The wearable medical device market value is expected to rise from US$ 38,580.9 million in 2024 to US$ 84,848.6 million by 2034. This estimated growth is expected to be driven by a promising CAGR of 8.20% over the next decade.

The increasing burden of diseases on the healthcare system due to irregular hospital visits for routine check-ups and a sedentary lifestyle is compelling healthcare bodies, medical service providers, and governments to prioritize timely and regular diagnosis for patients. This has created a conducive environment for manufacturers of wearable medical devices.

Regional and national healthcare agencies are actively encouraging routine diagnosis via awareness programs and various campaigns. These initiatives are resulting in a heightened awareness of products and devices for monitoring and diagnosing vital signs among the masses.

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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.

“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.)

Competitive Landscape in the Wearable Medical Device Market:

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.

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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.

Manufacturers of Wearable Medical Device Market:

• Medtronic plc
• Siemens AG
• Fitbit Inc.
• Bayer AG
• Panasonic Corporation
• Animas Corporation - Johnson and Johnson
• Smiths Medical - A Smiths Group Company
• Koninklijke Philips N.V.
• Owlet Baby Care
• OMRON Corporation
• Hoffmann-La Roche Ltd
• Rest Devices Inc.
• Others

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Key Wearable Medical Device Market Segmentation:

By Product:

• Wearable Monitoring and Diagnostic Devices
• Foetal and Obstetric Devices
  • Wearable Foetal Monitors
  • Infant Motion Sensing Monitors
• Continuous Glucose Monitoring Devices
• Cardiac Monitoring Devices
  • Wearable Heart Rate Monitors
  • Wearable Pulse Oximeters
  • Wearable Blood Pressure Monitors
• Wearable Therapeutic Medical Device
• Hearing Aid
• Insulin Pump
• Respiratory Therapy Devices
  • Sleep Apnea Devices
  • Non-invasive Ventilation
• Health and Fitness Devices

By Application:

• Patient Monitoring
• Home Healthcare
• Health and Fitness

By Distribution Channel:

• Hospital Pharmacies
• Clinics
• Online Channels
• Hypermarkets

By Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America