The global wearable medical device market is on the cusp of significant growth, with projections suggesting sales will reach a staggering USD 38.5 billion by 2024. Looking further ahead, this burgeoning market is anticipated to expand at an impressive compound annual growth rate (CAGR) of 8.2% from 2024 to 2034, ultimately doubling in size to a valuation of USD 84.8 billion by the end of the forecast period.
Wearable medical devices, encompassing a plethora of technologies designed for continuous health monitoring and management, are increasingly becoming vital components of contemporary healthcare. These advanced devices empower users by offering them the ability to track vital signs, manage chronic conditions, and enhance overall health outcomes through real-time data and personalized insights.
The growing adoption of wearable medical devices is spurred by heightened awareness initiatives from regional and national healthcare agencies, aimed at encouraging routine diagnostics through various campaigns and programs. These concerted efforts have significantly boosted public awareness about the myriad benefits of wearable medical technologies for monitoring and diagnosing vital health indicators.
In 2023, the wearable medical device market achieved a notable milestone, reaching a market size of USD 36.6 billion. Historically, the market registered a CAGR of 7%, showcasing its steady growth trajectory. Looking ahead to 2024, the wearable therapeutic medical device segment is anticipated to command a substantial 55% value share, while the home healthcare segment is expected to dominate with a 63% market share.
Regionally, the United States market is projected to grow at a 5% CAGR through 2034, while France is forecasted to see a CAGR of 8% during the same period. Notably, the wearable medical device market in India is poised for explosive growth, with an estimated CAGR of 40% over the forecast decade. Meanwhile, Singapore’s market is expected to expand at a steady 10% CAGR through 2034.
Sabyasachi Ghosh, Associate Vice President at Future Market Insights, Inc., emphasizes that continuous advancements and the release of upgraded wearable medical devices by leading players will be a key strategy moving forward. Additionally, industry players are exploring the potential of wearable devices in new segments, thereby driving further market expansion.
The competitive landscape of the wearable medical device market is marked by players developing advanced wearables and exploring new application cases, which are integral to market growth. These industry participants are actively acquiring firms with complementary technologies and collaborating with other healthcare institutions, technology providers, and pharmaceutical companies. This collaborative approach aims to expand distribution channels, leverage expertise, and develop integrated solutions. Furthermore, players are placing significant emphasis on privacy and data security while prioritizing user-friendly designs to boost adoption and compliance.
Recent developments in the market highlight the dynamic nature of this industry. For instance, in July 2023, Dexcom, a prominent developer of continuous glucose monitors, announced the creation of a Type 2 diabetes monitor for non-insulin-dependent patients. The company also introduced a cash-pay option for patients without health insurance or Medicare coverage. Additionally, Samsung is preparing to launch its ‘Galaxy Ring’ equipped with smart health features in 2024, collaborating with both international and domestic component manufacturers to ensure the success of this new offering.
Prominent manufacturers in the wearable medical device market include Medtronic plc, Siemens AG, Fitbit Inc., Bayer AG, Panasonic Corporation, Johnson & Johnson’s Animas Corporation, Smiths Medical, Koninklijke Philips N.V., Owlet Baby Care, OMRON Corporation, Hoffmann-La Roche Ltd, and Rest Devices Inc., among others.
With its robust growth prospects and continuous innovation, the wearable medical device market is poised to revolutionize healthcare delivery, offering unprecedented opportunities for improved health outcomes and patient empowerment.