Wearable Medical Devices Market Segmentation, Industry Analysis By Production, Consumption, Revenue And Growth Rate By 2032

The global wearable medical devices market size was USD 26.80 Billion in 2022 and is expected to register a rapid revenue CAGR of 25.0% during the forecast period. The wearable medical devices market is experiencing significant growth, driven by an increasing need for continuous health monitoring, advancements in technology, and a growing elderly population. Consumers are turning to devices like smartwatches and activity trackers to keep track of their health metrics, reflecting a shift towards more proactive healthcare management.

In April 2023, Varanium Cloud, a digital technology company from India, collaborated with QMS MAS, a leader in healthcare solutions, to launch Vyana, a cutting-edge wearable medical device. This innovative gadget aims to reduce unnecessary hospitalizations by keeping users informed about their health metrics in real time.

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Key Drivers of Market Growth

The rise in chronic diseases is a major factor contributing to the demand for wearable medical devices. These devices are becoming essential for healthcare providers as they enable personalized care that seamlessly fits into patients' daily lives. For instance, in January 2023, Masimo and Royal Philips expanded their partnership to enhance telehealth capabilities through the Masimo W1, a health-tracking watch that integrates with Philips's patient monitoring ecosystem.

Additionally, increased awareness of fitness and health management is boosting market growth. Companies are launching various products aimed at health tracking. For example, Omron Corporation introduced remote patient monitoring services, including connected blood pressure monitors and a mobile app, during the 2022 Consumer Electronics Show.

Challenges Facing the Market

Despite the promising growth, the wearable medical devices market faces challenges. Data security and privacy concerns, along with a lack of reimbursement options, could hinder market expansion. Moreover, the high maintenance costs associated with these devices-covering batteries, sensors, and parts-may deter some users. There is also a general reluctance to adopt newer technologies over traditional healthcare solutions.

Market Segmentation Insights

The market for wearable medical devices is segmented by device type into diagnostic and therapeutic devices. The diagnostic devices segment is currently the largest due to the high prevalence of neurological disorders. Devices such as vital sign monitors and sleep trackers are gaining traction, with innovations like Bluetooth and Wi-Fi connectivity enabling seamless data sharing with healthcare professionals.

The therapeutic devices segment, which includes asthma management and pain relief devices, is expected to grow steadily. Recent developments, such as a blood pressure monitoring device created by Texas A&M University, illustrate the ongoing innovation in this space.

Application Insights

The wearable medical devices market is further divided by application, with remote patient monitoring emerging as a leading segment. The increasing elderly population and the prevalence of chronic illnesses are significant drivers here, as remote monitoring has shown to reduce hospital visits and healthcare costs. For instance, a report from the British Heart Foundation highlights that over 7.6 million people in the UK live with heart and circulatory diseases, emphasizing the need for effective monitoring solutions.

The sports and fitness segment is also expanding, with wearable devices becoming vital tools for athletes to track their performance and health metrics. Notably, Amazfit's introduction of smartwatches that sync with fitness apps exemplifies this trend.

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 Grade Type Insights

The market is divided into consumer-grade and clinical-grade devices. Clinical-grade devices are expected to hold the largest market share, as they are essential for doctors in managing patient health. Innovations like STAT Health's 24/7 in-ear wearable device highlight the advances being made in this segment.

Conversely, the consumer-grade segment is predicted to grow the fastest due to rising health consciousness among consumers. Apple's introduction of the Series 8 smartwatch, which can detect abnormal heart rhythms with high accuracy, demonstrates the push toward integrating more advanced health monitoring technologies into everyday devices.

Wearable Medical Devices Top Companies and Competitive Landscape

The global wearable medical devices market is fragmented with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective wearable medical devices in the market.

Some major players included in the global wearable medical devices market report are:

Withings

VitalConnect

Sotera, Inc.

Koninklijke Philips N.V.

Omron Corporation

Medtronic plc

Fitbit

Sonova

Apple Inc.

Intelesens Ltd

Polar Electro

Garmin Ltd.

Wainscot

Sotera Wireless

Smith and Nephew

Abbott Laboratories

DexCom, Inc.

Samsung Electronics

Minttihealth

AiQ Smart Clothing Inc.

Wearable Medical Devices Latest Industry Updates

In February 2023, 3M introduced a new medical adhesive that can adhere to the skin for up to 28 days and is intended for use with various health monitors, sensors, and long-term medical wearables. Longer wear duration for devices and monitors could save costs, collect more data for improved decision making, and lessen patient interruption.

In May 2022, Withings introduced its ScanWatch Horizon hybrid smartwatch in the U.S., offering the capability to track the wearer's Electrocardiogram (ECG), heart rate, blood oxygen levels, breathing disruptions, as well as physical and sleep activity in both typical and underwater conditions. The ScanWatch Horizon is water-resistant up to 10 ATM and has a battery life lasting up to 30 days.

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For the purpose of this report, Emergen Research has segmented global the wearable medical devices market on the basis of product, device type, grade type, application, and region:

Product Outlook (Revenue, USD Billion; 2022-2032)

Watches

Wristband

Ear Wear

Others

Device Type Outlook (Revenue, USD Billion; 2022-2032)

Diagnostic Devices

Vital Sign Monitoring Devices

Sleep Monitoring Devices

Electrocardiographs Fetal and Obstetric Devices

Neuromonitoring Devices

Therapeutic Devices

Pain Management Devices

Rehabilitation Devices

Respiratory Therapy Devices

Others

Others

Grade Type Outlook (Revenue, USD Billion; 2022-2032)

Consumer-Grade

Clinical-Grade

Application Mode Outlook (Revenue, USD Billion; 2022-2032)

Sports and Fitness

Remote Patient Monitoring

Home Healthcare

Regional Outlook (Revenue, USD Billion; 2022-2032)

North America

U.S.

Canada

Europe

Germany

France

UK

Italy

Spain

Benelux

Russia

Rest of Europe

Asia Pacific

China

Japan

South Korea

India

ASEAN Countries

Oceania

Rest of APAC

Latin America

Brazil

Mexico

Rest of LATAM

Middle East & Africa

GCC Countries

Israel

Turkey

South Africa

Rest of Middle East & Africa

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Wearable Medical Devices Market Size@ https://www.emergenresearch.com/industry-report/wearable-medical-devices-market/market-size

Wearable Medical Devices Market Share@ https://www.emergenresearch.com/industry-report/wearable-medical-devices-market/market-share

Wearable Medical Devices Market Trends@ https://www.emergenresearch.com/industry-report/wearable-medical-devices-market/market-trends

Wearable Medical Devices Regional Market Demand@ https://www.emergenresearch.com/industry-report/wearable-medical-devices-market/regional-market-demand

Wearable Medical Devices Market Analysis@ https://www.emergenresearch.com/industry-report/wearable-medical-devices-market/market-analysis

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