Pune, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Wearable Medical Devices Market Size & Growth Analysis:
“According to SNS Insider Research, The Wearable Medical Devices Market size valued at US$ 40.9 Billion in 2023, is projected to reach US$ 102.5 Billion by 2032, growing at a robust CAGR of 11.3% from 2024 to 2032.”
Market Overview
The wearable medical devices market is experiencing substantial growth, driven by an intensified focus on preventive healthcare and real-time health monitoring. Key factors contributing to this expansion include the aging global population, the rising prevalence of chronic diseases, and the need for cost-effective healthcare solutions. Technological advancements and innovations in wearable device design are significantly enhancing user experience, offering improved functionality and greater accuracy in health monitoring.
The integration of telehealth services further boosts the market by enabling seamless remote health management, allowing patients to track their health metrics and receive timely medical interventions without needing to visit healthcare facilities. This convergence of growing consumer demand for health-focused technology and ongoing innovations is poised to sustain robust market growth, meeting the increasing need for personalized and efficient healthcare solutions.
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Key Players Listed in this Report are:
- Koninklijke Philips N.V.
- Fitbit
- Basis Science
- Garmin
- Covidien
- Omron Corp.
- Withings
- Vital Connect
- Polar Electro
- Intelesens Ltd.
- Apple
- Dexcom Inc.
- Masimo Corporation
- Abbott Laboratories
- GE Healthcare
Wearable Medical Devices Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 40.9 Billion |
| Market Size by 2032 | US$ 102.5 Billion |
| CAGR | CAGR of 11.3% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Personalized Care and Remote Monitoring |
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Segment Analysis
- By Product: In 2023, diagnostic devices led the market with a substantial revenue share of 61.6%, driven by the high incidence of neurological disorders. The World Federation of Neurology highlights neurological disorders as the second leading cause of global mortality. Increasing awareness of neurological wearables for cognitive assessment is anticipated to further boost this segment. Conversely, the therapeutic device segment is expected to grow the fastest, propelled by innovations such as intelligent asthma management tools and wearable pain relief devices.
- By Site: The strap/clip/bracelet segment dominated the market in 2023 with a revenue share of 32.2%, largely due to the popularity of smartwatches for health monitoring. Innovations like the Fitbit Ace 3, which tracks heart rate and activity levels, are enhancing fitness tracking capabilities.
- By Application: The home healthcare segment led the market in 2023 with a revenue share of 27.5%, driven by the growing elderly population and the need for cost-effective healthcare management solutions. The remote patient monitoring segment is projected to experience the highest CAGR during the forecast period, due to the expanding global geriatric population and rising chronic condition prevalence.
- By Grade Type: The consumer-grade segment captured the largest revenue share of 53.8% in 2023, attributed to user-friendly features and increasing health awareness. However, the clinical-grade wearable medical devices segment is expected to grow the fastest, driven by the demand for advanced monitoring solutions in clinical environments.
- By Distribution Channel: The pharmacy segment led the market with a 37.8% revenue share in 2023, due to the widespread accessibility of pharmacies. The online channel segment is anticipated to experience the highest CAGR, driven by the growing consumer shift towards online shopping and the convenience of e-commerce platforms.
Wearable Medical Devices Market Key Segmentation:
By Product
- Diagnostic Devices
-
- Vital Sign Monitoring Devices
- Sleep Monitoring Devices
- Electrocardiographs Fetal and Obstetric Devices
- Neuromonitoring Devices
-
- Therapeutic Devices
-
- Rehabilitation Devices
- Respiratory Therapy Devices
-
By Site
-
- Handheld
- Headband
- Strap/Clip/Bracelet
- Shoe Sensors
- Others
By Application
-
- Sports and Fitness
- Remote Patient Monitoring
- Home Healthcare
By Grade Type
-
- Consumer-Grade Wearable Medical Devices
- Clinical Wearable Medical Devices
By Distribution Channel
-
- Pharmacies
- Online Channel
- Hypermarkets
Regional Analysis
North America held the largest share of the wearable medical devices market in 2023, supported by technological advancements and the presence of key market players. The region's strong healthcare infrastructure and substantial investments in R&D fuel the adoption of wearable medical devices. Major companies such as Fitbit and Apple are at the forefront of innovation with products and mobile applications that enhance health monitoring capabilities.
Asia-Pacific is projected to be the fastest-growing region during the forecast period, driven by rising health awareness and a growing elderly population. Countries like China and India are experiencing significant growth in wearable medical devices due to expanding healthcare markets and technological advancements. Notable companies such as Xiaomi and Samsung are making significant strides in developing affordable and advanced wearable devices tailored for the Asian market.
Recent Developments
- Stryker is expanding the capabilities of its Mako surgical robotic platform to include new applications for spine and shoulder surgeries. These applications are expected to launch in February 2024 and aim to enhance the precision of surgical procedures using robotic technology.
- September 2023: Fitbit launched the Fitbit Charge 6, featuring advanced heart rate monitoring and enhanced sleep tracking capabilities.
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Key Takeaways
- The Wearable Medical Devices Market is poised for substantial growth, driven by technological innovations and heightened health awareness.
- Diagnostic devices will continue to lead the market, while therapeutic devices are projected to experience the fastest growth.
- North America remains the leading region, with Asia-Pacific expected to witness rapid growth due to increasing health awareness and expanding healthcare markets.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Wearable Medical Devices Market Segmentation, by Product
8. Wearable Medical Devices Market Segmentation, By Site
9. Wearable Medical Devices Market Segmentation, by Application
10. Wearable Medical Devices Market Segmentation, By Grade Type
11. Wearable Medical Devices Market Segmentation, By Distribution Channel
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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