Wearable Medical Devices Market Size, Share, Growth, Trends, Report 2022 – 2030
The global wearable medical devices market size is expected to be worth around US$ 196.5 billion by 2030 from valued at US$ 21.5 billion in 2021 and growing at a CAGR of 28% during forecast period 2022 to 2030. Rising demand for hi-tech products and continuous health monitoring is fueling the market growth.
The increasing prevalence of obesity coupled with rising awareness about physical fitness is encouraging people to exercise and adopt other fitness-related activities. Wearable devices such as smart bands and smartwatches help in monitoring fitness parameters consisting of calories burned, footstep count, heart rate, and distance covered. The wearable devices companies offer guidance from experts who are certified dieticians or nutritionists, and hence, this business model is also generating hefty demand for these ancillary products and services.
Companies such as Google, Fitbit, Apple, and Nike are working toward the launch of new innovative products, thus portraying a high growth rate in the market. Smartwatches and wristbands are the current focal point of product development and innovation, leading to abundant availability of such instruments. For instance, HealthPatch, a product of Vital Connect, was launched in March 2014. The product is an adhesive patch that can be placed anywhere on the chest and is used to regulate biometrics such as heart rate, skin temperature, body posture, and activities like steps walked.
The COVID-19 pandemic somehow has positively impacted the market owing to the increasing demand for telemedicine. The WHO guidelines of social distancing and avoiding public gatherings increased the adoption of telemedicine among physicians for treating patients from a distance. The growth of telemedicine and expansion of applications to integrate Artificial Intelligence (AI) has led to market growth.
Scope of the Wearable Medical Devices Market
| Report Coverage | Details |
| Market Size by 2030 | USD 196.5 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 28% |
| Base Year | 2021 |
| Forecast Data | 2022 to 2030 |
| Segmentation | Product, Site, Application, Region |
Product Insights
The diagnostic devices segment dominated the market and accounted for the largest revenue share of 62.2% in 2021. Among diagnostic, the neuromonitoring devices segment was the largest in 2021. The growing prevalence of neurological disorders is the prime factor affecting segment growth.
The therapeutic device segment is anticipated to witness the fastest CAGR throughout the forecast period owing to the increasing influx of therapeutic devices. Moreover, a strong pipeline of therapeutic devices such as intelligent asthma management products, wearable pain reliever devices, and insulin management devices is anticipated to assist market growth.
Site Insights
The strap/clip/bracelet segment dominated the wearable medical devices market and accounted for the largest revenue share of 51.0% in 2021 and is likely to remain dominant throughout the forecast period. Products like smartwatches allow monitoring of several parameters such as mobility, respiratory rate, and pulse rate coupled with Bluetooth and cloud connectivity are anticipated to propel the segment growth.
Advancements in wrist-worn products such as Healthpatch by Vital Connect in March 2014, for monitoring multiple parameters such as heart tare, skin temperature, and activities like steps count are anticipated to drive the segment. Also, major players like Samsung and Apple have introduced mobile apps, which are compatible with wearable medical instruments and enable data recording and digital display. Such apps are attracting people towards routine health monitoring, thereby impelling market growth.
Application Insights
The home healthcare segment dominated the market for wearable medical devices and accounted for the largest revenue share of 54.5% in 2021 due to the increasing geriatric population triggering prevalence rates of target diseases and the growing need to curb healthcare expenditure as an economically viable initiative are some of the factors responsible for market growth.
The remote patient monitoring segment is anticipated to witness the fastest CAGR over the forecast period.Globally rising geriatric population base and rising incidences of chronic conditions are expected to be high impact rendering drivers for the growth of remote patient monitoring instruments over the forecast period.
Regional Insights
North America accounted for the largest revenue share of 38.1% in 2020, owing to the growing prevalence of cardiovascular disorders, diabetes, and cancer within this region.A rise in chronic diseases that need routine monitoring and the presence of sophisticated healthcare infrastructure are further likely to drive market growth.
In the Asia Pacific, the market is expected to witness exponential growth over the forecast period. Major factors boosting market growth are favorable government initiatives for use of such wearable medical instruments, increasing geriatric population base, and increasing healthcare expenditure in this region.
Key Players
Philips Electronics
Fitbit
Basis Science
Garmin
Covidien
Omron Corp.
Withings
Vital Connect
Polar Electro
Intelesens
Everist Genomics
Sotera Wireless
Market Segmentation
Product Outlook
Diagnostic Devices
Vital Sign Monitoring Devices
Heart Rate Monitors
Activity Monitors
Electrocardiographs
Pulse Oximeters
Spirometers
Blood Pressure Monitors
Others
Sleep Monitoring Devices
Sleep trackers
Wrist Actigraphs
Polysomnographs
Others
Electrocardiographs Fetal And Obstetric Devices
Neuromonitoring Devices
Electroencephalographs
Electromyographs
Others
Therapeutic Devices
Pain Management Devices
Neurostimulation Devices
Others
Insulin/Glucose Monitoring Devices
Insulin Pumps
Others
Rehabilitation Devices
Accelerometers
Sensing Devices
Ultrasound Platform
Others
Respiratory Therapy Devices
Ventilators
Positive Airway Pressure (PAP) Devices
Portable Oxygen Concentrators
Others
Site Outlook
Handheld
Headband
Strap/Clip/Bracelet
Shoe Sensors
Others
Application Outlook
Sports And Fitness
Remote Patient Monitoring
Home Healthcare
Regional Outlook
North America
U.S.
Canada
Europe
U.K.
Germany
Italy
Spain
France
Sweden
Russia
Netherlands
Asia Pacific
Japan
China
India
Australia
South Korea
Singapore
Thailand
Philippines
Malaysia
Latin America
Brazil
Mexico
Argentina
Colombia
Middle East and Africa (MEA)
South Africa
Saudi Arabia
UAE
The study objectives of this report are:
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Wearable Medical Device Market, By Product
7.1. Wearable Medical Device Market, By Product Type, 2020-2030
7.1.1. Diagnostic Devices
7.1.1.1. Market Revenue and Forecast (2016-2030)
7.1.2. Therapeutic Devices
7.1.2.1. Market Revenue and Forecast (2016-2030)
Chapter 8. Global Wearable Medical Device Market, By Site
8.1. Wearable Medical Device Market, By Site, 2020-2030
8.1.1. Handheld
8.1.1.1. Market Revenue and Forecast (2016-2030)
8.1.2. Headband
8.1.2.1. Market Revenue and Forecast (2016-2030)
8.1.3. Strap/Clip/Bracelet
8.1.3.1. Market Revenue and Forecast (2016-2030)
8.1.4. Shoe Sensors
8.1.4.1. Market Revenue and Forecast (2016-2030)
Chapter 9. Global Wearable Medical Device Market, By Application
9.1. Wearable Medical Device Market, By Application, 2020-2030
9.1.1. Sports And Fitness
9.1.1.1. Market Revenue and Forecast (2016-2030)
9.1.2. Remote Patient Monitoring
9.1.2.1. Market Revenue and Forecast (2016-2030)
9.1.3. Home Healthcare
9.1.3.1. Market Revenue and Forecast (2016-2030)
Chapter 10. Global Wearable Medical Device Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, By Product (2016-2030)
10.1.2. Market Revenue and Forecast, By Site (2016-2030)
10.1.3. Market Revenue and Forecast, By Application (2016-2030)
10.1.4. U.S.
10.1.4.1. Market Revenue and Forecast, By Product (2016-2030)
10.1.4.2. Market Revenue and Forecast, By Site (2016-2030)
10.1.4.3. Market Revenue and Forecast, By Application (2016-2030)
10.1.5. Rest of North America
10.1.5.1. Market Revenue and Forecast, By Product (2016-2030)
10.1.5.2. Market Revenue and Forecast, By Site (2016-2030)
10.1.5.3. Market Revenue and Forecast, By Application (2016-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, By Product (2016-2030)
10.2.2. Market Revenue and Forecast, By Site (2016-2030)
10.2.3. Market Revenue and Forecast, By Application (2016-2030)
10.2.4. UK
10.2.4.1. Market Revenue and Forecast, By Product (2016-2030)
10.2.4.2. Market Revenue and Forecast, By Site (2016-2030)
10.2.4.3. Market Revenue and Forecast, By Application (2016-2030)
10.2.5. Germany
10.2.5.1. Market Revenue and Forecast, By Product (2016-2030)
10.2.5.2. Market Revenue and Forecast, By Site (2016-2030)
10.2.5.3. Market Revenue and Forecast, By Application (2016-2030)
10.2.6. France
10.2.6.1. Market Revenue and Forecast, By Product (2016-2030)
10.2.6.2. Market Revenue and Forecast, By Site (2016-2030)
10.2.6.3. Market Revenue and Forecast, By Application (2016-2030)
10.2.7. Rest of Europe
10.2.7.1. Market Revenue and Forecast, By Product (2016-2030)
10.2.7.2. Market Revenue and Forecast, By Site (2016-2030)
10.2.7.3. Market Revenue and Forecast, By Application (2016-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, By Product (2016-2030)
10.3.2. Market Revenue and Forecast, By Site (2016-2030)
10.3.3. Market Revenue and Forecast, By Application (2016-2030)
10.3.4. India
10.3.4.1. Market Revenue and Forecast, By Product (2016-2030)
10.3.4.2. Market Revenue and Forecast, By Site (2016-2030)
10.3.4.3. Market Revenue and Forecast, By Application (2016-2030)
10.3.5. China
10.3.5.1. Market Revenue and Forecast, By Product (2016-2030)
10.3.5.2. Market Revenue and Forecast, By Site (2016-2030)
10.3.5.3. Market Revenue and Forecast, By Application (2016-2030)
10.3.6. Japan
10.3.6.1. Market Revenue and Forecast, By Product (2016-2030)
10.3.6.2. Market Revenue and Forecast, By Site (2016-2030)
10.3.6.3. Market Revenue and Forecast, By Application (2016-2030)
10.3.7. Rest of APAC
10.3.7.1. Market Revenue and Forecast, By Product (2016-2030)
10.3.7.2. Market Revenue and Forecast, By Site (2016-2030)
10.3.7.3. Market Revenue and Forecast, By Application (2016-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, By Product (2016-2030)
10.4.2. Market Revenue and Forecast, By Site (2016-2030)
10.4.3. Market Revenue and Forecast, By Application (2016-2030)
10.4.4. GCC
10.4.4.1. Market Revenue and Forecast, By Product (2016-2030)
10.4.4.2. Market Revenue and Forecast, By Site (2016-2030)
10.4.4.3. Market Revenue and Forecast, By Application (2016-2030)
10.4.5. North Africa
10.4.5.1. Market Revenue and Forecast, By Product (2016-2030)
10.4.5.2. Market Revenue and Forecast, By Site (2016-2030)
10.4.5.3. Market Revenue and Forecast, By Application (2016-2030)
10.4.6. South Africa
10.4.6.1. Market Revenue and Forecast, By Product (2016-2030)
10.4.6.2. Market Revenue and Forecast, By Site (2016-2030)
10.4.6.3. Market Revenue and Forecast, By Application (2016-2030)
10.4.7. Rest of MEA
10.4.7.1. Market Revenue and Forecast, By Product (2016-2030)
10.4.7.2. Market Revenue and Forecast, By Site (2016-2030)
10.4.7.3. Market Revenue and Forecast, By Application (2016-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, By Product (2016-2030)
10.5.2. Market Revenue and Forecast, By Site (2016-2030)
10.5.3. Market Revenue and Forecast, By Application (2016-2030)
10.5.4. Brazil
10.5.4.1. Market Revenue and Forecast, By Product (2016-2030)
10.5.4.2. Market Revenue and Forecast, By Site (2016-2030)
10.5.4.3. Market Revenue and Forecast, By Application (2016-2030)
10.5.5. Rest of LATAM
10.5.5.1. Market Revenue and Forecast, By Product (2016-2030)
10.5.5.2. Market Revenue and Forecast, By Site (2016-2030)
10.5.5.3. Market Revenue and Forecast, By Application (2016-2030)
Chapter 11. Company Profiles
11.1. Covidien Plc;
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Fitbit Inc.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Philips Electronics
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Polar Electro
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. LifeWatch AG
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Garmin
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Withings
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Jawbone
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Everist Genomics
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Sotera Wireless
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
11.11. Pebble Technology Corp.
11.11.1. Company Overview
11.11.2. Product Offerings
11.11.3. Financial Performance
11.11.4. Recent Initiatives
11.12. Omron Corp.
11.12.1. Company Overview
11.12.2. Product Offerings
11.12.3. Financial Performance
11.12.4. Recent Initiatives
11.13. Basis Science, Inc.
11.13.1. Company Overview
11.13.2. Product Offerings
11.13.3. Financial Performance
11.13.4. Recent Initiatives
11.14. Intelesens Ltd.
11.14.1. Company Overview
11.14.2. Product Offerings
11.14.3. Financial Performance
11.14.4. Recent Initiatives
11.15. Vital Connect.
11.15.1. Company Overview
11.15.2. Product Offerings
11.15.3. Financial Performance
11.15.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers