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Global Wearable Medical Devices Market $14.3 Billion by 2027

The global market for wearable medical devices expected to become $14.3 billion by 2027, expanding at a CAGR of 16.1% over the forecast period, driven by increasing prevalence of chronic pain and diabetes worldwide, and advances in sensor technology, microelectronics, telecommunication, and data analysis techniques.

  • Wireless wearable devices with small size sensors, makes them easily integrated into wearable systems. Advances in sensor technology, microelectronics, telecommunication, and data analysis techniques have been attributed to the huge increase in wearable technology.
    • Many medical devices now have the ability to connect to and communicate with other devices or systems. The devices that are already FDA approved or cleared are being updated to add digital features. 
Global Wearable Medical Devices Market

Wearable devices allows for continuous measurement and monitoring of the physiological and biomechanical systems of the body as well body movement, allowing the user to capture data on their behavior, to monitor their health and fitness, or to enhance how they engage with their external environment. 

  • Personal health and fitness are huge areas for wearables, with heart rate monitors, exercise trackers, and step counters being popular items that measure and potentially improve lifestyle choices. 
    • Other exciting medical wearables have the potential to change how consumers view their personal health and fitness. 
      • These developments have shown the commercial potential that wearable technologies have to revolutionize healthcare.
  • Sensors have been developed to monitor and measure hydration, heart rate, respiration, blood sugar levels, blood pressure, and sleep.
    • Monitoring of these variables using wearable sensors could help in the prevention, diagnosis, and management of a number of diseases and conditions such as high blood pressure, heart disease, and asthma.
Wearable Medical Devices Market

The global wearable medical devices market report estimates the market size ($million 2017 to 2027), market share, growth trends and forecast (CAGR% 2021 to 2027).

The global market for medical wearables segmented by diagnostic product [electroencephalographs, electromyographs, fetal monitors and obstetric devices, neuromonitoring devices, and vital sign monitors (heart rate monitors, activity monitors, sleep monitors, electrocardiographs, others)], by therapeutic product (glucose monitoring devices, pain management devices and respiratory therapy devices), by applications (home healthcare, remote patient monitoring, sports and fitness), and geography.

  • Based on the diagnostic wearable devices, the vital signs monitors segment accounted for the largest share of the total market.
    • However, the wearable fetal monitors segment anticipated to expand at the fastest CAGR during the forecast period, owing to rise in complications during child birth, patient compliance, non-invasive, and ease of use of these devices.
      • The heart rate monitors sub-segment led the total market for the vital signs monitors, due to modern Bluetooth and Wi-Fi enabling technologies.
        • The electrocardiogram devices segment forecast to grow at the fastest rate throughout the forecast period, attributed to its simple, non-invasive, light-weight and painless testing features.
  • By therapeutic wearable devices, the pain management therapy devices segment accounted for the largest share of the market, considering the increasing number of patients suffering from chronic pain resulting diseases.
    • On the other hand, the wearable respiratory therapy devices segment anticipated to expand at the fastest rate over the forecast period, driven by its applications in unobstructed monitoring of vital signs as well as tracking changes in heart and respiratory rates.
  • The wearable medical devices are used in sports and fitness, remote patient monitoring, hospitals, and home health care.
    • The sports and fitness segment held the largest share of the global wearable medical devices market, whereas the home healthcare application segment is projected to expand at the highest growth rate during the next five years period.
      • Currently, the wearable medical products are available in form of bands, wristwatches, chest straps, clothes, etc. These are user friendly, non-invasive, and compact, and primarily used by athletes, elderly patients, and teenagers.

The global wearable medical products market research report is divided by geography into North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Rest of EU), Asia Pacific (Japan, China, India, Rest of APAC), Latin America (Brazil, Mexico, Rest of LA), and Rest of the World.

  • Geographically, the North America region dominated the market for wearable medical devices and to remain the largest market during the forecast period, in part driven by higher adoption rate by early users, development of innovative devices, rise in the awareness of physical fitness and heath..
    • However, the Asia Pacific region anticipated to witness the fastest growth rate in wearable medical devices during the forecast period, due to increasing prevalence of cardiovascular diseases and diabetes and emerging countries.

The global market for wearable devices report also provides the detailed market landscape and profiles of major competitors in the global market including company overview, financial snapshot, key products, technologies and services offered, and recent developments. 

Major competitors operating in the global wearable medical products market and included in this report are Apple, Inc., Cleveland Medical Devices, Inc., Corventis, Inc. (Medtronic plc), Drägerwerk AG & Co. KGaA, Fitbit, Inc. (Google, Inc.), Intelesens Ltd., Koninklijke Philips N.V., LifeWatch AG, Nuubo, OMRON Corporation, Polar Electro, and Zephyr Performance Systems (Medtronic plc).

  • Diagnostic Product
    • Electroencephalographs (EEG)
    • Electromyographs (EMG)
    • Fetal Monitors and Obstetric Devices
    • Neuromonitoring Devices
    • Obstetric Devices
    • Vital Sign Monitors
      • Heart Rate Monitors
      • Activity Monitors
      • Sleep Monitors
      • Electrocardiographs (ECG)
      • Others
  • Therapeutic Product
    • Glucose Insulin Monitoring Devices
    • Pain Management Devices
    • Respiratory Therapy Devices 
  • Application
    • Home Healthcare
    • Remote Patient Monitoring
    • Sports and Fitness
  • Geography
    • North America (U.S., Canada)
    • Europe (U.K., Germany, France, Italy, Spain, Rest of EU)
    • Asia Pacific (Japan, China, India, Rest of APAC)
    • Latin America (Brazil, Mexico, Rest of LA)
    • Rest of the World
  • Company Profiles
    • Apple, Inc.
    • Cleveland Medical Devices, Inc.
    • Corventis, Inc. (Medtronic plc)
    • Drägerwerk AG & Co. KGaA
    • Fitbit, Inc. (Google, Inc.)
    • Intelesens Ltd.
    • Koninklijke Philips N.V.
    • LifeWatch AG
    • Nuubo
    • Omron Corporation
    • Polar Electro
    • Zephyr Performance Systems (Medtronic plc)

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