The global wearable healthcare/medical devices market size was USD 29.21 billion in 2022 and is expected to reach USD 251.05 billion in 2032, and register a revenue CAGR of 27% during the forecast period.
According to a recent report by Reports and Data, the forecast period predicts that the global Wearable Medical Devices Market will reach a value of USD 319.16 Billion by 2032, with a revenue compound annual growth rate (CAGR) of 28.0%. The increasing adoption of wearable technology, growing awareness of self-care, and a significant rise in the elderly population are contributing to the prevalence of chronic diseases and creating a high demand for medical wearables.
Wearable medical devices are practical technological tools that are hands-free and have the added advantage of data transmission and reception through the Internet. Numerous organizations are supporting the management of chronic diseases, which are on the rise due to increasing mortality rates. Healthcare experts can continuously and remotely monitor patients to provide personalized care.
The key advantage of wearable medical devices is that they incorporate smart sensors, allowing for the measurement and monitoring of crucial physiological indicators such as heart rate, blood pressure, and body temperature. Among various medical Internet of Things (IoT) devices such as hearables or ingestibles, wearable medical technology has been the most popular. Additionally, the utilization of remote monitoring programs during the pandemic has helped ensure the safety of doctors and reduce unnecessary hospital visits, as they have proven to decrease the need for in-person consultations. For example, on October 21, 2022, the Australian government announced its funding of innovative studies aimed at developing and testing the next generation of wearable health monitoring technology. Four research projects focused on enhancing health monitoring and access to diagnostic testing will receive a combined total of USD 7.5 million from the Medical Research Future Fund's Primary Health Care Research initiative.
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Companies profiled in the global market report include Apple Inc., Medtronic plc, Dexcom Inc., OMRON Corporation, Abbott Laboratories, Koninklijke Philips N.V., Biobeat, Masimo, iRhythm Technologies Inc. and Contec Medical Systems Co. Ltd.
The increasing health consciousness among individuals is a major driver of revenue growth in the market. People today use technologies that encourage them to be more aware of their surroundings and overall well-being. While most wearable technologies promote awareness, their primary objective is to enhance users' understanding of their physical and mental health. Therefore, there is a demand for wearables that are discreet, accurate, reliable, and easy to use. As a result, significant strategic partnerships among key market players are making a significant contribution to the market's revenue growth. For instance, on March 10, 2022, Infineon Technologies AG and Sleepiz AG, a Swiss digital health company, announced their partnership to provide a user-friendly home sleep monitoring solution. The solution, based on Infineon XENSIV 60 GHz radar technology and Sleepiz-proven algorithms, targets customers in the wider consumer market. Infineon's XENSIV radar sensors offer great potential for healthcare applications by accurately assessing vital signs such as heart rate and breathing rate without physical contact or invasion of privacy. Such devices help users identify the underlying causes of stress and facilitate relaxation, thereby driving revenue growth in the market.
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Here are some key highlights from the report:
- In 2022, the diagnostic and monitoring devices segment held the largest share of revenue. Businesses and insurers are recognizing the advantages of offering wearable health technology to their clients and employees, which is driving the growth of the wearable market.
- The use of health-monitoring gadgets, such as bracelets that track vital indicators like heart rate, skin temperature, blood pressure, and blood oxygen saturation level, has significantly increased among the senior population. This surge in usage is contributing to the demand for diagnostic and monitoring devices.
- Vital sign monitoring devices offer lower monthly care costs compared to less cost-effective platforms and systems. For example, the BioButton is an affordable, rechargeable, and durable wearable medical device that continuously monitors body temperature, gait analysis, resting respiratory rate, body positions, and heart rates at rest. It provides personalized alerts based on the user's needs and is designed with user comfort in mind. These factors are fueling the revenue growth of the diagnostic and monitoring devices segment.
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For the purpose of this report, Reports and Data has segmented the global wearable medical devices market based on device type, product, grade, distribution channel, application, and region:
Device Type Outlook (Revenue, USD Billion; 2019–2032)
- Diagnostic and Monitoring Devices
- Vital Sign Monitoring Devices
- Multiparameter Tracker
- ECG/Heart Rate Monitors
- Blood Pressure Monitors
- Pulse Oximeters
- Wrist Actigraphs
- Polysomnography Devices
- Sleep Monitoring Devices
- Fetal Monitoring and Obstetric Devices
- Neuromonitoring Devices
- Other Devices
- Traditional Diagnostic Tests
- Pain Management Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
- Insulin Pumps
Product Outlook (Revenue, USD Billion; 2019–2032)
- Trackers
- Smartwatches
- Patches
- Smart Clothing
Grade Outlook (Revenue, USD Billion; 2019–2032)
- Consumer- Grade Wearable Healthcare Devices
- Clinical- Grade Wearable Healthcare Devices
Distribution Channel (Revenue, USD Billion; 2019–2032)
- Pharmacies
- Online Channel
- Hypermarkets
Application (Revenue, USD Billion; 2019–2032)
- General Health and Fitness
- Remote Patient Monitoring
- Home Healthcare
Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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