Wearable Medical Devices Market Size to Record 28.6% CAGR Over 2023-2030; Growing Health Consciousness among Customers to Bolster Market Progress

The global wearable medical devices market size was valued at USD 59.12 billion in 2022 and is predicted to reach USD 73.77 billion in 2023. The market is anticipated to touch USD 428.92 billion by 2030, recording a CAGR of 28.6% over 2023-2030.

Fortune Business Insights™ presents this information in its latest report titled “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”.

Wearable medical devices refer to instruments that customers wear to keep a regular track of their health and fitness levels. These devices offer real time information to customers about their vital signs and are equipped with a wide range of advanced technologies. The growing need to stay fit and make better lifestyle choices is expected to augment the market growth.

COVID-19 Boosted Market Growth Due to Rising Demand for Self-Monitoring Diagnostic Devices

The COVID-19 pandemic had a positive impact on the market due to the growing demand for wearable self-diagnostic devices among people. Customers became aware of the benefits of these devices and started using them to self-monitor the symptoms of COVID-19. Many manufacturers also started launching products that could make it easier for COVID-19-positive patients to track their symptoms more effectively. These developments are predicted to drive the wearable medical devices market share.

Audere Introduced New COVID-19 Tracking App to Help Users Interpret Rapid Diagnostic Test Results

Audere announced the launch of a new product named HealthPulse TestNow in April 2023. It was the first COVID-19 tracking app in South Africa. This application claims to support self-testers with administration and interpretation of Rapid Diagnostic Tests (RDTs).

Growing Health Consciousness among Customers to Bolster Market Progress

The onset of the COVID-19 pandemic prompted individuals to increase their focus on their health and wellbeing and make the required lifestyle changes. Many market leaders in 2020 were promoting their wearable devices to help their customers tackle the deadly virus. The demand for smartwatches and other medical wearable devices grew tremendously during this period as the concept of self-diagnosis caught significant momentum as well. Customers are also increasing their reliance on these devices after the pandemic to boost their overall physical and mental wellbeing, thereby positively impacting the market development.

Robust Range of Advanced Wearables Helped Apple Inc. Dominate Market

The global market is highly competitive and dominated by leading companies, Apple Inc., Sonova, Fitbit Inc., and Samsung. While these organizations are launching a wide range of smart wearable medical devices, it is Apple that has held a dominant position in the market for quite some time. One of the major factors that has solidified Apple’s dominance in this market is its vast portfolio of futuristic wearable devices, such as activity trackers and smartwatches.

Notable Industry Development:

December 2022: Rockley Photonics revealed that it was planning to introduce a clinic-on-the-wrist smartwatch in the second half of 2023. The device was expected to be equipped with smart biosensing features, such as glucose monitor, alcohol, blood pressure, and lactate measurement.

List of the Companies Profiled in the Report:

• 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)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/wearable-medical-devices-market-101070

Further Report Findings:

• North America accounted for the largest market share in 2022 and may retain its dominance during the forecast period as well. Some of the key factors driving the regional market’s growth are high per-capita spending on innovative technologies, rollout of favorable reimbursement policies, and growing focus of top market players on launching futuristic wearable devices in the U.S.


• Asia Pacific is also predicted to record a commendable CAGR during the forecast time frame due to the growing focus of NGOs and governments in Japan and China on minimizing patients’ hospital stay.


• The sports & fitness application segment held the largest share of the global market in 2022 as a growing percentage of the young adult population is participating in outdoor sports and leisure activities. Many wearable medical device manufacturing companies are also launching advanced products to help users track their performance more effectively while playing sports.

Table of Segmentation