Wearable medical device market to reach USD 84,848.6M by 2034 .

The wearable medical device market value is expected to rise from US$ 38,580.9 million in 2024 to US$ 84,848.6 million by 2034. This estimated growth is expected to be driven by a promising CAGR of 8.20% over the next decade.

The increasing burden of diseases on the healthcare system due to irregular hospital visits for routine check-ups and a sedentary lifestyle is compelling healthcare bodies, medical service providers, and governments to prioritize timely and regular diagnosis for patients. This has created a conducive environment for manufacturers of wearable medical devices.

Regional and national healthcare agencies are actively encouraging routine diagnosis via awareness programs and various campaigns. These initiatives are resulting in a heightened awareness of products and devices for monitoring and diagnosing vital signs among the masses.

Recent developments in the wearable medical device market:

• In July 2023, Dexcom, a developer of constant glucose monitors, revealed that it is making a Type 2 diabetes monitor for patients who don’t require insulin. The company also offers a cash-pay choice for patients not secured by health insurers and Medicare.
• In July 2023, Samsung announced that it is gearing up to launch ‘Galaxy Ring’ equipped with smart health features in 2024. For the success of its recent wearable endeavor, the Korean tech giant is collaborating with international as well as domestic component manufacturers.

Future Market Insights