Global wearable medical devices market is estimated to witness high growth, owing to increasing remote patient monitoring activities & growing awareness about personal healthcare
Global wearable medical devices market is estimated to be valued at USD 40.13 Bn in 2024, exhibiting a CAGR of 15.7% over the forecast period (2024-2031). Rising adoption of remote patient monitoring and home healthcare can boost demand for wearable medical devices globally. Furthermore, growing focus on preventive healthcare and rising awareness about personal healthcare among consumers can also drive the market growth.
Market Dynamics:
Rising chronic diseases prevalence and growing geriatric population: Rising prevalence of chronic diseases globally can boost demand for remote patient monitoring. According to the data published by WHO, chronic diseases accounted for 70% of all deaths worldwide in 2020. Growing aging population who are more prone to chronic conditions also require constant health monitoring. This can boost adoption of wearable medical devices during the forecast period.
Improving technological efficiencies: Technological advancements can enable manufacturing of compact, data-rich and accurate wearable devices. Integration of advanced sensors, improving processor speeds and battery lives allows devices to track more health parameters. This can drive the market growth.
Growing Prevalence of Chronic Diseases Boosts Demand for Wearable Medical Devices
Increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, respiratory diseases and neurological diseases can drive the global wearable medical devices market growth. Chronic diseases are long-lasting health conditions that require ongoing management over several years. Wearable medical devices enable the remote monitoring of vital health parameters of patients with chronic conditions, which helps manage these diseases more effectively. For example, continuous glucose monitors and insulin patches can help diabetics better control their blood sugar levels. Heart monitors allow detecting of cardiovascular abnormalities early on. Wearable sleep trackers are useful for sleep apnea patients. With chronic diseases posing a huge healthcare burden worldwide, there has been huge demand for such wearable solutions.
Advancements in Sensor and Connectivity Technologies Boosts Innovation
Advancements in sensor, connectivity and miniaturization technologies have enabled the development of sophisticated yet compact wearable medical devices. Sensors have become more accurate in measuring various physiological signals. Bluetooth, WiFi and cloud connectivity allow seamless data transmission from devices to apps and healthcare portals. Miniaturization means devices can be integrated into accessories like wristbands, patches or even normal clothing. These technological advancements boosts innovation as more medical-grade, user-friendly devices are launched across therapy areas. Smartwatches now have ECG/EKG, blood pressure and pulse oximeter capabilities. New patches can continuously monitor blood glucose or deliver insulin doses.
High Device Costs Can Pose Financial Burden
Global wearable medical devices market growth can be hampered due to high costs associated with these devices. While technology is enabling miniaturization and feature addition, manufacturing advanced medical-grade sensors and components makes devices expensive. For patients in underdeveloped or developing countries, the high costs impose a significant financial burden as devices may not be covered by insurance. This limits its adoption. The average selling price of a continuous glucose monitor system is over US$ 1,000. Advanced smartwatches with medical sensors cost more than US$ 300. Recurring costs are another factor as most devices require regular consumables or cloud subscription fees. Bringing down production costs through economies of scale can help address this restraint.
Data Security and Privacy Concerns Limit Widespread Adoption
As wearable medical devices are wirelessly connected and store sensitive health data, security and privacy of this information is a major concern. Data breaches could leak personal medical records while vulnerable devices could potentially be hacked. These restraints many individuals and hospitals from fully relying on wearables. Absence of clear global regulations on data standardization and patient consent also pose confusion. Technology companies are still improving information security with high-level encryption protocols and access controls. But the risk of a major data breach involving health records can undermine user confidence and restraint devices adoption. Strengthening cybersecurity standards is crucial to address this concern.
Telehealth Boom Presents Opportunity for Remote Patient Monitoring
The ongoing COVID-19 pandemic has accelerated the adoption of telehealth and remote patient monitoring. As hospitals focuses on critical cases, there has been demand for remote diagnostics and management of chronic conditions through digital means. This growing acceptance of telehealth presents a multi-billion-dollar opportunity for wearable medical devices that enable remote monitoring of vital signs, activity levels, medication adherence and other parameters outside conventional clinical settings. Partnerships between device makers and telehealth companies can help deploy scalable remote care programmes for multiple diseases. The ongoing telehealth demand also means remote patient monitoring programs through wearables are likely to remain popular even post pandemic to limit hospital spread of future diseases.
Growing Health Awareness Boosts Self-tracking and Preventive Care
Increasing health awareness globally provides an opportunity for expansion of wellness-oriented consumer wearables. Modern lifestyles mean consumers take proactive approach to managing health through self-monitoring. Devices that track steps, heart rate, sleep are popular for general wellness. Medical-grade versions also play a preventive role by identifying abnormalities early that can be further assessed. For example, AFib detection on smartwatches. Growing health awareness and focus on preventive self-care through digital means offers good potential for wearable medical innovations aimed at the general consumer population beyond clinical settings.
Link: https://www.coherentmarketinsights.com/market-insight/wearable-medical-devices-market-841
Key Developments:
- In July 2024, Samsung Electronics launched the Galaxy Ring, Galaxy Watch7, and Galaxy Watch Ultra, expanding its Galaxy AI capabilities to enhance personal health and wellness. The Galaxy Ring offers convenient health monitoring and personalized insights directly from one’s finger.
- In July 2024, KORE and mCare Digital launched the mCareWatch 241, a new personal emergency alarm that won the Best Innovative Assistive Technology award at the Asia Pacific Eldercare Awards. KORE’s platform supports seamless patient monitoring at home or in healthcare facilities.
- In September 2023, Bonatra, a India-based startup, launched Smart Ring X1, a wearable smart ring that monitors heart rate, blood oxygen levels, and sleep quality. The ring syncs with continuous glucose monitors (CGMs) to generate a metabolic score and connects to the Bonatra app for detailed health tracking, including Sleep Score, Readiness Score, and Movement Index. Weighing just 4g, it is waterproof and made from hypoallergenic titanium alloys for comfortable long-term wear.
- In August 2022, GOQii launched two new preventive healthcare devices aimed at young adults: the Smart Vital Ultra and GOQii Stream. Vishal, Founder & CEO of GOQii, emphasized that these smart wearables empower users to manage their health more effectively through data insights.
Key Players:
Fitbit, Apple, Garmin, Samsung, Xiaomi, Oura, Dexcom, Abbott, Embr Labs, WHOOP, One Drop, AliveCor, Philips, NeuroMetrix, BioBeat, Withings, Nura, Revibe Technologies, Nutrix, Kernel
