The global wearable medical devices market size was estimated at USD 33.85 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 25.66% from 2024 to 2030. The anticipated growth in industries like remote patient monitoring and home healthcare will impact the market, along with an increased focus on fitness and a health-oriented lifestyle. The market holds significant opportunities driven by technological advancements, merger and acquisition activities, increasing clinical trials, and heightened awareness of personal health monitoring.

Due to sedentary routines, lifestyle-related disorders like diabetes and hypertension are expected to rise, necessitating continuous monitoring of physiological parameters. Portable medical devices enable the amalgamation of healthcare data, providing real-time access for physicians and minimizing errors. The increasing mortality rate from non-communicable diseases emphasizes the need for personalized monitoring and care, contributing to an increased demand for wearable medical products. The COVID-19 pandemic has expanded the utility of wearable medical devices in healthcare. Innovative products, like the Ava Bracelet, initially designed as a fertility tracker, are now repurposed to detect early signs of viral infections. With monitoring parameters such as heart rate variability, breathing rate, and skin temperature, the bracelet proves valuable in tracking COVID-19 symptoms, presenting a distinctive opportunity during the global health crisis.

Gather more insights about the market drivers, restrains and growth of the Global wearable medical devices market

Wearable Medical Devices Market Segments Highlights:

1. The diagnostic devices segment dominated the market and accounted for the largest revenue share of 61.62% in 2023. The increasing prevalence of neurological disorders is a primary driver for the growth of this segment.

2. The therapeutic device segment is anticipated to witness the fastest CAGR over the forecast period owing to the increasing influx of therapeutic devices.

3. The strap/clip/bracelet segment dominated the market, accounted for the largest revenue share in 2023, and is likely to remain dominant over the forecast period.

4. Advancements in wrist-worn products, exemplified by Fitbit Ace 3 Next Generation Activity and Sleep Tracker for kids, offer enjoyable fitness tracking by monitoring parameters such as heart rate, skin temperature, and activity counts, contributing to segment expansion.

5. The consumer grade wearable medical devices segment dominated the market and accounted for the largest revenue share in 2023.

6. The clinical grade wearable medical devices segment is anticipated to witness the fastest CAGR over the forecast period. This anticipation is driven by the growing demand for advanced monitoring solutions in clinical settings.

7. The pharmacy segment dominated the market for wearable medical devices and accounted for the largest revenue share in 2023. This dominance is attributed to the widespread accessibility of pharmacies, offering consumers a convenient avenue to purchase these devices.

8. The online channel segment is anticipated to witness the fastest CAGR over the forecast period. The segment growth is driven by the increasing consumer preference for online shopping.

9. The home healthcare segment dominated the market for wearable medical devices and accounted for the largest revenue share in 2023. The increasing geriatric population, increasing prevalence rates of target diseases, and growing need to curb healthcare expenditure as an economically viable initiative are some factors responsible for market growth.

10. The remote patient monitoring segment is anticipated to witness the fastest CAGR over the forecast period.

11. North America accounted for the largest revenue share in 2023, owing to the growing prevalence of cardiovascular disorders, diabetes, and cancer within this region.

12. The market is expected to witness exponential growth in Asia Pacific over the forecast period.

13. Japan held the largest share of the remote patient monitoring devices market in the Asia Pacific region in 2023. It is expected to maintain its dominance over the forecast period due to rapid technological advancements and the growing requirement for home care devices and round-the-clock monitoring.

Browse through Grand View Research's Medical Devices Industry Research Reports.

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Wearable Medical Devices Market Segmentation

Grand View Research has segmented the global wearable medical device market based on product, site, application, distribution channel, grade type, and region:

Wearable Medical Devices Product Outlook (Revenue, USD Million, 2018 - 2030)

1. Diagnostic Devices

2. Therapeutic Devices

Wearable Medical Devices Site Outlook (Revenue, USD Million, 2018 - 2030)

1. Handheld

2. Headband

3. Strap/Clip/Bracelet

4. Shoe Sensors

5. Others

Wearable Medical Devices Application Outlook (Revenue, USD Million, 2018 - 2030)

1. Sports & Fitness

2. Remote Patient Monitoring

3. Home Healthcare

Wearable Medical Devices Grade Type Outlook (Revenue, USD Million, 2018 - 2030)

1. Consumer-Grade Wearable Medical Devices

2. Clinical Wearable Medical Devices

Wearable Medical Devices Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

1. Pharmacies

2. Online Channel

3. Hypermarkets

Wearable Medical Devices Regional Outlook (Revenue, USD Million, 2018 - 2030)

1. North America

2. Europe

3. Asia Pacific

4. Latin America

5. Middle East & Africa

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