Smart Wearable Medical Devices Market Size, Share & Trends Estimation Report By Type (Blood Pressure Monitor, Heart Detector, Blood Glucose Meter, Pulse Monitor, Others), By Application (Children, Adults, The Old, Other), By Region, And Segment Forecasts, 2023 - 2030
The Global Smart Wearable Medical Devices Market size was valued at USD 13.8 Billion in 2021 and is projected to reach USD 37.4 Billion by 2029, growing at a CAGR of 13.1% from 2022 to 2030.
Smart Wearable Medical Devices Market Overview:
Smart wearable devices will soon become more popular due to their numerous features, technological advances, telemedicine settings, and widespread use in the home. Wearable healthcare devices are in high demand due to the prevalence of numerous chronic diseases such as diabetes and cardiovascular problems. As the prevalence of these diseases increases, so does the use of continuous monitoring devices. Additionally, technological advances that enable users to be more mobile and connected have boosted product sales in recent years. This has provided the healthcare industry with unique patient and disease management options. The ability of smart wearable technologies to improve the quality of patient care while lowering costs will drive overall market growth.
During the pandemic, the market for smart wearable medical devices has had some beneficial impacts. The industry is expected to experience unprecedented growth as the use of innovative technologies increases to meet customer expectations. Smart wearable technology has made it easier for patients and professionals to stay healthy from remote locations. As interest in health care intensifies during COVID-19, the demand for daily health tracking devices in a home environment is increasing. Additionally, at a time when movement is restricted and the risk of infection in the facility is high, these devices have provided an effective real-time monitoring option for chronically ill patients.
Additionally, the capacity of fitness trackers, temperature monitors, and respiration monitors to measure and monitor blood oxygen levels and body temperature supported the market demand. Customers can use the activity tracker to track their fitness over time. It supports daily activity monitoring such as sleep, exercise, and drinking water to help manage a healthy lifestyle. Product demand will be driven by lifestyle changes as well as increased interest in personal health and fitness. Bluetooth connectivity with the band and watch allows you to access your personal health data from your smartphone. Growing acceptance of connected technology devices such as smartwatches with fitness trackers will propel the market forward.
Fitness and activity trackers are increasingly being used in sports activities and training to help people reach their goals. National agencies play an important role in determining reimbursement for mHealthcare. National regulations in several EU member states define healthcare in terms of the physical presence of patients and doctors, which affects reimbursement for mobile and telehealth solutions. The adoption of smart wearables in healthcare is hampered by these regulations. The significant purchasing power of Americans for product development provides opportunities for business expansion. The adoption of these technologies is fueled by increases in disposable income.
Smart Wearable Medical Devices market size, estimates, and forecasts are provided in terms of sales volume (K Units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Smart Wearable Medical Devices market in detail. Regional market sizes related to products by type, by application, and by a player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.
Key Market Updates:
- In April 2022, FitBit Inc. announced that it has received FDA approval for its AFib detection algorithm to identify atrial fibrillation (AFib).
- In March 2022, multinational pharmaceutical company Novo Nordisk announced that two connected insulin pens, NovoPen 6 and NovoPen Echo Plus, are now available by prescription in the UK for diabetics treated with Novo Nordisk insulin.
- In January 2022, Insulet, an innovative medical device company dedicated to simplifying the lives of people with diabetes, announced that its Omnipod 5 insulin pump has received FDA clearance for use in people with diabetes. The Omnipod 5 is a patch-like device that adjusts the daily dose based on changes in the wearer's blood sugar levels.
- In February 2021, Qardio, Inc., an American technology company focused on heart health monitoring products, announced that the U.S. Food and Drug Administration (FDA) had granted the company 510k clearance for its QardioCore Holter device.
- In August 2020, Medtronic announced the acquisition of InPen manufacturer Companion Medical. The InPen is a smart, reusable insulin pen that uses Bluetooth technology to send dosage information to a mobile app.
Major Market Segments Covered in Smart Wearable Medical Devices Industry Research:
Market Key Players:
Google, IHealth Labs, Telefonica, Samsung Electronics, Cyberdyne, Sprint, IRhythm Technologies, Vendors to Watch Out, T-Mobile US, Interaxon, Emerging Vendors, Epson America, Lark, Orpyx Medical Technologies, Biosensics, Withings, Proteus Digital Health, Evena Medical, Cambridge Temperature Concepts, Sotera Wireless, Qardio, And Others.
- Blood Pressure Monitor
- Heart Detector
- Blood Glucose Meter
- Pulse Monitor
- The Old
The North America market for smart wearable medical devices in North America is expected to reach $8.92 billion by 2030, growing at a compound annual growth rate (CAGR) of 18.7% during the period of the forecast.
The region is expected to be a leading market because of things like the high number of people with chronic diseases, good government programmes, and a well-developed healthcare system.
The Europe region is also expected to grow a lot, thanks to things like the growing number of older people and the rising demand for remote patient monitoring.
The Asia-Pacific region is expected to be a fast-growing market, thanks to things like a large population, a rise in the number of people with chronic diseases, and higher healthcare costs.
The Middle East and Africa region is expected to grow slowly, thanks to things like more people using digital health technologies and more attention being paid to preventive care.
Latin America is also expected to have moderate growth, which will be caused by things like rising healthcare costs and more people getting chronic diseases.
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Demand for remote patient monitoring is growing. Smart medical devices that can be worn can make remote patient monitoring possible. This lets healthcare providers check on patients' health outside of traditional clinical settings.
Chronic diseases are becoming more common. For example, diabetes and heart disease are becoming more common. This is driving the demand for smart wearable medical devices that can help manage these conditions.
Technological advances: The continued development of new technologies like artificial intelligence and machine learning is expected to drive innovation in the smart wearable medical devices market, leading to new applications and use cases.
Favorable government initiatives: Governments all over the world are starting programmes to encourage the use of digital health technologies, which is expected to drive the growth of the smart wearable medical devices market.
High prices: Wearable medical devices that are smart can be expensive, which could make them less popular, especially in developing countries.
Limited reimbursement policies: The limited reimbursement policies for wearable medical devices can make it hard for patients to get these technologies, which can slow their spread.
Concerns about data privacy: Using smart wearable medical devices raises questions about data privacy and security, which could slow down their use.
Interoperability problems: Different smart wearable medical devices and health care systems need to be able to talk to each other, which can be hard to do.
Regulatory challenges: The regulatory environment for smart wearable medical devices is complicated and changing quickly, which can cause problems for manufacturers and healthcare providers.
Battery life: Many smart wearable medical devices have a short battery life, which can be a problem, especially for devices that need to be worn all the time.
Smart Wearable Medical Devices Market report scope:
CAGR of 13.1% from 2022 to 2030.
Blood Pressure Monitor, Heart Detector, Blood Glucose Meter, Pulse Monitor, Others,
Children, Adults, The Old
Google, IHealth Labs, Telefonica, Samsung Electronics, Cyberdyne, Sprint, IRhythm Technologies, Vendors to Watch Out, T-Mobile US, Interaxon, Emerging Vendors, Epson America, Lark, Orpyx Medical Technologies, Biosensics, Withings, Proteus Digital Health, Evena Medical, Cambridge Temperature Concepts, Sotera Wireless, Qardio
Regions and Countries Covered
2017 to 2022
2023 to 2030
Crucial Points from this Smart Wearable Medical Devices Report
- Estimate Smart Wearable Medical Devices market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Smart Wearable Medical Devices market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions-
- What is the CAGR of Smart Wearable Medical Devices market?
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- What are the key applications of Smart Wearable Medical Devices market?
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