The global wearable medical devices market size is anticipated to reach USD 168.29 billion by 2030 and is anticipated to expand at a CAGR of 25.66% during the forecast period, according to a new report by Grand View Research, Inc. The market is experiencing growth driven by an increasing demand for high-tech products and the growing trend of continuous health monitoring.
The rising obesity rate and a heightened awareness of physical fitness, is motivating individuals to engage in workouts and adopt fitness-related activities. Wearable devices like smartwatches and smart bands play a crucial role in monitoring various fitness parameters, including calories burned, step count, heart rate, and distance covered. Companies such as Google, Fitbit, Apple, and Nike are actively launching innovative products, particularly focusing on smartwatches and wristbands, contributing to a surge in product availability.
The COVID-19 pandemic has positively impacted the market, driven by the increased demand for telemedicine. WHO guidelines promoting social distancing and discouraging public gatherings have led to a preference for telemedicine among physicians, enabling remote patient treatment without the risk of virus transmission. The growth of telemedicine, coupled with the integration of artificial intelligence (AI) into its systems, has further propelled the expansion of the wearable medical device market.
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The diagnostic devices segment emerged as the market leader in 2023, driven by rising disposable income, increased awareness, and higher healthcare spending
Straps, clips, bracelets, and watches constitute the largest and fastest-growing segment of the market
Home healthcare secured a substantial share of 53.6% in 2023, propelled by a growing geriatric population contributing to higher incidence rates of target diseases
North America held the largest revenue share in 2023, primarily due to the expanding home care applications and remote patient monitoring for regular, continuous, and long-term patient monitoring
The Asia-Pacific region is poised to experience the fastest growth over the forecast period, attributed to increasing awareness levels, rising disposable income, a large population base, and an increasing incidence rate of chronic conditions
Grand View Research has segmented the global wearable medical device market based on product, site, application, distribution channel, grade type, and region:
Wearable Medical Devices Product Outlook (Revenue, USD Million, 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
Accelometers
Sensing Devices
Ultrasound Platform
Others
Respiratory Therapy Devices
Ventilators
Positive Airway Pressure (PAP) Devices
Portable Oxygen Concentrators
Others
Wearable Medical Devices Site Outlook (Revenue, USD Million, 2018 - 2030)
Handheld
Headband
Strap/Clip/Bracelet
Shoe Sensors
Others
Wearable Medical Devices Application Outlook (Revenue, USD Million, 2018 - 2030)
Sports & Fitness
Remote Patient Monitoring
Home Healthcare
Wearable Medical Devices Grade Type Outlook (Revenue, USD Million, 2018 - 2030)
Consumer-Grade Wearable Medical Devices
Clinical Wearable Medical Devices
Wearable Medical Devices Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)
Pharmacies
Online Channel
Hypermarkets
Wearable Medical Devices Regional Outlook (Revenue, USD Million, 2018 - 2030)
North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Denmark
Sweden
Norway
Asia Pacific
Japan
China
India
Thailand
South Korea
Australia
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
South Africa
Saudi Arabia
UAE
Kuwait
List of Key Players in Wearable Medical Devices Market
Koninklijke Philips N.V.
Fitbit
Basis Science
Garmin
Covidien (Medtronic)
Omron Corp.
Withings
Vital Connect
Polar Electro
Everist Genomics
Intelesens Ltd.
Sotera Wireless
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