Global Wearable Medical Devices Market Segmentation, By Type (Diagnostic Devices and Therapeutic Devices), Site (Headband, Handheld, Arm and Wrist, Clip, Shoe Sensor, Others), Device (Wristwatch/Wristband, Smart Clothing, Smartwatch, Ear Wear, Others), Application (Cardiac Health, Obesity Control, Diabetes Care, Fitness Monitoring, Sleep Tracking) - Industry Trends and Forecast to 2031.
Wearable Medical Devices Market Analysis
Wearable medical technology is being highly deployed globally as it's easy to use and flexible. The wearable medical devices are being utilized especially among individuals affected by chronic diseases such as cardiovascular conditions, diabetes and others.
Wearable Medical Devices Market Size
Global wearable medical devices market size was valued at USD 40.24 billion in 2023 and is projected to reach USD 174.19 billion by 2031, with a CAGR of 20.10% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Wearable Medical Devices Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Key Market Players
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SAMSUNG (South Korea), Garmin Ltd. (US), Huawei Technologies Co., Ltd. (China), Apple Inc. (US), Sony Corporation (Japan), HTC Corporation (Taiwan), Fitbit, Inc. (US), Xiaomi Global Community (China), ADIDAS AG (Germany), Nike, Inc. (US), LG Electronics. (South Korea), Motorola Solutions, Inc. (US), Fossil Group, Inc. (US), Google LLC (US), Polar Electro (Finland), Withings (France), Michael Kors (US), CASIO AMERICA, INC. (US), TomTom International BV (Netherlands), and ASUSTeK Computer Inc. (Taiwan), among others
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Market Opportunities
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Wearable Medical Devices Market Definition
Wearable medical devices are all those devices that help in disease diagnosis and monitoring to protect people from damage of long-term chronic disease. These devices play an important role in remote monitoring of patients in health centers or at home by tracking the vital signs such as heart rate, pulse rate, ECG and sleep cycle among others. Regulatory bodies regulate the wearable medical devices to demarcate them from normal consumer electronics.
Wearable Devices Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Geriatric Population
The increase in the geriatric population acts as one of the major factors driving the growth of wearable medical devices market as they are more prone to chronic diseases. The subsequent increase in the incidence of chronic diseases among elderly people accelerating consistent monitoring have a positive impact on the market.
- Fitness and Healthcare Applications
The rise in consumer preference for sleek and compact devices in fitness and healthcare applications accelerate the market growth. Also, surge in awareness of fitness, lifestyle, and home healthcare across the globe assists in the expansion of the market.
- Lifestyle Diseases
The surge in the prevalence of lifestyle diseases, such as atherosclerosis, heart disease, and stroke further influence the market.
Opportunities
Furthermore, increase in the demand for wearables that integrate all computing requirements in one compact device extend profitable opportunities to the market players in the forecast period of 2024 to 2031. Also, adoption of wearables in multiple applications will further expand the market.
Restraints/Challenges
On the other hand, concerns regarding limited battery life and unaddressed regulatory issues are expected to obstruct market growth. Also, rise in demand for continuous developments in devices is projected to challenge the wearable medical devices market in the forecast period of 2024-2031.
This wearable medical devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on wearable medical devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Wearable Medical Devices Market
COVID-19 had a negative impact on the wearable medical devices market owing to the supply chain disruptions and COVID-19 restrictions imposed by government. The manufacturing sector was hardly hit by the pandemic that declined the growth of the market. The implementation of global lockdown impacted the production schedules of the manufacturing industries. The sales dropped down amid the lockdown that resulted in drop in sales ratio and limited deliveries. However, market will resume its growth in the post-pandemic due to the easing in restrictions that were imposed earlier.
Wearable Medical Devices Market Scope
The wearable medical devices market is segmented on the basis of type, site, device and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Diagnostic Devices
- Therapeutic Devices
On the basis of type, the wearable medical devices market is segmented into diagnostic devices and therapeutic devices. Diagnostic devices are dominating in the market as it has been used in broad range of applications ranging from cardiac health, obesity, Diabetes care, and pain management among more.
Site
- Headband
- Handheld
- Arm And Wrist
- Clip
- Shoe Sensor
- Others
On the basis of site, the wearable medical devices market is segmented into headband, handheld, arm and wrist, clip, shoe sensor, others. Handheld, arm and wrist segment is dominating the market due to availability of vast product portfolio of handheld, arm and wrist devices used to monitor vital signs thereby predicting any fluctuation from normal condition in humans.
Device
- Wristwatch/Wristband
- Smart Clothing
- Smartwatch
- Ear Wear
On the basis of device, the wearable medical devices market is segmented into wristwatch/wristband, smart clothing, smartwatch, ear wear. Wristband/wristwatches devices are dominating the market owing to maximum adoption of wearable devices which can be worn on wrist due to increased preference for them by people of all age group.
Application
- Cardiac Health
- Obesity
- Diabetes Care
- Fitness Monitoring
- Sleep Tracking
On the basis of application the wearable medical devices market is segmented into cardiac health, obesity, diabetes care, fitness monitoring, sleep tracking. Fitness monitoring segment is dominating the market as wearable medical devices are increasingly adopted by sportsperson in order to track their fitness at regular intervals.
Wearable Medical Devices Market Regional Analysis
The wearable medical devices market is analysed and market size insights and trends are provided by country, type, site, device and application as referenced above.
The countries covered in the wearable medical devices market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the wearable medical devices market because of the increase in the internet users and several companies associated with technological innovations within the region.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2024 to 2031 due to the increasing purchasing power in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Wearable Medical Devices Market Share
The wearable medical devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to wearable medical devices market.
Wearable Medical Devices Market Leaders Operating in the Market Are:
- SAMSUNG (South Korea)
- Garmin Ltd. (US)
- Huawei Technologies Co., Ltd. (China)
- Apple Inc. (US)
- Sony Corporation (Japan)
- HTC Corporation (Taiwan)
- Fitbit, Inc. (US)
- Xiaomi Global Community (China)
- ADIDAS AG (Germany)
- Nike, Inc. (US)
- LG Electronics. (South Korea)
- Motorola Solutions, Inc. (US)
- Fossil Group, Inc. (US)
- Google LLC (US)
- Polar Electro (Finland)
- Withings (France)
- Michael Kors (US)
- CASIO AMERICA, INC. (US)
- TomTom International BV (Netherlands)
- ASUSTeK Computer Inc. (Taiwan)
Latest Developments in Wearable Medical Devices Market
- Apple Inc. launched Apple Watch Series 6 and Apple Watch SE, along with iPad models, in the first fitness experience built for Apple Watch in September’2020. The products bring significant developments in health and wellness features. Apple Watch Series 6 developed the health capabilities of previous Apple Watch models with a new feature. This feature will assist in measuring the oxygen saturation of blood.
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