The global IoMT Wearable Devices market size attained a value of USD 34.93 billion in 2023. The market is expected to grow at CAGR 23.0% during the forecast period of 2024-2032 to attain a value of about USD 225.10 billion by 2032, driven by the rising demand for real-time health monitoring.
IoMT wearable devices refer to medical devices and applications that connect healthcare technology by connecting physicians and patients to share medical data over a secured network. IoMT has also opened significant opportunities for consumers who are looking for a well-balanced lifestyle and keeping a track of their health for maintaining and improving their overall well-being.
IoMT wearable devices allow the collection of real-time biometric data in one’s chaotic schedule, linked with the cloud-based app and smartphones, sensing the physiology of the consumer. The IoMT wearable devices market consists of smart devices that can be used on body and vital/health monitors, which can be used in homes, hospitals, clinics, communities, or any other settings, which are associated with real-time location. The on-body wearable devices are bifurcated into consumer health wearable devices and medical/ clinical grade wearables.
Consumer-grade fitness or wellness gadgets, like activity trackers, bracelets, wristbands, sports watches, and smart clothing are some examples of consumer health wearable devices. Most of these devices, which may be recommended by specialists for health applications, are not regulated by health authorities. Fitbit, Withings, Samsung Medical, and Misfit (Fossil Group), among others, are some of the active brands in the market.
Clinical grade wearable devices comprise of regulated devices and supporting platforms that have received accreditation or approval for usage from one or more regulatory or health bodies, such as the United States Food and Drug Administration. Most of these gadgets are used in conjunction with professional guidance or a prescription from a doctor.
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The IoMT wearable devices market can be categorised into the following segments:
Market Breakup by Product Type
Market Breakup by Device
Market Breakup by Components
Market Breakup by Application
Market Breakup by End User
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Market Breakup by Region
Global adoption of the newest NGS technologies has been significantly enhanced by the low cost of genome sequencing, combined with the availability, effectiveness, and accuracy of NGS devices.
The demand for IoMT wearable devices is expected to grow further in the coming years, and the rise in the demand for real-time health monitoring and early detection of diseases is likely to drive up the growth of global IoMT wearable devices market. The technological advancements in the IoMT wearable devices, especially for the healthcare sector, is boosting the market development.
The development of smartwatches is advancing quickly due to developments in sensors, transistors, and AI. As an illustration, several smartwatches are now coming equipped with optical sensors that continuously track changes in blood volume and composition, using a method known as photoplethysmography (PPG). Data from these sensors is used by machine learning algorithms to create and continuously improve algorithms that offer insights on users' activity levels, stress levels, abnormal cardiac patterns.
Other than smartwatches, smart patches are often small and undetectable, adhering directly to the skin, and are created mostly by med-tech businesses. Some "minimally invasive" smart patches function as biosensors and occasionally dispense drugs using minuscule needles that gently enter the skin.
Smart patches are primarily made for a specific indication, such as the management of diabetes, patient monitoring, and medicine delivery, in contrast to smartwatches which offer a wide range of health data and insights. Additionally, a wider range of technologies are used by smart patches.
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The combination of 5G connectivity with the Internet of Medical Things (IoMT) may create further potential for the provision of individualised and comprehensive patient care. It can assist healthcare workers in many developing nations in taking a preventative approach to the system, hence lowering the likelihood that a medical issue would arise.
Through connected devices, insurance firms are using AI to gather health information for risk management, underwriting, and health declarations. It increases communication between customers and insurers and decreases false claims.
To find patterns, the anonymized patient data is processed and evaluated. Doctors and patients can access the patterns that were found, along with the source data in the appropriate user applications, which helps track patient health problems, enhance treatment, and encourage illness self-management.
Some examples of health condition monitoring are haemodynamic/pressure monitoring devices, and wearable spirometer ECG patches, among others.
Implantable cardioverter-defibrillators is one of the examples of a wearable devices that can be affixed to the skin (for example- insulin pumps). The solution that detects the need for treatment, based on the analysis of patient data from connected diagnostic equipment, can be activated manually by the patient via the user application. Patient therapy delivery reports in the medical staff app provide therapy data.
During a rehabilitation session, sensors on the equipment measure and read patients' movements and measure their vital signs, such as heart rate. This data is used to determine the patient's health status. Data sent by rehabilitation wearables is stored and analysed by cloud software. Physical therapists can assess patient improvements, the effectiveness of rehabilitation, and the need for therapy modification by using the data that has been interpreted by software and displayed in the app.
Some examples of early disease diagnostics include skin temperature, perspiration sensors, heart rate monitors, glucose monitors, and Holter monitors, among others.
Devices that track a patient's vitals in real-time, send data about their health to a cloud server for study. The system detects sudden changes in a patient's vitals based on pre-set parametres and shows a report on any discovered irregularities in the doctor's smartphone. The thorough data enables medical professionals to promptly validate patient diagnoses and formulate treatment plans.
Some examples of activity tracking include wearable devices activity trackers, smart watches, temperature sensors, and perspirations sensors, among others.
Software gathers information from wearable devices that monitor patients' physical activity, including steps, energy consumption, time spent exercising, and the quality of their exercise (for example- moderate or vigorous activity). A patient can monitor themselves using the analysed data, which is also available to doctors as an activity report (average daily activity and number of days meeting a pre-set physical activity threshold, among other features). The doctor uses the activity insights in conjunction with other health indicators (such as lab results and data from medical devices) while conducting appointments or performing health checks to provide recommendations for improving health status.
The report gives an in-depth analysis of the key players involved in the market, sponsors manufacturing the drugs, and putting them through trials to get FDA approvals. The companies included in the market are as follows:
|Scope of the Report
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Product Type
|Breakup by Device
|Breakup by Components
|Breakup by Application
|Breakup by End User
|Breakup by Region
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1.1 Objectives of the Study
1.2 Key Assumptions
1.3 Report Coverage – Key Segmentation and Scope
1.4 Research Methodology
2 Executive Summary
3 Global IoMT Wearable Devices Market Overview
3.1 Global IoMT Wearable Devices Market Historical Value (2017-2023)
3.2 Global IoMT Wearable Devices Market Forecast Value (2024-2032)
4 Global IoMT Wearable Devices Market Landscape
4.1 Global IoMT Wearable Devices Developers Landscape
4.1.1 Analysis by Year of Establishment
4.1.2 Analysis by Company Size
4.1.3 Analysis by Region
4.2 Global IoMT Wearable Devices Product Landscape
4.2.1 Analysis by Type of Biosensor
4.2.2 Analysis by Technology Used
4.2.3 Analysis by Applications
5 Global IoMT Wearable Devices Market Dynamics
5.1 Market Drivers and Constraints
5.2 SWOT Analysis
5.3 Porter’s Five Forces Model
5.4 Key Demand Indicators
5.5 Key Price Indicators
5.6 Industry Events, Initiatives, and Trends
5.7 Value Chain Analysis
6 Global IoMT Wearable Devices Market Segmentation
6.1 Global IoMT Wearable Devices Market by Product Type
6.1.1 Market Overview
6.1.2 Fitness Wearables
6.1.3 Clinical Grade Wearables
6.1.4 Remote Patient Monitoring Devices
6.1.5 Smart Pills
6.2 Global IoMT Wearable Devices Market by Device
6.2.1 Market Overview
6.2.2 Handheld Devices
6.2.3 Headband Devices
6.2.5 Shoe Sensor
6.3 Global IoMT Wearable Devices Market by Components
6.3.1 Market Overview
6.4 Global IoMT Wearable Devices Market by Application
6.4.1 Market Overview
6.4.2 Health Monitoring
184.108.40.206 Motion Trackers
220.127.116.11 Vital Sign Measurement
6.4.4 Data assortment and Analysis
6.4.5 Tracking and Alerts
6.5 Global IoMT Wearable Devices Market by End User
6.5.1 Market Overview
6.5.2 Hospitals and Clinics
6.5.3 Home Healthcare
6.5.4 Research Institutes
6.6 Global IoMT Wearable Devices Market by Region
6.6.1 Market Overview
6.6.2 North America
6.6.4 Asia Pacific
6.6.5 Latin America
6.6.6 Middle East and Africa
7 North America IoMT Wearable Devices Market
7.1 Market Share by Country
7.2 United States of America
8 Europe IoMT Wearable Devices Market
8.1 Market Share by Country
8.2 United Kingdom
9 Asia Pacific IoMT Wearable Devices Market
9.1 Market Share by Country
10 Latin America IoMT Wearable Devices Market
10.1 Market Share by Country
11 Middle East and Africa IoMT Wearable Devices Market
11.1 Market Share by Country
11.2 Saudi Arabia
11.3 United Arab Emirates
11.5 South Africa
12 Patent Analysis
12.1 Analysis by Type of Patent
12.2 Analysis by Publication year
12.3 Analysis by Issuing Authority
12.4 Analysis by Patent Age
12.5 Analysis by CPC Analysis
12.6 Analysis by Patent Valuation
12.7 Analysis by Key Players
13 Grants Analysis
13.1 Analysis by year
13.2 Analysis by Amount Awarded
13.3 Analysis by Issuing Authority
13.4 Analysis by Grant Application
13.5 Analysis by Funding Institute
13.6 Analysis by NIH Departments
13.7 Analysis by Recipient Organization
14 Funding Analysis
14.1 Analysis by Funding Instances
14.2 Analysis by Type of Funding
14.3 Analysis by Funding Amount
14.4 Analysis by Leading Players
14.5 Analysis by Leading Investors
14.6 Analysis by Geography
15 Partnership and Collaborations Analysis
15.1 Analysis by Partnership Instances
15.2 Analysis by Type of Partnership
15.3 Analysis by Leading Players
15.4 Analysis by Geography
16 Regulatory Framework
16.1 Regulatory Overview
16.1.1 US FDA
16.1.2 EU EMA
16.1.3 INDIA CDSCO
16.1.4 JAPAN PMDA
17 Supplier Landscape
17.1.1 Financial Analysis
17.1.2 Product Portfolio
17.1.3 Demographic Reach and Achievements
17.1.4 Mergers and Acquisitions
17.2 General Electric
17.2.1 Financial Analysis
17.2.2 Product Portfolio
17.2.3 Demographic Reach and Achievements
17.2.4 Mergers and Acquisitions
17.3 Biotronik SE & Co. KG
17.3.1 Financial Analysis
17.3.2 Product Portfolio
17.3.3 Demographic Reach and Achievements
17.3.4 Mergers and Acquisitions
17.4.1 Financial Analysis
17.4.2 Financial Portfolio
17.4.3 Demographic Reach and Achievements
17.4.4 Mergers and Acquisitions
17.5 Boston Scientific Corporation
17.5.1 Financial Analysis
17.5.2 Product Portfolio
17.5.3 Demographic Reach and Achievements
17.5.4 Mergers and Acquisitions
17.6 Hill-Rom Services, Inc.
17.6.1 Financial Analysis
17.6.2 Product Portfolio
17.6.3 Demographic Reach and Achievements
17.6.4 Mergers and Acquisitions
17.7 Neurometrix, Inc.
17.7.1 Financial Analysis
17.7.2 Product Portfolio
17.7.3 Demographic Reach and Achievements
17.7.4 Mergers and Acquisitions
17.8 Honeywell International Inc.
17.8.1 Financial Analysis
17.8.2 Product Portfolio
17.8.3 Demographic Reach and Achievements
17.8.4 Mergers and Acquisitions
17.9.1 Financial Analysis
17.9.2 Product Portfolio
17.9.3 Demographic Reach and Achievements
17.9.4 Mergers and Acquisitions
17.10 EKso Bionics
17.10.1 Financial Analysis
17.10.2 Product Portfolio
17.10.3 Demographic Reach and Achievements
17.10.4 Mergers and Acquisitions
17.11 BL Healthcare, Inc.
17.11.1 Financial Analysis
17.11.2 Product Portfolio
17.11.3 Demographic Reach and Achievements
17.11.4 Mergers and Acquisitions
17.12 BioSerenity, Koninklijke Philips N.V.
17.12.1 Financial Analysis
17.12.2 Product Portfolio
17.12.3 Demographic Reach and Achievements
17.12.4 Mergers and Acquisitions
17.13 AliveCor, Inc.
17.13.1 Financial Analysis
17.13.2 Product Portfolio
17.13.3 Demographic Reach and Achievements
17.13.4 Mergers and Acquisitions
18 Global IoMT Wearable Devices Market - Distribution Model (Additional Insight)
18.2 Potential Distributors
18.3 Key Parameters for Distribution Partner Assessment
19 Key Opinion Leaders (KOL) Insights (Additional Insight)
20 Company Competitiveness Analysis (Additional Insight)
20.1 Very Small Companies
20.2 Small Companies
20.3 Mid-Sized Companies
20.4 Large Companies
20.5 Very Large Companies
21 Payment Methods (Additional Insight)
21.1 Government Funded
21.2 Private Insurance
*Additional insights provided are customisable as per client requirements.
The global IoMT wearables market attained a value of nearly USD 34.93 billion in 2023.
The market is projected to grow at a CAGR of 23% during the forecast period of 2024-2032 to attain a value of USD 225.10 billion by 2032.
The major drivers for the market include rising urbanisation, developing healthcare sector, and the integration of 5G networks in such devices.
The rise in the demand for real-time health monitoring and early detection of diseases is likely to drive the demand for global market.
The major regions in the market include North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with North America accounting for the largest share in the market.
Major product types in the market include fitness wearable devices, clinical grade wearables, remote patient monitoring devices, and smart pills.
The devices in the market include handheld devices, headband devices, strap/clip/bracelet, and shoe sensor, among others.
The components used in these devices include hardware, software, and services.
The product finds wide applications in health monitoring, telemedicine, data assortment and analysis, tracking and alerts, among others.
The end-users of the product include hospitals and clinics, home healthcare, and research institutes, among others.
The key players in the market include Siemens, General Electric, Biotronik SE & Co. KG, Medtronic, Boston Scientific Corporation, Hill-Rom Services, Inc., Neurometrix, Inc., Honeywell International Inc., VitaConnect, EKso Bionics, BL Healthcare, Inc., BioSerenity, Koninklijke Philips N.V., and AliveCor, Inc., among others.
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