Wearable Medical Devices Market, Industry Size, Growth 2023-2028

IMARC Group, a leading market research company, has recently releases report titled “Wearable Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global wearable medical devices market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the wearable medical devices market?

The global wearable medical devices market size reached US$ 23.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 73 Billion by 2028, exhibiting a growth rate (CAGR) of 22% during 2023-2028.

What is wearable medical devices?

Wearable medical devices represent autonomous instruments that are non-invasively attached to the body to provide medical monitoring or support. They include various diagnostic devices, such as those that monitor glucose levels, vital signs, sleep, fetal well-being, the nervous system, etc., and numerous therapeutic devices for rehabilitation pain management, and respiratory therapy. Wearable medical devices consist of biosensors, controllers, and software systems for data acquisition, interpretation, transfer, and storage. They incorporate noninvasive physiological sensors, wireless data transmission capabilities, medical feedback, data processing modules, etc. Wearable medical devices also provide supporting hardware to cater to point-of-care treatments. They are extensively utilized by consumers across the globe.

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What are the growth prospects and trends in the wearable medical devices industry?

The expanding geriatric population, who are more susceptible to chronic diseases, is among the primary factors driving the wearable medical devices market. Apart from this, the escalating product demand across healthcare centers, on account of the sudden outbreak of the COVID-19 pandemic, is further catalyzing the market growth. Additionally, the increasing adoption of these devices for monitoring, providing feedback, rehabilitation, disease management, suggesting adequate treatments, etc., is acting as another significant growth-inducing factor.

Besides this, the inflating product utilization in monitoring physiological information, such as photoplethysmography (PPG), biopotential, blood pressure (BP), etc., is also augmenting the global market. Furthermore, the development of patches, smartwatches, and smart clothing that are integrated with the Internet of Things (IoT) to assist in monitoring various fitness parameters, including footstep count, calories burned, distance walked, etc., is anticipated to fuel the wearable medical devices market over the forecasted period.

What is included in market segmentation?

Breakup by Device Type:

Diagnostic Devices

Vital Sign Monitoring

Sleep Monitoring

Electrocardiographs and Obstetric Devices

Neuromonitoring Devices

Therapeutic Devices

Pain Management Devices

Insulin Delivery Devices

Rehabilitation Devices

Respiratory Therapy Devices

Breakup by Product:

Activity Monitors

Smartwatches

Patches

Smart Clothing

Hearing Aids

Others

Breakup by Application:

Sports and Fitness

Remote Patient Monitoring

Home Healthcare

Breakup by Distribution Channel:

Offline

Online

Breakup by Region:

North America: (United States, Canada)

Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)

Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)

Latin America: (Brazil, Mexico, Others)

Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Abbott Laboratories

Apple Inc.

Dexcom Inc.

Fitbit Inc. (Google LLC)

Garmin Ltd.

Honeywell International Inc.

Royal Philips NV

Medtronic plc

Omron Corporation

Vital Connect Inc.

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