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The Wearable Medical Devices Market size is estimated to grow by USD 26.56 billion at a CAGR of 23.31% between 2023 and 2028. The global rise in chronic diseases coincides with a growing demand for affordable and user-friendly medical devices, further fueled by the integration of smartphone applications with wearable technology. Chronic diseases are increasingly prevalent worldwide due to factors like aging populations and changing lifestyles, highlighting the pressing need for effective healthcare solutions. In response, there's a surge in demand for medical devices that are not only cost-effective but also easy to use, enhancing accessibility and patient compliance. Moreover, the integration of smartphone applications with wearable medical devices represents a significant advancement, offering real-time monitoring and data analysis capabilities to improve healthcare management and smart healthcare systems. These intertwined trends underscore the importance of innovation and accessibility in addressing the complex healthcare challenges posed by the rise in chronic diseases globally.
The following are the leading companies in the market. These companies are adopting various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to strengthen their market presence. Collectively, they hold the largest market share and set industry trends.
The report also includes detailed analyses of the competitive landscape of the market and information about 20 market Companies, including:
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The diagnostic and monitoring devices segment dominated the market. Wearable diagnostic and monitoring medical devices can be referred to as devices with sensors that are worn by a person. The main advantage of these devices is that they facilitate the detection and monitoring of changes in body signatures of various areas and organs. This segment essentially comprises wearable vital signs and activity monitoring devices, wearable fetal and obstetric monitoring devices, wearable neuromonitoring devices, and wearable electrocardiogram (ECG) monitoring devices.
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The diagnostic and monitoring devices segment was the largest and was valued at USD 4.37 billion in 2018. Several factors such as the increasing focus on early diagnosis and preventive medicine, increasing awareness about chronic diseases, increasing popularity of telemedicine and home healthcare, and the increasing prevalence of CVD, cardiac diseases, sleep disorders, neurological disorders, and high-risk pregnancies are significantly contributing to the growth of this segment. In addition, other factors such as the increasing health consciousness among end-users, the launch of low-cost wearable vital signs and activity patient monitoring devices, and technological advancements are also positively impacting the growth of this segment. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the main factors that are significantly contributing to the growth of the market in North America include the growing prevalence of chronic diseases, high prevalence of hearing impairment, increasing adoption of technologically advanced, increasing GDP, increasing healthcare spending, new product launches, and strong market presence of leading companies.
Further, one of the main countries in North America that is significantly contributing to the market growth in the region is the US due to factors such as the strong presence of major key vendors such as Garmin and Fitbit, growing focus on early diagnosis and prevention, rising demand for home healthcare, favorable reimbursement scenarios such as insulin pumps and hearing aids, CVDs and obesity, and high adoption. Hence, such factors are expected to drive the market growth in the region during the forecast period.
The global market is a beacon of innovation in combating lifestyle-related disorders and non-communicable diseases like hypertension. These portable medical devices offer continuous monitoring, empowering individuals to manage their health proactively. With the rise of virtual care and mHealth Intelligence, patients can access real-time data and clinical insights remotely, enhancing preventive health measures. Companies like Cloud DX pave the way with wearable activity monitors, supporting personalized exercise regimes and healthy lifestyle choices. Furthermore, wearable devices serve as crucial tools in clinical trial platforms, providing researchers with valuable insights into patient health. As the World Health Organization emphasizes preventive healthcare, the market continues to evolve, offering solutions for a healthier future.
One of the key factors driving the market growth is the integration of smartphone applications. There is a significant generation of health data by wearable devices. There is an increase in the scope of remote monitoring with the emergence of smart wearables. The main advantage of wearable patient-monitoring equipment is that it captures different vital signs of an individual, including the heart rate, respiratory rate, skin temperature, and glucose levels.
Moreover, there is a significant generation of this data by these devices which can be analyzed using smartphones. Some of the prominent companies that have launched wearable devices that are compatible with smartphones include Fitbit and Garmin. These devices enable the monitoring of heart rhythms, sleep, and calories. Hence, such factors are positively impacting the market. therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the market growth is the rise in the development of miniature wearable medical devices. There has been a significant increase in the development of miniature across the globe. The miniaturization is at a primary stage but emerging trend in the market. There is an increasing focus by several market players on developing products that are smaller, more reliable, and more energy-efficient than those of previous generations.
Moreover, there is significant growth in the market for portable/mini devices due to the miniaturization of electronic components. For instance, Proteus Digital Health has developed a new miniature ingestible tablet that is equipped with a sensor. Hence, such developments are positively impacting the market. therefore, it is expected to drive the market growth and trends during the forecast period.
The high cost of wearable medical devices is one of the key challenges hindering market growth. The wearable devices are very expensive and their price depends on the type of function and diagnosis. For example, insulin pumps, on average, cost USD 4,500-USD 6,500. There is a significant increase in cost associated with wearable devices considering the high device cost, along with maintenance charges.
Moreover, there is a major cost associated with including pulse oximeters, wearable patch , insulin pumps, and activity trackers as they need frequent battery changes, recharging, and maintenance. In addition, branded wearable devices are very expensive. For example, the cost of activity trackers like Vivosmart HR+ from Garmin costs USD 179.99 (in the US). Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market trends and analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
The market is witnessing unprecedented growth, particularly in addressing chronic conditions like diabetes and cardiovascular diseases. Smartwatches and wrist-based wearables are at the forefront, offering continuous monitoring capabilities and enabling users to track their health in real-time. With advancements in artificial intelligence and battery technology, wearable devices are becoming more sophisticated, providing insights into health management and physical well-being. However, concerns about cybersecurity attacks and the protection of protected health information (PHI) persist, driving the need for robust security measures. As high-speed 5G networks expand, access to medical imagery and remote healthcare services becomes more accessible. Both consumer-grade and clinical-grade wearable devices are gaining traction, offering a wide range of diagnostic and monitoring devices, from vital sign monitors to sleep trackers. With distribution channels including online platforms and retail pharmacies, wearable medical devices are transforming healthcare delivery worldwide.
Further, the market is witnessing rapid expansion, especially in the cardiovascular device market segment. These devices offer continuous monitoring capabilities and are often designed as wrist-based wearables, providing convenience and real-time health insights. Despite some fragmentation, the market boasts a broad geographic footprint, ensuring access to healthcare worldwide. Both consumer-grade and clinical-grade devices are available through various channels, including pharmacies and online platforms. Battery technology is evolving, with advancements in advanced batteries like aluminum graphite and flexible batteries enhancing battery life. From vital sign monitors to pain management devices, these wearables cater to diverse healthcare needs, promoting accessibility and empowering individuals to monitor their health proactively.
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Market Scope |
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Report Coverage |
Details |
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Page number |
180 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 23.31% |
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Market Growth 2024-2028 |
USD 26.56 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
18.59 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 37% |
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Key countries |
US, China, UK, Germany, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
3L Labs Co. Ltd., Abbott Laboratories, Alphabet Inc., Apple Inc., Biotricity Inc., Boston Scientific Corp., Daifuku Co. Ltd., Dexcom Inc., Garmin Ltd., General Electric Co., Huawei Technologies Co. Ltd., Johari Digital India Ltd., Koninklijke Philips N.V., Medtronic Plc, OMRON Corp., Oura Health Oy, Polar Electro Oy, Samsung Electronics Co. Ltd., ten3T Healthcare, and The Sotera Wireless Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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