Wearable Medical Devices Market Industry Share & Size Analysis 2028

Summary

Report Description

Forecast Period	2024-2028
Market Size (2022)	USD 24.64 Billion
CAGR (2023-2028)	15.63%
Fastest Growing Segment	Diagnostic Devices
Largest Market	North America

Market Overview

Global Wearable Medical Devices Market has valued at USD 24.64 Billion in 2022 and is anticipated to project impressive growth in the forecast period with a CAGR of 15.63% through 2028. Wearable medical devices encompass a range of healthcare technologies that individuals can wear to monitor and track various aspects of their health. These devices are designed for comfortable and non-invasive use, integrating sensors, connectivity, and data analysis capabilities to collect and analyze relevant health information. They provide real-time monitoring and feedback, empowering individuals, caregivers, and healthcare professionals to make informed decisions regarding health and wellness. Common types of wearable devices include fitness trackers, smartwatches, heart rate monitors, glucose monitors, and blood pressure monitors.

Wearables not only transmit health information but also offer mental health care by monitoring cognition and mood in real-time, facilitating personalized intervention. The increasing popularity of wearable devices can be attributed to these and other comparable applications. Wearable medical devices are practical and convenient technological tools that offer the additional benefit of internet connectivity for data transmission. These devices are supported by various organizations in managing chronic diseases, which have been on the rise leading to increased mortality rates. Healthcare professionals are able to remotely and continuously monitor patients, providing personalized care.

The primary advantage of wearable medical devices lies in the integration of smart sensors, allowing for the measurement and monitoring of vital physiological parameters such as heart rate, blood pressure, and body temperature. Among other medical Internet of Things (IoT) devices like hearables or ingestible, wearable medical technology has emerged as the most popular choice.

Key Market Drivers

Increasing Prevalence of Chronic Diseases

Chronic diseases, also referred to as non-communicable diseases, are disorders or conditions that are typically not caused by infections but rather by unhealthy habits or behaviors. They can lead to long-term health issues, necessitating extensive treatment. Examples of diseases falling under this category include cardiovascular diseases, diabetes, chronic lung ailments, and various forms of cancer. According to the World Health Organization (WHO), chronic diseases account for nearly 74% of global deaths, with risk factors such as tobacco use, unhealthy diets, physical inactivity, and excessive alcohol consumption contributing to their growth.

Wearable medical devices offer significant benefits to patients with chronic diseases by facilitating diagnosis, monitoring, and disease intensity control. These devices collect substantial amounts of data over time, enabling individuals and healthcare professionals to analyze trends and patterns. This valuable information provides insights into treatment effectiveness, triggers for symptom exacerbation, and the impact of lifestyle modifications. By comprehending these patterns, individuals can make well-informed decisions regarding their health management strategies. There has been a recent push by consumer wearable device companies to develop devices for comprehensive health monitoring. For example, Apple, Inc. (U.S.) has developed the Apple Watch Series 8, equipped with sensors that can detect abnormal heart rhythms and identify Atrial Fibrillation (AFib). With a 99.6% accuracy in sinus rhythm classification and precise identification of AFib, this watch has received clearance from the U.S. FDA.

Other watches and smart devices are also available to monitor patient vitals and track their health remotely, offering time and cost savings. Continuous glucose monitoring patches, blood pressure monitoring devices, and smart clothing are among the various wearable medical devices available. These factors, combined with healthcare providers' promotion of wearable medical devices, are expected to drive their increased usage and contribute to market growth.

Increasing Use of Remote Patient Monitoring and Telehealth Services

Telehealth encompasses healthcare services provided remotely or from locations outside of hospitals, utilizing telecommunication technologies. Remote patient monitoring, a component of telehealth, employs technologies to interact with patients from a distance. These services and technologies have experienced increased utilization since the onset of the COVID-19 pandemic. Given the considerable number of patients with chronic diseases, the adoption of wearable medical devices is expected to rise even further. Wearable medical devices facilitate remote monitoring of individuals with chronic conditions, enabling healthcare providers to access real-time patient data. This facilitates early detection of health issues, timely interventions, and remote consultations. Such capabilities are particularly valuable for individuals with limited mobility or those requiring frequent monitoring, as it minimizes the need for unnecessary hospital visits.

GluCare.Health (UAE), a diabetes center and digital therapeutics company, leverages continuous glucose monitoring systems like Fitbit and connected weighing scales to measure and collect patient data. They have appointed healthcare professionals to remotely connect with patients as needed. Additionally, a dedicated care team monitors patients' health data, including glucose levels, heart rate, and sleep patterns, while managing their medications.

Increasing Demand for Health Data Tracking

There has been a growing interest among individuals in recording and tracking information regarding their health habits. The personal informatics movement gained popularity with the introduction of mobile applications that facilitated the tracking of daily activities such as distance covered and calorie intake. This practice is also referred to as data journaling, life tracking, or health quantification. As more companies develop wearable devices equipped with accelerometers and sensors to automatically capture data, users are relieved of the burden of manually inputting information. Additionally, wearable devices that monitor blood oxygen levels, respiration rate, heart rate, heat flux, galvanic skin response, and skin temperature are being introduced by various companies. Consequently, the interest in health data tracking has surged.

Consumers now have the means to manage their health using wearable devices, smartphone applications, and other connected devices. However, achieving goals related to sleep improvement, calorie counting, weight loss, and fitness is not an easy task. Nevertheless, such convenient and immediate access to health information is reshaping consumer attitudes and expectations in the field of healthcare.

The focus is now on developing products that enable the automatic tracking of physiological signals, which can be realized through advancements in sensor technology. Nanoscale stress sensors, implantable sensing chips, optical biosensors, electronic biosensors, and other technologies are currently being developed to enable the seamless capture of various physiological functions. Ultimately, data capture will extend to devices and sensors embedded within our environment, rendering wearable devices obsolete. For instance, high-speed video can be used to visualize blood flow in a person's face, which can then be translated into pulse rate. In the short term, wearable devices will be designed in forms that resemble jewelry or adhesive patches, incorporating flexible electronics. The tracking of individual health data will be further enhanced by intelligent advisory and coaching software that can be customized to interpret data, provide alerts, and offer explanations and suggestions. These systems and devices will prove instrumental in optimizing athletic and physical performance. For instance, electronic biosensors can detect the level of lactic acid in sweat, enabling athletes to improve their training and enhance anaerobic metabolism efficiency.

Rising Demand for Round-The-Clock Monitoring

Due to sedentary lifestyles, the prevalence of diseases such as hypertension and diabetes is projected to rise in the forecast period. These diseases necessitate continuous monitoring of physiological parameters like blood pressure and blood sugar levels. This underscores the need for integrating healthcare data with portable devices, enabling real-time access for physicians, reducing errors, and driving industry demand. Additionally, the escalating mortality rates associated with the growing incidence of noncommunicable diseases are a significant concern, further fueling the demand for remote monitoring devices. These factors are expected to drive the market for wearable medical devices.

The increasing prevalence of chronic diseases and rising mortality rates are significant concerns for individuals and government organizations alike. Consequently, healthcare providers are placing greater emphasis on personalized care, including continuous patient monitoring. Wearable medical devices offer 24/7 monitoring capabilities, as many can be worn around the clock. As a result, the demand for wearable devices is expected to surge in the forecast period.

Moreover, technological advancements and appealing product features such as smartphone connectivity are driving the adoption of medical wearables. These devices are being developed to address various health issues, including pain management, heart arrhythmia, asthma, and COPD. For instance, individuals with potentially life-threatening heart conditions can use wearable electrocardiograph (ECG) devices to monitor heart rate and detect arrhythmias. These devices can record events such as shortness of breath, chest pains, and other concerning symptoms. Once recorded, the device measures vital parameters such as skin temperature, blood oxygen level, and heart rate. Another example includes wearable devices for pain management, often utilized in the medical industry to administer pain medication or provide transcutaneous electrical nerve stimulation.

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Key Market Challenges

Lack of Awareness in Developing Countries

The lack of understanding among the populace in underdeveloped or developing regions could be a significant concern for the global wearable medical devices market in the coming years. In these locations, where access to education and healthcare resources may be limited, the adoption and acceptance of wearable medical devices may face obstacles. Moreover, the limited availability and affordability of smart phones and other advanced technologies further add to the challenges in expanding the wearable medical devices market in these regions. Overcoming these barriers will require innovative solutions and collaborations to ensure that the benefits of wearable medical devices reach all individuals, irrespective of their geographical location or socioeconomic status.

Non-Availability of Reimbursement

The lack of reimbursement facilities, combined with the rising cost of medical diagnosis and therapies, has a significant impact on the adoption of healthcare services. It hinders the reduction of healthcare expenditure by impeding the early detection of diseases and timely intervention. Wearable medical devices, such as fitness trackers, smartwatches, wristbands, and headgear, which are utilized for activity tracking, routine monitoring, and vital parameter data collection, currently do not receive reimbursement. Consequently, these devices are primarily accessible to individuals with higher disposable income, thereby limiting their overall growth potential.

Certain products, such as sensors/chips like insulin pumps, are embedded into a patient's body and administer drug dosages at fixed intervals for the management of chronic conditions. These products are eligible for reimbursement by agencies in the U.S. and Europe. However, obtaining reimbursement requires extensive documentation and the support of scientific data.

Key Market Trends

Technological Advancements in The Field Of Artificial Intelligence

The rapid growth in the volume and complexity of data within the healthcare industry has spurred extensive research and exploration into developing feasible artificial intelligence solutions specifically tailored for wearable medical devices. These cutting-edge advancements aim to revolutionize healthcare by harnessing the power of AI to enhance remote monitoring and patient care. With the increasing popularity of mobile platforms and a growing preference for remote monitoring in the comfort of one's home, the demand for AI-powered wearable medical devices is skyrocketing. This surge in demand, coupled with the continuous technological advancements in the field of artificial intelligence, presents lucrative opportunities for the exponential growth of the wearable medical devices market throughout the forecast period. As the industry continues to evolve and innovate, these intelligent devices are poised to transform healthcare delivery, improving patient outcomes and revolutionizing the way we approach medical treatments.

Product innovations

The introduction and integration of these technologies in medical devices have significantly enhanced their efficiency in vital identification and health monitoring. These innovative advancements hold great promise in proactive health management, early disease diagnosis, and prevention, ultimately leading to improved patient outcomes. As a result, the growing wave of product innovations presents lucrative opportunities for market players in the wearable medical devices market during the forecast period. Furthermore, an increasing number of hospitals are now adopting digital surgical instrument monitoring systems, such as RFID-based solutions, to optimize the control and management of surgical tools. By expediting surgical procedures and ensuring the availability of appropriate equipment, these technologies have the potential to enhance both patient safety and hospital operational efficiency.

Segmental Insights

Type Insights

Based on the type, the market is segmented into diagnostic devices and therapeutic devices. The diagnostic devices segment dominated the market and accounted for the largest share of revenue in 2022. Among diagnostic devices, the neuromonitoring segment was the largest in the same year. The growing prevalence of neurological disorders is a key factor driving the growth of this segment.

The therapeutic device segment is expected to experience the fastest CAGR throughout the forecast period due to the increasing influx of therapeutic devices. Additionally, a robust pipeline of therapeutic devices, including intelligent asthma management products, wearable pain reliever devices, and insulin management devices, is expected to support market growth.

Site Insights

Based on the site segment, the market is segmented into strap/clip/bracelet, handheld, headband, shoe sensors, and others. The strap/clip/bracelet segment has emerged as the dominant force in the wearable medical devices market, securing the largest revenue share in 2022 and projected to maintain its dominance throughout the forecast period. Advanced products like smartwatches offer the ability to monitor various parameters including mobility, respiratory rate, and pulse rate, leveraging Bluetooth and cloud connectivity to drive segment growth.

Significant advancements in wrist-worn products, exemplified by Vital Connect's Health patch introduced in March 2014, have revolutionized the monitoring of multiple parameters such as heart rate, skin temperature, and step count. Moreover, industry giants like Samsung and Apple have introduced mobile apps that seamlessly integrate with wearable medical instruments, enabling data recording and digital display. These user-friendly apps have garnered attention and interest in routine health monitoring, consequently fueling market growth.

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Regional Insights

North America dominated the market in 2022 due to the increasing prevalence of diabetes, cardiovascular disorders, and cancer in the region. The presence of a well-established healthcare infrastructure and the need for routine and continuous monitoring of chronic diseases further contribute to the market growth. The wearable medical devices market is expected to expand throughout the forecast period, driven by the rising prevalence of cancer, diabetes, and cardiovascular diseases, as well as the availability of modern healthcare facilities.

In contrast, the Asia Pacific region experiences exponential growth, supported by favorable government initiatives, a growing elderly population, and increased healthcare expenditure. The region also presents significant opportunities for infrastructure development in construction and healthcare, aiming to enhance medical research and services. The wearable medical devices market is witnessing expansion in the Asia-Pacific region, driven by favorable government activities, an increasing senior population, and rising healthcare expenditures.

Recent Developments

November 2022: Zepp Health introduced the Amazfit Pop 2, an exclusive smartwatch for the Indian market. This fitness wearable is now available for purchase on the renowned e-commerce platform, Flipkart.
October 2022: OnePlus, a prominent Chinese smartphone manufacturer, launched the OnePlus Nord watch as part of its Nord product line. The OnePlus Nord Watch seamlessly pairs with the N Health app on smartphones to accurately track and store step counts, calories burned, and sleep quality data.
In April 2022, NoiseFit Buzz joined Noise's impressive lineup of wearables. The NoiseFit Buzz offers comprehensive health-related functions including 24×7 heart rate monitoring and SpO2 blood oxygen level monitoring. Additionally, it boasts sleep monitoring capabilities and features specifically designed for female health monitoring. With the ability to track nine different sports modes, such as cycling, treadmill, yoga, running, walking, spinning, climbing, fitness, and hiking, this wearable is perfect for fitness enthusiasts.

Key Market Players

Medtronic plc
Siemens AG
Bayer AG
Omron Corporation
Withings SAS
Fitbit Inc.
Intelesens Ltd
BioBeat Medical Ltd
Koninklinje Philips NV
Samsung Electronics Co. Ltd

By Product Type	By Type	By Purpose	By Site		By Region
Activity Monitors/Trackers Smartwatches Patches Smart Clothing	Diagnostic Devices Therapeutic Devices	Heart rate Physical Activities Blood oxygen saturation Blood Pressure Hearing Aids Body Temperature Posture Others	Strap/Clip/Bracelet Handheld Headband Shoe Sensors Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Wearable Medical Devices Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Wearable Medical Devices Market, By Product Type:

o Activity Monitors/Trackers

o Smartwatches

o Patches

o Smart Clothing

Wearable Medical Devices Market, By Type:

o Diagnostic Devices

o Therapeutic Devices

Wearable Medical Devices Market, By Purpose:

o Heart rate

o Physical Activities

o Blood oxygen saturation

o Blood Pressure

o Hearing Aids

o Body Temperature

o Posture

o Others

Wearable Medical Devices Market, By Site:

o Strap/Clip/Bracelet

o Handheld

o Headband

o Shoe Sensors

o Others

Wearable Medical Devices Market, By Application:

o General Health & Fitness

o Remote Patient Monitoring

o Home Healthcare

Wearable Medical Devices Market, By Distribution Channel:

o Non-Store-Based

o Store-Based

Wearable Medical Devices Market, By Business Segment:

o B2C

o B2B

Wearable Medical Devices Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Europe

§ France

§ United Kingdom

§ Italy

§ Germany

§ Spain

o Asia-Pacific

§ China

§ India

§ Japan

§ Australia

§ South Korea

o South America

§ Brazil

§ Argentina

§ Colombia

o Middle East & Africa

§ South Africa

§ Saudi Arabia

§ UAE

§ Kuwait

§ Turkey

§ Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Wearable Medical Devices Market.

Available Customizations:

Global Wearable Medical Devices market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Wearable Medical Devices Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validations

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Wearable Medical Devices Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Product Type (Activity Monitors/Trackers, Smartwatches, Patches, Smart Clothing)

5.2.2. By Type (Diagnostic Devices and Therapeutic Devices)

5.2.3. By Purpose (Heart rate, Physical Activities, Blood oxygen saturation, Blood Pressure, Hearing Aids, Body Temperature, Posture, Others)

5.2.4. By Site (Strap/Clip/Bracelet, Handheld, Headband, Shoe Sensors, Others)

5.2.5. By Application (General Health & Fitness, Remote Patient Monitoring, Home Healthcare)

5.2.6. By Distribution Channel (Non-Store-Based and Store-Based)

5.2.7. By Business Segment (B2C and B2B)

5.2.8. By Region

5.2.9. By Company (2022)

5.3. Market Map

6. North America Wearable Medical Devices Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Product Type

6.2.2. By Type

6.2.3. By Purpose

6.2.4. By Site

6.2.5. By Distribution Channel

6.2.6. By Business Segment

6.2.7. By Country

6.3. North America: Country Analysis

6.3.1. United States Wearable Medical Devices Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Product Type

6.3.1.2.2. By Type

6.3.1.2.3. By Purpose

6.3.1.2.4. By Site

6.3.1.2.5. By Distribution Channel

6.3.1.2.6. By Business Segment

6.3.2. Canada Wearable Medical Devices Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Product Type

6.3.2.2.2. By Type

6.3.2.2.3. By Purpose

6.3.2.2.4. By Site

6.3.2.2.5. By Distribution Channel

6.3.2.2.6. By Business Segment

6.3.3. Mexico Wearable Medical Devices Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Product Type

6.3.3.2.2. By Type

6.3.3.2.3. By Purpose

6.3.3.2.4. By Site

6.3.3.2.5. By Distribution Channel

6.3.3.2.6. By Business Segment

7. Europe Wearable Medical Devices Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Product Type

7.2.2. By Type

7.2.3. By Purpose

7.2.4. By Site

7.2.5. By Distribution Channel

7.2.6. By Business Segment

7.2.7. By Country

7.3. Europe: Country Analysis

7.3.1. Germany Wearable Medical Devices Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Product Type

7.3.1.2.2. By Type

7.3.1.2.3. By Purpose

7.3.1.2.4. By Site

7.3.1.2.5. By Distribution Channel

7.3.1.2.6. By Business Segment

7.3.2. United Kingdom Wearable Medical Devices Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Product Type

7.3.2.2.2. By Type

7.3.2.2.3. By Purpose

7.3.2.2.4. By Site

7.3.2.2.5. By Distribution Channel

7.3.2.2.6. By Business Segment

7.3.3. Italy Wearable Medical Devices Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecasty

7.3.3.2.1. By Product Type

7.3.3.2.2. By Type

7.3.3.2.3. By Purpose

7.3.3.2.4. By Site

7.3.3.2.5. By Distribution Channel

7.3.3.2.6. By Business Segment

7.3.4. France Wearable Medical Devices Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Product Type

7.3.4.2.2. By Type

7.3.4.2.3. By Purpose

7.3.4.2.4. By Site

7.3.4.2.5. By Distribution Channel

7.3.4.2.6. By Business Segment

7.3.5. Spain Wearable Medical Devices Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Product Type

7.3.5.2.2. By Type

7.3.5.2.3. By Purpose

7.3.5.2.4. By Site

7.3.5.2.5. By Distribution Channel

7.3.5.2.6. By Business Segment

8. Asia-Pacific Wearable Medical Devices Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Product Type

8.2.2. By Type

8.2.3. By Purpose

8.2.4. By Site

8.2.5. By Distribution Channel

8.2.6. By Business Segment

8.2.7. By Country

8.3. Asia-Pacific: Country Analysis

8.3.1. China Wearable Medical Devices Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Product Type

8.3.1.2.2. By Type

8.3.1.2.3. By Purpose

8.3.1.2.4. By Site

8.3.1.2.5. By Distribution Channel

8.3.1.2.6. By Business Segment

8.3.2. India Wearable Medical Devices Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Product Type

8.3.2.2.2. By Type

8.3.2.2.3. By Purpose

8.3.2.2.4. By Site

8.3.2.2.5. By Distribution Channel

8.3.2.2.6. By Business Segment

8.3.3. Japan Wearable Medical Devices Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Product Type

8.3.3.2.2. By Type

8.3.3.2.3. By Purpose

8.3.3.2.4. By Site

8.3.3.2.5. By Distribution Channel

8.3.3.2.6. By Business Segment

8.3.4. South Korea Wearable Medical Devices Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Product Type

8.3.4.2.2. By Type

8.3.4.2.3. By Purpose

8.3.4.2.4. By Site

8.3.4.2.5. By Distribution Channel

8.3.4.2.6. By Business Segment

8.3.5. Australia Wearable Medical Devices Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Product Type

8.3.5.2.2. By Type

8.3.5.2.3. By Purpose

8.3.5.2.4. By Site

8.3.5.2.5. By Distribution Channel

8.3.5.2.6. By Business Segment

9. South America Wearable Medical Devices Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Product Type

9.2.2. By Type

9.2.3. By Purpose

9.2.4. By Site

9.2.5. By Distribution Channel

9.2.6. By Business Segment

9.2.7. By Country

9.3. South America: Country Analysis

9.3.1. Brazil Wearable Medical Devices Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Product Type

9.3.1.2.2. By Type

9.3.1.2.3. By Purpose

9.3.1.2.4. By Site

9.3.1.2.5. By Distribution Channel

9.3.1.2.6. By Business Segment

9.3.2. Argentina Wearable Medical Devices Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Product Type

9.3.2.2.2. By Type

9.3.2.2.3. By Purpose

9.3.2.2.4. By Site

9.3.2.2.5. By Distribution Channel

9.3.2.2.6. By Business Segment

9.3.3. Colombia Wearable Medical Devices Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Product Type

9.3.3.2.2. By Type

9.3.3.2.3. By Purpose

9.3.3.2.4. By Site

9.3.3.2.5. By Distribution Channel

9.3.3.2.6. By Business Segment

10. Middle East and Africa Wearable Medical Devices Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Product Type

10.2.2. By Type

10.2.3. By Purpose

10.2.4. By Site

10.2.5. By Distribution Channel

10.2.6. By Business Segment

10.2.7. By Country

10.3. MEA: Country Analysis

10.3.1. South Africa Wearable Medical Devices Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Product Type

10.3.1.2.2. By Type

10.3.1.2.3. By Purpose

10.3.1.2.4. By Site

10.3.1.2.5. By Distribution Channel

10.3.1.2.6. By Business Segment

10.3.2. Saudi Arabia Wearable Medical Devices Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Product Type

10.3.2.2.2. By Type

10.3.2.2.3. By Purpose

10.3.2.2.4. By Site

10.3.2.2.5. By Distribution Channel

10.3.2.2.6. By Business Segment

10.3.3. UAE Wearable Medical Devices Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Product Type

10.3.3.2.2. By Type

10.3.3.2.3. By Purpose

10.3.3.2.4. By Site

10.3.3.2.5. By Distribution Channel

10.3.3.2.6. By Business Segment

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

12.1. Recent Development

12.2. Mergers & Acquisitions

12.3. Product Launches

13. Global Wearable Medical Devices Market: SWOT Analysis

14. Porter’s Five Forces Analysis

14.1. Competition in the Industry

14.2. Potential of New Entrants

14.3. Power of Suppliers

14.4. Power of Customers

14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Business Overview

15.2. Service Offerings

15.3. Recent Developments

15.4. Key Personnel

15.5. SWOT Analysis

15.5.1. Medtronic plc

15.5.2. Siemens AG

15.5.3. Bayer AG

15.5.4. Omron Corporation

15.5.5. Withings SAS

15.5.6. Fitbit Inc.

15.5.7. Intelesens Ltd

15.5.8. BioBeat Medical Ltd

15.5.9. Koninklinje Philips NV

15.5.10. Samsung Electronics Co. Ltd

16. Strategic Recommendations

17. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What was the market size of the Global Wearable Medical Devices Market in 2022?

The market size of the Global Wearable Medical Devices Market was estimated to be USD 24.64 Billion in 2022.

Which was the dominant segment by application in the Global Wearable Medical Devices Market in 2022?

The general health and fitness sector dominated the Wearable Medical Devices Market in 2020, reflecting the industry's strong emphasis on well-being. The increasing focus on health and fitness has become a significant driving force, leading to the development of various wearable medical devices and software for weight management and fitness tracking. Wristbands, often connected to smartphones, provide real-time monitoring of activities such as steps taken, calories burned, calorie intake, distance covered, and more. The robust adoption of 3G and 4G networks for continuous healthcare services is fueling the growth of this segment.

Which is the dominant region in the Global Wearable Medical Devices Market?

North America is expected to dominate the market share due to the rising prevalence of cardiovascular illnesses, diabetes, and cancer. The Asia Pacific region is projected to experience exponential growth fueled by government initiatives, increasing senior population, and rising healthcare spending. Key players like Garmin Ltd, Fitbit Inc., and Biotelemetry Inc. are driving market expansion through research and development of innovative wearables. For instance, Garmin Ltd recently released Vivofit jr, a fitness tracker for kids promoting physical activity.

What are the major drivers for the Global Wearable Medical Devices Market?

Advancement of technologically advanced products and strong penetration of 3G & 4G networks for continuous healthcare services are the major drivers for the Global Wearable Medical Devices Market.

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Sakshi Bajaal

Business Consultant

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Press Release

Wearable Medical Devices Market to Grow with a CAGR of 15.63% through 2028

Sep, 2023

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.

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