Wearable medical devices market to reach $102.5 billion by 2032, fueled by growing health awareness and technological innovation

The wearable medical device market is driven by growing consumer demand for continuous health monitoring, the increasing prevalence of chronic diseases and advances in sensor technology.

Pune, September 17, 2024 (GLOBE NEWSWIRE) — Wearable Medical Devices Market Size and Growth Analysis:

“According to SNS Insider Research, Wearable Medical Devices Market The value of this sector, estimated at USD 40.9 billion in 2023, is expected to reach USD 102.5 billion by 2032, growing at a CAGR of 11.3% between 2024 and 2032.

Market overview

The wearable healthcare market is experiencing significant growth, driven by an increased focus on preventive healthcare and real-time health monitoring. Key factors contributing to this expansion include the aging global population, rising prevalence of chronic diseases, and the need for cost-effective healthcare solutions. Technological advances and innovations in wearable design are significantly improving the user experience, offering improved functionality and greater accuracy in health monitoring.

The integration of telemedicine services further expands the market by enabling seamless remote health management, allowing patients to track their health metrics and receive timely medical interventions without having to visit healthcare facilities. This convergence of growing consumer demand for health-focused technologies and continuous innovation is poised to sustain solid market growth, fulfilling the growing demand for personalized and efficient healthcare solutions.

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Key players mentioned in this report include:

• Philips NV Consoles

• Fitbit

• Basics of Science

• Garmin

• Covidien

• Omron Corp.

• Withings

• Important call

• Polar Electro

• Intelesens Ltd.

• Apple

• Dexcom Inc.

• Masimo Corporation

• Abbott Laboratories

• GE Healthcare

Coverage of the Wearable Medical Devices Market Report:

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Segment analysis

• By product: In 2023, diagnostic devices led the market with a significant revenue share of 61.6%, driven by the high prevalence of neurological disorders. The World Federation of Neurology highlights neurological disorders as the second leading cause of mortality worldwide. The growing awareness of neurological wearable devices for assessing cognitive functions is expected to further boost this segment. On the other hand, the therapeutic devices segment is expected to grow the fastest, driven by innovations such as smart asthma management tools and portable pain relief devices.

• According to the website: The strap/clip/bracelet segment dominated the market in 2023 with a revenue share of 32.2%, mainly due to the popularity of smartwatches for health monitoring. Innovations such as the Fitbit Ace 3, which tracks heart rate and activity levels, are expanding the possibilities of fitness tracking.

• By application: The home care segment led the market in 2023 with a revenue share of 27.5%, driven by the growing elderly population and the need for cost-effective healthcare management solutions. The remote patient monitoring segment is projected to register the highest CAGR during the forecast period, owing to the growing global geriatric population and rising prevalence of chronic diseases.

• By class type: The consumer segment accounted for the largest revenue share of 53.8% in 2023, attributed to user-friendly features and growing health awareness. However, the clinical-grade wearable medical device segment is expected to grow the fastest, driven by demand for advanced monitoring solutions in clinical environments.

• By distribution channel: The pharmacy segment led the market with a 37.8% revenue share in 2023, due to the widespread availability of pharmacies. The online channel segment is expected to register the highest CAGR, driven by the growing consumer shift towards online shopping and the convenience of e-commerce platforms.

Key segmentation of the wearable medical device market:

By product

• Diagnostic devices

• Therapeutic devices

By website

• • Manual

  • Headband

  • Strap/Clip/Bracelet

  • Shoe sensors

  • Others

By application

By class type

By distribution channel

• • Pharmacies

  • Internet channel

  • Hypermarkets

Regional analysis

North America held the largest share in the wearable medical device market in 2023, supported by technological advancements and the presence of key market players. The strong healthcare infrastructure in the region and significant investment in R&D are driving the adoption of wearable medical devices. Major companies such as Fitbit and Apple are at the forefront of innovation with mobile products and applications that enhance health monitoring capabilities.

Asia and Pacific It is expected to be the fastest growing region during the forecast period, driven by growing health awareness and growing elderly population. Countries like China and India are experiencing significant growth in wearable medical devices due to expanding healthcare markets and technological advancements. Renowned companies like Xiaomi and Samsung are making significant progress in developing affordable and advanced wearable devices tailored for the Asian market.

Recent events

• Stryker is expanding the capabilities of its Mako surgical robot platform to include new applications for spine and shoulder surgeries. These applications are expected to launch in February 2024 and are designed to increase the precision of surgical procedures using robotic technology.

• September 2023: Fitbit introduced the Fitbit Charge 6, a device with advanced heart rate monitoring and improved sleep tracking features.

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Key conclusions

• The portable medical device market is poised for significant growth, driven by technological innovation and increased health awareness.

• Diagnostic devices will continue to dominate the market, while therapeutic devices are expected to experience the fastest growth.

• North America continues to be the leading region, with Asia Pacific expected to experience rapid growth due to increasing health awareness and expanding healthcare services markets.

Table of Contents – Key Points

1. Introduction

2. Summary

3. Research methodology

4. Analysis of the impact of market dynamics

5. Statistical insight and trend reporting

6. Competitive Landscape

7. Wearable Medical Devices Market Segmentation by Product

8. Wearable Medical Devices Market Segmentation by Location

9. Wearable Medical Devices Market Segmentation by Application

10. Wearable Medical Devices Market Segmentation by Class Type

11. Wearable Medical Devices Market Segmentation by Distribution Channel

12. Regional analysis

13. Company profiles

14. Use Cases and Best Practices

15. Conclusions

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