Wearable Medical Devices Market to Reach 240.78 Billion by 2034

Vantage Market Research releases its latest comprehensive report on the ‘Wearable Medical Devices Market ’ with a forecast period of 2025-2034. In 2023, the global wearable medical devices market  size was USD 49.87 Billion, and is calculated at USD 57.56 billion in 2024. The market is projected to reach USD 240.78 billion in 2034, and register a revenue CAGR of 15.4% over the forecast period (2025-2034).

Market Overview:

The Global Wearable Medical Devices Market continues to register steady revenue growth, driven by factors such as rising prevalence of cardiovascular diseases and lifestyle diseases such as diabetes, obesity, respiratory issues, and sleep disorders. Also, increasing trend of Remote Patient Monitoring (RPM), steady traction of telemedicine and use of related devices and services, and rise in demand for technologically-driven approaches and use of wearable medical devices to enhance patient experiences and provide value-added healthcare services to improve health outcomes are major factors supporting market growth. In addition, demand for wearable medical devices is driven by increasing number of individuals focusing on personal health and fitness and also as an approach that supports preventive healthcare. 

Wearable medical devices are sensor-based and are designed for real-time monitoring of various medical conditions, as well as to provide alerts to user and medical personnel, and these devices add a level of safety to patients with chronic and lifestyle diseases. Rising prevalence of chronic diseases and rapidly aging global population and need for more advanced and convenient approaches to monitor and manage healthcare needs for an increasing patient pool is also driving adoption. Some of the more widely used wearable medical devices include smartwatches, fitness trackers, biosensors, wearable Electrocardiograph (ECG), blood pressure monitors, and glucose monitoring devices.

Also, wearable ECG devices, which enable early detection of heart irregularities are also in high demand. This is also relevant for devices for tracking physical activity, sleep quality, and vital signs, and demand is high among individuals seeking to improve overall wellness and adopt basics in preventive care 

Devices also include wearable insulin pumps and continuous glucose monitoring  systems for diabetes management, wearable extravascular implantable cardioverter-defibrillator for cardiac patients, wearable drug delivery systems, or wearable injectors for the subcutaneous delivery of biologics, and behind-the-ear and in-the-ear hearing aids and cochlear implants. Wearable devices for chronic pain management such as wearable neurostimulation device, and various others are also gaining steady traction in the market. This is being driven by rising awareness regarding availability and use, as well as benefits and advantages become increasingly know among a wider potential consumer base. 

Wearable medical devices offer a number of benefits and robust Internet and Bluetooth connectivity enables users to access real-time data to manage their conditions better and also enables healthcare providers to offer more personalized care. These devices are being increasingly used for early disease diagnosis, prevention of complications, and remote monitoring of patients. In addition, use enables enhanced patient compliance with treatment protocols, reduces need for regular hospital visits, and overall lowers healthcare costs.

Technological advancements are also driving growth of the wearable medical devices market to a major extent. Integration of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) is enabling more enhanced data analytics and accurate predictive capabilities and improved response times for critical health events. Advancements in miniaturization and flexible electronics have also enabled development of more compact, convenient, comfortable, and user-friendly wearable medical device designs, and this is also a major factor encouraging broader adoption.

Other trends in the market include collaborations between tech companies and healthcare providers to improve data interoperability, and increasing number of AI-enabled wearable medical devices securing relevant approvals and clearance from regulatory bodies. 

Some Key Takeaways:

• Among the regional markets, North America leads in terms of revenue share contribution to the global Wearable Medical Devices Market, with majority revenue share from the US. 
• Europe wearable medical devices market growth is driven by high sales of devices in Germany and the UK.
• Asia Pacific wearable medical devices market is expected to register fastest revenue growth rate, with China, Japan, and India accounting for major revenue share contribution.
• The wearable diagnostic and monitoring devices segment is expected to account for largest revenue share among the product segments in the global wearable medical devices market. 
• The remote patient monitoring segment is expected to lead in terms of revenue share among the application segments.
• Among the end-use segments in the global wearable medical devices market, the Remote Patient Monitoring (RPM) segment is expected to account for largest revenue share.
• The online sales segment is expected to account for largest revenue share among distribution channel segments over the forecast period. 
• The competitive landscape is highly dynamic, with a number of leading companies competing to drive revenues and expand consumer base, as new entrants enter the market.  

Company List:

• Apple Inc.
• Fitbit, Inc.
• Garmin
• Samsung Electronics Co., Ltd.
• OMRON Healthcare, Inc.
• Philips Healthcare (Koninklijke Philips N.V.)
• Medtronic
• BD (Becton, Dickinson and Company)
• Sonova Holding AG
• Ypsomed AG
• NeuroMetrix, Inc.
• AiQ Smart Clothing

Recent Developments:

August 28, 2024: OxiWear announced securing FDA 510(k) clearance for OxiWear System, which is an ear, non-invasive wearable device designed for pulse oximeteoxygen data collection. The device performs continuous, real-time measurement of blood oxygen saturation (SpO2) and pulse rate in adult and adolescent patients while still and in motion. The device is worn on the helix of the ear with an adjustable clip-on mechanism and works across all skin types. The chargeable system is wearable, Bluetooth-enables, reusable, and is powered by a lithium-ion battery. Gathered data is transmitted to smartphone mobile app, which provides live data monitoring, historical data for clinical review, and text alerts, and can be used in spot-checking and/or continuous data collection in clinical and home environments.

April 23, 2024: Philadelphia-based brain technology company – Cogwear – announced opening of a new facility in St. Paul, Minnesota, to expand development and production of its wearable technology with proprietary sensors in the form of an athletic headband, which accurately measures brain activity outside of a clinical setting and delivers clinical-grade EEG data with virtually no motion artifacts even when users are walking or exercising. The strategic expansion will accelerate delivery of the company’s second-generation device, which is designed to deliver real-time brain insights virtually anywhere. The company will be focusing on hardware development and production of the wearable to build on the successful launch of its first product, and plans to produce a sizable volume over the next 18 months. 

March 18, 2024: Sequel Med Tech announced approval from the US Food and Drug Administration for its Twiist AID System, which is a new automated insulin delivery system for people with type 1 diabetes. The device is described according to the announcement, as the first drug delivery system with the ability to directly measure the volume and flow of insulin delivered with every micro-dose. The device is powered by Tidepool Loop, and received FDA 510(k) clearance for use in people with type 1 diabetes aged 6 years and older.

Market Segmentation:

By Product:

• Wearable Diagnostic and Monitoring Devices
• Electrocardiographs (ECGs)
• Blood Pressure Monitors
• Blood Glucose Monitors
• Pulse Oximeters
• Activity Monitors/Fitness Trackers
• Sleep Trackers
• Respiratory Monitors
• Others
• Wearable Therapeutic Devices
• Pain Management Devices
• Insulin Pumps
• Respiratory Therapy Devices
• Dialysis Devices
• Hearing Aids
• Others

By Application:

• Remote Patient Monitoring
• Home Healthcare
• In-Hospital Use
• Sports and Fitness
• Rehabilitation
• Others

By End-Use:

• Home healthcare
• Remote Patient Monitoring
• Fitness & Sports

By Distribution Channel:

• Pharmacies
• Online Sales
• Direct Sales
• Hypermarkets/Supermarkets
• Specialty Stores

Regional Segmentation: 

North America

• United States
• Canada
• Mexico

Europe

• Germany
• United Kingdom
• France
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Rest of Asia Pacific

Latin America

• Brazil
• Argentina
• Rest of Latin America 

Middle East & Africa

• Saudi Arabia
• South Africa
• United Arab Emirates
• Israel
• Rest of MEA