The Global Wearable Medical Devices Industry is on the brink of an unprecedented growth trajectory, with projections soaring to a staggering US$ 73.48 Billion by 2032, according to the latest report by Future Market Insights Inc. The industry, currently valued at US$ 27.29 Billion in 2022, is set to accelerate at a commendable Compound Annual Growth Rate (CAGR) of 28.1% from 2022 to 2032.
One of the transformative aspects driving this surge is the integration of 5G and Artificial Intelligence (AI) technologies, revolutionizing how patients’ diagnoses, treatments, and overall healthcare are approached. The convergence of these cutting-edge technologies marks a paradigm shift in the wearable medical devices landscape.
AI plays a pivotal role in identifying a patient’s likely diagnosis and treatment, offering healthcare providers unprecedented insights. Furthermore, AI empowers healthcare professionals to predict potential complications post-surgery, enabling them to take preventative actions. The real-time learning capabilities of AI, fueled by vast amounts of data, necessitate networks with high availability and throughput, making the advent of 5G networks a game-changer.
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The Global Wearable Medical Devices Industry is expanding. Individuals who typically purchase such items are open to new experiences and ideas. The increasing number of early adopters and innovators in developed and developing nations is anticipated to boost sales of wearable medical devices.
The increasing demand for novel health monitoring techniques among athletes and fitness buffs is anticipated to propel the Global Wearable Medical Devices Industry. An appreciable fraction of persons in the US and Canada are early adopters. So, the demand for wearable medical devices in North America is anticipated to expand.
Therapeutics, monitoring and diagnostics, fetal and obstetric monitoring, cardiovascular monitoring, and glucose monitoring are just a few of the many uses for wearable medical devices. Therapeutic medical gadgets patients can wear are expected to dominate in this category. The FMI analysis predicts that by 2025, the market share of therapeutic medical devices that can be worn will exceed 50%. Among the many lifestyle-related conditions, lung problems, diabetes, and hearing loss contribute to this. During the evaluation phase, we don’t expect this tendency to reverse.
Improvements in both design and technology have boosted sales of wearable medical devices in recent years. However, adoption rates in the business continue to be challenged by several variables. The initial investment and ongoing upkeep of wearable technology might be costly for many people. Among other components, sensors, batteries, and chips failure often necessitates frequent maintenance and repair and slows consumer acceptance.
Additionally, several nations do not supply enough medical wearable reimbursement options for their citizens. Because of this, sales of wearable medical devices are expected to stagnate in developed and developing nations.
Key Takeaways:
- The wearable medical devices market is anticipated to reach a valuation of US$ 73.48 billion by 2032.
- North America contributed 38.1% of global revenue in 2020 because of rising rates of cardiovascular disease, diabetes, and cancer.
- Market growth is anticipated due to the increased use of wearable devices for health management during COVID-19.
- The rising prevalence of target diseases due to an aging population and the need to minimize healthcare spending are driving the wearable medical device market.
“Wearable medical, portable, and smart devices offer continuous monitoring and tracking of vital health metrics, empowering individuals to take charge of their well-being and transforming the way healthcare is delivered and managed,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape:
Although the Global Wearable Medical Devices Industry is somewhat concentrated, a handful of industry giants control most sales. These businesses invest heavily in researching and developing new items, followed by careful timing in releasing such products to the market.
Companies that now dominate the Global Wearable Medical Devices Industry focus on diversifying their growth strategies, such as forging strategic partnerships, merging with other businesses, and expanding their product lines.
Global Wearable Medical Devices Industry 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.
Key Developments:
- In April 2021, Alvalux Medical, a Belgian MedTech wearables manufacturer, announced that it had been granted a second patent by the United States Patent and Trademark Office for its new ocular insert device, which is intended to allow patients to treat retinal disorders at home through photo-biomodulation (PBM) therapy.
- As an additional comfort measure, 3M has announced the creation of a novel silicone adhesive material with conformable and breathable properties that is expected to be used in wearable medical devices to reduce the amount of skin that must be removed.
- In March of 2021, EOFlow, a provider of wearable drug delivery solutions, announced the release of a new smartphone application designed to be used in tandem with wearable insulin delivery devices.
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Global Wearable Medical Devices Industry 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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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.
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Portable Medical Devices Market Size: The global portable medical devices market is projected to expand at a CAGR of 10.7% during the forecast period. The market is estimated to generate market revenue of US$ 163.84 billion by 2033, increasing from US$ 59.28 billion in 2023.
Wearable Medical Robots Market Share: The global wearable medical robots market was valued at around US$ 239.3 Million at the end of 2021. The market is projected to register a 17.6% CAGR and top a valuation of US$ 1,423.7 Million by 2032.
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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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