Wearable medical device demand is predicted to expand at a 28.1% CAGR and reach US$ 73.48 billion by 2032. A growing population and an increasing number of chronic diseases are expected to fuel the growth of the wearable medical device industry. Companies in the healthcare industry and product approvals have increased fast as a result of regulatory initiatives, healthcare sector expansion, and an increase in the number of patients.
The worldwide fitness and health market is also expected to expand rapidly as an increasing number of sports and fitness enthusiasts look for new ways to track their health. A sizable number of the US and Canadian populations are early adopters, constituting a sizable percentage of the population.
According to healthcare wearable device data, the worldwide healthcare device industry will grow by 3.8X by 2032. Growing need for round-the-clock monitoring, increased fitness consciousness, and the introduction of technologically improved products are some of the key trends influencing the growth of the wearable healthcare devices market.
Integration of artificial intelligence with the smartphones and wearable medical devices have increased the adoption, furthering the demand. Burgeoning cases of diabetes across the glove have improved the adoption of glucose monitoring devices, especially among the geriatric population.
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Also, due to the penetration of online platforms and increasing awareness about health, the demand for home healthcare wearable medical devices have increased exponentially. Furthermore, increasing expenditure in the healthcare industry across countries such as India, US, China, and UK have propelled the market demand.
According to the latest insights of Future Market Insights, the global wearable devices market is poised to expand at over 7% CAGR throughout the forecast period of 2021 and 2031.
“Growing demand for portable and advanced medical devices to monitor the glucose level and heart rate, due to the increasing cardiovascular diseases and diabetes cases, has been encouraging manufacturers to incorporate technologies such as artificial intelligence and Internet of Thinking (IoT). This will pave way for the expansion of the wearable devices market over the forecast period,” says the FMI analyst
Key Takeaways
- Wearable therapeutic medical devices accounted for more than 50% of global market share in terms of product type
- Home healthcare wearable devices segment is expected to be the largest contributor in the market revenue, accounting for over 60% of market share
- Clinics are anticipated to be the primary distribution channel for wearable medical devices market, followed by hospital pharmacies
- Increased healthcare expenditure across the U.S. are expected to foster the wearable devices sales
- Germany is expected to lead the Europe’s wearable medical devices market through 2021
- Favorable policies and high investment in the medical field across China are expected to bolster market growth
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Competitive Landscape
Future Market Insights projects the market is moderately consolidated with the leading players focused on product innovation and new launches to maintain a strong foothold in the industry. Strategic mergers, collaborations and acquisition are some of the other few strategies to solidify their position in the industry.
In May 2021, Nemaura Medical Inc. announced the purchase of 5000 sugarBEAT transmitters and 200,000 sugarBEAT sensors from a leading company in UK, DB Ethitronix Ltd., that launched sugarBEAT non-invasive daily wear glucose monitoring device in UK.
Some of the prominent wearable medical devices manufacturers profiled by FMI are:
- Siemens AG
- Medtronic PLC
- Bayer AG
- Fitbit Inc.
- Animas Corporation
- Panasonic Corporation
- Smiths Medical
- Johnson & Johnson
- Owlet Baby Care
- Koninklijke Philips NV
- Hoffmann-La Roche Ltd.
- OMRON Corporation
- Rest Devices Inc.
More Insights on the Global Wearable medical devices Market
Future Market Insights, in its latest study, provides an unbiased analysis of the wearable medical devices market, presenting historical demand data (2016 to 2020) and forecast statistics for the period from 2021 to 2031. The study divulges compelling insights on the wearable medical devices market with a detailed segmentation on the basis of:
Product Type:
- Wearable Monitoring and Diagnostic Devices
- Fetal and Obstetric Devices
- Wearable Fetal Monitors
- Infant Motion Sensing Monitors
- Continuous Glucose Monitoring Devices
- Cardiac Monitoring Devices
- Wearable Heart Rate Monitors
- Wearable Pulse Oximeters
- Wearable Blood Pressure Monitors
- Wearable Therapeutic Medical Devices
- Hearing Aid
- Insulin Pump
- Respiratory Therapy Devices
- Sleep Apnea Devices
- Non-invasive Ventilation
- Health & Fitness Devices
Application:
- Patient Monitoring
- Home Healthcare
- Health and Fitness
Distribution Channel
- Hospital Pharmacies
- Clinics
- Online Channels
- Hypermarkets
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Key Questions Covered in the Report
- How will the market for wearable medical devices will expand through 2031?
- Which top companies are leading the global wearable medical devices market?
- What are the key drivers and trends that will stimulate the wearable medical devices sales?
- What are the challenges that will affect the sales of wearable medical devices market?
- Which region will remain the most lucrative throughout the forecast period?
- What is the impact of Covid-19 on wearable medical devices market?
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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