The global wearable medical device industry will grow steadily at 8.2% CAGR, reaching $84.8 billion by 2034

The global wearable medical device industry is poised for extraordinary growth, according to a recent market analysis by Future Market Insights (FMI). Market valued at $38.58 billion in 2024 it will reach staggering levels $84.85 billion until 2034. This translates into a solid compound annual growth rate (CAGR) 8.20% over the next decade, highlighting the growing use of these innovative health care solutions.

This significant expansion is driven by a paradigm shift in health care resulting from the rising incidence of chronic diseases and the increasing trend towards a sedentary lifestyle. Traditional healthcare models are being re-evaluated as governments, healthcare organizations and healthcare providers prioritize early diagnosis and regular patient monitoring.

Portable medical devices are emerging as a key solution to address these challenges, offering continuous monitoring and real-time data collection. This trend is further accelerated by the active encouragement of routine diagnostics by regional and national health agencies through awareness programs and various campaigns. These initiatives are increasing awareness among the masses about the benefits of wearing medical devices for monitoring and diagnosing vital signs.

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Key findings from the global report on the portable medical devices industry

• The wearable medical device market has reached market size US dollars 36,604.3 million in 2023. During the historical period, the market recorded a CAGR of 7%.
• It is estimated that the value share of the wearable therapeutic medical devices segment, broken down by product, will be approximately 55% in 2024
• Based on the application, the home health care segment is expected to acquire a market share of 63% in 2024
• The wearable medical device industry in the United States is expected to grow at a CAGR of 5% until 2034.
• The wearable medical devices market in France is expected to register a CAGR of 8% from 2024 to 2034.
• The wearable medical device market in India is estimated to be registering a staggering CAGR of 40% during the forecast period.
• The Singapore market is expected to grow at a CAGR of 10% until 2034.

“Continuous development and launch of improved portable medical devices by leading players is expected to be the go-to-market strategy of leading players. Moreover, players are expected to explore the potential of portable medical devices in various new segments.” says Sabyasachi Ghosh (Assistant Vice President at Future Market Insights, Inc.)

The competitive landscape in the global portable medical device industry

Market participants are developing advanced wearable devices and exploring new applications of wearable medical devices, which are contributing to the market growth. Industry participants acquire companies with complementary technologies and collaborate with other healthcare institutions, technology providers and pharmaceutical companies to expand distribution channels, leverage expertise and develop integrated solutions.

Players continue to emphasize data privacy and security and prioritize user-friendly designs to increase user adoption and compliance. Industry participants engage in targeted marketing campaigns aimed at specific healthcare professionals and patient segments to increase brand recognition and device adoption.

The latest developments in the global portable medical devices industry

• In July 2023, Dexcom, a manufacturer of continuous glucose monitors, revealed that it is producing a type 2 diabetes monitor for patients who do not require insulin. The company also offers a cash payment option for patients who are not covered by health insurers and Medicare.
• In July 2023, Samsung announced that it is preparing to launch a “Galaxy Ring” equipped with smart health features in 2024. To ensure the success of its recent wearables venture, the Korean tech giant is partnering with international and domestic component manufacturers.

Manufacturers of the global wearable medical device industry

• Medtronic limited liability company
• Siemens AG
• Fitbit Inc.
• Bayer AG
• Panasonic Corporation
• Animas Corporation – Johnson and Johnson
• Smiths Medical – a company belonging to the Smiths group
• Koninklijke Philips NV
• Owlet Baby Care
• OMRON company
• Hoffmann-La Roche Ltd
• Rest of Devices Inc.
• Others

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Global segmentation of the wearable medical devices industry

By product:

• Portable monitoring and diagnostic devices
• Fetal and obstetric devices
  • Portable fetal monitors
  • Motion sensing monitors for babies
• Devices for continuous glucose monitoring
• Heart rate monitoring devices
  • Handy heart rate monitors
  • Wearable pulse oximeters
  • Handy blood pressure monitors
• Therapeutic wearable medical device
• Hearing aid
• Insulin pump
• Respiratory therapy devices
• Health and fitness devices

By application:

By distribution channel:

• Hospital pharmacies
• Clinics
• Internet channels
• Hypermarkets

By region:

• North America
• Europe
• Asia and the Pacific
• Middle East and Africa
• Latin America

Author

Sabyasachi Ghosh (Assistant Vice President of Future Market Insights, Inc.) has over 12 years of experience in the healthcare, medical device and pharmaceutical industries. His curious and analytical nature helped him shape his scientific career.

Identifying the key challenges clients face and developing robust, hypothesis-driven solutions that empower them to make strategic decisions comes naturally to him. His core expertise includes areas such as go-to-market and expansion strategy, feasibility studies, competitive intelligence and strategic transformation.

With a degree in microbiology, Sabyasachi has authored numerous publications and has been cited in journals including The Journal of mHealth, ITN Online and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner and member of the Greater New York Chamber of Commerce) offers in-depth knowledge of the drivers of market demand. FMI is a leading global provider of market information, advisory, consulting and events services for the packaging, food and beverage, consumer technology, healthcare, industrial and chemicals markets. With a massive team of over 400 analysts worldwide, FMI provides global, regional and local expertise in a variety of domains and industry trends in over 110 countries.

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