Wearable Medical Device Market Size, Share & Trends Analysis Report By Type (Diagnostic, Therapeutic), By Site (Handheld, Headband, Strap, Shoe Sensors), By Application, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global wearable medical device market size was valued at USD 21.3 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 28.1% from 2022 to 2030. The growth of industries such as home healthcare and remote patient monitoring devices is anticipated to influence market growth. In addition, increasing focus on fitness and a healthy lifestyle orientation are also expected to impact the market. A surge in product demand during the COVID-19 pandemic and increasing awareness about personal health monitoring are expected to be some of the major market drivers.

Also, due to the sedentary routine, the incidence and prevalence of lifestyle-associated disorders, such as diabetes and hypertension, are projected to increase over the forecast period. Some of these diseases demand continuous monitoring of several physiological parameters, for instance, blood sugar levels and blood pressure. This allows the amalgamation of healthcare data with portable medical devices, which can then be forwarded to physicians to have real-time access to data and minimize errors. Moreover, the rising mortality rate due to non-communicable diseases is the major reason for concern demanding more focus on personalized monitoring and care. This is ultimately anticipated to further increase the demand for wearable medical products.

The outbreak of the COVID-19 pandemic has extended the role of wearable medical devices in the healthcare trade. Various companies are entering the landscape, with innovative wearable products that can help detect the early warning signs of viral infections. For example, Ava Bracelet, which is primarily used as a fertility tracker, is now being leveraged to help in combating the coronavirus. This bracelet tracks heart rate variability, breathing rate, and skin temperature making it useful in tracking symptoms of the virus. This offers a unique opportunity during this pandemic.

The rising prevalence of chronic diseases along with increasing mortality rates is a major area of concern among people as well as government organizations. Thus, healthcare providers are offering personalized care including continuous and remote patient monitoring. Also, these can be worn for 24 hours without affecting the routine life. Hence, considering the various advantages that it offers, the demand for wearable medical devices is projected to boost over the forecast period.

Increasing attention on fitness is a high-impact rendering driver for the market. Various wearable medical products and software have been developed for the management of weight and fitness. Usually, wristbands are connected with cell phones that display real-time tracking of activities such as steps walked, calories burned, calorie intake, miles a person ran, etc. By compiling all the data together, vital information such as the body mass index is obtained. The regular study of these statistics helps in providing a good health plan to individuals as well as healthcare professionals. Also, the fitness club count is seen increasing in recent years. According to the 2019 IHRSA Global Report, there are around 183 million users of fitness clubs globally.

Product Insights

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.

For example, as per a survey “A Global Burden of Disease Study” in 2020, migraine was most the prevalent neurological disorder in the U.S. Around 95.0% of people are suffering from migraine in the U.S. In this case, neuromodulation devices are most widely used to diagnose/treat migraine.

In addition, increasing awareness of the population regarding the ability of neurological wearables to assess the cognitive capabilities of individuals continuously during everyday activities is also expected to drive the segment.

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.

The segment is bifurcated into pain management, insulin monitoring, rehabilitation, and respiratory therapy devices. The insulin monitoring device was dominant in 2020 and is anticipated to remain dominant over the forecast period owing to the large population suffering from diabetes.

Site Insights

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. Products like smartwatches allow monitoring of several parameters such as mobility, respiratory rate, and pulse rate coupled with Bluetooth and cloud connectivity are anticipated to propel the segment growth.

Advancements in wrist-worn products such as Healthpatch by Vital Connect in March 2014, for monitoring multiple parameters such as heart tare, skin temperature, and activities like steps count are anticipated to drive the segment. Also, major players like Samsung and Apple have introduced mobile apps, which are compatible with wearable medical instruments and enable data recording and digital display. Such apps are attracting people towards routine health monitoring, thereby impelling market growth.

Application Insights

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.

Regional Insights

North America accounted for the largest revenue share of 38.1% in 2020, owing to the growing prevalence of cardiovascular disorders, diabetes, and cancer within this region.A rise in chronic diseases that need routine monitoring and the presence of sophisticated healthcare infrastructure are further likely to drive market growth.

In the Asia Pacific, the market is expected to witness exponential growth over the forecast period. Major factors boosting market growth are favorable government initiatives for use of such wearable medical instruments, increasing geriatric population base, and increasing healthcare expenditure in this region.

Key Companies & Market Share Insights

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.

For example, In November 2020, Royal Philips and African Union announced a partnership to strengthen healthcare infrastructure and enhance access to care in African Union Member States by improving access to medical equipment. Through the Africa Medical Supplies Platform (AMSP), the African Union and Philips will provide medical equipment, comprising patient-monitoring equipment, ventilators, ultrasound scanners to healthcare facilities, and COVID-19 patients.

Also, in November 2020, the company announced the introduction of Philips Ventilator BiPAP A40 EFL. This initiative would help the company in expanding its home healthcare portfolio for COPD patients. 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

• verist Genomics

• Intelesens Ltd.

• Sotera Wireless

Wearable Medical Device Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, 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, Inc. has segmented the global wearable medical device market report based on product, site, application, and region:

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

  • Diagnostic Devices

    • Vital Sign Monitoring Devices

      • Heart Rate Monitors

      • Activity Monitors

      • Electrocardiographs

      • Pulse Oximeters

      • Spirometers

      • Blood Pressure Monitors

      • Others

    • Sleep Monitoring Devices

      • Sleep trackers

      • Wrist Actigraphs

      • Polysomnographs

      • Others

    • Electrocardiographs Fetal And Obstetric Devices

    • Neuromonitoring Devices

      • Electroencephalographs

      • Electromyographs

      • Others

  • Therapeutic Devices

    • Pain Management Devices

      • Neurostimulation Devices

      • Others

    • Insulin/Glucose Monitoring Devices

      • Insulin Pumps

      • Others

    • Rehabilitation Devices

      • Accelerometers

      • Sensing Devices

      • Ultrasound Platform

      • Others

    • Respiratory Therapy Devices

      • Ventilators

      • Positive Airway Pressure (PAP) Devices

      • Portable Oxygen Concentrators

      • Others

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

  • Handheld

  • Headband

  • Strap/Clip/Bracelet

  • Shoe Sensors

  • Others

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

  • Sports And Fitness

  • Remote Patient Monitoring

  • Home Healthcare

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

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • Italy

    • Spain

    • France

    • Sweden

    • Russia

    • Netherlands

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Singapore

    • Thailand

    • Philippines

    • Malaysia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE