Wearable Medical Devices Market to Grow with a CAGR of 15.63% through 2028
Rising adoption of AI technologies and advancement of
technologically advanced products is expected to drive the Global Wearable
Medical Devices Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “Wearable Medical Devices Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Wearable Medical Devices Market stood at USD 24.64 billion in 2022
and is anticipated to grow with a CAGR of 15.63% in the forecast period,
2024-2028. The market for wearable medical devices is experiencing rapid
expansion, driven by significant technical advancements.
The wearable
medical devices have the potential to enhance the quality of life for both the
general population and patients. Wearable technologies offer practical
solutions for monitoring physiological symptoms and facilitating various
medical treatments. They are user-friendly and provide real-time data for
healthcare professionals to evaluate. Wearable medical technology holds immense
potential in healthcare, ranging from the ECG capabilities of the Apple Watch
to innovative continuous glucose monitoring systems. Notably, the FDA recently
granted approval for Current Health's wearable artificial intelligence (AI)
gadget, which enables patients to monitor multiple vital signs from the comfort
of their homes.
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The advancement
of technology has greatly facilitated industry expansion. Increasing public
awareness of the importance of leading a healthy and active lifestyle has
amplified market demand for wearable activity trackers and smartwatches. The
industry has been propelled by the widespread adoption of smartphones, tablets,
and healthcare apps. The rapid growth of wireless health information systems
has resulted in improved patient comfort and a greater market need for wearable
medical devices. However, restrictive regulations pose challenges to the
market, particularly regarding the role of national authorities in determining
compensation for mobile healthcare. Additionally, AI can aid in predicting
individuals who are more likely to
experience postoperative complications, enabling healthcare organizations to
intervene earlier.
Wearable medical
devices are practical, hands-free technological tools that offer the added
advantage of data transmission and reception via the Internet. Numerous
organizations are dedicated to managing the progression of chronic diseases,
which have seen an increase in mortality rates. Healthcare professionals can
remotely and continuously monitor patients to provide personalized care.
The adoption of
emerging advanced tools and techniques such as AI and 5G is expected to
generate significant growth prospects in the wearable healthcare device market.
However, patent reform and patent trolls pose substantial challenges for
medical device manufacturers in the United States and Europe. Patent trolls are
companies that acquire patents with the intention of collecting royalties from
businesses whose products or operations allegedly infringe on those patents.
The demand for monitoring systems and connected health solutions has
experienced a substantial surge due to the ongoing pandemic.
To ensure
quality care, many hospital facilities are extending patient monitoring to
residential care facilities or other temporary setups. The COVID-19 pandemic
has led to a significant increase in demand for patient monitoring systems,
prompting companies to focus on expanding production to meet the growing needs
for respiratory monitoring systems, multi-parameter monitoring devices,
continuous glucose monitoring devices, heart monitoring devices, temperature
monitoring equipment, hemodynamic/pressure monitoring systems, and
fetal/neonatal monitoring devices.
The main
advantage of wearable medical devices lies in the inclusion of smart sensors
that enable the measurement and monitoring of critical physiological parameters
such as heart rate, blood pressure, and body temperature. Among various medical
Internet of Things (IoT) devices like hearables or ingestibles, wearable
medical technology has gained significant popularity. Additionally, the use of
remote monitoring programs during the pandemic has proven to enhance doctor
safety and reduce unnecessary hospital visits by minimizing the need for
in-person consultations. On October 21, 2022, for example, the Australian
government announced its financial support for innovative research projects
aimed at developing and testing the next generation of wearable health
monitoring technology. Four research projects focused on improving health
monitoring and access to diagnostic testing will receive a total of USD 7.5
million from the Medical Research Future Fund's Primary Health Care Research
initiative.
The increasing
health awareness among individuals is driving the revenue growth of the market.
People today embrace technologies that encourage greater awareness of their
environment and overall well-being. While most wearable technologies include
awareness as a key feature, their primary objective is to empower users with
knowledge about their physical and mental health. This necessitates the
development of discrete, accurate, reliable, and user-friendly wearables.
Consequently, major strategic partnerships formed by key market players have
significantly contributed to the market's revenue growth. For instance, on
March 10, 2022, Infineon Technologies AG and Sleepiz AG, a Swiss digital health
company, announced their partnership to provide a user-friendly method for home
sleep monitoring. The solution, based on Infineon XENSIV 60 GHz radar
technology and Sleepiz's proven algorithms, targets clients in the wider
consumer market. Infineon's XENSIV radar sensors offer immense potential for
healthcare applications by precisely assessing vital signs such as heart rate
and breathing rate without physical contact or privacy invasion. Such devices
assist users in identifying the root causes of their underlying stress and
promote relaxation, thereby driving revenue growth in the market.
The Global Wearable
Medical Devices Market is segmented into product type, type, purpose, site,
application, distribution channel, business segment, regional distribution, and
company.
Based on application,
the home healthcare segment emerged as the dominant market for wearable medical
devices, capturing the largest revenue share in 2022. This can be attributed to
factors such as the increasing geriatric population leading to higher
prevalence rates of target diseases and the growing need to control healthcare
expenditure through economically viable initiatives.
Furthermore, the
remote patient monitoring segment is projected to experience the highest
compound annual growth rate (CAGR) throughout the forecast period. This growth
can be attributed to the global rise in the geriatric population and the
increasing incidence of chronic conditions. These factors are expected to have
a significant impact on driving the adoption of remote patient monitoring
instruments in the coming years.
Based on region,
North America commands a substantial market share and is projected to maintain
its dominance throughout the forecast period. It is anticipated that North
America will hold a significant portion of the overall wearable medical devices
market, with the United States emerging as the primary contributor. The United
States boasts the largest share in the wearable medical devices market,
attributed to the high prevalence of cardiovascular and lifestyle-related
diseases, as well as the increased adoption of wearable medical technology and
high per capita medical expenditure. Additionally, major players such as Garmin
Ltd, Fitbit Inc., and Biotelemetry Inc. have a strong presence in the United
States, investing in research and development of innovative wearables.
Partnerships for the distribution of wearable medical devices in the United
States are on the rise, further driving market growth in the region. Notably,
in April 2022, Medtronic plc entered into a strategic partnership with
BioIntelliSense, securing exclusive distribution rights for the BioButton
multi-parameter wearable for continuous, connected monitoring in United States
hospitals and 30-day post-acute hospital-to-home settings.
Furthermore, the
FDA's increasing approval of wearable devices is expected to fuel market
growth, as market players develop innovative devices. For instance, in June
2022, the FDA approved Medicalgorithmics' ECG wearable unit, Qpatch, designed
to measure individual ECG signals and provide accurate cardiac arrhythmia
diagnoses from monitoring sessions of up to 15 days. Consequently, the North
American region is poised for significant growth due to the rising adoption of
technologically advanced wearable medical devices, increased healthcare
expenditure, and initiatives from key market players.
Major companies
operating in Global Wearable Medical Devices Market are:
- Medtronic plc
- Siemens AG
- Bayer AG
- Omron Corporation
- Withings SAS
- Fitbit Inc.
- Intelesens Ltd
- BioBeat Medical Ltd
- Koninklinje Philips
NV
- Samsung
Electronics Co. Ltd
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“The market is
primarily driven by the increasing demand for wearable medical devices that
enable remote monitoring, personalized therapy, and real-time data.
Furthermore, the growing focus on preventive healthcare and proactive health
management is a significant factor contributing to its growth. Wearable devices
that track physical activity, sleep patterns, heart rate, and other vital signs
encourage individuals to adopt healthier lifestyles, monitor their well-being,
and take preventive measures, resulting in reduced healthcare costs and
improved overall health. Additionally, the global aging population has led to a
higher demand for healthcare services, including home-based care. Moreover, the
integration of wearable medical devices with smartphone applications and other
digital platforms enables seamless data collection, analysis, and sharing,
thereby driving market growth.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Wearable Medical Devices Market Segmented By Product
Type (Activity Monitors/Trackers, Smartwatches, Patches, Smart Clothing), By
Type (Diagnostic Devices and Therapeutic Devices), By Purpose (Heart rate,
Physical Activities, Blood oxygen saturation, Blood Pressure, Hearing Aids,
Body Temperature, Posture, Others), By Site (Strap/Clip/Bracelet, Handheld,
Headband, Shoe Sensors, Others), By Application (General Health & Fitness,
Remote Patient Monitoring, Home Healthcare), By Distribution Channel
(Non-Store-Based and Store-Based), By Business Segment (B2C and B2B), By Region and Competition, Forecast
& Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Wearable Medical Devices Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Wearable Medical Devices Market.
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