The scope of the report includes various types of wearable medical devices such as monitoring devices, smart watches, smart clothing and patches. Applications considered for the scope of the report comprises diagnostic and monitoring devices and therapeutic devices. Diagnostic and monitoring devices are further categorized as neuromonitoring devices, sleep monitoring devices glucose monitoring devices, fetal monitoring and obstetrics devices. Therapeutic devices are further classified as insulin pumps, pain management devices, respiratory therapy devices and rehabilitation devices. A description regarding the market size and forecast is available for the above segment.

In the geography segment, cross sectional information is provided in accordance with the countries covered under the regional segment with their market size and forecast.

Importance has been given to understand the competitive environment existing in the wearable medical devices market. Competitive landscape furnished with the useful insight regarding prevailing competition among key players in wearable medical devices. Porter’s five forces model has also been included in the scope of the report to understand the market dynamics. Company profiles with useful information regarding the product portfolio has been considered for the scope of the report. The major players in global wearable medical devices market are Corventis, Inc., Drägerwerk AG & Co. KGaA, Fitbit, Inc., Garmin Ltd., Jawbone, Inc., LifeWatch AG, Omron Corporation, Philips Healthcare, Polar Electro Oy., Withings SA (Nokia), and Zephyr Technology Corporation.

The wearable medical devices market is driven by key factors such as rising prevalence of chronic diseases such as cardiovascular complications, diabetes, asthma and sleep apnea and rising public health awareness. Additionally, patients are opting for hand held monitoring devices rather than hospital services due to their cost effectiveness. Companies involved in the manufacturing of wearable medical devices are constantly striving to overcome device anomalies such as device software being exposed to several malicious attacks, and low power capacity of the wearable medical devices. At present, activity monitors hold the largest market share due to key drivers such as rising public health awareness and provides important health parameters such as heart rate, blood glucose and blood oxygen levels etc. Smart watches predict tremendous growth as it gives quick access to health related notifications and currently smart watches are becoming trendsetters among gadget lovers. The major players in wearable medical devices market are Corventis, Inc., Drägerwerk AG & Co. KGaA, Fitbit, Inc., Garmin Ltd., Jawbone, Inc, LifeWatch AG, Omron Corporation, Philips Healthcare, Polar Electro Oy, Withings SA, and Zephyr Technology Corporation.

Wearable medical devices are very useful in giving health statistics such as blood glucose, blood oxygen level, blood lipid profile etc., within a few seconds in comparison to the tedious process followed by conventional diagnostic kits. Wearable medical devices are equipped with healthcare apps, which provide useful information regarding the amount of calories present in different food items and the exercises to burn calories particularly aiming at fitness enthusiasts and obese. Diagnostics and monitoring devices are considered as the leading segment due to increasing number of geriatric population suffering with apnea, attention deficit disorders, rise in the number of hypertensive and type 2 diabetes patients requiring frequent monitoring of blood glucose and electroencephalogram data. Therapeutic devices are anticipated to be the fastest growing market majorly due to factors such as rising prevalence of pain disorders such as fibromyalgia, rheumatoid arthritis and ankylosing spondylitis, rise in asthma and COPD prevalence requiring immediate medical intervention and pain management in terminally ill patients suffering with cancer.

North America was observed to be the largest wearable medical devices market in the base year 2020. According to the Centers for Disease Control and Prevention, in 2019, approximately 50% of adults aged 18 years and above were recommended to perform aerobic physical activity due to obesity and hypertension. Contributing factors to the dominance of North America market are rising prevalence of chronic diseases, government health agencies engaged in spreading awareness of healthy lifestyle and presence of major players pioneering in manufacture of wearable medical devices. The market growth in Europe is mainly attributed to increase in geriatric population suffering with sleep apnea, attention deficit disorders resulting in demand for wake up tools/alarm clocks gadgets and supportive regulatory environment for the medical devices. Asia Pacific will be registering steadfast market growth due to rising prevalence of hypertension and type 2 diabetes, favorable evolutionary environment creating health awareness and flourishing e-retail channel. Moreover, factors such as health awareness campaigns and workshops conducted by medical devices manufacturers, and establishment of retail outlets by major players in the untapped markets are going to fuel the rapid growth of wearable medical devices market in Latin America, and Middle East and Africa in the near future.   

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Wearable Medical Devices market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Wearable Medical Devices market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Wearable Medical Devices market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Wearable Medical Devices market?
• Which is the largest regional market for Wearable Medical Devices market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Wearable Medical Devices market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Wearable Medical Devices market worldwide?