Wearable Medical Devices Market Is Set For Lucrative Growth To 2030
Wearable Medical Devices Industry Overview
The global wearable medical devices market was valued at USD 33.85 billion in 2023 and is projected to experience a significant compound annual growth rate (CAGR) of 25.66% from 2024 to 2030. Several factors are contributing to this robust growth, particularly the expansion of industries such as remote patient monitoring and home healthcare, alongside the increasing emphasis on fitness and health-oriented lifestyles. The market is also benefiting from technological advancements, merger and acquisition activities, rising clinical trials, and growing awareness surrounding the importance of personal health monitoring.
As sedentary lifestyles continue to be prevalent, there is an expected rise in lifestyle-related disorders like diabetes and hypertension, making it essential to monitor physiological parameters regularly. Portable medical devices are playing a key role in enabling the integration of healthcare data, allowing real-time access for healthcare providers while minimizing human error. The increasing mortality rates from non-communicable diseases further highlight the growing demand for personalized monitoring and care, thus driving the need for wearable medical products that offer continuous tracking and personalized insights.
The impact of the COVID-19 pandemic has notably accelerated the adoption of wearable medical devices in healthcare. Devices such as the Ava Bracelet, originally designed for fertility tracking, have been repurposed to detect early signs of viral infections. By monitoring key parameters like heart rate variability, breathing rate, and skin temperature, this bracelet has become a valuable tool for tracking COVID-19 symptoms, presenting a distinctive opportunity for wearables to address health concerns during a global health crisis.
In addition, the rising prevalence of chronic diseases and increasing mortality rates have placed further emphasis on the need for personalized care. Continuous remote patient monitoring through wearable medical devices, which can be worn 24/7 without disrupting daily activities, is becoming more popular due to its significant advantages in providing ongoing care and early detection. This trend is expected to drive a surge in demand for wearable medical devices throughout the forecast period, as patients and healthcare providers alike seek more efficient and accessible ways to manage health and wellness.
Gather more insights about the market drivers, restrains and growth of the Wearable Medical Devices Market
Regional Insights:
- North America accounted for the largest revenue share in 2023, driven by the rising prevalence of cardiovascular disorders, diabetes, and cancer within the region. These conditions are prompting a greater demand for continuous health monitoring, which is being met with an increase in the adoption of remote patient monitoring and home care devices. These devices enable regular, continuous, and long-term monitoring of patients, helping reduce the frequency of hospital visits and improving overall patient care. As the need for managing chronic conditions rises, these trends are expected to significantly fuel the growth of the wearable medical devices market in North America over the forecast period.
- The Asia Pacific region is anticipated to witness exponential growth in the wearable medical devices market over the forecast period. Several factors are contributing to this growth, including favorable government initiatives that promote the use of wearable medical instruments, an increasing geriatric population, and a rise in healthcare expenditure across the region. These elements are creating a strong foundation for the widespread adoption of wearable medical devices.
- Japan held the largest share of the remote patient monitoring devices market in the Asia Pacific region in 2023. The country's dominance in this segment is expected to continue due to rapid technological advancements and the growing demand for home care devices and round-the-clock monitoring solutions. Additionally, Japan has a strong cultural emphasis on health, skincare, and well-being, with Japanese companies often prioritizing innovations in health-related products. This focus on health-consciousness and technological progress positions Japan as a key player in the growth of wearable medical devices in the region.
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- The global portable medical devices market size was valued at USD 63.0 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.30 % from 2023 to 2030.
- The global cardiovascular devices market size was valued at USD 53.67 billion in 2024 and is anticipated to grow at a CAGR of 8.4% from 2025 to 2030.
Key Wearable Medical Devices Company Insights
By introducing groundbreaking technologies, key wearable medical device companies are significantly impacting the market. Innovations such as advanced wearable medical device sensors, continuous monitoring capabilities, and integration with artificial intelligence are reshaping the landscape. Industry leaders leverage these technologies to enhance the accuracy and range of health metrics that wearable devices can track. Moreover, the incorporation of data analytics and cloud connectivity enables seamless data sharing, improving the overall healthcare ecosystem. This technological evolution propels the market's growth. It contributes to improved patient outcomes, personalized healthcare, and the transformation of wearable medical devices into indispensable tools for consumers and healthcare providers.
Key Wearable Medical Devices Companies:
The following are the leading companies in the wearable medical devices market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these wearable medical devices companies are analyzed to map the supply network.
- Koninklijke Philips N.V.
- Fitbit
- Basis Science
- Garmin
- Covidien (Medtronic)
- Omron Corp.
- Withings
- Vital Connect
- Polar Electro
- Everist Genomics
- Intelesens Ltd.
- Sotera Wireless
- Apple
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