Wearable Medical Devices Market: Growth Projection, Trends, and Key Players | High CAGR Forecast 2024-2031

Wearable Medical Devices Market Size

Global Wearable Medical Devices Market reached US$ YY billion in 2022 and is expected to reach US$ YY billion by 2031, growing with a high CAGR during the forecast period 2024-2031.

Wearable Medical Devices (WMDs) are gaining popularity as they offer a convenient and non-invasive way to monitor vital signs, record data, and administer therapies directly on the body. These devices cater to various health needs, from monitoring vital signs to delivering medication and providing therapies.

One notable example of wearable technology in healthcare is electronic skin patches, which adhere to the skin and contain sensors and wireless transmitters for continuous remote data access. These patches are utilized for vital sign monitoring, medication delivery, wound care, and motion detection, showcasing their versatility in healthcare applications.

Professionals from diverse fields such as applied health sciences, health informatics, pharmacology, and kinesiology contribute to the development and implementation of electronic skin patch technology, driving its advancement and adoption in the healthcare sector.

Typically, WMDs consist of device housing, sensors, and communication systems, including a microprocessor for control and data processing, memory for data storage, and communication technologies like Bluetooth and Wi-Fi. Additional sensors may monitor vital indicators such as temperature and breathing rate.

Wearable medical devices are instrumental in monitoring various health conditions, including heart disease, diabetes, and high blood pressure. They can track vital signs, physical activity, sleep patterns, and even administer medication.

With the increasing technological advancements in wearable medical devices and the growing adoption of remote patient monitoring and telemedicine, the demand for WMDs is expected to continue rising in the foreseeable future.

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Wearable Medical Devices Market Trends

Increasing Launches of Ear Wearable Devices are Expected to Drive Global Wearable Medical Device Market Growth

On June 13, 2023, Stat Health launched a 24/7 in-ear wearable device meant to assess blood flow to the head, with $5.1 million in preliminary funding. J2 Ventures, BonAngels Venture Partners, and a broad group of angel investors provided startup capital to the company. The US Air Force also provided grant support to Stat Health.

Moreover, Boston-based Stat Health created its wearable to aid in the understanding of symptoms such as dizziness, brain fog, migraines, fainting, and weariness when standing. Long COVID and postural orthostatic tachycardia syndrome (POTS) are two frequent conditions that can cause these symptoms. They may also be symptoms of myalgic encephalomyelitis/chronic fatigue syndrome (ME/CFS) or other orthostatic illnesses. Furthermore, according to Stat Health, the symptoms of these disorders are caused by diminished blood flow to the brain when standing.

The company clinically tested its service at Johns Hopkins, and it was peer-reviewed in the Journal of the American College of Cardiology (JACC) in March 2023. Stat Health claimed to have proven the ability to predict fainting minutes in advance. Thus, owing to the above factors, the market is expected to drive over the forecast period.

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Industry Segmentation

By Device Type
Diagnostic Devices
Therapeutic Devices

By Product Type
Watch
Headband
Wristband
Ear Wear
Others

By Application
Cardiac health
Obesity control
Diabetes care
Fitness monitoring
Sleep tracking
Others

By End User
Sports and Fitness
Home Healthcare
Remote Patient Monitoring
Hospitals
Others

Industry Key Players
Major players are Vital Connect, Apple Inc, Fitbit Inc, Philips Electronics, Garmin Ltd, Fossil Group, Google Inc, Covidien, Omron Corp, Proteus, TomTom International BV, Xiaomi Technology Co. Ltd, and Huawei Technologies Co., Ltd

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