NEW YORK, July 18, 2024 /PRNewswire/ — The global wearable medical devices market size is estimated to grow by USD 26.55 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 23.31% during the forecast period. Increasing prevalence of chronic diseases globally is driving market growth, with a trend towards emergence of innovative wearable medical devices. However, high cost of wearable medical devices poses a challenge. Key market players include 3L Labs Co. Ltd., Abbott Laboratories, Alphabet Inc., Apple Inc., Biotricity Inc., Boston Scientific Corp., Daifuku Co. Ltd., Dexcom Inc., Garmin Ltd., General Electric Co., Huawei Technologies Co. Ltd., Johari Digital India Ltd., Koninklijke Philips N.V., Medtronic Plc, OMRON Corp., Oura Health Oy, Polar Electro Oy, Samsung Electronics Co. Ltd., ten3T Healthcare, and The Sotera Wireless Inc..
Technavio has announced its latest market research report titled Global wearable medical devices market 2024-2028
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Product (Diagnostic and monitoring devices and Therapeutic devices), Application (Home healthcare, Sports and fitness, and Remote patient monitoring), and Geography (North America, Europe, Asia, and Rest of World (ROW)) |
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Region Covered |
North America, Europe, Asia, and Rest of World (ROW) |
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Key companies profiled |
3L Labs Co. Ltd., Abbott Laboratories, Alphabet Inc., Apple Inc., Biotricity Inc., Boston Scientific Corp., Daifuku Co. Ltd., Dexcom Inc., Garmin Ltd., General Electric Co., Huawei Technologies Co. Ltd., Johari Digital India Ltd., Koninklijke Philips N.V., Medtronic Plc, OMRON Corp., Oura Health Oy, Polar Electro Oy, Samsung Electronics Co. Ltd., ten3T Healthcare, and The Sotera Wireless Inc. |
Key Market Trends Fueling Growth
The global wearable medical devices market is experiencing significant growth due to innovative product designs. Manufacturers are focusing on creating compact, light, and ergonomic devices. Technological advancements, such as system-on-chip (SoC) and chip-scale package (CSP), are enabling size reduction. 32-bit ARM architecture and wireless technologies like ANT+ and Bluetooth Low Energy (BLE) help design low-power devices with longer battery life. Quell, a US FDA-approved, lightweight pain-relieving wearable by NeuroMetrix, and Philips’ medical-grade biosensor are prime examples. These devices offer relief from chronic pain and continuous health monitoring, respectively. Increased R&D investments are driving the development of advanced wearable medical devices, fueling market growth.
The wearable medical devices market is experiencing significant growth due to the increasing prevalence of chronic diseases such as diabetes and cardiovascular diseases. Glucose monitoring devices, sleep monitoring devices, and activity trackers are popular choices for managing diabetes and promoting healthy lifestyles. Wrist actigraphs, polysomnography devices, and neuromonitoring devices offer advanced solutions for sleep and neurological disorders. Therapeutic devices, pain management devices, rehabilitation devices, and respiratory therapy devices cater to various medical needs. Insulin pumps, hearing aids, and continuous monitoring devices are essential for managing specific conditions in real-time. The market includes traditional channels like pharmacies and retail stores, as well as online distribution through healthcare platforms and mHealth intelligence. International organizations like the International Diabetes Federation and World Health Organization advocate for the use of wearables in managing non-communicable diseases. Cardiovascular device market players, including smartwatches and ECG devices, are innovating with continuous monitoring capabilities and virtual care services. Cloud DX, for instance, offers remote patient monitoring solutions. Wearables are transforming healthcare by enabling real-time data collection and home healthcare, making lifestyle-related disorders more manageable.
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Market Challenges
Wearable medical devices, such as pulse oximeters, insulin pumps, and activity trackers, offer valuable health monitoring and diagnostic functions. However, their costs can be prohibitive for some users. On average, insulin pumps range from USD4,500 to USD6,500, while activity trackers like the Vivosmart HR+ from Garmin cost USD179.99 in the US. These devices require frequent battery changes, recharging, and maintenance, leading to additional expenses. Moreover, most insurance plans do not cover these devices due to lack of US FDA approval, and only a few countries offer reimbursements for remote monitoring services. In emerging economies, where awareness and purchasing power are low, the high cost of wearable medical devices will significantly limit their adoption during the forecast period.
The wearable medical devices market is experiencing significant growth due to the rise in remote patient monitoring, home healthcare, and fitness applications. However, challenges persist in areas like diabetes, hypertension, and non-communicable diseases. Portable medical devices, such as continuous monitoring devices and smartwatches, are revolutionizing healthcare by providing real-time data. Companies like Cloud DX and Virtual care are leading the way in virtual care, offering diagnostic services through wrist-based wearables. Fragmentation and geographic footprint are key challenges, with diagnostic devices and portable ECGs gaining popularity. Wearable activity monitors, exercise regimes, and clinical trial platforms are essential for healthy lifestyle and preventive health measures. Cybersecurity attacks, battery life, and access to healthcare are significant concerns. Advanced batteries like aluminum graphite, flexible, and solid-state batteries, along with high-speed 5G networks, are potential solutions. Pharmacy, online channels, artificial intelligence, and health management are also crucial aspects of this market. Well-established brands, such as Diagnostic & Monitoring Devices, offer multiparameter trackers, blood pressure monitors, and pulse oximeters. Overall, wearable medical devices are transforming healthcare, providing access to medical imagery, and enabling preventive health measures.
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Segment Overview
This wearable medical devices market report extensively covers market segmentation by
Product
1.1 Diagnostic and monitoring devices
1.2 Therapeutic devices
Application
2.1 Home healthcare
2.2 Sports and fitness
2.3 Remote patient monitoring
Geography
3.1 North America
3.2 Europe
3.3 Asia
3.4 Rest of World (ROW)
1.1 Diagnostic and monitoring devices- Wearable diagnostic and monitoring medical devices refer to devices equipped with sensors that individuals wear to detect and monitor changes in various body areas and organs. This segment includes vital signs and activity monitoring devices, fetal and obstetric monitoring devices, neuromonitoring devices, and ECG monitoring devices. The market for wearable diagnostic and monitoring medical devices is projected to expand significantly due to the growing emphasis on early diagnosis and preventive care, rising awareness about chronic diseases, increasing popularity of telemedicine and home healthcare, and the increasing prevalence of cardiovascular diseases, cardiac conditions, sleep disorders, neurological disorders, and high-risk pregnancies. Vital signs and activity monitoring devices currently dominate this market, driven by increasing health consciousness, the introduction of affordable devices, and technological advancements. Key players in this segment include Fitbit (acquired by Google), Garmin, and OMRON. Competition is intense, with companies investing in R&D and introducing innovative products to differentiate themselves. Market growth is expected to continue due to the high prevalence of diseases and the segment’s high growth potential.
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Research Analysis
The wearable medical devices market is experiencing significant growth due to the increasing prevalence of non-communicable diseases such as diabetes, hypertension, and cardiovascular conditions. These devices, which include remote patient monitoring systems, home healthcare solutions, fitness trackers, and portable medical devices, enable real-time data collection and analysis, facilitating preventive health measures and effective management of chronic diseases. The market is expanding beyond traditional medical applications, with smartwatches and lifestyle-related disorder management gaining popularity. Cloud-based virtual care platforms and healthcare apps offer convenient access to health management tools and expert advice, promoting healthy lifestyles and exercise regimes. The World Health Organization supports the use of wearable technology for disease prevention and management, recognizing its potential to revolutionize healthcare delivery. Continuous monitoring devices, clinical trial platforms, and hearing aids are also contributing to the market’s growth.
Market Research Overview
Wearable medical devices are transforming healthcare by enabling remote patient monitoring, home healthcare, and fitness tracking for lifestyle-related disorders such as diabetes, hypertension, and non-communicable diseases. These portable medical devices come in various forms, including continuous monitoring devices, smartwatches, and diagnostic devices, which can be worn as straps, clips, or bracelets. The market for wearable medical devices is vast, with a focus on cardiovascular devices, diagnostic devices, and therapeutic devices. Advanced batteries, such as aluminum graphite, flexible, and solid-state batteries, power these devices. Real-time data transmission to the cloud for virtual care is a significant trend, with AI and machine learning playing a crucial role in health management and preventive health measures. The market is fragmented, with a geographic footprint that includes international organizations like the World Health Organization and the International Diabetes Federation. Wearable activity monitors, exercise regimes, clinical trial platforms, and online channels, including pharmacies, are essential components of this market. Cybersecurity attacks and access to healthcare through high-speed 5G networks are emerging challenges. Well-established brands offer a range of diagnostic and monitoring devices, from multiparameter trackers to blood pressure monitors, pulse oximeters, glucose monitoring devices, sleep monitoring devices, wrist actigraphs, polysomnography devices, neuromonitoring devices, pain management devices, rehabilitation devices, respiratory therapy devices, insulin pumps, and hearing aids. The market also includes therapeutic devices, such as pain management devices and rehabilitation devices. The market is expanding to include wearables for sport and fitness and retail pharmacies for online distribution.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Diagnostic And Monitoring Devices
Therapeutic Devices
Application
Home Healthcare
Sports And Fitness
Remote Patient Monitoring
Geography
North America
Europe
Asia
Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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SOURCE Technavio