May 17, 2024


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Wearable Medical Device Market to Hit USD 132.5 billion by 2031| AI and 5G to Bolster Growth Potentials, Growth Plus Reports | News

NEW YORK, June 17, 2022 /PRNewswire/ — The global wearable medical device market size stood at USD 18 billion in 2020. The market is expected to clock US$ ~132.5 billion by 2031 owing to increasing FDA-approved product launches, increasing adoption of AI and 5G, rising adoption of wearable devices among people for self-monitoring their health & fitness, increasing penetration of mobile platforms, and growing awareness and preference for home healthcare.

Growth Engines

Technological innovations and modernization of healthcare are two major factors that are transforming the way healthcare services are delivered. Constantly developing medical technologies like AI and increasing penetration of 5G technology are expected to enhance the efficiency of medical services provided to patients. The trend of wearable devices aims to help a person self-monitor their health activities and vitals and ensure their health & fitness.

Fitness trackers, biosensors, smartwatches are rapidly being adopted by the population as they have the ability to improve patient outcomes. Multiple technology companies have launched new products that are FDA approved for helping a person improve clinical outcomes. For instance, in April 2020, Samsung received medical approval for its blood pressure monitoring sensor that was present in the Samsung Galaxy Watch Active 2 since its launch in Nov 2019.

The global wearable medical device market has been analyzed from five perspectives: Device Type, Product Type, Application, Grade, and Region.

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Excerpts from ‘By Device Type Segmentation’

Based on device type, the wearable medical device market has been segmented into:-

  • Monitoring & Diagnostic Devices
  • Therapeutic Devices

The monitoring & diagnostic devices segment is further sub-segmented into Vital Signs Monitoring Devices [ECG/Heart Rate Monitors, Pulse Oximeters & Oxygen Saturation (SpO2) Monitors, Blood Pressure Monitors, and Multi-parameter Monitors], Glucose Monitoring Devices, Sleep Monitoring Devices, Neuromonitoring Devices, and Fetal Monitoring & Premature Baby Monitoring Devices.

The therapeutic devices segment is further categorized into Pain Management Devices, Respiratory Therapy Devices, Rehabilitation Devices, Drug Delivery devices,s Hearing Aids, and Wearable Cardiac Defibrillators (WCDs). The monitoring & diagnostic devices segment held the largest market share in 2020.

Factors such as the increasing prevalence of lifestyle-related diseases, growing awareness about fitness and health among the population globally and increasing wearable monitoring product launches have played a key role in driving the segmental growth.

Excerpts from ‘By Region Segmentation’

Regionally, the global wearable medical device market has been segmented into

  • North America
  • Europe, Asia Pacific
  • Rest of the World (RoW).

North America held the largest market share in the global wearable medical device market. The increasing prevalence of chronic disorders, growing awareness of self-health management, and raising awareness and willingness to adopt wearable device technologies among Americans are some of the factors driving the growth of the wearable device market in this region. Moreover, increasing penetration of 3G and 4G networks and newer product launches are anticipated to fuel the market growth during the forecast period

Excerpts from ‘Competitive Landscape’

Some of the prominent players operating in the global wearable medical device market include:

  • Koninklijke Philips N.V
  • Apple Inc
  • Fitbit, Inc
  • Omron Healthcare, Inc
  • Medtronic
  • Garmin Ltd
  • GE Healthcare
  • Sotera Wireless, Inc
  • BioTelemetry, Inc
  • Dexcom, Inc
  • Among others

Report Scope:

Report Coverage


Forecast Period

2021 to 2031

Forecast Period 2021 to 2031 CAGR

19.9 %

2031 Market Value

USD 132.5 Billion

Base Year


Historical Data

2018 and 2019

Number of pages

100 – 120

Segment Covered

Type, Product Type, Application, Grade

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1.1.  Market Ecosystem

1.2.  Geographic Scope

1.3.  Timeline Under Consideration

1.3.1.  Historical Years – 2018 & 2019

1.3.2.  Base Year – 2020

1.3.3.  Forecasted Years – 2021 to 2031

1.4.  Currency Used in the Report


2.1.  Research Approach

2.2.  Data Collection Methodology

2.3.  Data Sources

2.3.1.  Secondary Sources

2.3.2.  Primary Sources

2.4.  Market Estimation Approach

2.4.1.  Bottom Up

2.4.2.  Top Down

2.5.  Market Forecasting Model

2.6.  Limitations and Assumptions


3.1.  Current Market Trend (COVID-19 Perspective)

3.2.  Technological Advancements


4.1.  Drivers

4.2.  Restraints

4.3.  Opportunities


5.1.  Monitoring & Diagnostic Devices

5.1.1.  Vital Sign Monitoring Devices  ECG/Heart Rate Monitors  Pulse Oximeters & Oxygen Saturation (SpO2) Monitors  Blood Pressure Monitors  Multi-parameter Monitors

5.1.2.  Glucose Monitoring Devices

5.1.3.  Sleep Monitoring Devices

5.1.4.  Neuromonitoring Devices

5.1.5.  Fetal monitoring & Premature Baby Monitoring Devices

5.2.  Therapeutic Devices

5.2.1.  Pain Management Devices

5.2.2.  Respiratory Monitoring Devices

5.2.3.  Rehabilitation Devices

5.2.4.  Drug Delivery Devices

5.2.5.  Hearing Aids

5.2.6.  Wearable Cardiac Defibrillators (WCDs)

TOC Continued…..

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Manan Sethi

Director, Market Insights

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