Wearable Medical Device Market to Hit $168.2 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, June 22, 2023 /PRNewswire/ -- The global wearable medical device market is expected to reach USD 168.2 billion by 2030, according to a new report by Grand View Research, Inc., progressing at a CAGR of 25.7% during the forecast period. Rising demand for hi-tech products and continuous health monitoring is fueling the market growth.

Key Industry Insights & Findings from the report:

• The diagnostic devices segment dominated the market in 2022 owing to the increasing disposable income and awareness, and higher healthcare spending.
• Straps, clip, bracelets & watches are the largest and fastest growing segment for wearable medical devices.
• Home healthcare held a significant share of 54.0% in 2022 owing to the growing base of geriatric population triggering incidence rates of target diseases.
• North America is projected to command for a cumulative share in 2022 due to the increasing application of home care and remote patient monitoring for the purpose of regular, continuous, and long-term monitoring of patients.
• Asia-Pacific region is expected to witness the fastest growth over the forecast period. this can be attributed to the growing awareness level, increasing disposable income, presence of a large population base and rising incidence rate of chronic conditions.
• Some of the companies present in the market are Philips Electronics, Fitbit, Basis Science, Garmin, Covidien, Omron Corp., Withings, Vital Connect, Polar Electro, Intelesens, Everist Genomics, Intelesens and Sotera Wireless.

Read 150-page market research report, "Wearable Medical Device Market Size, Share & Trends Analysis Report By Product (Diagnostic, Therapeutic Devices), By Site (Handheld, Headband, Strap, Shoe Sensors), By Application, By Region And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Wearable Medical Device Market Growth & Trends

Increasing obesity rate coupled with rising awareness about physical fitness is encouraging people to go for workouts 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. Moreover, these wearable devices companies offer guidance from experts who are certified dietician or nutrition, 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 towards the launch of new innovative products that are anticipated to boost the market growth over the forecast period thus portraying a high growth rate. Smart watches and wristbands are the current focal point of product development and innovation, leading to abundant availability of such devices. 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 a positive impact on wearable medical device market owing to increasing demand for telemedicine. As per WHO guidelines people should follow social distancing and avoid public gathering. Hence due to this reason various physicians prefers telemedicine route so that they can treat patients from distance without spreading the virus. Growth of telemedicine and expansion of applications to integrate artificial intelligence (AI) in its systems has led to wearable medical device market growth.

Wearable Medical Device Market Report Scope

Wearable Medical Device Market Segmentation

Grand View Research has segmented the global wearable medical device market based on product, site, application and region

Wearable Medical Device Market - Product Outlook (Revenue, USD Million, 2018 - 2030)

• 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
• Accelometers
• Sensing Devices
• Ultrasound Platform
• Others
• Respiratory Therapy Devices
• Ventilators
• Positive Airway Pressure (PAP) Devices
• Portable Oxygen Concentrators
• Others

Wearable Medical Device Market - Site Outlook (Revenue, USD Million, 2018 - 2030)

• Handheld
• Headband
• Strap/Clip/Bracelet
• Shoe Sensors
• Others

Wearable Medical Device Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

• Sports and Fitness
• Remote Patient Monitoring
• Home Healthcare

Wearable Medical Device Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

• U.S.
• Canada

• Europe

• France
• Germany
• U.K.
• Italy
• Spain
• Sweden
• Denmark
• Norway

• Asia Pacific

• Japan
• China
• India
• South Korea
• Australia
• Singapore
• Thailand
• Philippines
• Malaysia

• Latin America

• Brazil
• Mexico
• Argentina
• Colombia

• Middle East and Africa (MEA)

• South Africa
• Saudi Arabia
• UAE
• Kuwait

List of Key Players in the Wearable Medical Device Market

• Philips Electronics
• Fitbit
• Basis Science
• Garmin
• Covidien
• Omron Corp.
• Withings
• Vital Connect
• Polar Electro
• verist Genomics
• Intelesens Ltd.
• Sotera Wireless

Check out more related studies published by Grand View Research:

• Wearable Skin Adhesives Market - The global wearable skin adhesives market size is projected to reach USD 676.72 million by 2030, expanding at a CAGR of 8.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. Wireless technology is driving the market with more number of healthcare professionals and patients now being able to track their vital health indicators such as blood pressure and heart rate. Moreover, increasing awareness regarding the prevention of chronic diseases and rising usage of smartphones that also help in identifying health risk factors are contributing to the growth of the market.
• Wearable Injectors Market - The global wearable injectors market size is expected to reach USD 23.89 billion by 2030, registering a CAGR of 15.29% during the forecast period, according to new report by Grand View Research, Inc. The market is expected to witness lucrative growth during the forecast period owing to technological advancements in wearable injectors coupled with rising demand for round-the-clock monitoring.
• Wearable Brain Devices Market - The global wearable brain devices market size is anticipated to reach USD 668.5 million by 2030, registering a CAGR of 12.33%, according to a new report by Grand View Research, Inc. The increasing prevalence of neurological disorders and the growing government initiatives across the globe are expected to drive the growth of the market.

Browse through Grand View Research's Medical Devices Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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