Wearable Medical Technology Market, By Product Type, By Application, By Distribution, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2023-2030
Wearable Medical Technology Market size was valued at USD 25,400 Million in 2022, expanding at a CAGR of 24.4% from 2023 to 2030.
Wearable Medical technology refers to health monitoring devices worn on the body, particularly on the wrist, to facilitate the monitoring of the wearer's health data. These devices utilize biosensors to collect various data points from the patient, such as heart rate, blood pressure, sleep patterns, and activity levels. In recent years, the popularity of wearable healthcare technology has significantly increased. This can be attributed to advancements in biosensor technology, leading to improved accuracy, as well as the development of smaller battery sizes and enhanced performance. Consequently, wearable medical technology now has the capability to provide users with precise healthcare data, enabling them to take charge of their own medical healthcare.
Wearable Medical Technology Market- Market Dynamics
The growing population and prevalence of chronic diseases are the factors expected to drive the Wearable Medical Technology market growth.
With the aging global population, the prevalence of chronic illnesses such as diabetes, cardiovascular diseases, and respiratory conditions is increasing. Wearable Medical Technology plays a vital role in delivering real-time data and facilitating remote monitoring, thereby assisting patients and healthcare providers in effectively managing these conditions. According to the American Hospital Association, a growing number of Americans are facing persistent and generally incurable chronic health conditions and diseases. Currently, approximately 133 million Americans, accounting for almost half of the population, suffer from at least one chronic illness, including hypertension, heart disease, and arthritis. This figure has risen by 15 million in just ten years and is projected to reach 170 million by 2030. Moreover, advancements in wearable technology and preventive healthcare and wellness offer opportunities for the wearable medical technology market. However, the market growth may be hindered by limited reimbursement policies.
Wearable Medical Technology Market- Key Insights
As per the analysis shared by our research analyst, the global Wearable Medical Technology market is estimated to grow annually at a CAGR of around 24.4% over the forecast period (2023-2030)
The Wearable Medical Technology industry is projected to grow at a significant rate due to growing population and prevalence of chronic diseases
Based on Product type segmentation, Diagnostic Devices were predicted to show maximum market share in the year 2022
Based on Application segmentation, Home healthcare was the leading type in 2022
Based on Distribution segmentation, Pharmacies were the leading type in 2022
On the basis of region, North America was the leading revenue generator in 2022
Wearable Medical Technology Market- Segmentation Analysis:
The Global Wearable Medical Technology Market is segmented on the basis of Product Type, Application, Distribution, and Region.
The market is divided into two categories based on product type: Diagnostic Devices and Therapeutic Devices. Diagnostic Devices dominate the market. As wearable diagnostic devices progress and enhance, they are expected to assume a progressively significant function in contemporary healthcare, aiding in the determination of diagnoses and treatment decisions.
The market is divided into three categories based on application: Sports and Fitness, Remote Patient Monitoring, and Home Healthcare. Home Healthcare dominates the market. The elderly require essential home healthcare services. The integration of wearable devices equipped with fall detection and health monitoring features not only enhances their safety but also empowers caregivers to deliver superior care to this aging demographic.
The market is divided into three categories based on Distribution: Online channels, Pharmacies, and Hypermarkets. Pharmacies are expected to dominate the market growth. Some wearable medical devices can be integrated with medication management systems, enabling patients to effectively monitor their medication schedules. Pharmacies are capable of offering valuable information and assistance regarding the utilization of such devices.
Wearable Medical Technology Market- Geographical Insights
Geographically, the market is extensively present across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further categorized based on the countries involved in business activities. The market growth is primarily dominated by North America, attributed to the rising adoption of smartphone-based healthcare devices. According to Manhattan Investigation, a firm based in New York City, the utilization of mobile resources for healthcare purposes among U.S. consumers aged 18 or above is witnessing an upward trend. Additionally, in 2020, approximately 87 million individuals in the United States used a health or fitness app on a monthly basis. This accounts for around 30% of adult smartphone owners, and this figure is expected to remain relatively stable over the next three years, as indicated by mobile health statistics. Europe is anticipated to drive market growth during the forecast period, driven by the growing demand for home healthcare services.
Wearable Medical Technology Market- Competitive Landscape:
The wearable medical technology sector is experiencing rapid growth in both the healthcare and technology industries. Its primary objective is to develop wearable devices capable of monitoring and tracking various health metrics, thereby providing valuable data to both users and healthcare professionals. Given the high demand for health-beneficial and convenient devices, the wearable medical technology market is fiercely competitive, with companies continuously innovating to meet this demand. As technology continues to advance, they can anticipate the emergence of more sophisticated and integrated wearable medical devices that will play an expanded role in healthcare and everyday life. A recent example of this progress is Royal Philips, a global leader in health technology, which has obtained 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its wearable biosensor, the Philips Biosensor BX100. This device is designed to assist in managing confirmed and suspected COVID-19 patients in hospital settings.
Recent Developments:
In September 2022, Fitbit Health Solutions as well as Google Cloud have announced the development of a new service to assist healthcare and life science organizations in using wearable data.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL WEARABLE MEDICAL TECHNOLOGY MARKET KEY PLAYERS
Philips Electronics
Fitbit
Basis Science
Garmin
Covidien
Omron Corp.
Withings
Vital Connect
Polar Electro
verist Genomics
Intelesens Ltd.
Sotera Wireless
GLOBAL WEARABLE MEDICAL TECHNOLOGY MARKET, BY PRODUCT TYPE
Diagnostic Devices
Vital Sign Monitoring Devices
Sleep Monitoring Devices
Electrocardiographs Fetal and Obstetric Devices
Neuromonitoring Devices
Therapeutic Devices
Insulin/Glucose Monitoring Devices
Rehabilitation Devices
Respiratory Therapy Devices
GLOBAL WEARABLE MEDICAL TECHNOLOGY MARKET, BY APPLICATION
Sports and Fitness
Remote Patient Monitoring
Home Healthcare
GLOBAL WEARABLE MEDICAL TECHNOLOGY MARKET, BY DISTRIBUTION
Online channel
Pharmacies
Hypermarkets
GLOBAL WEARABLE MEDICAL TECHNOLOGY MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Wearable Medical Technology Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Wearable Medical Technology Market Snippet by Product Type
2.1.2. Wearable Medical Technology Market Snippet by Application
2.1.3. Wearable Medical Technology Market Snippet by Distribution
2.1.4. Wearable Medical Technology Market Snippet by Country
2.1.5. Wearable Medical Technology Market Snippet by Region
2.2. Competitive Insights
3. Wearable Medical Technology Key Market Trends
3.1. Wearable Medical Technology Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Wearable Medical Technology Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Wearable Medical Technology Market Opportunities
3.4. Wearable Medical Technology Market Future Trends
4. Wearable Medical Technology Industry Study
4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. Wearable Medical Technology Market: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. Wearable Medical Technology Market Landscape
6.1. Wearable Medical Technology Market Share Analysis, 2022
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. Wearable Medical Technology Market - By Product Type