The Increasing Popularity of the Internet of Things and Connected Devices is Expected to Boost the Global Wearable Medical Devices Market in the Forecast Period

The healthcare industry has been quick to support connected medical devices since they can help to offer patients with a better standard of care, thus improving efficiency and minimizing operating costs. With the surging incidence of health-related issues primarily ascribed to the sedentary lifestyle, the wide adoption and use of fitness trackers is becoming increasingly popular in today's world. Furthermore, wearable medical technology is being highly used worldwide since it's easy to use and flexible.

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Data Bridge Market Research analyses that the Global Wearable Medical Devices Market was valued at USD 27,907.13 million in 2021 and is expected to reach USD 120,797.85 million by 2029, registering a CAGR of 20.10% during the forecast period of 2022-2029. The increasing demand for wearable medical devices will provide potential opportunities for the market growth in the forecast period.

Wearable Medical Devices Market

The increasing number of technological advancements is anticipated to drive the market's growth rate

With the passing time, wearable medical devices have undergone numerous technological changes. The increasing advancement in the wearable medical devices includes use of flexible electronics such as thin flaps or skin patches for the correct and real time monitoring of vital signs. The advanced flaps such as monitoring systems are manufactured by major market players such as GENTAG, Inc. and Kenzen, Inc., among others. Instant and accurate assessment of results added with wide presence of these devices because of advancements; increase the customer preference and adoption rate of such wearable devices.

For instance,

The technological advancement that leads to enhanced display along with better fitness tracking features and the affordable price of Xiaomi Mi Band 4 improves its adoption and demand in the market.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Type (Diagnostic Devices and Therapeutic Devices), Site (Headband, Handheld, Arm and Wrist, Clip, Shoe Sensor, Others), Device (Wristwatch/Wristband, Smart Clothing, Smartwatch, Ear Wear, Others), Application (Cardiac Health, Obesity Control, Diabetes Care, Fitness Monitoring, Sleep Tracking)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

SAMSUNG (South Korea), Garmin Ltd. (U.S.), Huawei Technologies Co., Ltd. (China), Apple Inc. (U.S.), Sony Corporation (Japan), HTC Corporation (Taiwan), Fitbit, Inc. (U.S.), Xiaomi Global Community (China), ADIDAS AG (Germany), Nike, Inc. (U.S.), LG Electronics. (South Korea), Motorola Solutions, Inc. (U.S.), Fossil Group, Inc. (U.S.), Google LLC (U.S.), Polar Electro (Finland), Withings (France), Michael Kors (U.S.), CASIO AMERICA, INC. (U.S.), TomTom International BV (Netherlands), ASUSTeK Computer Inc. (Taiwan)

Data Points Covered in the Report

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework

Segment Analysis:  

Global wearable medical devices market is categorized into four notable segments which are based on the basis of type, site, device and application.

  • On the basis of type, the global wearable medical devices market is segmented into diagnostic devices and therapeutic devices.

The diagnostic devices segment of type is anticipated to dominate the wearable medical devices market

The diagnostic devices segment is dominating the market with the market share of 73.8% as it has extensive applications in remote patient monitoring & telehealth.

  • On the basis of site, the global wearable medical devices market is segmented into headband, handheld, arm & wrist, arm & wrist clip, shoe sensor, others.

The handheld, arm & wrist segment of site type is anticipated to dominate the wearable medical devices market

The handheld, arm & wrist segment is dominating the market with the market share of 88.2% as it is the highly preferred site for wearing a device that allows quick access to essential information. These devices are highly suitable for immediate and real time monitoring while providing the ease of functionality.

  • On the basis of device, the global wearable medical devices market is segmented into wristwatch/wristband, smart clothing, smartwatch, ear wear, others. The wristwatch/wristband segment is dominating the market with the market share of 46.8% as they provide significant ease of usage without any major discomfort & need for maintenance than the other wearable medical devices.
  •  On the basis of application, the global wearable medical devices market is segmented into cardiac health, obesity, diabetes care, fitness monitoring, sleep tracking. The fitness monitoring segment is dominating the market with the market share of 46.4% because of growing awareness of the general population associated with lifestyle diseases & bad effects of sedentary lifestyle.

Major Players

Data Bridge Market Research recognizes the following companies as the major wearable medical devices market players in wearable medical devices market are SAMSUNG (South Korea), Garmin Ltd. (U.S.), Huawei Technologies Co., Ltd. (China), Apple Inc. (U.S.), Sony Corporation (Japan), HTC Corporation (Taiwan), Fitbit, Inc. (U.S.), Xiaomi Global Community (China), ADIDAS AG (Germany), Nike, Inc. (U.S.), LG Electronics. (South Korea), Motorola Solutions, Inc. (U.S.), Fossil Group, Inc. (U.S.), Google LLC (U.S.), Polar Electro (Finland), Withings (France), Michael Kors (U.S.), CASIO AMERICA, INC. (U.S.), TomTom International BV (Netherlands), ASUSTeK Computer Inc. (Taiwan)

Wearable Medical Devices Market

Market Development

  • In 2020, Fitbit, Inc. launched its new device, Fitbit Charge 4, which has active zone minutes and is a new personalized heart rate tracker. This launch has increased its product portfolio, leading to rising demand for wearable devices in the market.
  • In 2020, Withings launched ScanWatch, this is the newest hybrid smartwatch from Withings along with sleep apnea detection and medical-grade electrocardiogram. This new product launch increased its product portfolio, therefore increased the demand for its products in the coming period.
  • In 2020, Polar Electro launched POLAR H9, a brand new heart rate monitoring sensor. This new product launch by Polar Electro increased its product portfolio of heart monitoring sensors, thus increasing its future demand.

 Regional Analysis

Geographically, the countries covered in the wearable medical devices market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

As per Data Bridge Market Research analysis:

North America is the dominant region in wearable medical devices market during the forecast period 2022 to 2029

North America dominates the wearable medical devices market because of the increase in internet users and various companies associated with technological innovations in this region. Additionally, the increasing incidence of cardiovascular disorders, cancer and diabetes and the presence of sophisticated healthcare infrastructure are primary factors that will further likely boost the market growth in this region.  

Asia-Pacific is estimated to be the fastest-growing region in wearable medical devices market the forecast period 2022 to 2029

Asia-Pacific is expected to grow during the forecast period of 2022 to 2029 because of the increasing purchasing power in this region. Moreover, growing government initiatives for the use of wearable medical devices and a rising elderly population base are other factors that will in turn increase the market's growth

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