The global wearable medical device market is on track for substantial growth, with sales projected to reach USD 38.5 billion in 2024. Over the next decade, from 2024 to 2034, the market is expected to expand at a robust compound annual growth rate (CAGR) of 8.2%. This growth trajectory will see the market size more than double, culminating in a valuation of USD 84.8 billion by the end of 2034.
Wearable medical devices, which encompass a range of technologies designed for continuous health monitoring and management, are increasingly becoming integral to modern healthcare. These devices offer users the ability to track vital signs, manage chronic conditions, and improve overall health outcomes with real-time data and personalized insights.
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.
Key Takeaways from the Wearable Medical Device Market 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 Wearable Medical Device Market
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.
Recent Developments in the Wearable Medical Device Market
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 the ‘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 the Wearable Medical Device Market
- 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
A Full Report – Overview
Wearable Medical Device Market Segmentation
By Product:
- Wearable Monitoring and Diagnostic Devices
- Fetal 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
About Future Market Insights (FMI)
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 based on Source, Application, Sales Channel, and End Use over the next 10-years.
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