Global Wearable Medical Device Market Insights Forecasts to 2030

• The Wearable Medical Device Market Size was valued at USD 28.3 Billion in 2021.
• The Market is growing at a CAGR of 29.5% from 2022 to 2030
• The Worldwide Wearable Medical Device Market is expected to reach USD 197.10 Billion by 2030
• Asia Pacific is expected to grow the fastest during the forecast period

The global Wearable Medical Device Market is expected to reach USD 197.10 Billion by 2030, at a CAGR of 29.5% during the forecast period 2022 to 2030.

The medical equipment is the equipment which customers can wear like smartwatches and activity trackers to check their health updates. These devices are especially made to track as well as collect information of a person’s health and fitness.

Impact of COVID 19 On Global Wearable Medical Device Market

With the onset of COVID 19 outbreak, there has been significant decline in the availability of medical devices and their supplies. The novel coronavirus is taking up the attention of healthcare sector and the increasing cases of CARS-CoV-2 along with the continuous lockdown are hampering the market growth. Apart from this, the pandemic has increased the demand for health wearable devices with remote monitoring and telehealth which helped in dealing with travel bans and lockdown. The key market players have started to focus on fastening the manufacturing process in order to develop a wide range of wearable devices. Furthermore, the companies are giving their best possible efforts in research and development activities.

Key Driving Factors

Increasing lifestyle diseases to boost the market growth

The rising prevalence of sedentary and inactive lifestyles and increasing number of restaurants have boosted the number of lifestyle disorders such as diabetes and hypertension due to which the wearable medical device market is witnessing the surge in the growth over the forecast period. These ailments need continuous monitoring and tracking of physiological parameters like blood sugar levels and blood pressure which is inspiring the market players to integrate healthcare data with healthcare devices so that professionals will be able to access your details on a real time basis.

Key Market Challenges

Growth in the number of cybercrimes to hamper the market growth

The surge in the number of cybercrime and theft of patient data has resulted into rising concerns  among key companies. The digital world is prone to high number of cyber attacks and threats which leaks the confidential data of the patients. The increasing superiority of cyber criminals with rise in the use of smartphones and latest software which is affecting the market growth.

Market Segmentation

Product Insights

Diagnostic Devices segment accounted largest market share over the forecast period

On the basis of product, the global wearable medical device market is segmented into diagnostic devices and therapeutic devices. Among these, diagnostic devices segment dominates the market with the largest market share over the forecast period. The increasing cases of neurological disorders is the key contributing towards the segmental growth. Apart from this, the rising awareness of people related to the capacity of neurological wearable devices to monitor cognitive abilities of individuals on a regular basis for daily activities is anticipated to drive the segmental growth.

Site Insights

Strap/ clip/ bracelet segment dominates the market with the largest market share over the forecast period

On the basis of site, the global wearable medical device market is segmented into handheld, headband, stap/ clip/ bracelet, shoe sensors, others. Among these, the strap/ clip/ bracelet segment holds the largest market share is going to continue its dominance over the forecast period. Certain devices such as smartwatches help to monitor various parameters like respiratory rate, mobility, as well as pulse rate with the help of Bluetooth as well as cloud connectivity are likely to drive the growth of the segment.

Application Insights

Home healthcare segment is dominating the market over the forecast period

Based on the application, the global wearable medical device market is segmented into sports and fitness, remote patient monitoring, home healthcare. Among these, home healthcare segment is dominating the market with the largest market share over the forecast period. The growth is attributed to the increase in geriatric people who are prone to target diseases and increasing demand to reduce healthcare expenses are expected to propel the market growth.

Regional Insights

North America is dominating the market with the largest market share over the forecast period

North America is dominating the market with the largest market share over the forecast period due to the increasing cases of cardiovascular diseases, cancer, and diabetes within the region. Furthermore, increasing cases of chronic diseases which require routine monitoring as well as the strong presence of advanced healthcare infrastructure are going to boost the regional growth.

Asia Pacific, on the other hand is anticipated to witness the fastest market growth over the forecast period. The growth is attributed to the favourable initiatives taken by the government for the use of wearable medical devices, rising healthcare expenses, and geriatric population base in Asia Pacific region.

Recent Market Developments

• In November 2020, Royal Philips and Africa Union has partnered with an aim to strengthen healthcare infrastructure and boost access to care in African Union Member States.
• In November 2020, Royal Philips has launched Philips Ventilator BiPAP A40 EFL.

List of Key Companies

• Philips Electronics
• Fitbit
• Basis Science
• Garmin
• Covidien
• Omron Corp.
• Withings
• Vital Connect
• Polar Electro
• Intelesens Ltd.
• Everist Genomics
• Sotera Wireless

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Wearable Medical Device Market based on the below-mentioned segments:

Wearable Medical Device Market, Product Analysis

• Diagnostic Devices
• Therapeutic Devices

Wearable Medical Device Market, Site Analysis

• Handheld
• Headband
• Strap/ Clip/ Bracelet
• Shoe Sensors
• Others

Wearable Medical Device Market, Application Analysis

• Sports & Fitness
• Remote Patient Monitoring
• Home Healthcare

Wearable Medical Device Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa