Wearable Medical Devices Market Poised to Reach USD 156 Billion By 2032

Trishita Deb
Trishita Deb

Updated · Mar 19, 2024

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Introduction

The Global Wearable Medical Devices Market size is expected to be worth around USD 156.0 Billion by 2032 from USD 34.9 Billion in 2022, growing at a CAGR of 16.60% during the forecast period from 2023 to 2032.

The wearable medical devices market is experiencing rapid expansion due to technological innovations and rising health awareness among consumers. According to recent analyses, it is anticipated to witness strong annual growth with estimations showing an exponentially greater valuation over time. It encompasses activity monitors, smartwatches, patches, and continuous glucose monitors each designed to address individual patient’s and health enthusiast’s needs.

Statistics on the market indicate a bright outlook, with health monitoring devices projected to surpass an impressive revenue figure and achieve an impressive compound annual growth rate (CAGR), reflecting their increasing adoption. This increase can be attributed to factors like rising chronic disease incidence rates, aging populations, and an emphasis on fitness and well-being – not forgetting technological and connectivity advances as well as growing consumer interest for remote monitoring of health status which further support its market expansion.

Artificial intelligence, telemedicine, and data analytics technologies integrated into wearable medical devices is helping them increase in functionality and accuracy, leading to wider market adoption as well as new opportunities for industry stakeholders.

Wearable Medical Device Market Size

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Key Takeaways

  • In 2022, the wearable medical devices market was valued at USD 34.9 Billion.
  • It is expected to reach around USD 156.0 Billionby 2032.
  • The compound annual growth rate from 2023 to 2032 is projected to be approximately 16.6%.
  • Global fitness tracker revenues reached USD 17.3 billion in 2022
  • smartwatch revenue hit USD 38.6 billion and was anticipated to hit USD 53.6 billion in 2025.
  • The Biosensor market is expected to hit 1.4 billion USD.
  • Around 30% of households earning over $75,000 annually utilize wearable health technology
  • 25% of women regularly utilize such wearables; 26% of Hispanic adults regularly employ such technologies.
  • The wearable healthcare device market was estimated at USD 24.57 billion in 2018, projected to expand to USD 139.35 billion by 2026.
  • Fitbit holds 40% market share with USD 1.21 billion generated as revenue in 2021.
  • Apple holds 24.1% market share globally and was valued at over USD 2 trillion as of 2021.

Emerging Trends

  • Adoption among Seniors: More than 20% of Americans 65 years and older now use health-related wearable devices, an increase of 104% since just five years ago.
  • Increase in Fitness Tracker Use: About one-third of U.S. adults currently own fitness trackers or smartwatches, with higher usage among higher-income households.
  • Rise in Remote Patient Monitoring Adoption: Post-COVID-19, there has been a 60% surge in adoption of remote patient monitoring technologies such as wearable technologies for remote patient monitoring.
  • Rising Consumer Demand for Sleep Trackers: Sleep-related features have seen a 50% spike in usage, signaling rising consumer interest in monitoring quality sleep.
  • Chronic Disease Management Expansion: Wearable devices have experienced a 40% growth, particularly continuous glucose monitoring devices.
  • Integration With Telehealth: Over 35% of telehealth providers now integrate data from wearable devices into patient care plans for personalized healthcare delivery.
  • Advancements in Wearable ECG Monitors: Since 2016, sales of wearable ECG monitors have seen a 30% annual increase, reflecting consumers’ growing concern for cardiovascular wellness.
  • Increased Focus on Mental Health: The adoption of wearables equipped with features to monitor stress, anxiety and mood has seen an unprecedented 25% year-on-year surge.
  • Increased Adoption of Wearable Fitness Devices: Since the pandemic began, wearable fitness devices have seen a 27% surge in use – with trends showing continued upward momentum.

Use Cases

  • Income and Device Usage: Of American households earning over $75,000 yearly, 30% use fitness trackers or smartwatches; this compares with only 12% in households earning under $30,000.
  • Gender-Specific Use: 25% of women regularly engage with wearable healthcare devices.
  • Ethnicity and Usage: 26% of Hispanic adults regularly utilize wearable health technology, such as fitness trackers.
  • Population Engagement: An estimated 30-31%, or 1266 out of 4551 adults, use wearable healthcare devices.
  • Usage Frequency: More than four out of ten users (47.33%) utilize their devices daily.
  • Data Sharing Willingness: Over 82.38 percent are open to sharing their health data with healthcare providers.
  • Predominant User Group: Women are the primary users, accounting for 16.25% of wearable healthcare device usage rates.
  • Market Growth: In 2018, the wearable healthcare device market was valued at USD 24.57 billion, with an expected compound annual growth rate of 24.7% through 2026 to reach USD 139.35 billion.
  • Health Monitoring Trends: Technology continues to become more integrated into monitoring health, fitness, and well-being.
  • Integration With Healthcare Systems: Increased integration of wearable technology with telehealth and remote patient monitoring systems.
  • Consumer Preferences: Shift towards personalized and data-driven insights to facilitate health optimization and disease prevention.
  • Technological Advancements: Constant advancements in sensor technology, battery life management, and data analytics continue to strengthen device capabilities.
  • Market Diversification: Expanding wearable tech into elderly care, mental health treatment and chronic disease management is becoming a necessity.

Recent Developments

  • BD (Becton, Dickinson and Company): While specific recent developments aren’t readily available, BD is a major player in diabetes management with connected insulin delivery systems. We can expect them to focus on improving connectivity and data integration for better diabetes care.
  • NeuroMetrix Inc.: Their recent efforts might be geared towards expanding the use of their wearable devices for nerve conduction studies and neurological condition monitoring.
  • Ypsomed: News on specific developments might be limited, but Ypsomed is a leader in insulin pump technology. They likely continue to refine their wearable insulin pumps for comfort, efficiency, and data management.
  • Sonova: Sonova focuses on hearing health. Recent developments might involve advancements in hearing aid technology that integrate with wearables for better monitoring and control.
  • OMRON Corporation: In July 2021, OMRON released their first combined ECG and blood pressure monitor for home use, the OMRON Complete. They likely continue to innovate in at-home wearable devices for cardiovascular health monitoring.

Conclusion

Conclusion The wearable medical devices market continues to experience rapid expansion driven by technological innovations, rising chronic disease prevalence rates and an increase in awareness about personal health monitoring. A comprehensive market assessment makes clear that demand for wearable medical devices stems from their convenient means of continuous health monitoring and disease management.

Advanced features like real-time data tracking, wireless connectivity, and user-friendly interfaces have increased consumer interest in wearable devices, leading to continuous innovations from key players in the market that cater to various healthcare needs.

As consumers prioritize preventive healthcare and seek remote patient monitoring solutions, the market for wearable medical devices should experience steady expansion. Furthermore, collaborations between technology firms and healthcare providers should boost market penetration and adoption rates.

Overall, stakeholders in the wearable medical devices market must remain alert to emerging trends and regulatory developments while seizing opportunities presented by increased demand for personalized and accessible healthcare solutions.

FAQ.

What are wearable medical devices?

Wearable medical devices are electronic technology or gadgets worn on the body to monitor, track, or treat various health conditions, offering continuous health surveillance or support.

How do wearable medical devices work?

They typically function by integrating sensors that collect data related to health metrics such as heart rate, blood pressure, glucose levels, and sleep patterns, which are then analyzed or sent to healthcare providers.

How big is the Wearable Medical Devices Market?

The global Wearable Medical Devices Market size was estimated at USD 34.9 Billion in 2023 and is expected to reach USD 156.0 Billion in 2032.

What is the Wearable Medical Devices Market growth?

The global Wearable Medical Devices Market is expected to grow at a compound annual growth rate of 16.6%. From 2024 To 2033

Who are the key companies/players in the Wearable Medical Devices Market?

Some of the key players in the Wearable Medical Devices Markets are BD, Neurometrix Inc., Ypsomed, Fitbit Inc., Apple Inc., Sonova, SAMSUNG, OMRON Corporation, Xiaomi Technology Co, Ltd., and Other Key Players

Sources.

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Trishita Deb

Trishita Deb

Trishita has more than 7 years of experience in market research and consulting industry. She has worked in various domains including healthcare, consumer goods, and materials. Her expertise lies majorly in healthcare and has worked on more than 400 healthcare reports throughout her career.