Wearable Medical Devices Market Size Industry Share, Analysis, Growth 2032

Wearable Medical Devices Industry Prospective:

The global Wearable Medical Devices market size accrued earnings worth approximately USD 35.27 Billion in 2023 and is predicted to gain revenue of about USD 159.56 Billion by 2032, is set to record a CAGR of nearly 18.26% over the period from 2024 to 2032.

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Wearable Medical Devices Market: Growth Drivers

Biosensors that monitor physiological data, usually using wireless communication or remote, are worn or attached to the human body are called wearable medical devices. Smartwatches, activity monitors, patches, and smart clothing are some wearable medical devices available in the market today. Maximum wearable medical devices have been developed with an emphasis on workout activities, such as jogging, walking, calories burned, muscle activity, heart rate, etc. Wearable medical devices are used for several types of physiological measurements, such as brain activity, blood pressure, continuous glucose recording, infant care, temperature, skin conductance, sleep monitoring, etc.

The wearable medical devices market globally is likely to be driven by advanced functionality and distinct capabilities, such as the ability to function without any external device or smartphone. This has resulted in the rise in consumer acceptance toward these devices. With growing health awareness among people, the increasing prevalence of chronic diseases, such as diabetes, and rising healthcare expenditure, the demand for wearable medical devices is projected to witness outstanding growth in the future.

Furthermore, the increasing per capita income and correctness of monitoring devices along with portability are also fuelling the wearable medical devices market globally. However, unfavorable reimbursement policies, the high cost of wearable medical devices, and data security issues may restrain the wearable medical devices market expansion globally.

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Wearable Medical Devices Market: Segmentation

The global wearable medical devices market is sectored based on device type, application, type, and distribution channel.

By device type, the wearable medical devices market is divided into diagnostic and monitoring devices and therapeutic devices. The diagnostic and monitoring devices segment is further segmented into vital sign monitoring devices, sleep monitoring devices, glucose monitoring devices, fetal monitoring and obstetric devices, and neuromonitoring devices. The therapeutic devices segment is sub-segmented into rehabilitation devices, respiratory therapy devices, pain management devices, and insulin pumps.

By application, the wearable medical devices market is segmented into sports and fitness, home healthcare, and remote patient monitoring.

By type, the market is segmented into activity monitors, smart clothing, patches, and smartwatches.

By distribution channel, the global wearable medical devices market is segmented into pharmacies, hypermarkets, and online channel.

Wearable Medical Devices Market: Report Scope

Wearable Medical Devices Market: Regional Analysis

North America To Lead Overall Wearable Medical Devices Industry Over 2024-2032

The regional wearable medical devices market growth over the forecast period is attributed to large-scale presence of industry behemoths in the countries like the U.S. According to survey conducted by Forbes in first half of 2018, nearly 32% of the millennial parents in the U.S. agreed that they will permit their teenage children to wear wearable AI health tracker The magazine also demonstrated that nearly 22% of millennial parents in the U.S. allowed the wearing of wearable AI health tracker for their children aging five years old.

Furthermore, it was found that the millennial parents in the U.S. were of the view that children of five years of age required constant monitoring as they are unable to know the warning signs of symptoms of severe diseases. Even, parents conveyed that wearable technology can monitor particular conditions of illness in the children as the latter are unable to communicate it to the parents. This has resulted in humungous demand for wearable medical devices in the U.S., thereby spearheading the growth of the wearable medical devices market in the North American sub-continent.

Wearable Medical Devices Market: Competitive Analysis

Key players leveraging the wearable medical devices market growth include

• Samsung Electronics Co., Ltd
• Activinsights Ltd
• Xiaomi Corporation
• Fitbit, Inc
• Apple Inc
• Garmin Limited
• Huawei Technologies Co., Ltd.
• OMRON Corporation
• Polar Electro Oy
• VitalConnect

The global wearable medical devices market is segmented as follows:

By Device Type

• Diagnostic and Monitoring Devices
  • Vital Sign Monitoring Devices
  • Sleep Monitoring Devices
  • Glucose Monitoring Devices
  • Fetal Monitoring and Obstetric Devices
  • Neuromonitoring Devices
• Therapeutic Devices
  • Rehabilitation Devices
  • Respiratory Therapy Devices
  • Pain Management Devices
  • Insulin Pumps

By Application

• Sports and Fitness
• Home Healthcare
• Remote Patient Monitoring

By Type

• Activity Monitors
• Smart Clothing
• Patches
• Smartwatches

By Distribution Channel

• Pharmacies
• Hypermarkets
• Online Channel

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