Redding, California, June 14, 2023 (GLOBE NEWSWIRE) -- According to a new market research report, ‘Wearable Medical Devices Market by Type (Smart Watch, Activity Monitor, Patch), Application (Monitoring {Glucose, BP, Sleep, RPM}, Therapeutic {Pain, Rehabilitation, Insulin), Grade (Consumer, Medical), Distribution Channel – Global Forecast to 2030’, published by Meticulous Research®, the wearable medical devices market is projected to reach $184.49 billion by 2030, at a CAGR of 19.5% from 2023 to 2030.
Wearable devices are used to monitor vital parameters, such as blood pressure, blood glucose, oxygen levels, and sleep tracking, among others. They are also used as therapeutic devices for pain management, rehabilitation, and drug delivery. These devices or technologies come under a large spectrum of usability, including smartwatches, fitness trackers, continuous glucose monitoring patches, smart glasses, smart clothing, shoe sensors, and pain-reducing capacity, among others. This range of devices is used for various applications, such as blood glucose monitoring, blood pressure monitoring, sleep monitoring, neurological monitoring, baby monitoring, pain management, orthopedic management, and smart wound care management, among others.
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The growth of the wearable medical devices market is driven by several factors, including growing efficiency and accuracy regarding patient data, increasing geriatric population, increasing prevalence of chronic diseases, and increasing adoption of home healthcare as an alternative to hospitals. Factors such as the potential to expand in emerging economies, increase in the use of remote patient monitoring and telehealth services, increasing patient awareness, and technological developments are a few of the opportunities that would help grow the market in the future. Lack of privacy and the high cost of wearable medical devices could be considered challenges for the wearable medical devices market. However, the manufacturing defects concerned with these wearable medical devices and the reluctance to adopt newer technologies compared to traditional healthcare technologies restrain the market's growth.
The report also includes an extensive assessment of the product portfolio, geographic analysis, and key growth strategies adopted by leading market players in the last three to four years. In recent years, the wearable medical devices market has witnessed several organic and inorganic strategic developments. The key players profiled in the wearable medical devices market report are Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), Fitbit, Inc. (U.S.), Apple, Inc. (U.S.), OMRON Corporation (Japan), VitalConnect, Inc. (U.S.), Garmin Ltd. (U.S.), Sotera, Inc. (U.S.), F. Hoffmann La-Roche (Switzerland), DexCom, Inc. (U.S.), and Withings (France).
Increasing Geriatric Population to Drive the Growth of this Wearable Medical Devices Market
Wearable medical devices are playing an increasingly important role in healthcare, and they have specific benefits for the geriatric population. These devices are designed to be worn on the body and collect health-related data, providing valuable insights into an individual's well-being. Some of the devices included in this market are smartwatches and patches/stick-ons. The use of these devices is increasing rapidly due to their popularity in tracking heart rate, blood pressure, and other vital signs. Due to their rising popularity, these devices are now being used by many older people and are becoming quite useful for them as it reduces their risk of infection due to traveling to a hospital or clinic for treatment or consultation and saves time and money.
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According to the United Nations, the population of age 65 or above in the world is expected to increase from 703 million people in 2019 to 1.5 billion in 2050. Also, according to the American Hospital Association, the number of people in the U.S. with a chronic medical condition is projected to rise from 149 million in 2015 to 171 million in 2030. Wearable devices allow healthcare providers to remotely monitor the health of geriatric patients, even when they are at home or in assisted living facilities. These devices can track vital signs such as heart rate, blood pressure, and oxygen levels, providing real-time data to healthcare professionals. Remote monitoring reduces the need for frequent hospital visits and enables early detection of potential health issues. Thus, the rise in the geriatric population would indirectly lead to the increase in the factors mentioned above, leading to the market's growth. Wearable devices can help older adults manage their medication schedules more effectively. They can send reminders to take medications at the right time and track adherence. Some devices can even dispense medication automatically or provide visual and auditory cues to assist with medication management.
The wearable medical devices market is segmented by Type (Activity Monitors, Smartwatches, Patches/Stick-Ons, and Other Types), Application [Diagnostic and Monitoring {Vital Signs Monitoring, Glucose Monitoring, Blood Pressure Monitoring, Sleep Monitoring, Respiratory Monitoring, Other Diagnostic and Monitoring Applications}, Therapeutics {Pain Management, Rehabilitation, Insulin Delivery, and Other Therapeutic Applications}], Distribution Channel (Hospitals & Pharmacies, E-commerce, and Retail Channels), Grade (Consumer and Medical Grade), and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on type, in 2023, the smartwatches segment is expected to account for the largest share of the market. Factors such as a rising consumer base using smartwatches for health monitoring, an increasing number of product launches, and increased health awareness for chronic disease management and prevention drive the growth of this segment. Smartwatches equipped with optical heart rate sensors can continuously monitor the wearer's heart rate throughout the day. This feature is particularly valuable for older adults who may need to keep track of their heart health or detect irregularities in their heart rhythm. Some smartwatches can even alert users to abnormal heart rates or arrhythmias.
Based on application, the diagnostic and monitoring segment is expected to account for the largest share of the market. Diagnostic and monitoring devices monitor vitals and have data storage and transmission capabilities. Continuous glucose monitoring, blood pressure monitoring and heart rate monitoring are some of the vitals that can be monitored using these devices. Apart from this, the geriatric population is increasing rapidly worldwide, and in some cases, would need round-the-clock guidance for diagnosing, managing, and treating disorders like diabetes. This could be provided by diagnostic and monitoring devices paired with easier and more accurate patient health and data management, increasing patient population and self-awareness of patients leading to a large share of this segment in the market.
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Based on distribution channel, the E-commerce segment is projected to register the highest CAGR during the forecast period. E-commerce platforms often offer competitive pricing due to reduced overhead costs compared to traditional brick-and-mortar stores. Additionally, there are frequent sales, discounts, and promotional offers available online, allowing customers to save money when purchasing wearable medical devices. This can be advantageous for the geriatric population, especially those on fixed incomes or with limited financial resources. There has been an increased demand for wearable medical devices since the pandemic. Companies provide these wearables on their website or other commercial websites. The benefits of E-commerce as a distribution channel, such as high convenience, ease of access, attractive discounts, and increased internet penetration, are factors driving this segment's growth.
Based on grade, in 2023, the consumer grade segment is expected to account for the largest share of the market. Companies such as Apple, Inc. (U.S.) and Fitbit, Inc. (U.S.) are now turning to develop medical devices that are easy to handle or carry and can monitor vital signs or other health-related data remotely. This is mainly due to the increasing understanding of people for maintaining a healthy lifestyle and tracking their fitness goals to avoid health issues or disorders in the near future. Alongside this, the increasing customer pool for consumer-grade devices due to new technologies and features in the devices and new consumer product launches drive the growth of the segment.
Based on geography, the market in North America is expected to account for the largest share of the market. The growth of this regional market is primarily driven by increased R&D expenditure and high technological innovation in smart devices, high disposable income in this region, and the increased trend of adopting smart devices for health & fitness monitoring. Additionally, the increasing geriatric population and the high prevalence of chronic diseases contribute to the growth of this market. However, Asia-Pacific is expected to witness rapid growth during the forecast period. The growth in this region is primarily driven by the high number of manufacturers in the region and the increased consumer pool due to the increase in population, along with the increasing geriatric population in countries like China and Japan, increasing prevalence of chronic diseases in developing countries, and increasing adoption of home healthcare as an alternative to hospitals in the region.
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Scope of the Report:
Wearable Medical Devices Market Assessment - by Type
- Smart Watches
- Activity Monitors
- Patches/Stick-Ons
- Other Types
(Other types primarily include smart clothing, shoe sensors, wearable ECG, smart glasses, smart bandages, and hearing aids)
Wearable Medical Devices Market Assessment - by Application
- Diagnostic and Monitoring
- Vital Signs Monitoring
- Glucose Monitoring
- Blood Pressure Monitoring
- Sleep Monitoring
- Respiratory Monitoring
- Other Diagnostic and Monitoring Applications
(Other diagnostic and monitoring applications primarily include neurological monitoring and baby monitoring)
- Therapeutics
- Pain Management
- Rehabilitation
- Insulin Delivery
- Other Therapeutic Applications
(Other therapeutic applications include defibrillators, orthopedic wearable applications, and wearable wound therapy devices)
Wearable Medical Devices Market Assessment - by Distribution Channel
- Retail Channels
- E-Commerce
- Hospitals & Pharmacies
Wearable Medical Devices Market Assessment - by Grade
- Consumer Grade
- Medical Grade
Wearable Medical Devices Market Assessment - by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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