Top Companies in the Global IoMT Wearable Devices Market

The global IoMT wearable devices market was valued at USD 34.93 billion in 2023, driven by the rising demand for real-time health monitoring across the globe. The market is expected to grow at a CAGR of 23.0% during the forecast period of 2024-2032 to attain a value of about USD 225.10 billion by 2032.

IoMT (Internet of Medical Things) wearable devices are health and wellness devices that an individual can wear on their body to track and manage their health. These gadgets allow real-time data collection and communication with the healthcare system by connecting to the internet or other digital networks. IoMT wearables are increasingly used to manage chronic conditions by providing continuous monitoring and data-driven insights. These devices have shifted the focus towards preventive healthcare by tracking health metrics and detecting early signs of health issues. Remote patient monitoring devices, connected inhalers, medical imaging systems, and wearable glucose monitors are some examples of IoMT wearable devices available in the market.

One of the major market trends is the rising incorporation of advanced health monitoring features such as continuous glucose monitoring, ECG, and blood oxygen level tracking in wearable devices. For instance, in July 2023 , it was reported that Apple invented a next-generation AirPods Sensor System with the capability to measure biosignals (like electroencephalography (EEG), electrooculography (EOG), and electromyography (EMG)) and electrical activity of the user's brain. The development of such comprehensive health management tools that can offer real-time data about various health parameters is expected to fuel market growth in the coming years.

The market also benefits from the rising integration of artificial intelligence (AI) and machine learning (ML) in IoMT wearable devices. This advancement enables predictive health insights along with improving the accuracy of health monitoring. Moreover, AI-powered wearable technology can predict potential health issues and provide personalized recommendations to the user and is poised to drive significant demand in the market. Additionally, there is a rising preference towards personalized and customizable wearables. This is prompting manufacturers to develop IoMT wearable devices that can be tailored according to the user's health needs and preferences.

Top Companies Leading the Global IoMT Wearable Devices Market in 2024

1.    Apple Inc.

American multinational corporation Apple Inc. is one of the leading companies in the market and is globally recognized for its consumer electronics and software including IoMT wearable devices. The company builds user trust through its extensive data privacy and security measures. Apple is known for developing products with user-friendly designs and advanced features including integration with other Apple devices. Apple Watch Series  is Apple's prominent health technology product line which allows to track and monitor various health metrics. It can record an electrocardiogram and detect irregular heart rhythms, measure blood oxygen levels, provide detailed sleep analysis on the basis of sleep patterns, and also has a fall detection feature.

2.    Best Buy Health

Best Buy Health, a division of Best Buy, sells various health and wellness devices through their online platform and stores. The company has a robust portfolio of fitness trackers from brands like Fitbit and Garmin that monitor heart rate, physical activity, and other fitness metrics. Best Buy Health also markets smartwatches that offer features like notifications and apps besides tracking health metrics. The company is focused on improving accessibility to health monitoring devices and provides blood pressure monitors, smart scales, and sleep trackers. Best Buy Health often engages in strategic collaboration with leading tech companies to offer IoMT wearable devices via its strong retail network.

3.    BioIntellisense Inc.

BioIntellisense Inc., a United States-based clinical intelligence and continuous health monitoring company, plays a significant role in the growth of the IoMT wearable devices market. In March 2022 , the company announced the launch of its medical-grade BioButton® Rechargeable wearable device that is designed to continuously monitor more than 20 vital signs and physiologic biometrics. This multiparameter wearable device can operate for around 16 days on a single charge. The company is known to invest heavily in continuous product innovation to enhance the quality of its real-time health data and advanced analytics. Additionally, BioIntellisense is actively involved in expanding its partnerships to boost its market presence.

4.    BioTelemetry (Philips Company)

BioTelemetry, Inc., a major developer of remote cardiac diagnostics and monitoring, was acquired by Philips in 2021. BioTelemetry leverages Philips’ expertise in healthcare technology to advance its remote patient monitoring solutions. The company is actively engaged in expanding its diverse portfolio of wearable devices in the healthcare sector. One of its key products is the Philips Extended Holter - ePatch that can offer continuous Holter monitoring for up to 14 days. This device works on Philips medical-grade AI and delivers detailed, actionable reports according to the prescribed study length.

5.    Google LLC

American multinational corporation and technology company Google LLC has a prominent presence in the IoMT wearable devices market. The company is actively investing in the health technology sector via its health-focused ventures. In 2021, Google acquired Fitbit, a key provider of fitness trackers and smartwatches, to establish a strong presence in the health and fitness technology sector. Google's IoMT offerings include Fitbit devices such as fitness trackers and smartwatches that can monitor health metrics such as heart rate, sleep patterns, and physical activity.