The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global wearable medical devices market is expected to grow from $22.44 billion in 2022 to $27.37 billion in 2023 at a compound annual growth rate (CAGR) of 21.9%. The global wearable medical devices market size is expected to grow to $60.48 billion in 2027 at a CAGR of 21.9%.

North America held the largest wearable medical devices market share.

Wearable Medical Devices Market Driver
The increase in mortality from non-communicable diseases, such as chronic and lifestyle-related conditions like hypertension and diabetes, has driven the adoption of wearable medical devices. To address this, the healthcare industry is introducing advanced technologies, enabling continuous and remote patient monitoring through wearables worn throughout the day. These devices track vital signs, glucose levels, and more. According to the World Health Organization (WHO) in 2020, non-communicable diseases (NCDs) are projected to account for 80% of the global disease burden. In developing countries, seven out of ten deaths are due to NCDs, with about half occurring in individuals under 70. The global NCD burden is expected to rise by 17% in the next decade and by 27% in Africa. Additionally, the International Diabetes Federation reported 537 million adults with diabetes in 2021, projected to increase to 643 million by 2030 and 783 million by 2045. The growing prevalence of chronic diseases and rising awareness drive the demand for continuous monitoring, propelling the wearable medical devices market.

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Prominent Wearable Medical Devices Market Trend
The incorporation of artificial intelligence (AI) into wearable medical devices is gaining momentum. Data collected by these devices becomes more valuable when AI is integrated, enhancing its utilization. Standalone AI networks, equipped with deep learning algorithms, outperform human medical practitioners in various areas like skin lesions, electrocardiograms, medical imaging, and pathology. In 2020, Apple acquired Xnor.ai, a company specializing in low-power AI tools for image recognition in wearables. According to a 2022 survey, 88% of respondents were aware of AI, with 46% believing the benefits in healthcare outweighed the risks, while only 2% disagreed. Developers of wearable device apps are increasingly emphasizing AI integration for remotely analyzing data to aid AI-driven diagnosis.

Wearable Medical Devices Market Prominent Players
Major players in the wearable medical devices market are Philips, Polar Electro, Omron Corporation, Fitbit Inc., Garmin Ltd., LifeWatch AG (BioTelemetry Inc.), Xiaomi Inc., VitalConnect, Jawbone Inc., General Electric Co., and Medtronic PLC.

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Key Wearable Medical Devices Market Segments
The global wearable medical devices market is segmented –
1) By Device Type: Diagnostic Devices, Therapeutic Devices
2) By Product Type: Watch, Wristband, Clothing, Ear Wear, Other Devices
3) By Distribution Channel: Pharmacies, Online Channel, HyperMarkets
4) By Application: Sports And Fitness, Remote Patient Monitoring, Home Healthcare, Ear Wear

The Wearable Medical Devices Global Market Report 2023  provides a comprehensive overview on the wearable medical devices market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the wearable medical devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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