Wearable Medical Device Industry Projected to Reach USD 84.8 Billion by 2034 at a 8.2% of CAGR, Driven by Technological Advancements and Growing Health Consciousness

Global Wearable Medical Devices Industry
Global Wearable Medical Devices Industry

The global wearable medical device market is expected to generate USD 38.5 billion in sales in 2024. With technological advancements and increasing health consciousness among consumers, the market is projected to grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2034, reaching an estimated USD 84.8 billion by the end of the forecast period.

Wearable medical devices are becoming increasingly popular as they offer real-time monitoring of various health parameters, such as heart rate, glucose levels, blood pressure, and sleep patterns. This has spurred demand for these devices, particularly among individuals with chronic conditions, fitness enthusiasts, and health-conscious consumers looking to manage their wellness.

The integration of advanced technologies like artificial intelligence, IoT, and wireless connectivity into wearable medical devices is expected to further drive market growth, providing users with enhanced data analysis and more personalized healthcare solutions. The rise of remote patient monitoring and telemedicine is also contributing to the widespread adoption of wearable devices, particularly in the wake of the COVID-19 pandemic.

A Detailed Full Report – https://www.futuremarketinsights.com/reports/wearable-medical-devices-market

Key Takeaways:

  • Market Growth: The wearable medical device market is projected to grow from USD 38.5 billion in 2024 to USD 84.8 billion by 2034, reflecting a CAGR of 8.2%.
  • Technological Advancements: The integration of AI, IoT, and wireless connectivity in wearable devices is enhancing their functionality and driving adoption.
  • Health Consciousness: Growing awareness about personal health management and wellness is contributing to the increased use of wearable medical devices.
  • Remote Monitoring: The rise of telemedicine and remote patient monitoring solutions is expected to further fuel the market’s expansion.

Key Industry Highlights

Increasing Frequency of Lifestyle Diseases to Drive Market Development

The rising prevalence of sedentary and inactive lifestyles, as well as the growing trend of eating out, has increased the number of lifestyle conditions such as diabetes and hypertension, resulting in a rise in growth for the wearable medical device market throughout the projection period.

The above conditions necessitate continual monitoring and tracking of physiological indicators such as blood sugar levels and blood pressure, which is motivating market participants to integrate healthcare data with healthcare equipment so that experts may access your information in real time.

Integration of AI and 5G connectivity to Drive Market Growth

Wearable medical devies are becoming increasingly reliant on artificial intelligence and 5G connectivity. 5G, artificial intelligence, and machine learning (ML) may be used to identify possible diagnosis and therapies for a given patient. Al can help identify which patients are more likely to experience postoperative difficulties, allowing healthcare organizations to provide early treatments.

Real time knowledge with a large volume of data needs reliable and high bandwidth networks. Healthcare businesses may leverage 5G networks to provide the finest treatment possible in real time, no matter where the patients are. The use of developing sophisticated tools and technologies like as Al and 5G has the potential to generate revenue in the wearable medical device industry.

Growing Incidences of the Cybercrimes is expected to Impede Market Growth

The increasing frequency of cybercrime and medical data theft has raised worries among significant corporations. The digital world is vulnerable to a large variety of cyber assaults and threats, which expose patients sensitive information. The rising supremacy of cyber thieves, along with the widespread use of cellphones and cutting edge software, is harming industry development.

Competitive Landscape

The global wearable medical device market is highly fragmented. Leading wearable medical device manufacturers are continuously working to produce new devices with better capabilities.

Leading market players are combining cutting edge wearable medical devices that give precise measurements of critical indicators like as heart rate, temperature, and blood pressure. The key market players have used strategies such as partnerships, acquisitions, collaborations, new product launches and approvals, the establishment of new manufacturing facilities, and a shift to online shopping platforms to gain a competitive advantage in the global wearable medical device market and expand their global footprint.

Recent Developments

In March 2024, Siemens has developed one of the most innovative circuit protection devices in the world, utilizing cutting edge electronic switching technology. SENTRON ECPD (Electronic Circuit Protection Device) electrically disables circuit faults and, if necessary, trips the mechanical isolating contact downstream. Until date, disconnection was only performed via electromechanical components.

In January 2024, Owlet Baby Care, a pioneer in smart newborn monitoring, has launched Dream Sock® and BabySat™, two medical devices with recent FDA approvals. Both innovations give real time health information with medical grade precision, as well as substantial gains in at home baby care.

Leading Wearable Medical Device Brands

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., are some of the key players in this market.

Key Segments of the Report

By Product:

The wearable medical device market is classified into (wearable monitoring and diagnostic devices (foetal and obstetric devices (wearable foetal monitors and infant motion sensing monitors), continuous glucose monitoring devices, cardiac monitoring devices (wearable heart rate monitors, wearable pulse oximeters and wearable blood pressure monitors), wearable therapeutic medical device, hearing aid, insulin pump, respiratory therapy devices (sleep apnea devices and non-invasive ventilation) and health and fitness devices.

By Application:

The wearable medical device market is classified into patient monitoring, home healthcare and health and fitness.

By Distribution Channel:

The wearable medical device market is classified into hospital pharmacies, clinics, online channels and hypermarkets.

By Region:

Analysis of the Wearable Medical Device market has been carried out in key countries of North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe and Middle East & Africa.

Author By:

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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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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