Wearable Medical Devices Market – By Device, Application, End Use – Global Forecast 2024 – 2032

Wearable Medical Devices Market Size

The global wearable medical devices market size was valued at around USD 105.1 billion in 2023 and is estimated to grow at 15.9% CAGR from 2024 to 2032. Wearable medical devices are the diagnostics tools or the health-monitoring devices that are deigned to be attached or worn to the body. These devices collect, analyze and monitor the real time health related data, which provides a valuable insight into a person's health status. Moreover, these devices can be integrated with the digital platform as well as the smart phones.
 

The global wearable medical devices market is experiencing significant growth due to the growing prevalence of chronic disease worldwide. For instance, in 2021, as per the data from the World Health Organization (WHO), non-communicable disease is responsible for 43 million deaths worldwide among this cardiovascular disease is responsible for at least 19 million deaths followed by cancer with 10 million, chronic respiratory diseases with 4 million, and diabetes with over 2 million deaths.
 

The wearable medical devices facilitate the continuous monitoring of these chronic diseases supporting the early detection of any complication, and improved disease management. Thus, as the prevalence of these chronic diseases continues to grow so does the need for effective health monitoring device such as the wearable medical devices, thereby propelling the market growth.
 

Moreover, the rising awareness regarding the physical fitness and wearable devices is a key catalyst that is pushing the growth of the market. With more individuals worldwide becoming conscious regarding their physical health and adopting heathier lifestyle boosting the demand of wearable device which can monitor and track their fitness and health related insights and progress. Wearable devices such as smart watches, and fitness band help the individuals to track their heart rate, calories related insights, physical activity, and sleep patterns in real time. Thus, the growing awareness regarding the fitness coupled with technological advancements is stimulating the growth of the market.
 

Wearable Medical Devices Market Trends

• Technological advancement in wearable devices act as a prominent accelerator for the market expansion. Innovations such as advanced sensors, AI integration and enhanced battery life of these devices as increased the accuracy and efficiency of the wearable devices.
   
• These advancements help the individuals to track their vital information pertaining to their health seamlessly and improve users experience, which in turn boosting the adoption rate of these devices.
   
• Moreover, rising health care spending, growing government initiatives, and higher healthcare budgets in the developing countries have made the wearable devices more accessible and affordable. For instance, the Department of Health and Family Welfare Government of India allocated a budget of Rupees 89,155 crore for the financial year 2023-2024, which was an increase of 14% over the previous year budget.
   
• Thus, these government initiative and budget allocations are fostering the growth of the wearable medical device market.
   

Wearable Medical Devices Market Analysis

Based on devices, the market is segmented into activity/fitness monitors, diabetes devices, cardiac monitors, neurological monitors, respiratory monitors, body and temperature monitors, in-ear devices, and other devices. The global market was estimated at USD 105.1 billion in 2023. The activity/fitness segment held revenues of USD 26.1 billion in the year 2023 and the segment is poised for significant growth at a CAGR of 16.3% during the forecast period.
 

• This growth is largely stimulated by the increasing awareness pertaining to the physical health as well as rising prevalence of lifestyle related conditions such as the cardiovascular diseases, diabetes, and obesity.
   
• For instance, according to the Centers for Disease Control and Prevention (CDC), between August 2021-2023, approximately 40.3% of the adult population in the U.S. were obese. Furthermore, coronary heart disease is the most common heart disease in the country, leading to death of around 371,506 individuals in the year 2022.
   
• Therefore, as the prevalence of these lifestyle disease continues to grow so does the need for wearable fitness monitors such as smart watches and fitness bands. These devices are ideal to monitors various vital health parameters such as the insights pertaining to the calories, heart rate, physical activity, among others.
   
• Moreover, the collaboration between the fitness app, which is estimated to reach USD 76.4 billion by 2032, and the wearable medical devices as increased the usage of the activity monitors, solidifying the segment dominance in the market.
   

Based on application, the wearable medical devices market is segmented into fitness monitoring, obesity control, diabetes care, cardiac health, sleep tracking, and other applications. The diabetic care segment was valued at USD 17.6 billion with a revenue share of 16.7% in 2023.
 

• The growing prevalence of diabetes and the acceptance of monitoring devices for better disease management are the prominent factors accelerating the growth of this segment.
   
• For instance, as per the data from the International Diabetes Federation, in 2021, 537 million people were suffering from diabetes globally, which is anticipated to reach 643 million and 783 million by 2030 and 2040 respectively.
   
• Wearable devices such as the continuous glucose monitors (CGMs) help to manage this chronic condition by enabling the real time glucose tracking and prevent the risk of complications.
   
• Moreover, the integration of these devices with digital platforms such as smart phones, enhances the convenience, functionality, and user’s experiences, further solidifying the position of diabetic care segment in the fast-pacing market.
   

Based on end use, the wearable medical devices market is segmented into home healthcare, remote patient monitoring, and fitness and sports. The home healthcare segment held the largest revenue of USD 52.4 billion in 2023.
 

• There has been a massive shift towards home based care by both patients and healthcare provider due to the easy of affordability, convenience and alternative to hospital stay especially among the elderly demographic requiring continuous health monitoring.
   
• Moreover, COVID-19 pandemic stimulated the growth of telehealth and remote patient monitoring solution, including wearable device at home care setting. This trend has sustained post pandemic as both caregiver and patients recognized the long-term benefits of these solution, thereby propelling the growth of the market.
   

The U.S. wearable medical devices market is forecasted to reach USD 112.7 billion by 2032.
 

• This growth is largely attributed due to the rising prevalence of chronic condition such as cardiovascular diseases, hypertension, and diabetes in the country.
   
• For instance, in 2021, as per the data from the CDC approximately 38.4 million individuals across the U.S. had diabetes which is equivalent to 11.6% of the total population. Furthermore, between 2021-2023, around 47.7% of adult population including older individuals were diagnosed with hypertension across the U.S.
   
• Thus, the wearable devices such as continuous glucose meters (CGMs), fitness bands facilities continuous monitoring of these chronic conditions in real time, thereby propelling the market growth.
   

The wearable medical devices market in the UK is projected to grow significantly from 2024 to 2032.
 

• The increased dependence on the remote patient monitoring during the COVID-19 stimulated the usage of wearable device for the home care setting and telehealth management in the country.
   
• Moreover, the integrating ability of these device along with the digital health platforms such as electronic health records (EHS) help the healthcare providers of the country a leeway to make an informed decision based on the real time data obtained from these devices.
   

The wearable medical devices market in the Japan is projected to grow significantly from 2024 to 2032.
 

• The country as one of speediest aging population which necessities frequent health monitoring. Wearable devices facilities effective and convenient option for elderly care, impelling their adoption in the country.
   
• For example, in 2023 projections from the World Economic Forum revealed that 1 in 10 people in Japan are aged 80 years and above which is about one-third of the population.
   

The wearable medical devices market in the Saudi Arabia is projected to grow significantly from 2024 to 2032.
 

• Saudi Arabia rising healthcare investment along with the innovation in their digital health system providing a favorable environment for the growth of the market.
   
• Moreover, the rising awareness regarding the benefits of wearable devices and physical fitness across various age group of individuals in the country, further propelling the market growth.
   

Wearable Medical Devices Market Share

The top players of the market account for approximately 42% of the market share which includes companies such as Apple Inc., Xiaomi Corporation, Samsung, Alphabet Inc., Abbott Laboratories, among others. Moreover, strategic partnerships with fitness centers, healthcare providers, research institutes, and government agencies play a primary role in advancing the development of products and getting the necessary permits. The development of public awareness through the campaigns, social media platform and endorsement of these devices through the health and wellness influencers will encourage consumers interest in wearable devices, enabling market players to strengthen their position in this growing sector.
 

Wearable Medical Devices Market Companies

Some of the eminent market participants operating in the wearable medical devices industry include:

• Abbott laboratories
• Apple Inc.
• Alphabet Inc.
• Garmin Ltd.
• Hocoma AG
• Koninklijke Philips N.V.
• LifeSense Group B.V.
• Samsung
• Sotera Wireless, Inc.
• VitalConnect
• Xiaomi Corporation
• ZOLL Medical Corporation 
   
• Apple Inc has a strong focus on R&D activities, the company has invested approximately USD 31,370 million in financial year 2023-24.
   
• Samsung has a strong financial position; the company had reported a total revenue of USD 198,247.9 million for the financial year 2023.
   
• Alphabet Inc. has a robust growth through the implementation of various collaboration and acquisitions. For instance, in April 2021 the company as acquired Fitbit, Inc. a prominent player in the wearable device market.
   

Wearable Medical Devices Industry News:

• In January 2024, Garmin Ltd. introduced the Lily 2 series, enhancing its line of elegant smartwatches with refined designs, metal cases, hidden displays, and stylish color options. With up to five days of battery life, new features included sleep score tracking, dance fitness activities, and Garmin Pay for contactless payments, poised to impact the market with sophisticated health and wellness capabilities.
   
• In January 2024, Garmin Ltd. upgraded its Garmin Connect app and website, offering a more personalized and streamlined homepage for health and fitness metrics. Beta access was provided to users with Garmin devices, with a full rollout planned later in the year. This update aimed to enhance user experience and influence the wearable medical devices market by emphasizing health and fitness tracking.
   
• In September 2022, the company introduced Apple Watch Ultra with novel design and a wide range of features for adventure, endurance, and exploration. This product offers innovative temperature-sensing capabilities that enable further insights into women’s health for improving menstrual predictions. Such product launches help the company to expand its product portfolio.
   

The wearable medical devices market research report includes an in-depth coverage of the industry with estimates and forecast in terms of revenue in USD Million from 2018 – 2032 for the following segments:

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Market, By Device

• Activity/fitness monitors
• Diabetes devices
• Cardiac monitors
• Neurological monitors
• Respiratory monitors
• Body and temperature monitors
• In-ear devices
• Other devices

Market, By Application

• Cardiac health
• Obesity control
• Diabetes care
• Fitness monitoring
• Sleep tracking
• Other applications

Market, By End Use

• Home healthcare
• Remote patient monitoring
• Fitness and sports

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada
• Europe 
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
  • Poland
• Asia Pacific 
  • China
  • Japan
  • India
  • Australia
• Latin America 
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa 
  • South Africa
  • Saudi Arabia
  • UAE