Asia Pacific Wearable Medical Devices Market (And Segment Forecasts 2024 - 2030) Size, Share & Trends Analysis Report By Product (Diagnostic & Therapeutic), By Application, By Site, By Grade Type, By Distribution Channel, By Country

Market Size & Trends

The Asia Pacific wearable medical devices market size was estimated at USD 7.5 billion in 2023 and is anticipated to grow at a CAGR of 28.4% from 2024 to 2030. The factors that are primarily driving the market growth are the favorable government initiatives that support advanced medical devices adoption, the increasing geriatric population, and excessive healthcare expenditure. The market is rapidly inclining towards remote patient monitoring devices and home healthcare owing to the rapid technological advancements and the growing requirement for home care devices and round-the-clock monitoring. Hence, there is an increasing concentration on healthy lifestyle and fitness.

In 2023, the Asia Pacificregion accounted for approximately 22.0% revenue share of the global wearable medical devices market. Moreover, companies such as Medtronic have launched devices that incorporate accelerometers & sensors to measure skin temperature, heart & pulse rate, and blood oxygen levels, among others, to capture data automatically, making consumers more self-dependent. They can easily regulate their health by connecting their wearables to the internet or Bluetooth. The market is currently focusing on developing products that can automatically track physiological signals through sensor technology.

Product Insights

The diagnostic product dominated the market with more than 60.0% of revenue share in 2023. It can be attributed to the rising application of diagnostic monitoring devices in remote patient monitoring & home healthcare. The market has experienced robust growth of smart technology that can easily enable connection to cellular phones and accurately track routine exercises with step counts, burned calories, & sleep patterns. These devices can also keep track of exercise routines, such as walking, running, swimming & cycling.

Neuromonitoring devices held more than 40.0% of the market share under the diagnostic products segment. These devices include electroencephalography, electromyography, and other devices. This is owing to the rising prevalence of neurological disorders. These devices generally are in the form of headbands and smart caps. There is also an increasing demand for vital sign monitors, which function as a surveillance system. BioIntelliSense, with its BioButton multi-parameter, has gained momentum as a key tech-enabled care solution. It makes consistent vital sign monitoring reliable, efficient, and cost-effective. Neuromonitoring devices continuously record, monitor, and analyze critical clinical information.

Therapeutic devices are anticipated to grow exponentially, with a CAGR of 29.4% during the forecast period. These include devices for insulin monitoring, pain management, respiratory, and rehabilitation therapy. Insulin monitoring devices held the largest market share under the therapeutic devices category. These devices continuously monitor blood insulin levels. The rising prevalence of diabetic patients is having a high impact on this segment.

Application Insights

Home healthcare accounted for the largest market share, more than 53%, in 2023. The geriatric population is continuously growing in the region, which has resulted in the rise of diseases-a key factor that is having a huge impact on the market. Consumers prefer home healthcare as it is a cost-effective substitute for expensive hospital stays.

Remote patient monitoring is projected to grow at a CAGR of 29.2% over the forecast period. This kind of healthcare often detects early symptoms of diseases such as heart disease and monitors blood pressure. It also helps reduce hospitalizations and the associated expenditures. Consumers can precisely read a patient’s health with no interruptions in their daily activities. Remote monitoring devices are efficient in terms of delivering healthcare services by using communication technology. This generally aids in monitoring heart rate, blood pressure, body temperature, and oxygen levels in the body. Healthcare manufacturers are launching single-use portable devices to offer patients flexibility and help in saving the cost of regular hospital visits.

Site Insights

Strap/clip/bracelet devices have held more than 50.0% of the market share in 2023 and are expected to maintain their dominance over the forecast period. Products such as smartwatches and smart bands are gaining popularity because of their aesthetic designs and, most importantly, accurate functionality. These water-resistant devices, along with cloud and Bluetooth connectivity, help in monitoring multiple parameters, such as pulse rate, respiratory rate, and physical activity.

The ongoing demand for smartwatches is primarily driving the market growth. These devices have smartphone-like features to offer consumers more mobility and flexibility. Consumers depend on them for tracking personal health and fitness goals. Manufacturers have also made considerable improvements in these products in terms of battery life.

Shoe sensors are anticipated to grow exponentially at a CAGR of 26.5% during the forecast period. These devices, primarily designed for athletes, help in tracking distance covered by walking/running, speed, step count, and other parameters.

Country Insights

Japan Wearable Medical Devices Market Trends

Japan wearable medical devices market dominated the Asia Pacific region with 19.0% revenue share in 2023 and is projected to grow exponentially at a CAGR of 27.5% in the coming years. With rapid technological advancements, there is an increased requirement for home care devices. Manufacturers have introduced eyewear models with electroencephalogram (EEG) sensors to measure brain wave patterns. Another major factor that is driving the market is neo-natal jaundice, which is a leading cause of death and brain damage in infants in low and middle-income families. To combat the neo-natal jaundice, researchers have created the first wearable devices to precisely monitor it.

Philippines Wearable Medical Devices Market Trends

The wearable medical devices market in the Philippines is projected to grow at a CAGR of 29.2% during the forecast period. The country’s healthcare system, with the support of private healthcare providers, is primarily dominated by the public sector. The market is expected to grow in the coming years due to the increase in disposable income, urbanization, and the rise of the geriatric population.

Key Asia Pacific Wearable Medical Devices Company Insights

Major market players are undertaking initiatives to increase their foothold in the market.

Recent Developments

• In January 2024, Garmin launched the Lily 2 series to represent the future generation of stylish smartwatches that are expected to enhance health and wellness with its connectivity features. Lily 2 Classic models have advanced battery life with unique designs that feature metal watch cases, concealed displays along with unique patterned lenses, and a wide variety of fashionable color options. 

Asia Pacific Wearable Medical Devices Market Report Scope

Asia Pacific Wearable Medical Devices Market Report Segmentation

This report forecasts revenue growth at regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the Asia Pacific wearable medical devices market report based on product, site, application, distribution channel, grade type, and country:

• Product Outlook (Revenue, USD Billion, 2018 - 2030)

  • Diagnostic Devices

    • Vital Sign Monitoring Devices

      • Pulse Oximeters

      • Activity Monitors

      • Electrocardiographs

      • Heart Rate Monitors

      • Blood Pressure Monitors

      • Spirometers

      • Others

    • Sleep Monitoring Devices

      • Sleep trackers

      • Wrist Actigraphs

      • Polysomnographs

      • Others

    • Electrocardiographs Fetal and Obstetric Devices

    • Neuromonitoring Devices

      • Electromyographs

      • Electroencephalographs

      • Others

  • Therapeutic Devices

    • Pain Management Devices

      • Neurostimulation Devices

      • Others

    • Insulin/Glucose Monitoring Devices

      • Insulin Pumps

      • Others

    • Rehabilitation Devices

      • Accelerometers

      • Ultrasound Platform

      • Sensing devices

      • Others

    • Respiratory Therapy Devices

      • Ventilators

      • Positive Airway Pressure (PAP) Devices

      • Portable Oxygen Concentrators

      • Others

• Site Outlook (Revenue, USD Billion, 2018 - 2030)

  • Headband

  • Strap/Clip/Bracelet

  • Handheld

  • Shoe Sensors

  • Others

• Application Outlook (Revenue, USD Billion, 2018 - 2030)

  • Sports & Fitness

  • Remote Patient Monitoring

  • Home Healthcare

• Grade Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Consumer-Grade Wearable Medical Devices

  • Clinical Wearable Medical Devices

• Distribution Channel Outlook (Revenue, USD Billion, 2018 - 2030)

  • Pharmacies

  • Online Channel

  • Hypermarkets

• Country Outlook (Revenue, USD Billion, 2018 - 2030)

  • Japan

  • China

  • India

  • Australia

  • South Korea

  • Malaysia

  • Singapore

  • Thailand

  • Philippines