Wearable Medical Device Industry Overview
The global Wearable Medical Device Market size is expected to reach USD 196.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 28.1% from 2022 to 2030. Rising demand for hi-tech products and continuous health monitoring is fueling the market growth.
The increasing prevalence of obesity coupled with rising awareness about physical fitness is encouraging people to exercise and adopt other fitness-related activities. Wearable devices such as smart bands and smartwatches help in monitoring fitness parameters consisting of calories burned, footstep count, heart rate, and distance covered. The wearable devices companies offer guidance from experts who are certified dieticians or nutritionists, and hence, this business model is also generating hefty demand for these ancillary products and services.
Companies such as Google, Fitbit, Apple, and Nike are working toward the launch of new innovative products, thus portraying a high growth rate in the market. Smartwatches and wristbands are the current focal point of product development and innovation, leading to abundant availability of such instruments. For instance, HealthPatch, a product of Vital Connect, was launched in March 2014. The product is an adhesive patch that can be placed anywhere on the chest and is used to regulate biometrics such as heart rate, skin temperature, body posture, and activities like steps walked.
The COVID-19 pandemic somehow has positively impacted the market owing to the increasing demand for telemedicine. The WHO guidelines of social distancing and avoiding public gatherings increased the adoption of telemedicine among physicians for treating patients from a distance. The growth of telemedicine and expansion of applications to integrate Artificial Intelligence (AI) has led to market growth.
Wearable Medical Device Market Segmentation
Grand View Research has segmented the global wearable medical devices market based on product, site, application, and region:
Based on the Product Insights, the market is segmented into Diagnostic Devices and Therapeutic Devices.
- The diagnostic devices segment dominated the market and accounted for the largest revenue share of 62.2% in 2021. Among diagnostic, the neuromonitoring devices segment was the largest in 2021. The growing prevalence of neurological disorders is the prime factor affecting segment growth.
- The therapeutic device segment is anticipated to witness the fastest CAGR throughout the forecast period owing to the increasing influx of therapeutic devices. Moreover, a strong pipeline of therapeutic devices such as intelligent asthma management products, wearable pain reliever devices, and insulin management devices is anticipated to assist market growth.
Based on the Site Insights, the market is segmented into Handheld, Headband, Strap/Clip/Bracelet, Shoe Sensors and Others.
- The strap/clip/bracelet segment dominated the wearable medical devices market and accounted for the largest revenue share of 51.0% in 2021 and is likely to remain dominant throughout the forecast period.
Based on the Application Insights, the market is segmented into Sports And Fitness, Remote Patient Monitoring and Home Healthcare
- The home healthcare segment dominated the market for wearable medical devices and accounted for the largest revenue share of 54.5% in 2021 due to the increasing geriatric population triggering prevalence rates of target diseases and the growing need to curb healthcare expenditure as an economically viable initiative are some of the factors responsible for market growth.
- The remote patient monitoring segment is anticipated to witness the fastest CAGR over the forecast period. Globally rising geriatric population base and rising incidences of chronic conditions are expected to be high impact rendering drivers for the growth of remote patient monitoring instruments over the forecast period.
Wearable Medical Device Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
Key Companies Profile
The key players operating in the market for wearable medical devices are focusing on adopting various growth strategies, such as partnership, mergers acquisitions, and expansion of product portfolios to retain their market position.
Some prominent players in the global Wearable Medical Device market include
- Philips Electronics
- Fitbit
- Basis Science
- Garmin
- Covidien
- Omron Corp.
- Withings
- Vital Connect
- Polar Electro
- Intelesens
- Everist Genomics
- Intelesens
- Sotera Wireless
Order a free sample PDF of the Wearable Medical Device Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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