Wearable Medical Devices Market Overview
The global wearable medical devices market is poised for robust growth, with a projected double-digit increase by 2028. This expansion is driven by the rising prevalence of chronic diseases, heightened awareness of fitness and lifestyle health trends, increased adoption of wearable devices during and after the COVID-19 pandemic, and rapid technological innovations enhancing device functionality and usability.
Wearable medical devices integrate hardware, software, and mobile applications to monitor and analyze health data, which is then transmitted to cloud-based systems for advanced processing and evaluation.
Types of Wearable Medical Devices
Smartwatches: Modern smartwatches, initially designed for general use, now serve as comprehensive health-monitoring tools capable of tracking metrics such as steps, calories burned, oxygen saturation, heart rate, and electrocardiogram (EKG) readings.
Advanced Care & Alert Portable Telemedical Monitor (AMON): AMON devices are commonly deployed in clinical settings, allowing healthcare professionals to efficiently collect vital data such as pulse rate and oxygen saturation.
Continuous Glucose Monitors (CGM): CGM devices have revolutionized diabetes management by continuously tracking blood glucose levels with minimal patient intervention, supporting proactive disease management.
Impact of COVID-19 on Market Growth
The COVID-19 pandemic significantly accelerated the adoption of wearable medical devices, as individuals sought tools for self-monitoring and early detection of symptoms. Companies producing diagnostic and health-monitoring wearables reported substantial revenue growth. For example, Garmin Ltd. saw an 11.4% increase in fiscal year 2020 revenue, with its fitness segment growing by 25.8%. The pandemic also encouraged technology firms to develop devices capable of detecting early warning signs of viral infections. In March 2021, Xiaomi Corporation launched the Mi Smart Band 6, incorporating SpO2 measurement functionality to support monitoring of COVID-19-related symptoms. Post-pandemic, ongoing healthcare challenges and a focus on early disease detection have sustained consumer demand for smartwatches, fitness trackers, and other wearable monitoring devices.
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Rising Demand Due to Chronic Conditions
Chronic diseases such as diabetes, hypertension, and cardiovascular conditions are primary drivers of wearable medical device adoption. Sedentary lifestyles, unhealthy diets, tobacco and alcohol use, and physical inactivity contribute to an increased incidence of these diseases. According to WHO, cardiovascular diseases account for approximately 32% of all global deaths, equating to nearly 17.9 million fatalities annually. In Europe, CVDs cause over 3.9 million deaths per year, with 1.8 million occurring in the EU. The prevalence of diabetes is also rising, causing approximately 2 million deaths globally in 2019 when combined with kidney-related complications. These trends have led to a growing need for devices that allow continuous monitoring of vital signs, such as blood pressure, blood sugar, and heart rate, enabling early intervention and better management of chronic conditions.
Wearable Medical Devices Market – Competitive Landscape
Key players in the wearable medical devices market include:
- Xiaomi Technology Co.
- Fitbit, Inc.
- Philips Electronics (acquired Biotelemetry, Inc.)
- Garmin Corporation
- Apple, Inc.
- Huawei Technologies Co. Ltd.
- Polar Electro
- OMRON Corporation
- Sotera Wireless
- Intelesens Ltd.
Organic and Inorganic Growth Strategies
Market participants are employing a combination of organic and inorganic strategies to expand their market presence. These strategies include launching new products, forming strategic partnerships, and pursuing mergers and acquisitions. For instance:
In June 2023, Google rolled out the June Feature Drop, updating Pixel phones, Pixel Watch, and Fitbit devices. Updates for Fitbit included new exercise modes and a daily fitness score feature for optimized activity management.
In May 2023, Medtronic acquired EOFlow Co. Ltd., the manufacturer of the EOPatch insulin delivery device, a tubeless and fully disposable wearable, enhancing Medtronic’s capability to serve diabetes patients.
In April 2023, Audere launched HealthPulse TestNow in South Africa, an application supporting self-testing of COVID-19 with guidance on rapid diagnostic test execution and interpretation.
In January 2023, Masimo and Royal Philips expanded their collaboration on the Masimo W1 advanced health tracking watch, integrating it with Philips’ patient monitoring ecosystem to strengthen telehealth and remote monitoring capabilities.
Key Market Drivers
Rising incidence of chronic diseases
Growing awareness of fitness, lifestyle, and home healthcare trends
Increased adoption of wearable medical devices post-COVID-19
Rapid technological advancements in wearable devices
Future Outlook
The wearable medical devices market is expected to maintain strong momentum, fueled by the presence of innovative technology providers, widespread integration of artificial intelligence and 5G networks, and continuous advancements in device capabilities. With growing consumer focus on health management and early disease detection, wearable medical devices are becoming an essential component of modern healthcare delivery, offering patients greater autonomy and improved health outcomes.
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About Medi-Tech Insights
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.
