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  • Published On : Nov 2022
  • Code : CMI841
  • Industry : Medical Devices
  • Pages : 182
  • Formats :

An autonomous, non-invasive gadget that continuously provides a medical service, such as monitoring or assistance, is referred to as a wearable medical devices. The term "wearable" suggests that the object is supported by either the wearer's body or their clothing. Wearable technology is today widely used in the field of healthcare. The rapid advancement of mobile technology has dramatically increased the use of portable gadgets. With these developments, wearable technology is developing into a top-notch health monitoring tool for medical care services, particularly in light of the growing emphasis on wellness, fitness, and illness prevention.

Global wearable medical devices market is estimated to be valued at US$ 33,303.8 million in 2022 and is expected to exhibit a CAGR of 8.0% during the forecast period (2022-2030).

Figure 1. Global Wearable Medical Devices Market Share (%), by Application, 2022

Wearable Medical Devices  | Coherent Market Insights

Global Wearable Medical Devices Market- Drivers

High prevalence of chronic diseases is expected to propel growth of the global wearable medical devices market over the forecast period. For instance, according to the study, Global and regional diabetes prevalence of 2021 and projections for 2030 and 2045: results from the International Diabetes Federation Diabetes Atlas, 10th edition”, 2021, 537 million people suffered from diabetes in 2021 worldwide and the number is expected to reach 643 million by 2030 and 783 million by 2045.

Increasing research and development activities to enhance population health is expected to drive the growth of market over the forecast period. For instance, on December 2, 2020, an article published in Frontiers Media S.A. it is stated that wearable technology for patient monitoring and health coaching will unavoidably be necessary to meet the urgent global demand for bettering healthcare quality, accessibility, and cost. The potential for wearable technology to reduce healthcare costs in the near future is enormous. Future clinical advancements in healthcare delivery could be steered by the field of computing in healthcare research.

Figure 2. Global Wearable Medical Devices Market Share (%), by Region, 2022

Wearable Medical Devices  | Coherent Market Insights

Global Wearable Medical Devices Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

However, the COVID-19 pandemic had a positive impact on the global wearable medical devices market, owing to increase in number of approvals for developing clinical surveillance for COVID-19. For instance, on May 26, 2020, Koninklijke Philips N.V. producer and manufacturer of the healthcare devices and healthcare technology received 510(k) clearance from the U.S. Food and Drug Association (FDA) and CE mark to help monitor COVID-19 patients in hospital, with first install at Onze Lieve Vrouwe Gasthuis (OLVG) Hospital in the Netherlands.

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Wearable Medical Devices Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2022: US$ 33,303.8 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 8.0% 2030 Value Projection: US$ 61,574.8 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Product Type: Wearable Therapeutic Medical Devices (Hearing Aids, Insulin Pump, Respiratory Therapy Devices (Sleep Apnea Devices, Non-invasive Ventilation Devices)), Wearable Monitoring and Diagnostic Devices (Fetal and Obstetric Devices, Continuous Glucose Monitoring Devices, Cardiac Monitoring Devices (Wearable Heart Rate Monitors, Wearable Pulse Oximeters, Wearable Blood Pressure Monitor)), Health and Fitness Devices
  • By Application: Patient Monitoring, Health & Fitness, Home Healthcare
  • By End User: Clinics, Hospital Pharmacies, Online Channels, Hypermarkets, Individuals
Companies covered:

Current Health, Sorrel Medical, Willow, Aeroflow Breastpumps, Medtronic plc,    F.Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Smiths Medical, Johnson and Johnson, Siemens AG, Fitbit Inc., Sonova, Panasonic Corporation, Garmin International, Lifewatch AG, Apple Inc., Omron Corporation,  Xiaomi Inc., Huawei Technologies Co. Ltd., Dragerwerk AG, Nokia Technologie,s,  Nymi Inc., Noise,  Zepp Health Corporation, Fastrack, SAMSUNG, Wearable X,  Ambiotex, Komodo Technologies, Carre Technologies Inc., Siren.

Growth Drivers:
  • High prevalence of chronic diseases
  • Increasing research and development activities to improve the overall health of the population
Restraints & Challenges:
  • Product recall by market players

Global Wearable Medical Devices Market: Key Developments

Increasing applications of wearable medical devices is expected to drive the global wearable devices market over the forecast period. In a report published by rock health digital health consumer adoption report, 2020 it is seen that 54% of adults in the U.S. are using digital health wearable’s to monitor and track different health parameters such as body temperature, heart rate, etc.

Increase in funding by market players is expected to boost the growth of global wearable devices market over the forecast period. For instance, Acurable, a manufacturer of wearable health devices which are intended for used by patient who are at home, on October 3, 2022 announced US$ 10.83 m investment as a result of its series A funding. This investment is also led by Kibo Ventures, Mundi Ventures, Kindred Capital, and Comprador Holdings.

Global Wearable Medical Devices Market: Restraint

The major factors that hinder growth of the global wearable medical devices market include the product recall by the key market players. For instance on June 3, 2021, Boston Scientific which is biomedical and biotechnology engineering firm and manufacturer of medical devices announced the recall of INGENIO Family of Pacemakers and CRT-Ps Due to Risk of Transition to Safety Mode. The use of this affected product might have adverse health consequence such as early replacement of devices, and loss of pacing which could be life threatening.

Global Wearable Medical Devices Market- Key Players

Major players operating in the global wearable medical devices market include Current Health, Sorrel Medical, Willow, Aeroflow Breastpumps, Medtronic plc., Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Smiths Medical, Johnson and Johnson, Siemens AG, Fitbit Inc., Sonova, Panasonic Corporation, Fitbit, Garmin International, Lifewatch AG, Apple Inc. Omron Corporation,  Xiaomi Inc., Huawei Technologies Co. Ltd., Dragerwerk AG, Nokia Technologie,s  Nymi Inc., Noise,  Zepp Health Corporation, Fastrack, SAMSUNG, Wearable X,  Ambiotex,  Komodo Technologies, Carre Technologies Inc., Siren.

Wearable medical devices consist of sensors attached to the body, which detects and monitor changes in different parts of body and organ. Increase in awareness and health facilities and advancement in technology and innovation in the devices are some of the factors propelling the wearable medical devices market growth. Smart watch, wristband, and smartphones are some of the wearable medical devices which are targeted by the companies. This is owing to factors such as their high demand and user friendly approach, and it also reduces hospital-based expenditure. In near future medical technology is expected to play a major role in healthcare services. These wearable medical devices help pharmaceutical companies in conducting valuable clinical trials. Wearable medical devices can also help in detection of early symptoms of some diseases .Wearable medical devices are available in wide range with different functions such as alerting mechanism, real-time feedback, and wireless data transmission.

Market Dynamics

Increasing number of product launches of medical devices is expected to drive the market growth over the forecast period. For instance, on August 11, 2022, Oticon, a hearing aid manufacturer launched ‘the Power of the Groundbreaking Polaris Platform’ to its new custom hearing range designed to provide optimum comfort. This small in the ear design is invisible to 9 out of 10 users, this has been made possible through advanced miniaturization technique. This new hearing aid comes with customized fitting and can be fitted to level 90. More users can really choose to have an in-the-ear (ITE) style due to the smaller shape, which allows experts to accommodate more ears.

Key features of the study:

  • This report provides an in-depth analysis of the global wearable medical devices market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global wearable medical devices market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include Current Health, Sorrel Medical, Willow, Aeroflow Breastpumps, Medtronic plc, Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Smiths Medical, Johnson and Johnson, Siemens AG, Fitbit Inc., Sonova, Panasonic Corporation, Fitbit, Garmin International, Lifewatch AG, Apple Inc. Omron Corporation,  Xiaomi Inc., Huawei Technologies Co. Ltd., Dragerwerk AG, Nokia Technologie,s  Nymi Inc., Noise,  Zepp Health Corporation,  Fastrack, SAMSUNG, Wearable X,  Ambiotex, Komodo Technologies, Carre Technologies Inc., Siren.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global wearable medical devices market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global wearable medical devices market

Detailed Segmentation:

  • Global Wearable Medical Devices Market, By Product Type:
    • Wearable Therapeutic Medical Devices
      • Hearing Aids
      • Insulin Pump
      • Respiratory Therapy Devices
        • Sleep Apnea Devices
        • Non-invasive Ventilation Devices
    • Wearable Monitoring and Diagnostic Devices
      • Fetal and Obstetric Devices
      • Continuous Glucose Monitoring Devices
      • Cardiac Monitoring Devices
        • Wearable Heart Rate Monitors
        • Wearable Pulse Oximeter
        • Wearable Blood Pressure Monitor
    • Health and Fitness Devices
  • Global Wearable Medical Devices Market, By Application:
    • Patient Monitoring
    • Health & Fitness
    • Home Healthcare
  • Global Wearable Medical Devices Market, By End User
    • Clinics
    • Hospital Pharmacies
    • Online Channels
    • Hypermarkets
    • Individuals
  • Global Wearable Medical Devices Market, By Region:
    • North America
      • By Country
        • U.S.
        • Canada
    • Latin America
      • By Country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Country
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Country
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Country
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Region/Country
        • South Africa
        • Central Africa
        • North Africa
  • Company Profiles
    • Current Health*
      • Company Highlights
      • Products Portfolio
      • Key Highlights
      • Financial Performance
      • Strategies
    • Sorrel Medical
    • Willow
    • Aeroflow Breastpumps
    • Medtronic plc
    • Hoffmann-La Roche Ltd.
    • Koninklijke Philips N.V.
    • Smiths Medical
    • Johnson and Johnson
    • Siemens AG
    • Fitbit Inc.
    • Sonova
    • Panasonic Corporation
    • Garmin International
    • Lifewatch AG
    • Apple Inc.
    • Omron Corporation
    • Xiaomi Inc.
    • Huawei Technologies Co. Ltd.
    • Dragerwerk AG
    • Nokia Technologie,s
    • Nymi Inc.
    • Noise
    • Zepp Health Corporation
    • Fastrack
    • SAMSUNG
    • Wearable X
    • Ambiotex
    • Komodo Technologies
    • Carre Technologies Inc.
    • Siren

“*” marked represents similar segmentation in other categories in the respective section.

Frequently Asked Questions

Global wearable medical devices market size is estimated to be valued at US$ 33,303.8 million in 2022 and is expected to exhibit a CAGR of 8.0% between 2022 and 2030.
Factors such as increasing product launches by market players and prevalence of chronic disease are the major factor driving the market.
Patient monitoring is the leading application segment in the market.
The major factors hampering growth of the market include product recalls by market players.
Major players operating in the market include Current Health, Sorrel Medical, Willow, Aeroflow Breastpumps, Medtronic plc., Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Smiths Medical, Johnson and Johnson, Siemens AG, Fitbit Inc., Sonova, Panasonic Corporation, Fitbit, Garmin International, Lifewatch AG, Apple Inc. Omron Corporation,  Xiaomi Inc., Huawei Technologies Co. Ltd., Dragerwerk AG, Nokia Technologie,s  Nymi Inc., Noise,  Zepp Health Corporation,  Fastrack, SAMSUNG, Wearable X,  Ambiotex,  Komodo Technologies, Carre Technologies Inc., Siren.

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