Wearable Medical Device Market to More Than Double by 2034

  • March 6, 2024
  • Joyce Deuley
Image Source: futuremarketinsights.com

Future Market Insights just released their 10-year forecast of the global wearable device market from 2024-2034. In it, they’ve determined that the market will grow from $38.6 Mn to $84.5 Mn by 2034, with a steady CAGR of 8.2%.

The market is being influenced by robust regulatory efforts and increasing patient populations, meaning market need will continue to increase over the next few years. Keeping people out of hospitals is top of mind for healthcare providers and preventative care can be complimented using remote patient monitoring (RPM) solutions. On the commercial side, health and wellness markets are also trending upward as more individuals want better health and fitness information at their fingertips.

From a global perspective there are several countries contributing to the expansion of medical wearable devices, including the United Kingdom (U.K.), India, and Germany.

In the U.K., the combination of enhanced connectivity and miniaturization of sensors adds to the opportunities between global brands and startup companies, moving development along from concept to production at scale. India’s market drivers consist of the increased use of smartwatches to serve medical purposes and fitness trackers, as well as improved collaboration between researchers and industry. German manufacturers are at the forefront of wearable market expansion as battery life becomes extended additionally, smart testing plans are being rolled out to manage budgets efficiently and limit unnecessary testing.

Ultimately, the wearable market will shift as adopters continue to increase demand and the medical community relies more on them for improved patient outcomes. It’s an exciting time to be in medical wearables with a lot of room to climb.