competitive Landscape in the Global Wearable Medical Device Industry
Market players are developing advanced wearables and exploring new application cases for wearable medical devices, which is contributing to market growth. The industry participants are acquiring firms with complementary technologies and collaborating with other healthcare institutions, technology providers, and pharmaceutical firms to expand their distribution channels, leverage expertise, and develop integrated solutions.
Players are further emphasizing privacy and data security and prioritizing user-friendly designs to boost user adoption and compliance. Industry participants are getting involved in targeted marketing campaigns toward certain healthcare professionals and patient segments to elevate brand recognition and drive device adoption.
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Recent Developments in the Global Wearable Medical Device Industry
- In July 2023, Dexcom, a developer of constant glucose monitors, revealed that it is making a Type 2 diabetes monitor for patients who don’t require insulin. The company also offers a cash-pay choice for patients not secured by health insurers and Medicare.
- In July 2023, Samsung announced that it is gearing up to launch ‘Galaxy Ring’ equipped with smart health features in 2024. For the success of its recent wearable endeavor, the Korean tech giant is collaborating with international as well as domestic component manufacturers.
Manufacturers of Global Wearable Medical Device Industry
- 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
- Rest Devices Inc.
- Others
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Global Wearable Medical Device Industry Segmentation
By Product:
- Wearable Monitoring and Diagnostic Devices
- Foetal and Obstetric Devices
- Wearable Foetal 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
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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