The market report on the Wearable Medical Devices Market published by Stratview Research indicates lucrative growth opportunities in the Wearable Medical Devices industry during the next five-year period and ensures more information regarding the market trends. The following summary will give an overview of the challenges, trends, market dynamics, and key players.

Wearable Medical Devices Market Forecast:

The wearable medical devices market was estimated at USD 26.6 billion in 2022 and is likely to grow at a CAGR of 23.7% during 2023-2028 to reach USD 95.4 billion in 2028.

What are wearable medical devices?

Wearable healthcare technology refers to devices that are worn on the body to monitor one’s health. These devices use biosensors to collect different insights from a body, such as pulse, heart rate, blood pressure, sleep patterns, and more.

COVID-19 IMPACT

The covid-19 outbreak impacted the growth of the market positively. The demand for home healthcare devices increased significantly to monitor individual health at home as only essential services were allowed amid the covid-19 outbreak. The number of hospital visits except for coronavirus infection declined due to fear of the virus infection.

Market Dynamics

The demand for global wearable medical devices is expected to grow rapidly owing to many reasons. Below mentioned are a few -

• Increasing prevalence of noncommunicable diseases – Wearable devices can be used to monitor several vitals and physiological parameters which help in managing chronic noncommunicable diseases (NCDs) such as heart diseases, diabetes, etc. The global prevalence of NCDs like cardiovascular disease, diabetes, etc. is the primary reason for the deaths of more than 40 million people each year, equivalent to 74% of deaths globally states WHO. Certain targets are being set to reduce the risk of deaths caused by NCDs.
• Growing geriatric population – According to WHO, the world’s population aged 60 years and above will almost double to reach 2.1 billion by 2050, from 1.4 billion in 2020. The global population is aging, and aging brings a lot of challenges like chronic diseases. A number of senior citizens prefer staying back at home rather than visiting hospitals, which calls for wearable medical devices to monitor and track health records.
• Increasing awareness of healthy living – Devices like wristbands etc. have been developed that connect with cell phones and display real-time tracking of calories burned, steps walked, and more. These data collectively help in calculating body mass index and other health statistics. The regular study of these statistics helps in providing a good health plan to individuals as well as healthcare professionals. According to a study conducted by the International Health, Racquet & Sportsclub Association (IHRSA), more than one out of five Americans belonged to a health club or studio in 2021, totaling 66.5 million consumers. This represents a 3.8% growth over the last two years.
• Technological advancements: Technological advances are also driving the growth of the wearable medical devices market. Newer wearable devices are becoming more sophisticated and capable of monitoring a wider range of health metrics with advanced sensors, miniaturization, and data analytics. Many advancements including these have enabled wireless medical devices to monitor various health parameters conveniently.
• Government initiatives: Governments around the world are also promoting the use of wearable medical devices. These initiatives are helping to create a more favorable environment for the growth of the market.

Here are the key players in the market –

• Koninklijke Philips N.V. (Netherlands),
• Zephyr Technology Corporation (The U.S),
• Omron Corporation (Japan),
• Sotera Wireless, Inc. (The U.S),
• Everist Health (The U.S),
• LifeWatch AG (Switzerland),
• Withings (France),
• Polar Electro Oy (Finland),
• Intelesens Ltd (UK),
• Fitbit, Inc. (The U.S),
• Vital Connect, Inc. (The U.S), and
• Garmin Ltd. (The U.S).

Wearable Medical Devices Market Segmentation:

Based on application, the market has been segmented into sports and fitness, remote patient monitoring, and home healthcare.

• The home healthcare segment accounted for the largest market share of >50% in 2022.
• Expanding geriatric population and prevalence of chronic diseases have resulted in increased demand for devices to monitor health continuously at home and reduce the number of frequent hospital visits and thus, curb healthcare expenditure.

Based on the device, the market has been segmented into diagnostic devices and therapeutic devices. The diagnostic devices segment accounted for a revenue share of nearly 65% in 2022.

The market in North America captured the largest market share, accounting for nearly 40% in 2022. This dominance can be attributed to the expanding geriatric population and increasing prevalence of non-communicable diseases (NCDs), including heart disease, cancer, diabetes, chronic lung disease, etc. due to lifestyle changes.

Asia Pacific is anticipated to witness the fastest growth during the forecast period. The primary reasons for this growth are attributed to the rising per-capita income and growing cardiovascular diseases in the region. The National Institutes of Health (NIH) finds that cardiovascular diseases are the leading cause of death across the globe, representing more than 47% of deaths in China in 2019. Furthermore, not only has China been the leading country for manufacturing technologies but also has witnessed a growing interest among its population in wearable technologies.

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