The Wearable Medical Devices Market was valued at USD 19,450 million in 2022, and it is expected to reach USD 47,837 million by 2031, registering a CAGR of about 16% over the forecast period
Wearable devices play a crucial role in predicting certain disorders by integrating essential vital signs with clinical symptomology. The use of wearable devices in a bid to combat COVID-19 has therefore been ramped up. Research has recently expanded on whether the extensive data that wearable devices collect can predict the onset of the virus or not.

For instance, in 2020, researchers at Rockefeller Neuroscience Institute in the United States reported that data from the Oura ring, a wearable sleep and activity tracker, can be combined with an app that measures vital signs that predict in advance if an individual is likely to develop COVID-19 symptoms. The device successfully predicted that an individual would experience symptoms such as shortness of breath, cough, and fever up to three days before they manifested.

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The wearable medical devices market is growing at a faster pace owing to the rising technological innovations and advancements, as they can improve the lifestyle of the general population as well as patient population. Wearable technologies proffer a convenient mode of monitoring physiological symptoms, featuring a multitude of medical solutions. These devices are not only easy for consumer use but also offer real-time data for physicians to analyze. From the Apple Watch’s EKG capabilities to new continuous glucose monitoring systems, wearable medical technologies have a broad range of potential applications in the healthcare industry.

Also, Current Health’s artificial intelligence (AI) wearable device that measures multiple vital signs has recently received FDA clearance for patients to use at home. In February 2020, the Edinburgh, Scotland-based company received clearance for the AI-enabled device in monitoring patients while in the hospital, but this recent approval means it can now be used between doctor visits at home too.

In 2019, Omron Healthcare launched HealthGuide, which looks like a typical smartwatch but is incorporated with features to monitor blood pressure. Thus, all the above-mentioned factors are responsible for the growth of the market.

However, the lack of awareness about the availability of some wearable devices in developing and underdeveloped countries and the high cost of wearable devices are some of the major challenges for the growth prospects of the market.

Key Market Trends

Remote Patient Monitoring is Expected to Exhibit the Fastest Growth Rate Over the Forecast Period

The essential and healthcare workers are the most vulnerable to coronavirus infections due to their required proximity to potential coronavirus patients. Wearable technology may potentially help in these regards by providing symptoms prediction, real-time remote monitoring and contact tracing, etc.

In April 2020, the Scripps Research Translational Institute started the DETECT (Digital Engagement & Tracking for Early Control & Treatment) Study, which uses devices such as Garmin, Fitbit, and Apple Watch, among others, for recording activity, heart rate, and sleep data and matching it with symptom reports submitted by participants to track potential cases of COVID-19. Early results from the study showed that Fitbits can predict COVID-19 in 78% of the 14 patients studied.

The process in which patients can use a mobile medical device to perform a routine test and send this data to healthcare professionals in real-time is known as remote patient monitoring (RPM).

The implementation of remote patient monitoring may improve the management of chronic disorders by measuring critical risk indicators, such as blood pressure and glucose. RPM has several advantages for hospitals and end users, such as reduction in extended hospitalization, low cost of healthcare, and fewer doctor appointments. This can also help lower the costs associated with the treatment of chronic disorders.

The increase in the number of people with chronic disorders and the rising elderly population are the major factors boosting the growth of RPM services across the globe. For instance, the number of deaths of neurological disorders has increased in the past three decades, i.e., from 6.5 million in 1990 to 9 million in 2018, as per Feigin V.L. published in the Neuroepidemiology Journal 2019. This rising prevalence is anticipated to further increase the demand for remote patient monitoring devices.

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North America Captured the Largest Market Share and It is Expected to Retain its Dominance over the Forecast Period

The COVID-19 has altered collective and individual behavior, changing both workplace and healthcare. Technology offers devices to meet these new challenges. When it comes to health, work, and economics amid COVID-19, wearables play an important role in the entire continuum of care, as well as in our work and leisure lives. In 2020, Philips launched a next-generation wearable biosensor for early patient deterioration detection, including clinical surveillance for COVID-19 in the United States.

Also, in 2020, researchers in Washington developed a stamp-sized device, consisting of a suite of sensors, including ones that record blood oxygen levels and body temperature, an advance that can be used to catch early symptoms and signs of COVID-19 and monitor patients as the illness progresses.

North America dominated the overall wearable medical devices market, with the United States emerging as the major contributor to the market. The United States holds the largest share in the wearable medical devices market due to the high prevalence of cardiovascular and lifestyle-related diseases and increased adoption of wearable medical technology, along with high per capita medical expenditure. Combined with the rising incidence of diseases in the region, the market for wearable medical devices is expected to grow at a moderate rate over the forecast period.

Additionally, most of the major players such as Garmin Ltd, Fitbit Inc., and Biotelemetry Inc. are concentrated in the United States and have been investing in the research and development of innovative wearables. For instance, in October 2020, Garmin Ltd launched Vivofit jr, three kids fitness tracker watch, which would help kids to be motivated to meet their activity goals to see what happens next in the app adventure.

Competitive Landscape

The rising number of market players is intensifying the competition. Players, such as Fitbit, Lifesense, Apple, Omron Corporation, and Samsung, are disrupting the market by launching several new products. In August 2020, Fitbit Inc. launched Fitbit Sense, an advanced health smartwatch that helps in detecting the body’s responses to stressors by measuring electrodermal activity responses.

Moreover, new competitors are emerging in the form of start-ups. Start-ups like Overlap, Royal Philips, Vivify Health, Validic, and Doximity Dialer are in the process of developing technology to enhance wearable health technology and enable EHR integration for health systems. This has made the market very competitive.

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