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Global Wearable Medical Devices Market to reach USD 442.24 billion by the end of 2030

Global Wearable Medical Devices Market Size study & Forecast, by Product (Diagnostic & Patient Monitoring Devices, Therapeutic Devices), by Application (Remote Patient Monitoring & Home Healthcare, Sports and Fitness), by Distribution Channel (Retail Pharmacies, Online Distribution, Hypermarkets) and Regional Analysis, 2023-2030

Product Code: HLSMDE-23845989
Publish Date: 20-02-2024
Page: 200

Global Wearable Medical Devices Market is valued at approximately USD 59.12 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 28.6% during the forecast period 2023-2030. A wearable medical device is a portable and compact technology designed to be worn on the body to monitor, manage, or improve various aspects of health and well-being. These devices typically incorporate sensors, data processing capabilities, and wireless connectivity to collect and transmit real-time health information. Wearable medical devices can serve a range of purposes, including monitoring vital signs such as heart rate, blood pressure, and oxygen levels, tracking physical activity and sleep patterns, and managing chronic conditions such as diabetes or respiratory disorders. The Wearable Medical Devices Market is expanding because of factors such as the rising prevalence of chronic disorders, rising health consciousness among the general population and growing fitness trends.

The rising prevalence of chronic diseases is a significant driving force behind the growth of the Wearable Medical Devices Market. Chronic conditions, such as diabetes, cardiovascular diseases, and respiratory disorders, are becoming increasingly prevalent worldwide, placing a substantial burden on healthcare systems. Wearable medical devices offer a proactive and continuous monitoring solution for individuals managing these conditions. The real-time data provided by these devices, including vital signs, activity levels, and other relevant health metrics, enable early detection of potential complications and facilitate timely intervention. According to the International Diabetes Federation, Diabetes Atlas Tenth Edition 2021, about 537 million adults worldwide were discovered to have diabetes in 2021, with estimates showing that figure would rise to 643 million by 2030 and 783 million by 2045. Moreover, The American College of Cardiology reports that by 2030, there would be around 29 million Americans with a diagnosis of cardiovascular disease, up from 6.95 million in the year 2021. In 2020, 244.1 million people worldwide were living with ischemic heart disease. Thus, the rising prevalence of chronic conditions is driving the market growth. In addition, integration with smartphones and cloud computing and the rising aging population are creating new opportunities for market growth. However, data security and privacy concerns and limited reimbursement policies stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Wearable Medical Devices Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022. The increasing incidence of cardiovascular disorders, diabetes, and cancer in this region is expected to drive market growth. The widespread adoption of remote patient monitoring and home care devices, aimed at providing consistent, continuous, and prolonged patient monitoring while minimizing the need for frequent hospital visits, is anticipated to further boost market expansion throughout the forecast period. Asia Pacific is expected to grow significantly over the forecast period. The market in the region is being driven by factors such as supportive government initiatives promoting the use of wearable medical instruments, a rising elderly population, and escalating healthcare expenditures, rapid technological advancements, increasing demand for home care devices, and the necessity for continuous monitoring.

Major market player included in this report are:
Apple Inc
Samsung Electronics Co., Ltd
Garmin Ltd.
Abbott Laboratories
Medtronic plc
Dexcom, Inc
Johnson & Johnson Inc.
Philips Healthcare
Xiaomi Corporation
Intelesens Ltd.

Recent Developments in the Market:
Ø In January 2023, Masimo and Royal Philips have extended their collaboration to leverage the features of the Masimo W1 advanced health tracking watch, with the goal of improving patient monitoring in the domain of home telehealth. The amalgamation of Philips’s enterprise patient monitoring ecosystem with the W1 watch is poised to drive progress in telehealth and telemonitoring capabilities. This collaboration signals a concerted effort to enhance the effectiveness and reach of remote health monitoring solutions
Ø In April 2023, Garmin disclosed the expanded regional availability of Dexcom Connect IQ apps, catering to individuals managing Type 1 or Type 2 diabetes and utilizing the Dexcom G6 or Dexcom G7 Continuous Glucose Monitoring System. These apps empower users to conveniently monitor their glucose levels and trends directly on a compatible smartwatch or cycling computer.
Ø In July 2021, Semglee, a first-of-its-kind Wearable Medical Devices product made by India’s Biocon, got United States approval. Semglee, manufactured by Biocon Biologics, a Bengaluru-based pharmaceutical company, is both interchangeable with and biosimilar to Lantus, a long-acting Wearable Medical Devices product already approved in the United States.

Global Wearable Medical Devices Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Product, Application, Distribution Channel, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product:
Diagnostic & Patient Monitoring Devices
Therapeutic Devices

By Application:
Remote Patient Monitoring & Home Healthcare
Sports and Fitness

By Distribution Channel:
Retail Pharmacies
Online Distribution

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Wearable Medical Devices Market, by Region, 2020-2030 (USD Billion)
1.2.2. Wearable Medical Devices Market, by Product, 2020-2030 (USD Billion)
1.2.3. Wearable Medical Devices Market, by Application, 2020-2030 (USD Billion)
1.2.4. Wearable Medical Devices Market, by Distribution Channel, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Wearable Medical Devices Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Wearable Medical Devices Market Dynamics
3.1. Wearable Medical Devices Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Rising prevalence of chronic disorders Rising health consciousness among general population Growing fitness trends
3.1.2. Market Challenges Data security and privacy concerns Limited reimbursement policies
3.1.3. Market Opportunities Integration with smartphones and cloud computing Rising aging population
Chapter 4. Global Wearable Medical Devices Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Wearable Medical Devices Market, by Product
5.1. Market Snapshot
5.2. Global Wearable Medical Devices Market by Product, Performance – Potential Analysis
5.3. Global Wearable Medical Devices Market Estimates & Forecasts by Product 2020-2030 (USD Billion)
5.4. Wearable Medical Devices Market, Sub Segment Analysis
5.4.1. Diagnostic & Patient Monitoring Devices
5.4.2. Therapeutic Devices
Chapter 6. Global Wearable Medical Devices Market, by Application
6.1. Market Snapshot
6.2. Global Wearable Medical Devices Market by Application, Performance – Potential Analysis
6.3. Global Wearable Medical Devices Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
6.4. Wearable Medical Devices Market, Sub Segment Analysis
6.4.1. Remote Patient Monitoring & Home Healthcare
6.4.2. Sports and Fitness
Chapter 7. Global Wearable Medical Devices Market, by Distribution Channel
7.1. Market Snapshot
7.2. Global Wearable Medical Devices Market by Distribution Channel, Performance – Potential Analysis
7.3. Global Wearable Medical Devices Market Estimates & Forecasts by Distribution Channel 2020-2030 (USD Billion)
7.4. Wearable Medical Devices Market, Sub Segment Analysis
7.4.1. Retail Pharmacies
7.4.2. Online Distribution
7.4.3. Hypermarkets
Chapter 8. Global Wearable Medical Devices Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Wearable Medical Devices Market, Regional Market Snapshot
8.4. North America Wearable Medical Devices Market
8.4.1. U.S. Wearable Medical Devices Market Product breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030 Distribution Channel breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Wearable Medical Devices Market
8.5. Europe Wearable Medical Devices Market Snapshot
8.5.1. U.K. Wearable Medical Devices Market
8.5.2. Germany Wearable Medical Devices Market
8.5.3. France Wearable Medical Devices Market
8.5.4. Spain Wearable Medical Devices Market
8.5.5. Italy Wearable Medical Devices Market
8.5.6. Rest of Europe Wearable Medical Devices Market
8.6. Asia-Pacific Wearable Medical Devices Market Snapshot
8.6.1. China Wearable Medical Devices Market
8.6.2. India Wearable Medical Devices Market
8.6.3. Japan Wearable Medical Devices Market
8.6.4. Australia Wearable Medical Devices Market
8.6.5. South Korea Wearable Medical Devices Market
8.6.6. Rest of Asia Pacific Wearable Medical Devices Market
8.7. Latin America Wearable Medical Devices Market Snapshot
8.7.1. Brazil Wearable Medical Devices Market
8.7.2. Mexico Wearable Medical Devices Market
8.8. Middle East & Africa Wearable Medical Devices Market
8.8.1. Saudi Arabia Wearable Medical Devices Market
8.8.2. South Africa Wearable Medical Devices Market
8.8.3. Rest of Middle East & Africa Wearable Medical Devices Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Apple Inc Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. Samsung Electronics Co., Ltd
9.3.3. Garmin Ltd.
9.3.4. Abbott Laboratories
9.3.5. Medtronic plc
9.3.6. Dexcom, Inc
9.3.7. Johnson & Johnson Inc.
9.3.8. Philips Healthcare
9.3.9. Xiaomi Corporation
9.3.10. Intelesens Ltd.
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
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Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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