Stratview Research delivers key insights into the global Wearable Medical Devices Market. According to Stratview Research, the market is segmented by Device Type (Diagnostic Devices, Therapeutic Devices), Product (Activity Monitors, Smart Watches, Smart Clothing, Patches), Application (Sports and Fitness, Remote Patient Monitoring, Home Healthcare), Distribution Channel (Pharmacies, Online Channel, Hypermarkets) and Region (North America, Europe, Asia-Pacific, and Rest of the World).

The report also covers the Covid impact on the market. Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and an uptrend is witnessed from 2021.

Market Insights

The wearable medical devices market size was valued at USD 21.5 billion in 2021 and is likely to grow at a CAGR of 23.7% during 2022-2028 to reach USD 95.4 billion by 2028.

Market Dynamics

The growth of the market is primarily driven by increasing demand for remote patient monitoring devices and home healthcare.

• Increasing fitness consciousness among consumers particularly the young generation is expected to propel the market growth significantly.

• The rising prevalence of chronic lifestyle diseases due to stress and unhealthy eating habits is expected to boost product demand further.

• Moreover, a growing emphasis on new innovative product development is likely to create lucrative opportunities for the players operating in the market during the review period.

Market Segments' Analysis

Based on application, the market has been segmented into sports and fitness, remote patient monitoring, and home healthcare.

• The home healthcare segment accounted for the largest market share of >50% in 2021.

• Expanding geriatric population and prevalence of chronic diseases have resulted in increased demand for devices to monitor health continuously at home and reduce the number of frequent hospital visits and thus, curb healthcare expenditure.

Based on the device, the market has been segmented into diagnostic devices and therapeutic devices. The diagnostic devices segment accounted for a revenue share of nearly 65% in 2021.

Geographically, the market in North America accounted for the largest market share in 2021 owing to expanding geriatric population and an increasing number of people having non-communicable diseases due to changing lifestyles.

• Additionally, the high adoption rate of technologically advanced healthcare products coupled with high purchasing power is another important factor propelling the market growth.

• The market in the Asia-Pacific region is projected to register the fastest growth during the review period on account of the increasing usage of fitness devices coupled with rising per capita disposable income.

Key Players

The following are some of the key players in the Wearable Medical Devices Market:

• Koninklijke Philips N.V. (Netherlands),

• Zephyr Technology Corporation (The U.S),

• Omron Corporation (Japan),

• Sotera Wireless, Inc. (The U.S),

• Everist Health (The U.S),

• LifeWatch AG (Switzerland),

• Withings (France),

• Polar Electro Oy (Finland),

• Intelesens Ltd (UK),

• Fitbit, Inc. (The U.S),

• Vital Connect, Inc. (The U.S), and

• Garmin Ltd. (The U.S).

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