Wearable Health Tech Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Wearable Health Tech Industry Prospective:

The global wearable health tech market size was evaluated at $41 billion in 2023 and is slated to hit $70 billion by the end of 2032 with a CAGR of nearly 12% between 2024 and 2032.

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Wearable Health Tech Market: Overview

Wearable health technology has evolved as a transformation tool in the healthcare sector, thereby facilitating constant monitoring and managing of a slew of health conditions. Reportedly, wearable health tech devices include fitness trackers, smart watches, and special medical sensors. These devices are designed for gathering and transmitting health data, thereby allowing patients as well as healthcare service providers to make informed decisions.

Key Insights

• As per the analysis shared by our research analyst, the global wearable health tech market is projected to expand annually at the annual growth rate of around 12% over the forecast timespan (2024-2032)
• In terms of revenue, the global wearable health tech market size was evaluated at nearly $41 billion in 2023 and is expected to reach $70 billion by 2032.
• The global wearable health tech market is anticipated to grow rapidly over the forecast timespan owing to an increase in the acceptance of smartphones along with their compatibility with wearable health equipment.
• In terms of product type, the smartwatch segment is slated to register the highest CAGR over the forecast period.
• Based on application, the remote patient monitoring segment is predicted to contribute majorly towards segmental space in the upcoming years.
• Based on grade type, the consumer-grade segment is predicted to dominate the segmental growth in the ensuing years.
• Region-wise, the Asia-Pacific wearable health tech industry is projected to register the fastest CAGR during the projected timespan.

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Wearable Health Tech Market: Growth Factors

Escalating health consciousness among the people and demand for précised care to boost the global market expansion over 2023-2024

Surging health awareness along with the need for preventive care are expected to make major contributions toward the global wearable health tech market. Moreover, an increase in chronic ailments has led to massive use of health monitoring equipment, thereby driving global market trends.

An increase in the acceptance of smartphones along with their compatibility with wearable health equipment will embellish the growth of the market globally. Necessity of remote patient monitoring activities, the demand for enhanced patient outcomes, and the need for reducing healthcare costs are likely to translate into a huge growth in the global market. Humungous interest of people in proactive health management activities is expected to spur the global market progression.

Wearable Health Tech Market: Restraints

Humungous prices of product can hinder the global industry surge over the forecast period

Growing data security concerns and strict compliances can obstruct the expansion of the global wearable health tech industry. Low battery life and need for constant monitoring of wearable health tech devices can put brakes on the global industry progression in the ensuing years. Huge costs of wearable health tech devices can impede the expansion of industry across the globe.

Wearable Health Tech Market: Opportunities

An increase in the penetration of wearable instruments in the healthcare sector to prop up the global market expansion by 2032

A rise in the usage of wearables in chronic disease management activities, measuring fitness levels in individuals, and mental health monitoring is predicted to expedite the growth of the global wearable health tech market. Furthermore, technological breakthroughs such as improved sensors and miniaturization will pave the way for immense growth of the market across the globe.

Wearable Health Tech Market: Challenges

Lesser knowhow about benefits offered by wearable devices can pose a huge threat to the global industry in coming years

Interoperability issues and resistance to change can challenge the expansion of the global wearable health tech industry. Lack of education about the benefits offered by wearable health tech devices to consumers can deter the global industry surge.

Wearable Health Tech Market: Segmentation

The global wearable health tech market is divided into product type, application, grade type, distribution channel, and region.                                             

In terms of product type, the wearable health tech market across the globe is segmented into smart watches, smart clothing, activity monitors, patches, and hearables segments. Apparently, the smartwatches segment, which gained about 72% of the global market revenue in 2023, is projected to account for the fastest CAGR during the coming years owing to the multifunctional features of smartwatches. Apart from this, smart watches help in tracking fitness metrics, monitoring heart rate, third-party application integration, and notifications on smartphones.

Based on the application, the global wearable health tech industry is segmented into home healthcare, general health & fitness, and remote patient monitoring segments. Apparently, the remote patient monitoring segment, which led the global industry in 2023, is expected to contribute largely towards the segmental expansion globally in the upcoming years. This can be owing to the escalating demand for consistent healthcare monitoring due to the surging occurrence of chronic disorders along with the escalating acceptance of telehealth solutions. Furthermore, the need for enhancing patient engagement and chronic disease management activities is projected to spur the segmental space in the coming years.  

On the basis of grade type, the global wearable health tech market is sectored into clinical grade and consumer grade segments. Moreover, the consumer-grade segment is anticipated to dominate the segmental space over the forecast period. Furthermore, the segmental surge can be due to rise in the usage of products for personal usage including smart watches and fitness trackers.

In terms of distribution channel, the global wearable health tech industry is divided into hypermarkets, retail pharmacies, and online distribution segments.

Wearable Health Tech Market: Report Scope

Wearable Health Tech Market: Regional Insights

North America is likely to maintain leadership position in the global market over the assessment timespan

North America, which contributed about 43% of the global wearable health tech market size in 2023, is set to establish a number one position in the global market in the upcoming years. In addition to this, the regional market progress in the next eight years can be attributed to a surge in the acceptance of new technologies, the presence of robust healthcare infrastructure, and the escalating customer awareness about health monitoring systems. Moreover, the surging occurrence of chronic ailments along with the growing focus on preventive health will boost the regional market trends.

The Asia-Pacific wearable health tech industry is expected to record the fastest CAGR annually in the coming few years. The expansion of the industry in the sub-continent can be owing to the escalating acceptance of wearable healthcare devices in hospitals and clinics in Asian countries. Moreover, supportive government programs and healthcare awareness among the population of the region will boost the growth of the industry in APAC zone.

Key Developments

• In July 2024, Samsung launched the AI-based Galaxy Ring and thus entered the Smart Ring Industry, increasing its wearable tech product line.
• In January 2024, Amira introduced The Terra System, an AI-driven hot flash care product & wearable cooling equipment aiding women against hot flashes and helping in their sound sleep at night.

Wearable Health Tech Market: Competitive Space

The global wearable health tech market profiles key players such as:

• Apple Inc.
• Fitbit Inc.
• Samsung
• Sonova
• OMRON Corporation
• Xiaomi Inc.
• Koninklijke Philips N.V.
• Medtronic Corporation
• Withings
• Huawei Technologies Corporation.

The global wearable health tech market is segmented as follows:

By Product Type

• Smart Watches
• Smart Clothing
• Activity Monitors
• Patches
• Hearables

By Application

• Home Healthcare
• General Health & Fitness
• Remote Patient Monitoring

By Grade Type

• Clinical Grade
• Consumer Grade I

By Distribution Channel

• Hypermarkets
• Retail Pharmacies
• Online Distribution

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa