Wearable Medical Devices Market to Grow at a CAGR of 20.5% from 2025 to 2032 | SkyQuest Technology Consulting

The wearable medical devices market is anticipated to expand at a rapid pace owing to growing geriatric population around the world and the need for promote remote healthcare monitoring for them.

WESTFORD, Mass., Aug. 14, 2025 /PRNewswire/ -- SkyQuest Technology Consulting published a report, titled, Wearable Medical Devices Market - Global Opportunity Analysis and Industry Forecast, 2025-2032", valued at USD 39.95 billion in 2024. With a projected CAGR of 20.5% from 2025 to 2032, the market is expected to reach USD 177.59 billion by the end of 2032. Surge in prevalence of chronic diseases, emphasis on healthcare cost reduction, and advancements in wearable technology are slated to boost sales of wearable medical devices in the future.

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Wearable Medical Devices Market Key Growth Drivers

Surge in prevalence of chronic diseases such as diabetes, cardiovascular disorders, and hypertension is fueling demand for wearable medical devices. These devices enable continuous health monitoring, early detection, and real-time data transmission to healthcare providers. Patients benefit from better disease management and reduced hospital visits, while providers leverage analytics to personalize care. Governments and insurers increasingly support remote patient monitoring to reduce healthcare burdens.

Innovations in sensor miniaturization, wireless connectivity (like Bluetooth and 5G), and AI integration have boosted the capabilities of wearable medical devices. Real-time insights into vital signs, activity levels, ECG, glucose levels, and even oxygen saturation with medical-grade accuracy can be achieved by using advanced wearable medical devices. These technological improvements are not only broadening device functionality but also enabling preventive healthcare and telemedicine. As a result, technological progress is a major driver accelerating global wearable medical devices demand.

Recent Developments in Wearable Medical Devices Market

• In May 2025, Osteoboost Health Inc., a medical equipment manufacturer announced the launch of a new FDA-Cleared prescription wearable device for low bone density. Osteoboost is designed to bridge the gap between next-generation consumer health technology and rigorously tested medical innovation.
• In March 2025, SynPhNe™, a company headquartered in Singapore announced the launch of the world's first wearable technology that trains brain and body in one system. The new offering is designed to help people with disability or cognitive and physical functional disorders.
• In February 2025, Kestra Medical Technologies Ltd., a leading wearable medical device provider from the United States announced the launch of its initial public offering (IPO) of 10,000,000 common shares. The price of each share is expected to be between USD 14 and 16 per common share.

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Competitive Landscape

Wearable medical device manufacturers are expected to focus on developing new products to stand out from the competition. Integration of advanced sensors and artificial intelligence is also a key opportunity for all market players. Wearable medical device companies can collaborate with tech giants and healthcare companies to improve the functionality of their offerings.

The major players in the wearable medical devices industry include,

• Dexcom Inc.
• Medtronic plc
• Abbott Laboratories
• Masimo Corporation
• iRhythm Technologies Inc.
• Koninklijke Philips N.V.
• Omron Corporation
• VitalConnect
• Biotricity
• Biobeat
• iHealth Labs Inc.
• Withings
• Garmin Ltd.
• Verily Life Sciences LLC
• Boston Scientific
• PHC Holdings (Senseonics)
• Asahi Kasei Group (ZOLL Medical)
• Biotronik
• Cardiac Insight Inc.
• VivaLNK Inc.

Major Challenges in Wearable Medical Devices Industry

Wearable medical devices continually collect and store sensitive health data, which raises significant concerns over privacy, cybersecurity, and data misuse. Patients and providers often hesitate to fully adopt wearables due to fears of hacking, unauthorized access, and regulatory non-compliance, especially under HIPAA and GDPR. Inadequate encryption, third-party data handling, and cloud vulnerabilities further complicate trust in digital health ecosystems. The lack of universal data protection standards is slated to hurt the sales of wearable medical devices through 2032.

Even though wearable medical devices have multiple benefits, their adoption is quite limited due to lack of favorable reimbursement policies. Many insurance providers do not offer full reimbursement for these devices, making patients reluctant to invest. Moreover, healthcare providers may be hesitant to recommend them due to uncertain reimbursement pathways and cost-effectiveness concerns. Until reimbursement models evolve and device affordability improves, the adoption of wearable medical devices is expected to be limited.

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Wearable Medical Devices Market Segmental Analysis

The global wearable medical devices market is segmented into product type, site, application, grade, distribution channel, and region.

• By product type, the diagnostic devices segment dominated the global wearable medical devices market in 2024 as emphasis on early diagnosis and awareness regarding diagnostic procedures rises.
• By application, the home healthcare segment dominated the global wearable medical devices market in 2024 owing to growing preference of people for home healthcare and rising popularity of remote patient monitoring.
• By grade, the consumer-grade segment dominated the global wearable medical devices market in 2024, which can be linked to surging popularity of smartwatches, and fitness bands among people.
• By distribution channel, the offline segment dominated the global wearable medical devices market in 2024 owing to the presence of a robust retail infrastructure and availability of multiple wearable medical devices.

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Regional Outlook

• High consumer spending potential and growing popualrity of home healthcare are allowing North America to spearhead global sales of wearable medical devices. Presence of a developed healthcare ecosystem and early adoption of advanced technologies in the United States makes it the top country in this region.
• Europe wearable medical devices market is driven by high emphasis on preventive healthcare and growing adoption of remote patient monitoring practices. Supportive regulatory framework and stringent data compliance mandates are also shaping up the adoption of wearable medical devices in this region.
• The demand for wearable medical devices in the Asia Pacific region is slated to rise at the fastest pace on the back of high incidence of lifestyle diseases, growing healthcare spending, and expanding aging population. Growing smartphone penetration in countries such as India, Japan, China, and Indonesia is slated to further create new opportunities for providers of wearable medical devices.
• In the LAMEA region, the wearable medical devices market is driven by an increase in demand for personalized healthcare and growing number of aging individuals. Brazil is expected to be the most opportune country in the Latin American region going forward. Saudi Arabia and South Africa are also slated to be highly opportune countries in the long run.

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About SkyQuest Technology Consulting

SkyQuest Technology Consulting is a leading Strategy Consulting and Market Research firm, provides syndicated as well as customized research reports and growth consulting services, trusted by CXOs from Fortune 500 Companies, Start-ups, and MSMEs. The company comprises a team of expert research analysts and consultants, adding more than 1200 market research reports in our database each year. These reports offer in-depth analysis on 40+ industries & sub industries across 25 major countries worldwide, serving global clients across diverse industries. The company specializes in delivering customized intelligence, data-driven insights, and strategic advisory services that enable businesses to stay competitive and make informed decisions in rapidly evolving industries.

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