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Wearable Medical Devices Market Size, Share, Forecast, & Trends Analysis by Type (Smart Watch, Activity Monitor), Application (Monitoring {Glucose, BP, Sleep, RPM}, Therapeutic {Pain, Insulin}), Grade, Distribution Channel - Global Forecast to 2030
The wearable medical devices market is projected to reach $184.49 billion by 2030, at a CAGR of 19.5% from 2023 to 2030.
Following comprehensive primary and secondary research and an in-depth analysis of the market scenario, this report provides an analysis of the key market drivers, restraints, opportunities, and challenges. This market is driven by the growing need for efficient and accurate patient data, the increasing geriatric population, the rising prevalence of chronic diseases, and the increasing adoption of home healthcare as an alternative to hospitals. However, manufacturing defects in wearable medical devices and the reluctance to adopt newer technologies restrain the growth of this market.
Furthermore, the potential to expand in emerging economies, the increasing adoption of remote patient monitoring and telehealth services, increasing patient awareness, and the rising adoption of remote patient monitoring technologies are expected to generate growth opportunities for the players in this market. However, data security & privacy concerns and the high costs of wearable medical devices are major challenges impacting market growth.
Based on type, in 2023, the smartwatches segment is expected to account for the largest share of the wearable medical devices market. Smartwatches are portable devices that can be worn on the person's wrist and have a variety of sensors that can measure different types of vital signs. These smartwatches are quickly becoming quite essential for use in the healthcare industry. They monitor and store data such as patients' heart rates, blood pressure, sleeping patterns, and physical activity. Factors such as the increasing tech-savvy population, the increased number of companies entering the smartwatch industry, and rising awareness about fitness and health are contributing to the segment's large market share.
Based on application, in 2023, the diagnostic and monitoring segment is expected to account for the largest share of the wearable medical devices market. Diagnostic and monitoring devices monitor vitals and have data storage and transmission capabilities. Wearable medical devices enable continuous glucose monitoring, blood pressure monitoring, and heart rate monitoring. Apart from this, the global geriatric population is increasing rapidly, with round-the-clock guidance required for diagnosing, managing, and treating disorders like diabetes. Wearable diagnostic and monitoring devices can enable efficient patient health and data management, contributing to the segment's large share.
Based on distribution channel, the e-commerce segment is projected to register the highest CAGR during the forecast period. E-commerce distribution channels are gaining popularity as consumers prefer to purchase devices through online platforms due to ease of access, affordable rates, doorstep delivery, and convenience. Additionally, 24/7 buying, selling, and customer support and the wide variety of products available drive the growth of this segment.
Based on grade, in 2023, the consumer-grade segment is expected to account for the larger share of the wearable medical devices market. Consumer-grade products or devices developed by wearable device companies are not approved by government organizations such as the FDA and cannot be used for clinical purposes. Apart from this, increasing awareness regarding health & fitness is driving the adoption of these devices. Easy monitoring of health and fitness tracking, low costs, and a wide variety of choices are some of the factors contributing to the segment's large market share.
An in-depth analysis of the geographical scenario in the wearable medical devices market provides detailed qualitative and quantitative insights into five major geographies (North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America) along with the coverage of major countries in each region.
In 2023, North America is expected to account for the largest share of the wearable medical devices market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America's major market share is attributed to the increasing geriatric population, the high prevalence of chronic diseases, the rising popularity of wearable devices due to new and advanced features for health and fitness tracking, and high disposable incomes in the region.
The key players operating in the wearable medical devices market are Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), Fitbit, Inc. (U.S.), Apple, Inc. (U.S.), OMRON Corporation (Japan), VitalConnect, Inc. (U.S.), Garmin Ltd. (U.S.), Sotera Digital Health (U.S.), Abbott Laboratories (U.S.), DexCom, Inc. (U.S.), and Withings (France).
Wearable Medical Devices Market Assessment-by Type
Note: Other wearable medical devices primarily include smart clothing, shoe sensors, wearable ECG, smart glasses, smart bandages, and hearing aids.
Wearable Medical Devices Market Assessment-by Application
Note: Other diagnostic and monitoring applications primarily include neurological monitoring and baby monitoring.
Note: Other therapeutic applications include defibrillation, orthopedic applications, and wound therapy.
Wearable Medical Devices Market Assessment-by Distribution Channel
Wearable Medical Devices Market Assessment-by Grade
Wearable Medical Devices Market Assessment-by Geography
(Note: Other Types primarily include Smart Clothing, Shoe sensors, Wearable ECG, Smart Glasses, Smart Bandages, and Hearing Aids)
(Note: Other Diagnostic and Monitoring Applications primarily include Neurological Monitoring and Baby Monitoring)
(Note: Other Therapeutic Applications primarily include defibrillators, wearable orthopedic devices, and wearable wound therapy devices)