Global Wearable Healthcare Devices Market Assessment, By Type [Diagnostic Devices, Therapeutic Devices], By Product [Fitness Trackers, Smartwatches, Smart Clothing, Hearables, Others], By Application [Sports and Fitness, Home Healthcare, Remote Patient Monitoring], By Grade [Consumer Grade, Clinical Grade], By Distribution Channel [Retail Pharmacies, Online Channels, Others], By Region, Opportunities and Forecast, 2018-2032F

Global wearable healthcare devices market is projected to witness a CAGR of 17.47% during the forecast period 2025-2032, growing from USD 43.07 billion in 2024 to USD 156.13 billion in 2032. The market's growth is fueled by several factors, including increasing consumer awareness about health issues, increasing investment in companies developing medical devices, and facilitating the implementation of novel product features. Moreover, the growing prevalence of chronic diseases, especially among the aging population, contributes to this expansion. Other important factors include the demand for remote patient monitoring, home healthcare solutions, and government initiatives promoting health technology adoption.

The rising chronic diseases fuel the wearable healthcare market. Diabetes, hypertension, and cardiovascular diseases are the most common ones, as sedentary lifestyles and an aging population increase their prevalence. This increased prevalence demands a better disease management solution, and real-time health data from wearable devices such as smartwatches and fitness trackers help users monitor their well-being. For example, continuous glucose monitors (CGMs) are vital for diabetes management, allowing users to track blood sugar levels and make informed choices about diet and medication. Wearable technologies are making chronic disease management more proactive and patient-focused as patients seek improved health management and healthcare systems look for cost-effective solutions.

Furthermore, growing fitness and health awareness drives the wearable healthcare devices market. Consumers are increasingly looking to monitor their health, and companies are innovating to meet this demand. Wearable healthcare device companies are expanding their product lines with advanced features like heart rate tracking and sleep analysis to meet this rising demand for personal health management. For example, in September 2024, WHOOP Inc. launched its advanced health and fitness wearables in the Indian market through Flipkart. With cutting-edge features and attractive offers like no-cost EMI, WHOOP caters to high-performance athletes and wellness enthusiasts, bolstering the growing wearable healthcare devices market through its state-of-the-art technology and real-time health insights.

Rising Investments Boost the Market Demand

The growing investments in healthcare are significantly driving the demand for wearable healthcare devices. As governments and private sectors continue to increase their investment in health technology, the development of innovative wearable solutions accelerates. This investment enhances research and development and supports integrating advanced technologies like AI and IoT into wearable devices, improving their functionality and user experience. Moreover, with increased funding, telehealth services are becoming more prevalent, and wearables can be easily integrated into healthcare systems, which promotes proactive health management. This combination of investment and innovation is crucial for meeting the growing consumer demand for effective health monitoring solutions. Such strong demand has prompted key players and other companies to expand offerings to include chronic disease management, tracking fitness, and health monitoring features. These firms also dedicate time to partnerships with healthcare providers to facilitate data exchange and enhance patient care. For instance, in October 2024, Alimetry Ltd. recently raised USD 8 million to commercialize its AI-powered gut health wearable, following increased adoption by U.S. hospitals. This funding is led by GD1 and other leading investors that will support swift and accurate diagnostics for gut disorders. This investment in wearable healthcare devices boosts market demand by emphasizing clinical value and adoption.

Technological Advancements in Wearable Devices Support Market Expansion

Technological advancements in wearable healthcare devices are expanding rapidly, enabling more innovative and efficient health monitoring and management. These devices provide real-time insights, early diagnosis, and personalized care, meeting the rising demand for proactive healthcare solutions by integrating AI, machine learning, and advanced biosensors. For example, in July 2024, SoundHealth Inc. launched SONU, the first FDA De Novo-approved AI-enabled wearable for nasal congestion treatment. Backed by USD 7 million in seed funding, SoundHealth is looking to increase SONU's market footprint and seek more regulatory clearances, reflecting the intensifying influence of technological innovation on the wearable healthcare devices market.

Consumer Grade Segments Account for a Significant Share of the Market

Some important factors that boost the growth of the consumer-grade segment of the wearable healthcare devices market include consumers' growing health consciousness, which has fueled the need for user-friendly and affordable devices to monitor their health and fitness levels. Also, technological advances, such as better sensor technology and connectivity options, enhance the utility of these devices and make them more attractive to a broader section of consumers. The ever-rising lifestyle disease burden and monitoring requirements only accelerate the demand for wearable devices. In July 2024, Samsung Electronics Co., Ltd. (Samsung) released the Galaxy Ring, the company's first intelligent ring that tracks health metrics with the help of AI. The latest offer is for fitness and health enthusiasts, whereby consumer interest in wearable healthcare devices has increased considerably. Through mainstreaming smart rings, Samsung is driving the growth of the consumer-grade wearable technology market. Such products would integrate artificial intelligence and data analytics to present personalized health insights, promoting proactive health management. Furthermore, the growing ecosystem of mobile applications and digital health platforms helps make these wearables more helpful to the end user in the pursuit of their health information tracking, its infusion in daily life, and, consequently, enhancing the growth pattern of the segment.

North America Holds Major Market Share

North America accounts for a larger share of wearable healthcare devices, primarily because of higher per capita investments in advanced technologies and their wide adoption. The United States has numerous companies actively introducing innovative products, and many wearable device manufacturers are investing in domestic production. This investment in U.S. manufacturing increases the efficiency of the supply chain and ensures adherence to stringent regulatory standards. For instance, Ultrahuman Healthcare Pvt Ltd, in April 2024, announced the production of wearable smart rings at UltraFactory in Indiana, U.S., through an investment of USD 35 million. This is expected to boost manufacturing and research into health tracking rings. This further improves North America's dominant position in the wearable healthcare devices market with better local manufacturing and innovation. Integration of wearables into routine health management would be easier because of the substantial health infrastructure and tech-friendly population. Growing chronic diseases and an aging population make it even more essential to maintain constant health surveillance, making North America one of the prime destinations for promising markets like wearable healthcare devices. These factors collectively support the region's dominance and position in determining the future of wearable healthcare technology.

Download Free Sample Report

Future Market Scenario (2025-2032F)

The wearable health devices market is growing immensely due to the proliferation of chronic diseases, AI advancements for better data analysis, and the development of personalized healthcare insights. These factors are strengthened by mobile health applications and personal preferences for at-home care delivery, creating an environment that demands innovation and expansions in wearable health technologies.

Moreover, digital companies investing in innovative product launches boost market growth. For instance, in July 2024, KORE Group Holdings Inc. and mCare Digital Pty Ltd launched the mCareWatch 241, a smartwatch for virtual patient monitoring. This smartwatch's target market includes people who need immediate assistance, such as seniors and people with disabilities. This innovation shows the opportunities in the wearable healthcare devices market. The focus is on the increasing demand for reliable, technology-based patient care.

Furthermore, in April 2024, Movano Inc. announced a strategic investment from a leading medical device company, indicating the enormous potential of its wearable health technology. The investment will support the development and commercialization of Movano's innovative solutions, including the Evie Ring and Evie Med. Such investments highlight the lucrative opportunities in the wearable healthcare devices market, driving technological advancements and expanding market reach.

Report Scope

“Wearable Healthcare Devices Market Assessment, Opportunities and Forecast, 2018-2032F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global wearable healthcare devices market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecasts between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	2024
Historical Period	2018-2023
Forecast Period	2025-2032
Projected Growth Rate	CAGR of 17.47% between 2025 and 2032
Revenue Forecast in 2032	USD 156.13 billion
Segments Covered	Type, Product, Application, Grade, Distribution Channel
Regions Covered	North America, Europe, South America, Asia-Pacific, Middle East and Africa
Key Companies Profile	Koninklijke Philips N.V., Medtronic Inc., Abbott Laboratories, Fitbit, Inc., Dexcom, Inc., Huawei Device Co., Ltd., Garmin Ltd., Sotera Wireless, Inc., Ypsomed AG, NeuroMetrix, Inc.
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfil your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

In the report, global wearable healthcare devices market has been segmented into the following categories: 

• By Type
  • Diagnostic Devices
    • Vital Sign Monitoring Devices
    • Sleep Monitoring Devices
    • Electrocardiographs Fetal and Obstetric Devices
    • Neuromonitoring Devices
  • Therapeutic Devices
    • Pain Management Devices
    • Insulin/Glucose Monitoring Devices
    • Respiratory Therapy Devices
    • Others
  • By Product
    • Fitness Trackers
    • Smartwatches
    • Smart Clothing
    • Hearables
    • Others
  • By Application
    • Sports and Fitness
    • Home Healthcare
    • Remote Patient Monitoring
  • By Grade
    • Consumer Grade
    • Clinical Grade
  • By Distribution Channel
    • Retail Pharmacies
    • Online Channels
    • Others
  • By Region
    • North America
    • Europe
    • Asia-Pacific
    • South America
    • Middle East and Africa

Key Players Landscape and Outlook

The market for wearable healthcare devices is diversified and highly competitive. Many companies drive the market through innovation and advanced product releases. With the entry of new firms, competition intensifies, thus augmenting technological development and features. Strategic collaborations among technology companies and healthcare service providers are also integrating wearable devices into health management systems. The companies are investing in more research and development to address individual health requirements; therefore, the market will change dynamically for new opportunities in wearable healthcare technologies.

In November 2024, DexCom, Inc. and Oura Health Oy formed a strategic partnership that combines Dexcom glucose data with the health metrics of Oura Ring (smart ring) to provide users with a holistic view of their health. Dexcom's USD 75 million investment in Oura has highlighted this collaboration's potential to improve wearable healthcare devices. The company will co-market its products and introduce app integrations by mid-2025, thus expanding its market and putting itself at the top of the wearable health tech industry.

In January 2024, Medtronic plc and Cardiac Design Labs collaborated to launch and scale Padma Rhythms, an ELR patch for heart monitoring in India. Medtronic will be an exclusive distributor, and the two companies will develop exclusive training programs. Partnerships strengthen Medtronic's standing in wearable healthcare devices, open avenues for new, advanced heart monitoring technology to numerous customers, and drive market growth.

Key Players Operating in Global Wearable Healthcare Devices Market are:

• Koninklijke Philips N.V.
• Medtronic Inc.
• Abbott Laboratories
• Fitbit, Inc.
• Dexcom, Inc.
• Huawei Device Co., Ltd.
• Garmin Ltd.
• Sotera Wireless, Inc.
• Ypsomed AG
• NeuroMetrix, Inc.

Markets and Data’s reports answer the following questions:

• What is the current and future market size of the product/service in question globally or specific to different countries?
• How are the markets divided into different product/service segments and the market size and growth of each segment?
• What is the market potential of different product segments and their investment case?
• How are the markets predicted to develop in the future and what factors will drive or inhibit growth?
• What is the business environment and regulatory landscape specific to the product/service?

If you can't find what you're searching for or have any custom requirements for global wearable healthcare devices market, you may approach our team at info@marketsandata.com