Wearable Medical Devices Market Outlook 2031
- The global wearable medical devices market was valued at US$ 29.9 Bn in 2021
- The global market is projected to advance at a CAGR of 19.1% from 2022 to 2031
- The global wearable medical devices market is anticipated to reach more than US$ 183.8 Bn by the end of 2031
Analysts’ Viewpoint on Wearable Medical Devices Market Scenario
Wearable technology has taken a quantum leap by linking our senses to sensors, thereby opening up countless potential across multiple market sectors. Simplicity of use and versatility of wearable technologies in healthcare are key factors driving their popularity. People are using wearable technology to efficiently monitor their vital signs. Those who are sensitive to slight glucose level fluctuations and require continuous glucose monitoring can benefit from therapeutic devices such as Pancreum’s Vigil and Omnipod. Rise in prevalence of chronic pain has boosted the demand for wearable medical devices such as transcutaneous electrical nerve stimulation (TENS) and pulsed electromagnetic field treatment (PEMF). The wearable medical devices market has been witnessing an increase in demand for respiratory monitors, multi-parameter monitoring solutions, and point-of-care monitoring products such as pulse oximeters and blood pressure monitors during the COVID period.
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Overview of Global Wearable Medical Devices Market
The global wearable medical devices market is expected to grow at a rapid pace between 2022 and 2031 due to the expansion of the healthcare sector, government efforts, increase in number of healthcare companies, rise in product approvals, and surge in patient population.
Wearable medical devices companies are striving to improve the usability and accessibility of their products. These wearable health monitoring devices provide crucial information about user health and are designed in such a way that a layperson can easily comprehend the data.
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Large Numbers of Innovators and Early Adopters Ensure Faster Market Penetration
Wearable technology is popular. Majority of the people who purchase such items are innovators and early adopters. The global wearable medical devices market is projected to be driven by a significant population of innovators and early adopters in developed countries, and increase in the number of persons in this category in emerging economies. Surge in number of sports and fitness enthusiasts seeking new ways to track their health is also anticipated to propel the global market. A sizable proportion of the population in the U.S. and Canada are early adopters. Hence, market penetration of wearable medical gadgets is likely to be faster in North America.
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Increase in Incidence of Chronic Pain and Large Diabetic Patient Population Driving Demand for Advanced Wearable Technologies
Surge in chronic pain cases is augmenting the demand for wearable medical devices such as transcutaneous electrical nerve stimulation (TENS) and pulsed electromagnetic field treatment (PEMF) devices.
Diabetes is affecting an increasing number of individuals because of improper diet, sedentary lifestyle, and obesity. This can result in life-threatening conditions such as renal failure, heart disease, and stroke. Hence, health of such persons must be checked on a regular basis. This is driving the demand for glucose monitors. Diabetic people are also at risk of dying prematurely from cardiovascular issues. This necessitates the development of wearable devices capable of continuous cardiovascular monitoring at home and in clinics.
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Integration of Technologies such as Bluetooth and Wi-Fi with Diagnostic Equipment Propelling Activity Monitors Segment
In terms of product, the global wearable devices market has been classified into smart watches, activity monitors, patches, and smart clothing. The activity monitors segment accounted for a large share of the global market in 2021. The segment is expected to grow at a high CAGR from 2022 to 2031.
Activity monitors have grown in popularity as a result of the integration of technologies such as Bluetooth and Wi-Fi with diagnostic equipment. This allows these gadgets to communicate health information to computers or smartphones, enabling medical professionals to evaluate data more quickly.
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