Wearable Medical Devices Market Size to Hit Around USD 332.66 Billion by 2033
The global wearable medical devices market size was exhibited at USD 33.86 billion in 2023 and is projected to hit around USD 332.66 billion by 2033, growing at a CAGR of 25.67% during the forecast period 2024 to 2033..
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Key Takeaways:
The anticipated growth in industries like remote patient monitoring and home healthcare will impact the market, along with an increased focus on fitness and a health-oriented lifestyle. The market holds significant opportunities driven by technological advancements, merger and acquisition activities, increasing clinical trials, and heightened awareness of personal health monitoring.
Due to sedentary routines, lifestyle-related disorders like diabetes and hypertension are expected to rise, necessitating continuous monitoring of physiological parameters. Portable medical devices enable the amalgamation of healthcare data, providing real-time access for physicians and minimizing errors. The increasing mortality rate from non-communicable diseases emphasizes the need for personalized monitoring and care, contributing to an increased demand for wearable medical products.
The COVID-19 pandemic has expanded the utility of wearable medical devices in healthcare. Innovative products, like the Ava Bracelet, initially designed as a fertility tracker, are now repurposed to detect early signs of viral infections. With monitoring parameters such as heart rate variability, breathing rate, and skin temperature, the bracelet proves valuable in tracking COVID-19 symptoms, presenting a distinctive opportunity during the global health crisis.
Segments Insights:
Product Insights
The diagnostic devices segment dominated the market and accounted for the largest revenue share of 62.0% in 2023. The increasing prevalence of neurological disorders is a primary driver for the growth of this segment. A report by the World Federation of Neurology in October 2023 revealed that neurological disorders rank as the second highest cause of death and the leading cause of disability globally. The study found that over 40% of the global population currently suffers from neurological conditions, with this burden projected to nearly double by 2050. The top 10 conditions, including Stroke, Neonatal encephalopathy, Migraine, Dementia, Meningitis, Epilepsy, Neurological complications associated with preterm birth, Nervous system cancers, Autism spectrum disorders, and Parkinson’s disease, account for about 90% of total neurological DALYs. Additionally, increasing awareness among the population about the capability of neurological wearables to continuously assess cognitive capabilities during everyday activities is expected to drive the segment further.
Site Insights
The strap/clip/bracelet segment dominated the market, accounted for the largest revenue share in 2023, and is likely to remain dominant over the forecast period. With the capability to monitor parameters like mobility, respiratory rate, and pulse rate, along with bluetooth and cloud connectivity, smartwatches are expected to drive growth in this segment.
Grade Type Insights
The consumer grade wearable medical devices segment dominated the market and accounted for the largest revenue share in 2023. These devices offer user-friendly features, focusing on personal health and fitness tracking, making them widely popular among consumers. Convenience, affordability, and increasing health consciousness contribute to the segment's robust performance, establishing it as a key driver in the market.
Distribution Channel Insights
The pharmacy segment dominated the market for wearable medical devices and accounted for the largest revenue share in 2023. This dominance is attributed to the widespread accessibility of pharmacies, offering consumers a convenient avenue to purchase these devices. Pharmacies’ role as health and wellness hubs and their ability to provide informed advice positions them as key contributors to the notable revenue share within the wearable medical devices market.
Application Insights
The home healthcare segment dominated the market for wearable medical devices and accounted for the largest revenue share in 2023. The increasing geriatric population, increasing prevalence rates of target diseases, and growing need to curb healthcare expenditure as an economically viable initiative are some factors responsible for market growth.
Regional Insights
North America accounted for the largest revenue share in 2023, owing to the growing prevalence of cardiovascular disorders, diabetes, and cancer within this region. High adoption of remote patient monitoring and home care devices for regular, continuous, and long-term monitoring of patients and reducing the frequency of hospital visits are anticipated to fuel market growth over the forecast period.
Recent Developments
Some of the prominent players in the Wearable medical devices market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global wearable medical devices market.
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Ramchandra Dige The exponential growth projected for the global wearable medical devices market signifies its increasing importance in healthcare. This advancement opens up opportunities for innovative solutions to improve patient care and monitoring. How do you envision wearable medical devices shaping the future of healthcare delivery and patient outcomes?