Wearable Medical Devices Market Growth Report by 2031
The Wearable Medical Devices market size is projected to reach US$ 69.62 billion by 2031 from US$ 16.54 billion in 2023. The market is expected to register a CAGR of 19.8% during 2023–2031. The rise in the use of smart apparel is likely to remain a key trend in the market.
Wearable Medical Devices Market Analysis
The growing aging population and changes in social behavior and lifestyle contribute to some of the common long-term health conditions. As per the World Health Organization (WHO), the prevalence of chronic lifestyle diseases is expected to increase by 57% by the end of 2026. The emerging markets will be hit hardest, as a population explosion is expected in developing countries. With the increasing urbanization, people are more inclined toward a sedentary lifestyle, which results in rheumatoid arthritis, diabetes, and others. Diabetes is one of the major global health issues of the 21st century. According to the International Diabetes Federation (IDF), the number of people with diabetes in North America was about 46 million in 2019 and is projected to reach 62 million by 2045. The increase in disease prevalence is approximated to be 35% during the projection period.
Other chronic conditions such as Crohn’s disease, multiple sclerosis, and cardiovascular disorders require frequent drug administration for disease management and treatment. Wearable devices offer an opportunity to enhance the management of chronic diseases by improving connectivity between patients and physicians. Also, it increases patient engagement in managing their condition. In chronic diseases such as diabetes, each patient may have different lifestyle factors and physiological functions. Integrating data from wearable devices helps with personalized treatment approaches on a deeper level. Monitoring heart rate, blood sugar, respiratory rate, and other metrics can help physicians intervene sooner if signs of disease progression or acute issues are occurring, thereby driving the wearable medical devices market growth.
Wearable Medical Devices Market Overview
Factors such as the increasing prevalence of chronic diseases, the rising geriatric population, and rising awareness regarding the importance of fitness are key drivers for the growth of the market. However, factors such as unaddressed regulatory concerns and constant product recalls are likely to restrain the market growth to a certain extent during the forecast period. The Asia Pacific wearable medical devices market is anticipated to grow at the highest rate during the forecast period owing to the increase in the number of cases of chronic diseases and government initiatives taken for wearable medical devices. The prevalence of diabetes is an important factor responsible for the wearable medical devices market growth in China. According to the Public Library of Science (PLoS) report 2022, about 12% of the adult population in China had diabetes, which represents a 10-fold increase in the last 3–4 decades. The rising number of people with diabetes in China involves a complex interplay of socio-economic, demographic, environmental, and genetic factors. Additionally, major contributors include urbanization and the aging population, as well as decreasing physical activity, leading to a decrease in weight and obesity. Therefore, all the above factors are expected to drive the wearable medical devices market growth during the forecast period.
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Wearable Medical Devices Market: Strategic Insights
Market Size Value in US$ 6,231.7 Million in 2017 Market Size Value by US$ 23,310.9 Million by 2025 Growth rate CAGR of 18.1% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Wearable Medical Devices Market: Strategic Insights
| Market Size Value in | US$ 6,231.7 Million in 2017 |
| Market Size Value by | US$ 23,310.9 Million by 2025 |
| Growth rate | CAGR of 18.1% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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Wearable Medical Devices Market Drivers and Opportunities
Rising Awareness Regarding Fitness to Favor Market
With a growth in the number of chronic illnesses such as diabetes and hypertension, there has been a rise in awareness regarding one's fitness. Also, in recent days, there has been a significant rise in the number of individuals suffering from obesity. These factors have led to an increase in the importance of maintaining fitness. The demand for various health apps and devices for monitoring health status has increased significantly in recent years. Also, a considerable rise in the number of gyms and fitness centers across countries such as the US, India, and Canada has been recorded. The region of Asia Pacific is anticipated to offer significant growth opportunities in the fitness industry during the forecast period due to an increase in disposable income as well as the rate of urbanization in the leading economies such as Japan, China, and India. The use of fitness apps and digital devices for monitoring vital signs has been high among millennials as compared to individuals from other age groups. Owing to the growth in awareness regarding fitness and the benefits offered by wearable devices, the market for wearable devices is anticipated to witness significant growth during the forecast period.
Rising Demand in Home Healthcare
Wearable devices are available in compact sizes and are innovative in the way they function. In recent days, the use of wearable devices for home healthcare has increased significantly. The traditional method of treatment requires frequent visits to the physicians, and a lot of time is needed to obtain an appointment and wait for the tests and later for the results. Hence, wearable devices are being preferred widely by patients who wish to monitor their health by themselves. Sensors and devices automate many processes, speed up the diagnosis and treatment, and allow people to control their health. With the help of wireless data transmission, the health status obtained with the help of the device can be shared with the physician through which a suitable treatment can be suggested by the physician accordingly. Also, the rising costs associated with healthcare services and hospital stays and the shortage of healthcare facilities, physicians, nurses, and other skilled personnel, have led to an eventual demand for wearable for home healthcare. The rise in the preference for self-monitoring is anticipated to offer significant growth opportunities to the players operating in the wearable devices market to introduce innovative products in the market during the forecast period.
Wearable Medical Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the wearable medical devices market analysis are device type and application.
- Based on device type, the wearable medical devices market is bifurcated into diagnostic & monitoring devices and therapeutic devices. Diagnostic & monitoring devices are further segmented as vital signs monitoring devices, glucose monitoring devices, sleep monitoring devices, and other devices. Therapeutic devices segment further subsegmented as pain management devices, rehabilitation devices, respiratory therapy devices, and insulin pumps. The diagnostic & monitoring devices segment held a larger market share in 2023.
- By application, the market is segmented into remote patient monitoring, sports & fitness, and home healthcare. The sports & fitness segment held the largest share of the market in 2023.
Wearable Medical Devices Market Share Analysis by Geography
The geographic scope of the wearable medical devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market. According to the International Diabetes Federation, in 2021, ~14 million adults in Mexico had diabetes, which has increased by 10% in the last two years. Furthermore, 11 million people have impaired glucose tolerance (IGT), which leads them to be at risk of developing type 2 diabetes. Various types of wearable medical devices can be beneficial for patients with diabetes. These devices can assist with insulin treatments, blood sugar measurement, and promoting a healthy lifestyle. Thus as the cases of diabetes are growing demand for wearable medical devices is increasing. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Wearable Medical Devices Market Report Scope
Wearable Medical Devices Market News and Recent Developments
The wearable medical devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the wearable medical devices market are listed below:
- In June 2023, US-based digital health company STAT Health launched a 24/7 in-ear wearable general wellness product that measures blood flow to the head to allow a better understanding of conditions in the body that occur upon standing. (Source: STAT Health Newsletter, June 2023)
- In February 2023, launched its new medical adhesive that can stick to the skin for up to 28 days and is intended for use with a wide array of health monitors, sensors, and long-term medical wearables. Before 2022, the standard wear time for extended medical adhesives was up to 14 days. 3M now doubles that standard to help deliver a more patient-centric model of care. (Source: 3M, Press Release, February 2023)
Wearable Medical Devices Market Report Coverage and Deliverables
The “Wearable Medical Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Wearable medical devices market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Wearable medical devices market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Wearable medical devices market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the wearable medical devices market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Device Type , Application and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The wearable medical devices market is estimated to record a CAGR of 19.8% till 2031.
The wearable medical devices market is expected to be valued at US$ 69.62 billion in 2031.
The rise in the use of smart apparel be the trend in the wearable medical devices market
The wearable medical devices market majorly consists of the players, including Xiaomi Technology Co., Ltd, Samsung Electronics Co. Ltd., Fitbit, Inc., Garmin Corporation, Apple Inc., Huawei Technologies Co., Ltd., Polar Electro, OMRON Corporation, Activinsights Ltd., and VitalConnect.
Factors such as the rising prevalence of chronic diseases, increasing geriatric population, and rising awareness regarding fitness propel the wearable medical devices market.
The North American region held the largest share of in the wearable medical devices market in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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