Wearable Medical Devices Market to Exhibit a CAGR of 17.2% from 2024 to 2032; Noise Released ColorFit Ore Smartwatch to Enhance its Presence in the Industry

The global wearable medical devices market size stood at USD 81.15 billion in 2023. The market value is slated to rise from USD 91.21 billion in 2024 to USD 324.73 billion by 2032 at a CAGR of 17.2% during 2024-2032. Fortune Business Insights™ presents this information in its report titled

“Wearable Medical Devices Market Size, Share & Industry Analysis, By Product (Diagnostic & Monitoring Devices {Fitness Bands, Smartwatches, Smartclothing, and Others} and Therapeutic Devices {Wearable Defibrillators, Drug Delivery Devices, Pain Management Devices, Hearing Aids, and Others}), By Application (Remote Patient Monitoring & Home Healthcare and Sports & Fitness), By Grade (Consumer Grade and Clinical Grade), By Distribution Channel (Retail Pharmacies, Online Distribution, and Hypermarkets & Others), and Regional Forecast, 2024-2032”

Wearable medical devices are particularly developed for the collection and monitoring of real-time data on the fitness and health of a user. The increasing switch toward health consciousness among the general population is leading to the market expansion. Moreover, prominent companies are presently emphasizing the introduction of advanced wearable devices to meet the rising requirements of customers.

There was a positive impact of the COVID-19 pandemic on the market. The market observed a substantial rise in the revenue of diagnostic device manufacturers. This can be credited to the heightened demand for wearable medical devices among the population. Moreover, these devices were used to self-monitor the symptoms of COVID-19.

Noise Unveiled ColorFit Ore Smartwatch to Expand its Presence

In April 2023, Noise announced the release of the ColorFit Ore smartwatch. The product features many advanced functionalities, always-on-display, and 7-day battery life. Through this move, the company aimed to boost its presence in the wearable devices industry.

Market Growth Can be Credited to the Surging Incidence of Chronic Diseases

Chronic disorders, such as diabetes, hypertension, and others, are growingly being prevalent due to sedentary lifestyles among patients, which poses a financial burden on healthcare systems. The increase in the occurrence of chronic disorders is surging the focus toward the provision of routine yet timely diagnosis among the patient population. In addition, routine diagnosis are actively being encouraged by healthcare agencies and governmental organizations with the help of different awareness programs and campaigns. Thus, these factors are proliferating the wearable medical devices market growth.

Despite such growth opportunities, the prohibitive cost of maintenance may hinder their uptake, impeding the market expansion.

Prominent Players Leverage Product Innovation Strategies to Achieve a Competitive Advantage

The wearable medical devices market has a high level of competitiveness, with key players operating, including SAMSUNG, Sonova, Fitbit Inc., and Apple Inc., among others. Competitive strategies, such as mergers & acquisitions, joint ventures, and partnerships, are being implemented by top players to reinforce their industry position. Product innovation strategies are also being adopted by top companies to gain a competitive edge.

List of Key Players Profiled:

• BD (U.S.)


• Ypsomed (Switzerland)


• Fitbit, Inc. (U.S.)


• Apple Inc. (U.S.)


• Sonova (Switzerland)


• NeuroMetrix, Inc. (U.S.)


• SAMSUNG (South Korea)


• OMRON Healthcare, Inc. (Japan)


• AiQ Smart Clothing (Taiwan)


• Koninklijke Philips N.V. (Netherlands)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/wearable-medical-devices-market-101070

Key Industry Development

• January 2024: Concha Labs unveiled the release of SoundScope, which is an enhanced OTC hearing aid. The product deploys hearing personalization technology, which is developed to aid individuals in hearing in a more clear manner.

Further Report Findings

• North America held the largest share in 2023. The high uptake of technologically advanced products by end-users is expediting the market growth in the region. The regional growth can further be ascribed to the presence of a well-developed diagnostic infrastructure.


• With respect to application, sports & fitness segment accounted for the largest wearable medical devices market share in 2023. The rising preferential move toward sports & fitness activities is leading to the increasing emphasis of prominent companies to release advanced products.

Table of Segmentation