Wearable Medical Devices Market
The wearable medical devices market size is estimated to be valued at USD 49. 23 billion by 2032 from USD 11.14 billion in 2024. The market is expanding at a compound annual growth rate (CAGR) of 20.40 per cent during the forecast period from 2024 to 2032.
Current Scenario
In recent times, the widespread popularity of wearable medical devices has pronounced a transformational change in personal health management and monitoring spear. The market is rapidly growing. These devices, spanning from fitness trackers to modern biosensors, have not only made medical facilities more convenient but also revolutionised the manner people view and use their health data. Moreover, the market progressively experiences the requirement for quick diagnostic and real-time tests, owing to the rising worry regarding well-being and the shortage of medical labour.
Drivers
The growth of the wearable medical devices market is driven by the swift advancement in engineering technology and electronic technology. These have broadened the scope of portable healthcare device management and usage range. The flexible sensors which can be attached to rough skin textures, comfort is no longer restricted to certain fields of the human body. The majority of these systems can consistently provide live monitoring of several body insights. Besides this, another key propellent of this market is higher concern regarding a particular illness, effective involvement in medical-prompting behaviour, and social and hedonic motivation to accept new technologies. The improvements in living standards and progress in healthcare technology have resulted in raising customer interest in and desire for a wholesome life.
Restraints
The expansion of the wearable medical devices market is impeded by the variety of strenuous exercises, stretching, sweaty surroundings, human skin, etc. These challenges are key obstacles for wearable sensors. The materials of biosensors also restrict the market expansion. Inorganic materials generally do not have mechanical flexibility. Also, organic materials encounter the problems of poor balance and possible health risks. Furthermore, portable biosensors established on active nanomaterials are required to emphasize biocompatibility to identify the immune response of the host to the materials and dosage problems under various contact methods.
Segment Analysis
By Diagnostic Wearable Devices
- Wearable Electro-Cardiographs
- Wearable Sleep Monitoring devices
- Heart Rate Monitors
- Blood Pressure Monitors
- Activity Monitors
- Electro Encephalogram
The blood pressure monitors segment gained the top stop of the wearable medical devices market and is expected to drive further during the forecast period. These smart portable monitors have changed the management of hypertension. These devices enable consumers to check their blood pressure all over the day, furnishing medical professionals with a more thorough knowledge of a patient’s cardiovascular health. Whereas, the heart rate monitor segment also moving forward at a notable pace. This is due to the increasing popularity of smartwatches and activity trackers.
By Therapeutic Wearable Devices
- Pain Management Devices
- Glucose/Insulin Monitoring Devices
- Respiratory Therapy Devices
The Glucose/Insulin Monitoring Devices segment is believed to attain a larger share under this category of the wearable medical devices market. This can be attributed to the rise of continuous glucose monitoring (CGM) devices that provide live readings, and remove frequent finger stick testing to check sugar levels in blood. The CGM devices have redefined diabetes management by offering constant and precise real-time monitoring of blood glucose levels. Therefore, these minimally invasive portables remove the requirement for regular fingerstick testing and ultimately expand the segment’s market size.
By Application
- Sports and Fitness
- Home Healthcare
- Patient Monitoring
The home healthcare segment is the dominant category of the wearable medical devices market and is rapidly gaining traction. Over the years, the frequency and demand for home visits have risen. In addition, advanced telehealth technology is the biggest factor propelling the demand for home visits.
Regional Analysis
North America is spearheading the wearable medical devices market and is anticipated to maintain its position during the forecast period. The extensive use of portable fitness trackers, smart health watches, wearable monitors, biosensors, etc. is driving the regional market growth. Further, the early access to new technologies is another factor influencing the market.
Recent Market Development
- In September 2024, US experts reported a novel wearable device which is a lasting uninterrupted heart monitor. It is believed to determine more incidences of abnormal heart rate, also considered atrial fibrillation connected to the possibility of heart failure and stroke, in contrast to normal care. This will accelerate irregular heart rhythm diagnosis.
- In October 2023, it was announced that a team of experts headed by RMIT University in Australia devised a wearable ECG device to stop before a heart attack occurs. It is made for people diagnosed with cardiovascular disease. This includes ambulatory care and remote healthcare settings.
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