NEW
YORK, July 18, 2024 /PRNewswire/ -- The global
wearable medical devices market size is estimated to grow by
USD 26.55 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a
CAGR of almost 23.31% during the forecast period. Increasing
prevalence of chronic diseases globally is driving market growth,
with a trend towards emergence of innovative wearable medical
devices. However, high cost of wearable medical devices poses a
challenge. Key market players include 3L Labs Co. Ltd., Abbott
Laboratories, Alphabet Inc., Apple Inc., Biotricity Inc., Boston
Scientific Corp., Daifuku Co. Ltd., Dexcom Inc., Garmin Ltd.,
General Electric Co., Huawei Technologies Co. Ltd., Johari Digital
India Ltd., Koninklijke Philips N.V., Medtronic Plc, OMRON Corp.,
Oura Health Oy, Polar Electro Oy, Samsung Electronics Co. Ltd.,
ten3T Healthcare, and The Sotera Wireless Inc..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Product (Diagnostic and
monitoring devices and Therapeutic devices), Application (Home
healthcare, Sports and fitness, and Remote patient monitoring), and
Geography (North America, Europe, Asia, and Rest of World
(ROW))
|
Region
Covered
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Key companies
profiled
|
3L Labs Co. Ltd.,
Abbott Laboratories, Alphabet Inc., Apple Inc., Biotricity Inc.,
Boston Scientific Corp., Daifuku Co. Ltd., Dexcom Inc., Garmin
Ltd., General Electric Co., Huawei Technologies Co. Ltd., Johari
Digital India Ltd., Koninklijke Philips N.V., Medtronic Plc, OMRON
Corp., Oura Health Oy, Polar Electro Oy, Samsung Electronics Co.
Ltd., ten3T Healthcare, and The Sotera Wireless Inc.
|
Key Market Trends Fueling Growth
The global wearable medical devices market is experiencing
significant growth due to innovative product designs. Manufacturers
are focusing on creating compact, light, and ergonomic devices.
Technological advancements, such as system-on-chip (SoC) and
chip-scale package (CSP), are enabling size reduction. 32-bit ARM
architecture and wireless technologies like ANT+ and Bluetooth Low
Energy (BLE) help design low-power devices with longer battery
life. Quell, a US FDA-approved, lightweight pain-relieving wearable
by NeuroMetrix, and Philips' medical-grade biosensor are prime
examples. These devices offer relief from chronic pain and
continuous health monitoring, respectively. Increased R&D
investments are driving the development of advanced wearable
medical devices, fueling market growth.
The wearable medical devices market is experiencing significant
growth due to the increasing prevalence of chronic diseases such as
diabetes and cardiovascular diseases. Glucose monitoring devices,
sleep monitoring devices, and activity trackers are popular choices
for managing diabetes and promoting healthy lifestyles. Wrist
actigraphs, polysomnography devices, and neuromonitoring devices
offer advanced solutions for sleep and neurological disorders.
Therapeutic devices, pain management devices, rehabilitation
devices, and respiratory therapy devices cater to various medical
needs. Insulin pumps, hearing aids, and continuous monitoring
devices are essential for managing specific conditions in
real-time. The market includes traditional channels like pharmacies
and retail stores, as well as online distribution through
healthcare platforms and mHealth intelligence. International
organizations like the International Diabetes Federation and World
Health Organization advocate for the use of wearables in managing
non-communicable diseases. Cardiovascular device market players,
including smartwatches and ECG devices, are innovating with
continuous monitoring capabilities and virtual care services. Cloud
DX, for instance, offers remote patient monitoring solutions.
Wearables are transforming healthcare by enabling real-time data
collection and home healthcare, making lifestyle-related disorders
more manageable.
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Market Challenges
- Wearable medical devices, such as pulse oximeters, insulin
pumps, and activity trackers, offer valuable health monitoring and
diagnostic functions. However, their costs can be prohibitive for
some users. On average, insulin pumps range from USD4,500 to USD6,500, while activity trackers like the
Vivosmart HR+ from Garmin cost USD179.99 in the US. These devices require
frequent battery changes, recharging, and maintenance, leading to
additional expenses. Moreover, most insurance plans do not cover
these devices due to lack of US FDA approval, and only a few
countries offer reimbursements for remote monitoring services. In
emerging economies, where awareness and purchasing power are low,
the high cost of wearable medical devices will significantly limit
their adoption during the forecast period.
- The wearable medical devices market is experiencing significant
growth due to the rise in remote patient monitoring, home
healthcare, and fitness applications. However, challenges persist
in areas like diabetes, hypertension, and non-communicable
diseases. Portable medical devices, such as continuous monitoring
devices and smartwatches, are revolutionizing healthcare by
providing real-time data. Companies like Cloud DX and Virtual care
are leading the way in virtual care, offering diagnostic services
through wrist-based wearables. Fragmentation and geographic
footprint are key challenges, with diagnostic devices and portable
ECGs gaining popularity. Wearable activity monitors, exercise
regimes, and clinical trial platforms are essential for healthy
lifestyle and preventive health measures. Cybersecurity attacks,
battery life, and access to healthcare are significant concerns.
Advanced batteries like aluminum graphite, flexible, and
solid-state batteries, along with high-speed 5G networks, are
potential solutions. Pharmacy, online channels, artificial
intelligence, and health management are also crucial aspects of
this market. Well-established brands, such as Diagnostic &
Monitoring Devices, offer multiparameter trackers, blood pressure
monitors, and pulse oximeters. Overall, wearable medical devices
are transforming healthcare, providing access to medical imagery,
and enabling preventive health measures.
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Segment Overview
This wearable medical devices market report extensively covers
market segmentation by
- Product
- 1.1 Diagnostic and monitoring devices
- 1.2 Therapeutic devices
- Application
- 2.1 Home healthcare
- 2.2 Sports and fitness
- 2.3 Remote patient monitoring
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 Diagnostic and monitoring devices- Wearable
diagnostic and monitoring medical devices refer to devices equipped
with sensors that individuals wear to detect and monitor changes in
various body areas and organs. This segment includes vital signs
and activity monitoring devices, fetal and obstetric monitoring
devices, neuromonitoring devices, and ECG monitoring devices. The
market for wearable diagnostic and monitoring medical devices is
projected to expand significantly due to the growing emphasis on
early diagnosis and preventive care, rising awareness about chronic
diseases, increasing popularity of telemedicine and home
healthcare, and the increasing prevalence of cardiovascular
diseases, cardiac conditions, sleep disorders, neurological
disorders, and high-risk pregnancies. Vital signs and activity
monitoring devices currently dominate this market, driven by
increasing health consciousness, the introduction of affordable
devices, and technological advancements. Key players in this
segment include Fitbit (acquired by Google), Garmin, and OMRON.
Competition is intense, with companies investing in R&D and
introducing innovative products to differentiate themselves. Market
growth is expected to continue due to the high prevalence of
diseases and the segment's high growth potential.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
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fostering growth in advanced healthcare solutions. The healthcare
education solutions market is expanding rapidly with the adoption
of digital learning platforms and simulation technologies. These
solutions enhance medical training efficiency, offering interactive
learning experiences for professionals and students worldwide. The
medical transcription market continues to evolve with technological
advancements in speech recognition and electronic health records
(EHR). Efficient transcription services play a crucial role in
maintaining accurate patient records, driving demand across
healthcare facilities globally.
Research Analysis
The wearable medical devices market is experiencing significant
growth due to the increasing prevalence of non-communicable
diseases such as diabetes, hypertension, and cardiovascular
conditions. These devices, which include remote patient monitoring
systems, home healthcare solutions, fitness trackers, and portable
medical devices, enable real-time data collection and analysis,
facilitating preventive health measures and effective management of
chronic diseases. The market is expanding beyond traditional
medical applications, with smartwatches and lifestyle-related
disorder management gaining popularity. Cloud-based virtual care
platforms and healthcare apps offer convenient access to health
management tools and expert advice, promoting healthy lifestyles
and exercise regimes. The World Health Organization supports the
use of wearable technology for disease prevention and management,
recognizing its potential to revolutionize healthcare delivery.
Continuous monitoring devices, clinical trial platforms, and
hearing aids are also contributing to the market's growth.
Market Research Overview
Wearable medical devices are transforming healthcare by enabling
remote patient monitoring, home healthcare, and fitness tracking
for lifestyle-related disorders such as diabetes, hypertension, and
non-communicable diseases. These portable medical devices come in
various forms, including continuous monitoring devices,
smartwatches, and diagnostic devices, which can be worn as straps,
clips, or bracelets. The market for wearable medical devices is
vast, with a focus on cardiovascular devices, diagnostic devices,
and therapeutic devices. Advanced batteries, such as aluminum
graphite, flexible, and solid-state batteries, power these devices.
Real-time data transmission to the cloud for virtual care is a
significant trend, with AI and machine learning playing a crucial
role in health management and preventive health measures. The
market is fragmented, with a geographic footprint that includes
international organizations like the World Health Organization and
the International Diabetes Federation. Wearable activity monitors,
exercise regimes, clinical trial platforms, and online channels,
including pharmacies, are essential components of this market.
Cybersecurity attacks and access to healthcare through high-speed
5G networks are emerging challenges. Well-established brands offer
a range of diagnostic and monitoring devices, from multiparameter
trackers to blood pressure monitors, pulse oximeters, glucose
monitoring devices, sleep monitoring devices, wrist actigraphs,
polysomnography devices, neuromonitoring devices, pain management
devices, rehabilitation devices, respiratory therapy devices,
insulin pumps, and hearing aids. The market also includes
therapeutic devices, such as pain management devices and
rehabilitation devices. The market is expanding to include
wearables for sport and fitness and retail pharmacies for online
distribution.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Diagnostic And Monitoring Devices
- Therapeutic Devices
- Application
-
- Home Healthcare
- Sports And Fitness
- Remote Patient Monitoring
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
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Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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