Industry Detail

Market Outlook:

Wearable technology enabled medical device is defined as a device that is noninvasive, wearable, autonomous, and perform certain types of medical functionalities such monitoring, continuous assessment of body physiology, extracting body metabolite data among others. The term wearable refers to the device is either supported by the human body or clothing. 

The Global Wearable devices market is expected to offer an $ opportunity of USD 184 billion over the forecast period. Market was estimated USD 14.6 billion during base year i.e. 2020 and expected to grow at a significant CAGR % over the projected period.

Analysis on wearable devices outlined around monitoring, screening, detection, and prediction  

Report has investigated the in-depth analysis on market size by value (USD million) and volume (million), market segments growth trends, their current trends, growth analysis, opportunity analysis, challenges with current devices, adoption among end users, recently launched devices, geographic market attractiveness evaluation and others

Market Segmentation Analysis by:

• By Sensors Type:
  • Photodiode sensor
  • Complementary metal–oxide–semiconductor (CMOS) sensors
• By Application:
  • Blood pressure monitors
  • Glucose meters
  • Heart Rate
  • ECG monitors
  • Fitness trackers
  • Sleep Tracking
  • Integrated Activewear
• By Modalities:
  • Handheld
  • Strap/Clip/Bracelet
  • Headband
  • Others
• By End User Outlook:
  • Teenager
  • Adult
  • Geriatric

Report Insights: 

• In United States, the use of wearables increased from 10%-43% over the 2018-2023.
• Around 330 million health wearable devices shipped globally in 2022.
• Over adult 34.6% geriatric population is going to adopt wearable devices by 2029 in India.

Recent Developments in the Market: 

• STMicroelectronics (ST) and DuPont collaborated to Enhance the Developments of New Smart Wearable Device Concept for Monitoring Biosignals
• Dubai-based Endefo to infuse Rs 200 cr. in India, view to capture ~10% market share in wearable tech market

Regulatory Landscape: 

• When claims the medical benefits of such Wearable medical devices as treatment, prevention or cure they will be come under the preview of medical devices as per FDA
• The FDA guideline recommend that these types of devices are low-risk devices and classified as general awareness products. 

Challenges in Wearable Technology:  Challenges Examined in the Report

• Data Privacy and Security Issues
• Cost of Service
• Battery Life
• Interoperability Challenges
• Reliability and Data Accuracy

Competitive Landscape: Competitive structure covers insights on established and start-up players. Analysis done around, established year, offerings, funding secures, technology outlook, future strategic move.

Report Coverage:

Reason to buy this report:

• Fostering Understanding on Wearable Health Devices
• To Order to Understand the Market Potential
• Opportunity Analysis (exist in the market for players)
• Obtain Consumer Insights 
• To Know Current and Future Market Trends
• Key Players and their Key Strategic Move