Wearable Medical Devices Market Size, Share & COVID-19 Impact Analysis, By Product (Diagnostic & Patient Monitoring Devices {Activity Monitors, Smartwatches, Smartclothing, and Others}, and Therapeutic Devices {Wearable Defibrillators, Drug Delivery Devices, Pain Management Devices, Hearing Aids, and Others}), By Application (Remote Patient Monitoring & Home Healthcare, and Sports & Fitness), By Distribution Channel (Retail Pharmacies, Online Distribution, and Hypermarkets & Others), and Regional Forecast, 2023-2030

The wearable medical devices market size was valued at USD 59.12 billion in 2022 and is projected to grow from USD 73.77 billion in 2023 to USD 428.92 billion by 2030, exhibiting a CAGR of 28.6% during 2023-2030. North America dominated the global market with a share of 33.69% in 2022.

Wearables in healthcare encompass medical devices that customers can wear, such as activity trackers and smartwatches. They are specifically designed to monitor and collect real-time data on a user’s health and fitness. According to an article published by mHealth Intelligence in 2023, around 40% of U.S. adults are using healthcare-related applications, and 35% are utilizing wearable healthcare devices.

Recent technological advancements in wearable devices and the growing need among the population to enhance their health have motivated several market players to develop more smart devices, such as Fitbit, biosensors, and hearing aids. Additionally, the increasing prevalence of chronic diseases and lifestyle-related disorders is one of the major factors anticipated to propel the sales of wearable medical devices during the forecast period.

For instance, according to the International Diabetes Federation (IDF) 2021 statistics, approximately 537 million adults were living with diabetes, and this figure is expected to rise to 643 million by 2030. This number is further projected to increase to 783 million by the end of 2045.

COVID-19 IMPACT

Market Witnessed Positive Impact Due to Increasing Demand for Wearable Medical Devices Amid Pandemic

The outbreak of COVID-19 had an overall positive effect on the market. Manufacturers of diagnostic devices reported significant growth in their revenues during this period due to a strong demand for wearable medical devices among the population. These devices were utilized for self-monitoring the symptoms of COVID-19.

• For instance, Garmin Ltd. reported an 11.4% growth in its revenue for the fiscal year 2020. Furthermore, the company’s fitness segment reported a 25.8% growth in revenue during this period.

Additionally, various research institutes and medical associations evaluated the use of wearable technology in predicting the symptoms of Coronavirus. For instance, researchers at the Rockefeller Neuroscience Institute in the U.S. reported that the data from the Oura ring, a wearable sleep and activity tracker, could be combined with an app that measured vital signs to predict in advance whether an individual would develop symptoms of COVID-19.

In the post-pandemic period, market players heavily invested in developing healthcare or fitness wearable apps to provide regular data updates on a patient’s activities, such as monitoring sleep cycles, breathing, calorie intake, heart rate, and others.

• As per an article published by Rlogical Techsoft Pvt. Ltd. in 2023, nearly 85 million medical wearable sensor devices were shipped in 2021. This figure is expected to grow to 160 million by 2024.

Some of the key players of the market continued to exhibit strong growth in terms of revenue in the post-pandemic period.

• For instance, the wearables segment of Apple Inc. generated revenue of USD 38,367 million in 2021 and exhibited a year-on-year growth of 25.3% from 2020. This growth continued in 2022 as well, with a year-on-year growth of 7.5% in 2021-2022. Such trends indicate that the global market is poised for significant growth during the forecast period.

LATEST TRENDS

Rising Health Consciousness among General Population to Favor Market Growth

The outbreak of the COVID-19 virus brought a sharp focus on the need to prioritize health. In mid-2020, it was observed that several market players were promoting their wearable devices to fight against COVID-19. Moreover, healthcare wearables, especially smartwatches, are becoming a key device to enhance bedside care and clinical mobility experience.

• According to a report published by Sciencesoft in 2023, it is estimated that around 440 million consumer health and wellness wearable devices, which include smartwatches and smart patches, will be shipped worldwide in 2024.

Major market players are currently focusing on introducing advanced wearable medical devices in the market to cater to the growing needs of customers.

• For instance, in March 2021, Xiaomi Corporation launched a new wearable product, Mi Smart Band 6. The new edition of the product has an additional feature of SpO2 measurement. This device was developed to monitor COVID-19 symptoms.

Additionally, in May 2020, Koninklijke Philips N.V. received the U.S FDA and CE clearance to use Biosensor BX100 in monitoring COVID-19 patients in hospitals. The biosensor was a single-use wearable patch specially designed to be integrated with a scalable hub to monitor patients across hospital rooms. This product could also be incorporated into existing clinical workflows for mobile viewing and notifications.

WEARABLE MEDICAL DEVICES MARKET GROWTH FACTORS

Increasing Prevalence of Chronic Diseases to Drive Market Growth

The adoption of a sedentary lifestyle and irregular visits to hospitals for routine check-ups in both developing and developed countries has led to a rapid increase in lifestyle-related chronic diseases. Diseases such as diabetes, hypertension, and cardiac disorders impose a significant economic burden on healthcare systems. Consequently, the rising prevalence and increasing cost burden of these chronic lifestyle-related diseases have compelled healthcare agencies, governments, and medical service providers to prioritize timely and routine diagnosis for patients.

National and regional healthcare agencies have been actively promoting routine diagnosis through various campaigns and awareness programs. These initiatives have resulted in an increased awareness of products and devices for diagnosing and monitoring vital signs among the general population.

The aforementioned factors, coupled with market players introducing wearable devices equipped with various vital sign monitoring capabilities such as heart rate, SpO2, and blood glucose levels, have led to a significant rise in demand for these devices among the general population and patients.

• For instance, in April 2023, Gizmore launched the GizFit Flash smartwatch, offering a comprehensive suite of health tracking features, including SpO2 monitoring, 24x7 heart rate monitoring, calorie burn tracking, hydration alerts, menstrual tracking for women, sleep monitoring, and guided breathing exercises. It also functions as a step pedometer, calorie monitor, and stopwatch.

RESTRAINING FACTORS

High Cost of Maintenance of Wearable Medical Devices Can Limit Their Adoption

Despite significant advancements in the technologies and designs of wearable medical devices, certain factors can limit their adoption. One major factor is their high cost. These devices often come equipped with batteries, chips, sensors, and other accessories that require periodic replacement. When factoring in the life cycle of the devices, the costs of these accessories can significantly increase the overall cost of ownership. These factors, coupled with limited reimbursement policies for these devices, have contributed to their limited adoption in both developed and emerging countries.

SEGMENTATION

By Product Analysis

Increasing Prevalence of Chronic Diseases Globally to Boost Use of Diagnostic & Patient Monitoring Devices

Based on product, the market is segmented into diagnostic & patient monitoring devices, and therapeutic devices. The diagnostic & patient monitoring devices segment held the dominant share in 2022 due to the increasing prevalence of chronic diseases, the rising disposable income of the young population, and new product launches by market players.

• According to the World Health Organization (WHO) 2019 fact sheet, Cardiovascular Diseases (CVDs) are the leading cause of death globally, responsible for an estimated 17.9 million deaths each year. This has led to a rise in awareness regarding the importance of early and continuous monitoring of such ailments among the population and an increase in the adoption of wearable devices for this purpose, supporting the global wearable medical devices market growth.

The therapeutic devices segment is anticipated to grow significantly due to the distinct benefits offered by these devices, such as ease of use, precise dosing, and the ability to perform multiple functions at a time.

By Application Analysis

Advent of New and Advanced Wearable Medical Devices to Boost Their Use in Sports & Fitness

Based on application, the market is categorized into remote patient monitoring & home healthcare and sport & fitness. Among them, the sport & fitness segment held the largest market share in 2022. The rising preference of the adult population toward sports and leisure activities, along with the launch of smart and advanced wearable devices that track user activity in real time, are factors primarily responsible for the dominance of this segment.

• For instance, in September 2022, Fitbit Inc. launched three new fitness trackers in India - Fitbit Versa 4, Fitbit Sense 2 watches, and the Fitbit Inspire 4 fitness tracker. These new wearables are equipped with heart sensors, SpO2 monitors, stress monitors, and more features.

The remote patient monitoring & home healthcare segment held the second-largest share in 2022. The growing geriatric population in both developed and emerging countries, coupled with the increasing prevalence of chronic diseases among elderly patients, is responsible for the growth of this segment during the forecast period.

By Distribution Channel Analysis

Retail Pharmacies to be Widely Preferred by Patients Due to High Demand for Self-Monitoring Diagnostic Devices

Based on distribution channel, the market is divided into retail pharmacies, online distribution, and hypermarkets. The retail pharmacy segment held a dominant share of the global market in 2022 and is likely to record a higher CAGR during the forecast period. The segment’s dominance is attributed to the increasing demand for self-monitoring, non-invasive monitoring, and diagnostic devices among the population, as well as the strong focus of market players on retail channels in emerging countries.

The online distribution segment is expected to register a significant CAGR owing to the increasing shift of customers in metropolitan cities toward e-commerce platforms for purchasing wearable devices.

REGIONAL INSIGHTS

North America wearable medical devices market share was valued at USD 19.92 billion in 2022. Factors such as adequate reimbursement policies, higher per capita expenditure on advanced technologies, and a constant focus of market players on the introduction of innovative wearable devices in the U.S. are responsible for the dominance of the region. Other contributing factors include well-established diagnostic infrastructure and strong adoption of technologically advanced products by end-users in the region.

Europe is anticipated to be the second-largest region in terms of revenue due to a large pool of geriatric patients suffering from chronic disorders, coupled with the increasing disposable income of young individuals. According to the data published by Eurostat in 2023, more than one-third or 35.2% of the European population reported having at least one chronic disease in 2021.

Asia Pacific is anticipated to record the highest CAGR, especially in developing countries such as India, South Korea, Australia, and China. This is primarily due to the increasing focus of governments and NGOs in China and Japan on reducing patients’ hospital stays.

The rest of the world accounted for a comparatively lower market share as it is a vast and untapped market. However, improvement in healthcare expenditure and increasing adoption of advanced wearable medical devices in Latin America and the Middle East & Africa are expected to lead this market to future growth prospects.

KEY INDUSTRY PLAYERS

Apple Inc. Held Dominant Market Share Due to Its Robust Portfolio of Smart Products

The competitive landscape of the global market is highly competitive and includes major players such as Apple Inc., SAMSUNG, Fitbit Inc., and Sonova, among others. With its robust portfolio of activity trackers and smartwatches, Apple Inc. accounted for a dominant share of the global market in 2020. Additionally, through various collaborations and acquisitions, key players are strengthening their market positions.

• For instance, in April 2021, NeuroMetrix, Inc. partnered with Pacific Northwest-based Premera Blue Cross to launch the new Quell wearable device to treat pain caused by chronic ailments.


• Additionally, in April 2019, Demant A/S signed an agreement with Koninklijke Philips N.V. to promote its hearing aids, accessories, and applications under the Philips HearLink brand. Selling its products under Philips helped the company boost its revenue margin.

Other players operating in this market include Sonova, OMRON Corporation, BD, and NeuroMetrix Inc. These companies are continuously focusing on the development of advanced therapeutic wearables and expanding their distribution channels globally to establish their foothold in emerging countries.

LIST OF KEY COMPANIES IN WEARABLE MEDICAL DEVICES MARKET:

• BD (U.S.)


• Ypsomed (Switzerland)


• Fitbit, Inc. (U.S.)


• Apple Inc. (U.S.)


• Sonova (Switzerland)


• NeuroMetrix, Inc. (U.S.)


• SAMSUNG (South Korea)


• OMRON Healthcare, Inc. (Japan)


• AiQ Smart Clothing (Taiwan)


• Koninklijke Philips N.V. (Netherlands)

KEY INDUSTRY DEVELOPMENTS:

• April 2023: Audere launched HealthPulse TestNow, the first COVID-19 app in South Africa. This app supports self-testers with the administration and interpretation of Rapid Diagnostic Tests (RDTs).


• December 2022: Rockley Photonics planned to launch a clinic-on-the-wrist smartwatch in the second half of 2023. The device was anticipated to have advanced biosensing features, such as blood pressure, glucose monitor, alcohol, and lactate measurement.


• May 2021: Bose Corporation announced the launch of Bose Sound Control Hearing Aids. This product was the first FDA-cleared, direct-to-consumer hearing aid developed for adults with perceived mild to moderate hearing loss.


• September 2020: Fitbit Inc. announced that its heart-monitoring electrocardiogram (EKG) app on its new Sense smartwatch had been cleared by the U.S. Food and Drug Administration (FDA). The feature can track heart rhythms and look for signs of atrial fibrillation, the most common type of irregular heartbeat.


• August 2020: Fitbit Inc. announced the launch of Fitbit Sense, which includes a skin temperature sensor and a heart rate tracker.

REPORT COVERAGE

The wearable medical devices market research report provides a detailed analysis of the market and focuses on key aspects, such as leading companies, applications, products, and distribution channels. Moreover, it offers insights into the latest market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation

ATTRIBUTE	DETAILS
Study Period	2019-2030
Base Year	2022
Estimated Year	2023
Forecast Period	2023-2030
Historical Period	2019-2021
Growth Rate	CAGR of 28.6% from 2023 to 2030
Unit	Value (USD billion)
Segmentation	By Product, Application, Distribution Channel, and Region
By Product	Diagnostic & Patient Monitoring Devices Activity Monitors/ Trackers Smart watches Smart-clothing Others Therapeutic Devices Wearable Defibrillators Drug Delivery Devices Pain Management Devices Hearing Aids Others
By Application	Remote Patient Monitoring & Home Healthcare Sports and Fitness
By Distribution Channel	Retail Pharmacies Online Distribution Hypermarkets
By Geography	North America (By Product, Application, Distribution Channel, and Country) U.S. (By Product) Canada (By Product) Europe (By Product, Application, Distribution Channel, and Country) U.K. (By Product) Germany (By Product) France (By Product) Italy (By Product) Spain (By Product) Rest of Europe (By Product) Asia Pacific (By Product, Application, Distribution Channel, and Country) China (By Product) Japan (By Product) India (By Product) Australia (By Product) Southeast Asia (By Product) Rest of Asia Pacific (By Product) Rest of the World (By Product, Application, and Distribution Channel)