Wearable Medical Devices Market size is set to grow by USD 26.55 billion from 2024-2028, Increasing prevalence of chronic diseases globally boost the market, Technavio

NEW YORK, July 9, 2024 /PRNewswire/ -- The largest market for medical devices is the United States. The global wearable medical devices market size is estimated to grow by USD 26.55 billion from 2024-2028, according to Technavio, at a CAGR of almost 23.31%. Increasing prevalence of chronic diseases globally drives market growth, alongside the emergence of innovative wearable medical devices. However, the high cost of these devices poses a challenge. Key market players include Abbott Laboratories, Apple Inc., Medtronic Plc, and Samsung Electronics Co. Ltd.

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Market Driver

The wearable medical devices market is experiencing significant growth due to increased innovation in technology. Manufacturers are focusing on creating smaller, lighter, and more ergonomic devices. SoC and CSP technologies enable size reduction, while 32-bit ARM architecture and wireless technologies like ANT+ and BLE contribute to low power consumption and longer battery life. Companies are also investing heavily in R&D to develop advanced wearable medical devices. For instance, Quell by NeuroMetrix is an FDA-approved device for chronic pain relief, while Philips' medical-grade wearable biosensor continuously monitors vital signs for at-risk patients. These innovative devices are expected to drive market growth in the forecast period. 

The wearable medical devices market is experiencing significant growth, with key trends including Glucose Monitoring Devices and Sleep Monitoring Devices. Wrist Actigraphs and Polysomnography Devices are also gaining popularity for their ability to provide real-time data on health conditions. Neuromonitoring Devices, Therapeutic Devices, Pain Management Devices, Rehabilitation Devices, and Respiratory Therapy Devices are transforming healthcare for chronic diseases such as Diabetes, Hypertension, and Cardiovascular Diseases. International organizations like the International Diabetes Federation and World Health Organization support the use of wearables for managing lifestyle-related disorders. Hearing aids and ECG devices are also part of this trend. Retail pharmacies and online distribution channels are making these Portable Medical Devices more accessible. Remote patient monitoring, Home Healthcare, and Virtual care platforms like Cloud DX are revolutionizing healthcare delivery. Smartwatches and Continuous Monitoring Devices offer mHealth Intelligence for fitness enthusiasts and those managing chronic conditions. The Cardiovascular Device Market is expected to grow, with companies like ECG introducing innovative solutions. 

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Market Challenges

•         Wearable medical devices, such as pulse oximeters, insulin pumps, and activity trackers, offer valuable health monitoring capabilities. However, their high cost is a significant barrier to adoption, particularly in emerging economies. Devices like insulin pumps range from USD4,500 to USD6,500, and branded activity trackers, like the Vivosmart HR+ from Garmin, cost USD179.99. Maintenance charges, frequent battery changes, and recharging further increase the overall cost. Insurance coverage for these devices is limited, as most are not US FDA-approved, and reimbursements for remote monitoring services are rare. As a result, end-users in developing countries, with low awareness and purchasing power, face challenges in adopting these advanced wearable medical devices. Consequently, the market growth in focus during the forecast period may be restricted due to the high costs.

•         The wearable medical devices market is experiencing significant growth due to the rising prevalence of non-communicable diseases such as diabetes, hypertension, and lifestyle-related disorders. Remote patient monitoring and home healthcare are key areas driving this growth. Wearable devices like smartwatches and continuous monitoring devices are popular choices for fitness and health management. Diagnostic devices, such as ECG and portable medical devices, are also gaining traction. However, challenges include fragmentation, geographic footprint, and cybersecurity attacks. Companies like Cloud DX and Virtual care are leveraging artificial intelligence to improve health management and preventive health measures. Wrist-based wearables, trackers, and exercise regimes are essential for physical well-being. Long battery life is crucial, with advanced batteries like aluminum graphite, flexible, and solid-state batteries being explored. Access to healthcare through online channels and high-speed 5G networks is transforming the industry. Well-established brands are entering the market with diagnostic & monitoring devices and multiparameter trackers like blood pressure monitors and pulse oximeters.

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Segment Overview 

This wearable medical devices market report extensively covers market segmentation by  

1. Product 
• 1.1 Diagnostic and monitoring devices
• 1.2 Therapeutic devices
2. Application 
• 2.1 Home healthcare
• 2.2 Sports and fitness
• 2.3 Remote patient monitoring
3. 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 worn by individuals to detect and monitor changes in various body areas and organs. These devices include 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 diseases, sleep disorders, neurological disorders, and high-risk pregnancies. Vital signs and activity monitoring devices currently dominate this market, driven by rising health consciousness, affordable wearable devices, and technological advancements. Key players in this segment include Fitbit (acquired by Google), Garmin, and OMRON. Competition is intense, with new product launches, technological innovations, and mergers and acquisitions expected during the forecast period. The high prevalence of diseases is expected to fuel market growth.

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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 equipment, fitness trackers, and lifestyle-related disorder management tools, offer real-time data and preventive health measures for individuals. Portable medical devices like continuous monitoring devices and smartwatches are revolutionizing healthcare by enabling virtual care and health management from the comfort of one's home. Cloud DX and mHealth Intelligence are leading the way in digital health solutions, providing clinical trial platforms and virtual consultations. The World Health Organization supports the use of wearable technology for chronic disease management and healthy lifestyle promotion. Hearing aids are also a part of this market, offering improved accessibility and convenience for individuals with hearing impairments.

Wearable medical devices have revolutionized healthcare, enabling remote patient monitoring, home healthcare, and fitness management. These portable devices focus on addressing lifestyle-related disorders such as diabetes, hypertension, and non-communicable diseases. Wearables include continuous monitoring devices like ECG and smartwatches, as well as diagnostic devices such as portable ultrasound and lab-on-a-chip devices. Fragmentation in the market is driven by geographic footprint, with companies focusing on diagnostic & monitoring devices, therapeutic devices, and rehabilitation devices. Wearables strapped, clipped, or worn as bracelets offer real-time data on physical well-being, enabling preventive health measures and exercise regimes. Online channels and pharmacies are significant distribution channels, with well-established brands competing with new entrants. Artificial intelligence, cybersecurity, and high-speed 5G networks are transforming wearables, offering advanced features like medical imagery and access to healthcare services. Battery life and advanced battery technologies are crucial considerations, with solid-state, aluminum graphite, and flexible batteries gaining popularity. Wearables have become an integral part of mHealth Intelligence, addressing chronic diseases and promoting healthy lifestyle choices. Additionally, hearing aids and respiratory therapy devices are emerging categories in the wearable medical devices market.

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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With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio