According to the latest report by IMARC Group, titled “Wearable Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global wearable medical devices market size reached US$ 23.1 Billion in 2022. Wearable medical devices are autonomous instruments that provide medical monitoring or support over a prolonged period. These devices are either embedded into clothing or worn as an accessory. They incorporate noninvasive physiological sensors, wireless data transmission capabilities, medical feedback and data processing modules. In recent years, wearable medical devices have gained immense popularity as they provide supporting hardware to cope with the evolving medical trend of offering point-of-care treatment. They also ensure unregulated medical supervision and assistance in the remote management of medical conditions for rehabilitating the chronically ill and disabled patients.
Global Wearable Medical Devices Market Trends:
According to the World Health Organization (WHO), chronic diseases, such as ischemic heart disease (IHD), stroke and diabetes, are becoming the world’s leading causes of death and disability. This has increased the use of wearable technology among individuals to collect data and monitor their health. Besides this, the recent outbreak of the coronavirus disease (COVID-19) has led to innovations in wearable medical devices for telehealthcare, thereby enhancing the usability, efficiency and popularity of home-based telemedicine. These devices allow the monitoring of physiologic information, such as biopotential, photoplethysmogram (PPG), heart rate (HR), blood pressure (BP), blood oxygen saturation (SaO2), and respiration. Furthermore, the growing awareness among consumers about fitness has led to the development of wearable devices, such as smart bands and smartwatches, by leveraging advanced technologies such as artificial intelligence (AI), cloud, machine learning, and big data analytics. These devices help them monitor fitness parameters, including footstep count, calories burned, and distance walked. Moreover, factors such as a rise in the geriatric population, significant improvements in the healthcare infrastructure, and various advancements in wearable technology are bolstering the market growth. Looking forward, the market is anticipated to grow at a CAGR of 22% during 2023-2028.
- Based on the device type, the market has been segmented into diagnostic (vital sign monitoring, sleep monitoring, electrocardiographs and obstetric, and neuromonitoring devices) and therapeutic (pain management devices, insulin delivery devices, rehabilitation devices and respiratory therapy devices) devices.
- On the basis of the product, the market has been categorized into activity monitors, smartwatches, patches, smart clothing, hearing aids and others.
- The market has been segregated based on the application into sports and fitness, remote patient monitoring and home healthcare.
- On the basis of the distribution channel, the market has been classified into offline and online channels.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Indonesia, Australia and others), Europe (Germany, France, the United Kingdom, Italy, Russia, Spain and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Abbott Laboratories, Apple Inc., Dexcom Inc., Fitbit Inc. (Google LLC), Garmin Ltd., Honeywell International Inc., Koninklijke Philips N.V., Medtronic plc, Omron Corporation and Vital Connect Inc.
|Base Year of the Analysis
||Device Type, Product, Application, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Abbott Laboratories, Apple Inc., Dexcom Inc., Fitbit Inc. (Google LLC), Garmin Ltd., Honeywell International Inc., Koninklijke Philips N.V., Medtronic Plc, Omron Corporation and Vital Connect Inc.
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
30 N Gould St, Ste R
Sheridan, WY (Wyoming) 82801 USA
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800