Press Release: MTI Staff was not involved in writing this content
NEWARK, Del., March 4, 2024 /PRNewswire/ — The wearable medical device market is poised for significant growth, with a projected CAGR of 8.20% from 2024 to 2034. This translates to an expected market value increase from US$ 38,580.9 million in 2024 to a staggering US$ 84,848.6 million by 2034.
Fueling this growth is the increasing burden of diseases on healthcare systems due to irregular hospital visits and sedentary lifestyles. This compels healthcare bodies, medical service providers, and governments to prioritize timely and regular diagnoses for patients. This, in turn, has created a conducive environment for manufacturers of wearable medical devices.
Future Market Insights’ insightful report delves deeper into this trend, providing in-depth analysis of the smart wearable healthcare device market and its various segments, including wearable monitoring devices, digital health wearables, and body-worn medical devices. The report further explores the potential opportunities for manufacturers of stick-to-skin wearable devices offering functions like drug delivery, biosensing, and wound care.
Illustrating the real-world impact, the report showcases how wearable technology is revolutionizing healthcare through devices like smartwatches, fitness trackers, glucose monitors, and cardiac monitors. Finally, it offers a comprehensive list of leading technology players in the healthcare and smart medical device industry, highlighting their contributions and innovations.
Additionally, regional and national healthcare agencies are actively encouraging routine diagnosis through awareness programs and various campaigns. These initiatives are resulting in a heightened public awareness of products and devices for monitoring and diagnosing vital signs. This further contributes to the projected growth of the wearable medical device market.
“Continuous advancements and release of upgraded wearable medical devices by leading players are expected to be a go-to-market strategy of leading players. Additionally, players are expected to explore the potential of wearable medical devices in various new segments,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Wearable Medical Device Market Report
- The wearable medical device market achieved a market size of US$ 36,604.3 million in 2023. During the historical period, the market registered a CAGR of 10.7%.
- By product, the wearable therapeutic medical device segment is estimated to acquire a value share of 55% in 2024.
- Based on the application, the home healthcare segment is anticipated to obtain a market share of 63% in 2024.
- The wearable medical device industry in the United States is expected to expand at a CAGR of 6.5% through 2034.
- The wearable medical device market in France is projected to register a CAGR of 8% from 2024 to 2034.
- The wearable medical device market in India is estimated to record a staggering CAGR of 18.40% over the forecast period. — The market in Singapore is projected to grow at a CAGR of 13.10% through 2034.
Competitive Landscape
Market players are developing advanced wearables and exploring new application cases for wearable medical devices, which is contributing to market growth. The industry participants are acquiring firms with complementary technologies and collaborating with other healthcare institutions, technology providers, and pharmaceutical firms to expand their distribution channels, leverage expertise, and develop integrated solutions.
Players are further emphasizing privacy and data security and prioritizing user-friendly designs to boost user adoption and compliance. Industry participants are getting involved in targeted marketing campaigns toward certain healthcare professionals and patient segments to elevate brand recognition and drive device adoption.
Recent Developments in the Wearable Medical Device Market
- In July 2023, Dexcom, a developer of constant glucose monitors, revealed that it is making a Type 2 diabetes monitor for patients who don’t require insulin. The company also offers a cash-pay choice for patients not secured by health insurers and Medicare.
- In July 2023, Samsung announced that it is gearing up to launch ‘Galaxy Ring’ equipped with smart health features in 2024. For the success of its recent wearable endeavor, the Korean tech giant is collaborating with international as well as domestic component manufacturers.
- Key Market Segmentation
Sample PDF report to explore key market insights and trends
