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Wearable Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

June 2023 | 137 pages | ID: W7ABE0D4AAA2EN
IMARC Group

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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. The growing utilization for at-home or hospital-based rehabilitation, rising occurrence of various chronic disorders, and increasing adoption of unhealthy lifestyle habits represent some of the key factors driving the market.

Wearable medical devices are a wide array of instruments that are non-invasively attached to the body for monitoring the health conditions of patients. They comprise blood pressure monitors, electrocardiogram (ECG) monitors, fitness trackers, and continuous glucose meters. They also consist of wearable biosensors, such as self-adhesive patches, that enable patients to move while collecting data on their mobility, heart rate, respiration rate, and temperature. They offer innovative solutions for numerous healthcare problems, including disease prevention, health maintenance, and patient management. They are also capable of potentially improving patient outcomes while reducing the cost of care. They are employed for the diagnosis, prevention, monitoring, treatment, or alleviation of disease, injury, or ailments. They are also used for procuring accurate measurements of the vital stats of patients and predicting epileptic seizures and heart problems, which can further assist in enhancing comfort and providing timely clinical interventions to the patients.

Wearable Medical Devices Market Trends:

At present, the increasing demand for wearable medical devices, as they provide remote monitoring, personalized therapy, and real-time data to improve patient outcomes, represents one of the crucial factors supporting the growth of the market. Besides this, the rising utilization of wearables for at-home or hospital-based rehabilitation to save lives by allowing continuous monitoring, early detection, and intervention in potentially dangerous situations is propelling the growth of the market. In addition, the growing occurrence of various chronic disorders, such as diabetes, thyroiditis, arthritis, and cardiovascular complications, along with the rising geriatric population around the world, is offering a favorable market outlook. Apart from this, the increasing adoption of fitness bands that are connected to smartphones for real-time tracking of various activities, including steps walked, calories burned, calorie intake, sleep cycle, and heart rate, is contributing to the growth of the market. Additionally, the rising awareness about the ability of neurological wearables to assess the cognitive capabilities of individuals continuously during everyday activities is supporting the growth of the market. Moreover, the wide availability of smart asthma management devices to take effective care for preventing asthma attacks in patients is strengthening the growth of the market. Furthermore, the rising adoption of unhealthy lifestyle habits and excessive smoking and consumption of alcohol is bolstering the growth of the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global wearable medical devices market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on device type, product, application and distribution channel.

Device Type Insights:

Diagnostic Devices
Vital Sign Monitoring Devices
Sleep Monitoring Devices
Electrocardiographs and Obstetric Devices
Neuromonitoring Devices
Therapeutic Devices
Pain Management Devices
Insulin Delivery Devices
Rehabilitation Devices
Respiratory Therapy Devices

The report has provided a detailed breakup and analysis of the wearable medical devices market based on the device type. This includes diagnostic devices (vital sign monitoring devices, sleep monitoring devices, electrocardiographs and obstetric devices, and neuromonitoring devices) and therapeutic devices (pain management devices, insulin delivery devices, rehabilitation devices, and respiratory therapy devices). According to the report, diagnostic devices (vital sign monitoring devices, sleep monitoring devices, electrocardiographs and obstetric devices, and neuromonitoring devices) represented the largest segment.

Product Insights:

Activity Monitors
Smartwatches
Patches
Smart Clothing
Hearing Aids
Others

A detailed breakup and analysis of the wearable medical devices market based on the product has also been provided in the report. This includes activity monitors, smartwatches, patches, smart clothing, hearing aids, and others. According to the report, smartwatches accounted for the largest market share.

Application Insights:

Sports and Fitness
Remote Patient Monitoring
Home Healthcare

A detailed breakup and analysis of the wearable medical devices market based on the application has also been provided in the report. This includes sports and fitness, remote patient monitoring, and home healthcare. According to the report, home healthcare accounted for the largest market share.

Distribution Channel Insights:

Offline
Online

A detailed breakup and analysis of the wearable medical devices market based on the distribution channel has also been provided in the report. This includes offline and online. According to the report, offline accounted for the largest market share.

Regional Insights:

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

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America (the United States and Canada) was the largest market for wearable medical devices. Some of the factors driving the North America wearable medical devices market included the growing technological advancement in the medical sector, rising investments in research and development (R&D) of innovative medical devices, increasing occurrence of chronic diseases, etc.

Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global wearable medical devices market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Abbott Laboratories, Apple Inc., Dexcom Inc., Fitbit Inc. (Google LLC), Garmin Ltd., Honeywell International Inc., Koninklijke Philips N.V., Medtronic plc, Omron Corporation, Vital Connect Inc. etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report

1. What was the size of the global wearable medical devices market in 2022?
2. What is the expected growth rate of the global wearable medical devices market during 2023-2028?
3. What are the key factors driving the global wearable medical devices market?
4. What has been the impact of COVID-19 on the global wearable medical devices market?
5. What is the breakup of the global wearable medical devices market based on the device type?
6. What is the breakup of the global wearable medical devices market based on the product?
7. What is the breakup of the global wearable medical devices market based on the application?
8. What is the breakup of the global wearable medical devices market based on the distribution channel?
9. What are the key regions in the global wearable medical devices market?
10. Who are the key players/companies in the global wearable medical devices market?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
  2.3.1 Primary Sources
  2.3.2 Secondary Sources
2.4 Market Estimation
  2.4.1 Bottom-Up Approach
  2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1 Overview
4.2 Key Industry Trends

5 GLOBAL WEARABLE MEDICAL DEVICES MARKET

5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 MARKET BREAKUP BY DEVICE TYPE

6.1 Diagnostic Devices
  6.1.1 Market Trends
  6.1.2 Major Types
    6.1.2.1 Vital Sign Monitoring Devices
    6.1.2.2 Sleep Monitoring Devices
    6.1.2.3 Electrocardiographs and Obstetric Devices
    6.1.2.4 Neuromonitoring Devices
  6.1.3 Market Forecast
6.2 Therapeutic Devices
  6.2.1 Market Trends
  6.2.2 Major Types
    6.2.2.1 Pain Management Devices
    6.2.2.2 Insulin Delivery Devices
    6.2.2.3 Rehabilitation Devices
    6.2.2.4 Respiratory Therapy Devices
  6.2.3 Market Forecast

7 MARKET BREAKUP BY PRODUCT

7.1 Activity Monitors
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2 Smartwatches
  7.2.1 Market Trends
  7.2.2 Market Forecast
7.3 Patches
  7.3.1 Market Trends
  7.3.2 Market Forecast
7.4 Smart Clothing
  7.4.1 Market Trends
  7.4.2 Market Forecast
7.5 Hearing Aids
  7.5.1 Market Trends
  7.5.2 Market Forecast
7.6 Others
  7.6.1 Market Trends
  7.6.2 Market Forecast

8 MARKET BREAKUP BY APPLICATION

8.1 Sports and Fitness
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2 Remote Patient Monitoring
  8.2.1 Market Trends
  8.2.2 Market Forecast
8.3 Home Healthcare
  8.3.1 Market Trends
  8.3.2 Market Forecast

9 MARKET BREAKUP BY DISTRIBUTION CHANNEL

9.1 Offline
  9.1.1 Market Trends
  9.1.2 Market Forecast
9.2 Online
  9.2.1 Market Trends
  9.2.2 Market Forecast

10 MARKET BREAKUP BY REGION

10.1 North America
  10.1.1 United States
    10.1.1.1 Market Trends
    10.1.1.2 Market Forecast
  10.1.2 Canada
    10.1.2.1 Market Trends
    10.1.2.2 Market Forecast
10.2 Asia Pacific
  10.2.1 China
    10.2.1.1 Market Trends
    10.2.1.2 Market Forecast
  10.2.2 Japan
    10.2.2.1 Market Trends
    10.2.2.2 Market Forecast
  10.2.3 India
    10.2.3.1 Market Trends
    10.2.3.2 Market Forecast
  10.2.4 South Korea
    10.2.4.1 Market Trends
    10.2.4.2 Market Forecast
  10.2.5 Australia
    10.2.5.1 Market Trends
    10.2.5.2 Market Forecast
  10.2.6 Indonesia
    10.2.6.1 Market Trends
    10.2.6.2 Market Forecast
  10.2.7 Others
    10.2.7.1 Market Trends
    10.2.7.2 Market Forecast
10.3 Europe
  10.3.1 Germany
    10.3.1.1 Market Trends
    10.3.1.2 Market Forecast
  10.3.2 France
    10.3.2.1 Market Trends
    10.3.2.2 Market Forecast
  10.3.3 United Kingdom
    10.3.3.1 Market Trends
    10.3.3.2 Market Forecast
  10.3.4 Italy
    10.3.4.1 Market Trends
    10.3.4.2 Market Forecast
  10.3.5 Spain
    10.3.5.1 Market Trends
    10.3.5.2 Market Forecast
  10.3.6 Russia
    10.3.6.1 Market Trends
    10.3.6.2 Market Forecast
  10.3.7 Others
    10.3.7.1 Market Trends
    10.3.7.2 Market Forecast
10.4 Latin America
  10.4.1 Brazil
    10.4.1.1 Market Trends
    10.4.1.2 Market Forecast
  10.4.2 Mexico
    10.4.2.1 Market Trends
    10.4.2.2 Market Forecast
  10.4.3 Others
    10.4.3.1 Market Trends
    10.4.3.2 Market Forecast
10.5 Middle East and Africa
  10.5.1 Market Trends
  10.5.2 Market Breakup by Country
  10.5.3 Market Forecast

11 SWOT ANALYSIS

11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats

12 VALUE CHAIN ANALYSIS

13 PORTERS FIVE FORCES ANALYSIS

13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes

14 PRICE ANALYSIS

15 COMPETITIVE LANDSCAPE

15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
  15.3.1 Abbott Laboratories
    15.3.1.1 Company Overview
    15.3.1.2 Product Portfolio
    15.3.1.3 Financials
    15.3.1.4 SWOT Analysis
  15.3.2 Apple Inc.
    15.3.2.1 Company Overview
    15.3.2.2 Product Portfolio
    15.3.2.3 Financials
    15.3.2.4 SWOT Analysis
  15.3.3 Dexcom Inc.
    15.3.3.1 Company Overview
    15.3.3.2 Product Portfolio
    15.3.3.3 Financials
    15.3.3.4 SWOT Analysis
  15.3.4 Fitbit Inc. (Google LLC)
    15.3.4.1 Company Overview
    15.3.4.2 Product Portfolio
    15.3.4.3 Financials
  15.3.5 Garmin Ltd.
    15.3.5.1 Company Overview
    15.3.5.2 Product Portfolio
    15.3.5.3 Financials
    15.3.5.4 SWOT Analysis
  15.3.6 Honeywell International Inc.
    15.3.6.1 Company Overview
    15.3.6.2 Product Portfolio
    15.3.6.3 Financials
    15.3.6.4 SWOT Analysis
  15.3.7 Koninklijke Philips N.V.
    15.3.7.1 Company Overview
    15.3.7.2 Product Portfolio
    15.3.7.3 Financials
    15.3.7.4 SWOT Analysis
  15.3.8 Medtronic plc
    15.3.8.1 Company Overview
    15.3.8.2 Product Portfolio
    15.3.8.3 Financials
    15.3.8.4 SWOT Analysis
  15.3.9 Omron Corporation
    15.3.9.1 Company Overview
    15.3.9.2 Product Portfolio
    15.3.9.3 Financials
    15.3.9.4 SWOT Analysis
  15.3.10 Vital Connect Inc.
    15.3.10.1 Company Overview
    15.3.10.2 Product Portfolio

LIST OF TABLES

Table 1: Global: Wearable Medical Devices Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Wearable Medical Devices Market Forecast: Breakup by Device Type (in Million US$), 2023-2028
Table 3: Global: Wearable Medical Devices Market Forecast: Breakup by Product (in Million US$), 2023-2028
Table 4: Global: Wearable Medical Devices Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 5: Global: Wearable Medical Devices Market Forecast: Breakup by Distribution Channel (in Million US$), 2023-2028
Table 6: Global: Wearable Medical Devices Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 7: Global: Wearable Medical Devices Market Structure
Table 8: Global: Wearable Medical Devices Market: Key Players
 


LIST OF FIGURES

Figure 1: Global: Wearable Medical Devices Market: Major Drivers and Challenges
Figure 2: Global: Wearable Medical Devices Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Wearable Medical Devices Market: Breakup by Device Type (in %), 2022
Figure 4: Global: Wearable Medical Devices Market: Breakup by Product (in %), 2022
Figure 5: Global: Wearable Medical Devices Market: Breakup by Application (in %), 2022
Figure 6: Global: Wearable Medical Devices Market: Breakup by Distribution Channel (in %), 2022
Figure 7: Global: Wearable Medical Devices Market: Breakup by Region (in %), 2022
Figure 8: Global: Wearable Medical Devices Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 9: Global: Wearable Medical Devices (Diagnostic Devices) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: Wearable Medical Devices (Diagnostic Devices) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: Wearable Medical Devices (Therapeutic Devices) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Wearable Medical Devices (Therapeutic Devices) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Wearable Medical Devices (Activity Monitors) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Wearable Medical Devices (Activity Monitors) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Wearable Medical Devices (Smartwatches) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Wearable Medical Devices (Smartwatches) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Wearable Medical Devices (Patches) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Wearable Medical Devices (Patches) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Wearable Medical Devices (Smart Clothing) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Wearable Medical Devices (Smart Clothing) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: Wearable Medical Devices (Hearing Aids) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: Wearable Medical Devices (Hearing Aids) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: Wearable Medical Devices (Other Product Types) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: Wearable Medical Devices (Other Product Types) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: Wearable Medical Devices (Sports and Fitness) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: Wearable Medical Devices (Sports and Fitness) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Global: Wearable Medical Devices (Remote Patient Monitoring) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Global: Wearable Medical Devices (Remote Patient Monitoring) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: Global: Wearable Medical Devices (Home Healthcare) Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: Global: Wearable Medical Devices (Home Healthcare) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Global: Wearable Medical Devices (Offline Distribution) Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Global: Wearable Medical Devices (Offline Distribution) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: Global: Wearable Medical Devices (Online Distribution) Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: Global: Wearable Medical Devices (Online Distribution) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: North America: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: North America: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: United States: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: United States: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: Canada: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: Canada: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: Asia Pacific: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: Asia Pacific: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: China: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: China: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: Japan: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: Japan: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: India: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: India: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: South Korea: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: South Korea: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Australia: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Australia: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Indonesia: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Indonesia: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: Others: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: Others: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Europe: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Europe: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Germany: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: Germany: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: France: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: France: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: United Kingdom: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: United Kingdom: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: Italy: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: Italy: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: Spain: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: Spain: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 69: Russia: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 70: Russia: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Others: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 72: Others: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: Latin America: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 74: Latin America: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 75: Brazil: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 76: Brazil: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 77: Mexico: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 78: Mexico: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 79: Others: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 80: Others: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 81: Middle East and Africa: Wearable Medical Devices Market: Sales Value (in Million US$), 2017 & 2022
Figure 82: Middle East and Africa: Wearable Medical Devices Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 83: Global: Wearable Medical Devices Industry: SWOT Analysis
Figure 84: Global: Wearable Medical Devices Industry: Value Chain Analysis
Figure 85: Global: Wearable Medical Devices Industry: Porter’s Five Forces Analysis


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