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IoMT Wearable Devices Market

Global IoMT Wearable Devices Market Share, Size, Analysis, Report, Forecast: By Product Type: Fitness Wearables, Clinical Grade Wearables, Remote Patient Monitoring Devices, Smart Pills; By Device: Handheld Devices, Headband Devices, Others; By Components; By Application; By End User; Regional Analysis; Supplier Landscape; 2024-2032

Global IoMT Wearable Devices Market Outlook

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.

 

Global IoMT Wearable Devices Market: Insights

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.

 

iomt wearable devices market

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Market Segmentation

The IoMT wearable devices market can be categorised into the following segments:

 

Market Breakup by Product Type

  • Fitness Wearables
  • Clinical Grade Wearables
  • Remote Patient Monitoring Devices
  • Smart Pills

 

Market Breakup by Device

  • Handheld Devices
  • Headband Devices
  • Strap/Clip/Bracelet
  • Shoe Sensor
  • Others

 

Market Breakup by Components

  • Hardware
  • Software
  • Services

 

Market Breakup by Application

  • Health Monitoring
    • Motion Trackers
    • Vital Sign Measurement
  • Telemedicine
  • Data assortment and Analysis
  • Tracking and Alerts
  • Others

 

Market Breakup by End User

  • Hospitals and Clinics
  • Home Healthcare
  • Research Institutes
  • Others

 

iomt wearable devices market by segments

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Market Breakup by Region

  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others

 

IoMT Wearable Devices Market Scenario

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.

 

iomt wearable devices market by region

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Recent Developments in the Market

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.

 

Therapeutic Purposes of IoMT Wearable Devices

  • Health Condition Monitoring: Wearable patient monitoring devices, such as glucose monitors, capture information about a patient's status, such as a blood glucose level, and send it to a cloud server running medical software.

 

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.

 

  • Patient Therapy Delivery: Medical wearable devices support patient health maintenance, the treatment of chronic disease symptoms (such as pain and hyperglycaemia), and automatically collect data on the administration of therapy enabled by the wearable devices for a doctor's review. Some examples are implanted pacemakers, defibrillators, closed-loop pancreas systems, and insulin pumps, 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.

 

  • Patient Rehabilitation: Wearable devices for patient rehabilitation can facilitate physical therapy delivery and gather information on how well patients are recovering at home or in a hospital. The main benefit is that the wearable devices give the medical staff the ability to carefully record how patients carry out physiotherapy exercises, track the effectiveness of rehabilitation, and keep an eye on patients' vitals as they work out. Some examples for patient rehabilitation include smart gloves, range-of-motion assessment sensors, body temperature, and respiration sensors, and EMG sensors, among others.

 

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.

 

  • Early Disease Diagnostics: Wearable devices diagnostic tools can spot sporadic symptoms (such as heart palpitations) that might not have been noticeable during clinic visits. When a patient experiences such infrequent symptoms, a doctor may recommend wearable devices for ongoing monitoring (often for 1-2 weeks). These tools facilitate accurate illness diagnosis and enhance patient outcomes.

 

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.

 

  • Activity Tracking: Wearable devices that monitor physical activity are designed to keep patients healthy and enhance their quality of life. Wearable devices allow for ongoing physical activity analysis and support patients in making well-informed lifestyle change decisions.

 

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.

 

Competitive Landscape of the IoMT Wearable Devices Market

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:

 

  • 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.
  • AliveCor, Inc.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2017-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product Type
  • Device
  • Components
  • Application
  • End User
  • Region
Breakup by Product Type
  • Fitness Wearables
  • Clinical Grade Wearables
  • Remote Patient Monitoring Devices
  • Smart Pills
Breakup by Device
  • Handheld Devices
  • Headband Devices
  • Strap/Clip/Bracelet
  • Shoe Sensor
  • Others
Breakup by Components
  • Hardware
  • Software
  • Services
Breakup by Application
  • Health Monitoring
  • Telemedicine
  • Data assortment and Analysis
  • Tracking and Alerts
  • Others
Breakup by End User
  • Hospitals and Clinics
  • Home Healthcare
  • Research Institutes
  • Others
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • Market Drivers and Constraints
  • SWOT Analysis
  • Porter's Five Forces
  • Key Demand Indicators
  • Key Price Indicators
  • Industry Events, Initiatives, and Trends
  • Value Chain Analysis
Supplier Landscape
  • Market Structure
  • Company Profiles
    • Financial Analysis
    • Product Portfolio
    • Demographic Reach and Achievements
    • Mergers and Acquisitions
    • Certifications
Companies Covered
  • 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.
  • AliveCor, Inc.

 

*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    Preface
    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
        6.2.4    Strap/Clip/Bracelet
        6.2.5    Shoe Sensor
        6.2.6    Others
    6.3    Global IoMT Wearable Devices Market by Components
        6.3.1    Market Overview
        6.3.2    Hardware
        6.3.3    Software
        6.3.4    Services
    6.4    Global IoMT Wearable Devices Market by Application
        6.4.1    Market Overview
        6.4.2    Health Monitoring
            6.4.2.1    Motion Trackers
            6.4.2.2    Vital Sign Measurement
        6.4.3    Telemedicine
        6.4.4    Data assortment and Analysis
        6.4.5    Tracking and Alerts
        6.4.6    Others
    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
        6.5.5    Others
    6.6    Global IoMT Wearable Devices Market by Region
        6.6.1    Market Overview
        6.6.2    North America 
        6.6.3    Europe
        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
    7.3    Canada
8    Europe IoMT Wearable Devices Market
    8.1    Market Share by Country
    8.2    United Kingdom
    8.3    Germany
    8.4    France
    8.5    Italy
    8.6    Others
9    Asia Pacific IoMT Wearable Devices Market
    9.1    Market Share by Country
    9.2    China
    9.3    Japan
    9.4    India
    9.5    ASEAN
    9.6    Australia
    9.7    Others
10    Latin America IoMT Wearable Devices Market
    10.1    Market Share by Country
    10.2    Brazil
    10.3    Argentina
    10.4    Mexico
    10.5    Others
11    Middle East and Africa IoMT Wearable Devices Market
    11.1    Market Share by Country
    11.2    Saudi Arabia
    11.3    United Arab Emirates
    11.4    Nigeria
    11.5    South Africa
    11.6    Others
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
        16.1.5    Others
17    Supplier Landscape
    17.1    Siemens
        17.1.1    Financial Analysis
        17.1.2    Product Portfolio
        17.1.3    Demographic Reach and Achievements
        17.1.4    Mergers and Acquisitions
        17.1.5    Certifications
    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
        17.2.5    Certifications
    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
        17.3.5    Certifications
    17.4    Medtronic
        17.4.1    Financial Analysis
        17.4.2    Financial Portfolio
        17.4.3    Demographic Reach and Achievements
        17.4.4    Mergers and Acquisitions
        17.4.5    Certifications
    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
        17.5.5    Certifications
    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
        17.6.5    Certifications
    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
        17.7.5    Certifications
    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
        17.8.5    Certifications
    17.9    VitaConnect
        17.9.1    Financial Analysis
        17.9.2    Product Portfolio
        17.9.3    Demographic Reach and Achievements
        17.9.4    Mergers and Acquisitions
        17.9.5    Certifications
    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
        17.10.5    Certifications
    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
        17.11.5    Certifications
    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
        17.12.5    Certifications
    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
        17.13.5    Certifications
18    Global IoMT Wearable Devices Market - Distribution Model (Additional Insight)
    18.1    Overview 
    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
    21.3    Out-of-Pocket

 

*Additional insights provided are customisable as per client requirements.

Key Questions Answered in the Report

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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