Wearable Medical Devices Market Forecast and Growth | 2030

Wearable Medical Devices Market Size and Forecast (2023–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Diagnostic & Monitoring Devices and Therapeutic Devices), Application (Remote Patient Monitoring, Sports & Fitness and Home Healthcare), and Geography

  • Report Code : TIPHE100000834
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 171
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The wearable medical devices market size is projected to reach US$ 150 billion by 2030 from US$ 40 billion in 2023. The market is expected to register a CAGR of 20% in 2023–2030.

Wearable Medical Devices Market Size and Trends

The recent wearable medical devices market trends primarily focus on the integration of AI in personalized care, remote patient monitoring, and real-time data transmission.

Wearable Medical Devices Market Analysis

Wearable technology in healthcare has garnered traction of attention in recent years as a variety of health monitoring devices are worn on the body, such as wrist to monitor wearers' health condition. Biosensors—that collect data from heart rate, sleep pattern, and blood pressure— are the technology behind modern wearables. Progress in 3G and 4G networks has enabled uninterrupted healthcare services. The increasing number of smartphone users has further favored the expansion of the market in recent years. The evolving software ecosystem and machine-to-machine communication are anticipated to bring an upward trajectory in the market in 2023–2030.

The report offers insights and in-depth analysis of the market emphasizing various parameters such as market trends, technological advancements, market forecast, and competitive landscape analysis of leading wearable medical devices market players across the world.

Wearable Medical Devices Market Overview

Wearable medical devices (WMD) have revolutionized the fitness industry through the designs and integration of AI algorithms. Wearable technology is increasingly used in medical applications such as remote patient monitoring and telehealth services to keep track of patient’s health and vital signs such as glucose level and blood pressure. Wearable medical devices becoming more integrated into the health industry and notable advancements are expected to support market growth.

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Wearable Medical Devices Market: Strategic Insights

Market Size Value inUS$ 6,231.7 Million in 2017
Market Size Value byUS$ 23,310.9 Million by 2025
Growth rateCAGR of 18.1% from 2018-2025
Forecast Period2018-2025
Base Year2018
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Wearable Medical Devices Market Drivers and Opportunities

The wearable medical devices market is driven by technological advancements & innovations, growing demand for personalized healthcare solutions, cost optimization with remote patient monitoring, and adoption in emerging countries.

  • As reported by 5G Americas, global 5G connections increase 76% annually and are expected to cross 5.9 billion by the end of 2027. Advanced 5G networks and propelling smartphone models with affordable price points are expected to remain a strong driver for the market.
  • In recent years, an aging population, mounting chronic diseases, and increased healthcare costs have burdened public healthcare systems. As a result, policymakers and healthcare professionals are shifting from generalized models to healthcare that is more participatory and customized to specific individuals. Self-tracking devices, wearable sensors, and smartphone applications are integrated to offer insights into body functions, which has contributed to the wearable medical devices market growth.
  • Integration of WMDs has resulted in a reduced hospital readmission rate of 57%. It has improved medical adherence while optimizing costs for hospitals.
  • Obesity rates are rising in emerging economies and are anticipated to enhance the development of preventive healthcare systems. Wearable medical devices are primarily employed to track the health status behind exercise habits. In the emerging space of healthcare monitoring, wearable medical devices are projected to hold significant business potential.

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Advanced Technologies and Customized Solutions to Unlock New Growth Horizons

  • Advanced technologies such as augmented reality headsets, smart jewelry, body-mounted sensors, smart clothing, and AI hearing headsets are some latest trending innovations that are likely to attract more funding from investors.
  • Demand for customized solutions which helps in preventive approach rather than treatment-based approach expected to unlock more market opportunities for manufacturers in coming years.

Wearable Medical Devices Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Wearable Medical Devices Market analysis are type, cause, disorder type, application, and geography.

  • Based on device type, the global wearable medical devices market is segmented into diagnostic and monitoring devices and therapeutic devices.  Diagnostic & monitoring devices held the largest market share. The diagnostic & monitoring devices are further sub-segmented into vital signs monitoring devices, glucose monitoring devices, sleep monitoring devices, and other devices. The therapeutic devices segment includes pain management devices, rehabilitation devices, respiratory therapy devices, and insulin pumps.
  • In terms of application, the wearable medical devices market is segmented into remote patient monitoring, home healthcare, and sports & fitness. In recent days, there has been an increase in awareness regarding fitness among the young population. Additionally, wearables help in tracking one's daily activity, which can be useful for analyzing an athlete's eligibility and stamina regularly. These factors are expected to fuel the growth of the sports and fitness segment during the forecast period.

Wearable Medical Devices Market Share Analysis by Geography

The geographic scope of the Wearable Medical Devices Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

The region of Asia Pacific is anticipated to offer significant growth opportunities in the fitness industry during the forecast period due to an increase in disposable income as well as the rate of urbanization in the leading economies such as Japan, China, and India. The use of fitness apps and digital devices for monitoring vital signs has been high among millennials as compared to individuals from other age groups.

Wearable Medical Devices Market Report Scope

Report Attributes


Market Size in 2022

US$ 40 Billion

Market Size in 2030

US$ 150 Billion

Global CAGR (2022–2030)


Historical Data


Forecast Period


Segmental Coverage

Device Type

    • Diagnostic & Monitoring Devices
      • Vital Signs Monitoring Devices
      • Glucose Monitoring Devices
      • Sleep Monitoring Devices
      • Other Devices
    • Therapeutic Devices
      • Pain Management Devices
      • Rehabilitation Devices
      • Respiratory Therapy Devices
      • Insulin Pumps
    • Others


  • Remote Patient Monitoring
  • Sports & Fitness
  • Home Healthcare
  • Others


Regional and Country Coverage

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Rest of APAC
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA

Market Leaders and Key Company Profiles

  • Xiaomi Technology Co., Ltd
  • Samsung Electronics Co. Ltd.
  • Fitbit, Inc.
  • Garmin Corporation
  • Apple Inc.
  • Huawei Technologies Co., Ltd.
  • Polar Electro
  • OMRON Corporation
  • Activinsights Ltd.
  • VitalConnect
  • Other Key Companies 

Wearable Medical Devices Market News and Recent Developments

The Wearable Medical Devices Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for wearable medical devices and strategies:

  • In May 2023, Medtronic plc. entered into a set of definitive agreements to acquire EOFlow Co. Ltd., a manufacturer of the EOPatch device, which is a wearable, tubeless, and fully disposable insulin delivery device. (Source: Medtronic plc, Newsletter, 2023)
  • In January 2023, Masimo company partnered with Koninklijke Philips N.V. to launch the W1 smartwatch into Philips’ range of patient monitoring software. The W1 wearable is equipped with sensors that collect respiration rates, pulse oximetry data, and hydration index readings. (Source: Masimo, Newsletter, 2023)
  • In February 2022, Abbott developed consumer biowearables known as 'Lingo' that can track major body signals to help individuals better understand their overall health. (Source: Abbott Company Website, 2022)

Wearable Medical Devices Market Report Coverage and Deliverables

The “Wearable Medical Devices Market Size and Forecast (2023–2030)” report provides a detailed analysis of the market covering below areas:

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Market dynamics such as drivers, restraints, and key opportunities
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
  • Detailed company profiles
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Device Type , Application and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

Frequently Asked Questions

What is the market CAGR value of wearable medical devices market during forecast period?

Market is estimated to grow with the CAGR of 20% from 2023-2030

Based on application, which is the most influencing segment growing in the wearable medical devices market report?

By application, the wearable medical devices market is divided into remote patient monitoring, sports & fitness, and home healthcare. Sports & fitness section is anticipated to grow at a fastest CAGR throughout the forecast amount.

What are the key trends in the wearable medical devices market?

Numerous companies working on wearable medical product from across the globe are joining the market, wherever wearable medical equipment will observe early warning symptoms of infection. As a result, the demand for wearable is predicted to extend. The market, supported region, is divided into North America, Europe, Asia Pacific, MEA, and SCAM.

What are wearable medical devices?

Wearable medical devices square measure electronic and have sensors that facilitate in observing also as keeping track of a patient's health. A number of the uses of those devices embrace activity tracking, infant monitoring, and important signs watching, among others. Wearable devices facilitate a patient to possess access to their health records while performing daily routine activities. Aside from the tracking of a patient's condition, some devices conjointly come along with therapeutic properties, like insulin pumps, rehabilitation also as pain management devices.

The List of Companies - Wearable Medical Devices Market

  1. Xiaomi Technology Co., Ltd
  2. Samsung Electronics Co. Ltd.
  3. Fitbit, Inc.
  4. Garmin Corporation
  5. Apple Inc.
  6. Huawei Technologies Co., Ltd.
  7. Polar Electro
  8. OMRON Corporation
  9. Activinsights Ltd.
  10. VitalConnect

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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