Global IoMT Wearable Devices Market Report and Forecast 2024-2032

IoMT Wearable Devices Market Size

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.

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IoMT Wearable Devices Market Outlook

• The growing demand for remote patient monitoring (RPM) as a result of an increasing aging population and rising chronic disease burden is a primary driver of the market.

• One of the major market trends is the increased focus on developing multi-functional wearable devices integrated with a wide range of advanced features, which can appeal to both fitness enthusiasts and patients with chronic conditions.

• The rising awareness about personal health and wellness and the growth in telemedicine platforms are impacting the market value in the forecast period.

IoMT Wearable Devices Market Overview

IoMT (Internet of Medical Things) wearable devices form a subset of IoT (Internet of Things) that are designed to improve patient outcomes. These wearable medical devices help in providing real-time health monitoring, efficient management of chronic conditions, and personalized treatment plans. The growing demand for continuous monitoring and the increasing prevalence of chronic diseases are driving the adoption of IoMT wearable devices. The rising advancements in wearable technology including the miniaturization of sensors, improvements in battery life, and wireless connectivity, are also contributing to the market growth. The growing investment in digital health technologies, heightened awareness about personal health and wellness, and rising partnerships and collaborations between technology firms are some of the factors shaping the market dynamics.

IoMT Wearable Devices Market Growth Drivers

Rise in Strategic Partnerships are Impacting Market Growth

In March 2024, Premier Wireless Business Technology Solutions, Inc., announced a partnership with a leading wearable remote monitoring company, Somatix, to advance the growth of digital healthcare through remote monitoring and communication. Premier Wireless' CPR3 platform helps in connecting patients with vital healthcare resources. On the other hand, Somatix offers a wrist-based wearable smart band that works on its novel gesture detection technology to deliver alerts, predictive analytics, insights, and notifications to the patient’s care teams and partners. This collaboration aims to leverage the most advanced technologies to deliver the best solutions in the home healthcare and telehealth space. Such strategic partnerships are expected to bolster the market growth.

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IoMT Wearable Devices Market Trends

The market is witnessing several trends and developments to improve the current global scenario. Some of the notable trends are as follows:

Growth of Telemedicine Services to Significantly Affect the Market Landscape
 
The growth in telemedicine platforms and services, boosted by the COVID-19 pandemic, has positively impacted the market landscape. The market is experiencing a rising integration of wearable devices with telemedicine platforms. This allows healthcare providers to monitor patients remotely in real-time. Thus, the growing adoption of telemedicine solutions is anticipated to fuel market growth in the coming years.

Rising Development of Innovative Products Poised to Augment IoMT Wearable Devices Market Demand

In July 2023, a patent application from Apple, Inc. was published by the US Patent & Trademark Office revealing the development of a next-generation AirPods Sensor System that can measure electrical activity and biosignals (such as electromyography (EMG), electroencephalography (EEG), electrooculography (EOG), galvanic skin response (GSR), and blood volume pulse (BVP), among others) from the brain of a user. The rising development of such innovative IoMT wearable products by technology companies is projected to augment market demand in the forecast period.

Multi-Functionality in Wearable Devices to Elevate the IoMT Wearable Devices Market Value

One of the major market trends is the increased focus on developing multi-functional wearable devices that offer advanced features besides simple tracking of steps or heart rate. Manufacturers are increasingly introducing new IoMT wearables that can provide sleep analysis, blood oxygen levels, ECG monitoring, and even stress detection. Thus, the rising development of multi-functionality in IoMT wearable devices is expected to elevate the market value.

Increased Consumer Health Awareness to Boost IoMT Wearable Devices Market Size

A growing awareness of personal health and wellness is a major trend, leading more consumers to buy IoMT wearable devices. Fitness enthusiasts as well as people with chronic conditions are increasingly relying on wearables to track physical activity, sleep patterns, and other health metrics. This trend, supported by increased public health initiatives and education programs, is likely to aid the market expansion.

IoMT Wearable Devices Market Segmentation

Market Breakup by Product Type

• Fitness Wearables

• Clinical Grade Wearables

• Remote Patient Monitoring Devices

• Others

Market Breakup by Application

• Health Monitoring

• Telemedicine

• Others

Market Breakup by End Use

• Personal Use

• Commercial Use

Market Breakup by Sales Channel

• Online Sales

• Offline Sales

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

IoMT Wearable Devices Market Share

Market Segmentation Based on Product Type is Anticipated to Witness Substantial Growth

Based on the product type, the market is segmented into fitness wearables, clinical grade wearables, and remote patient monitoring devices, among others. Fitness wearables hold a major share of the product type segment owing to the growing interest in health and wellness among the general population. The rising integration of various health metrics in these devices such as step counting, heart rate monitoring, and sleep tracking, is increasing their market demand. Fitness wearables are typically more affordable than clinical-grade devices and thus are widely adopted by a larger consumer base. Moreover, the increasing innovations in wearable technology, including improved sensors and longer battery life, are poised to support market growth in the forecast period.

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IoMT Wearable Devices Market Analysis by Region

North America is the leading market for IoMT wearable devices due to the high adoption of advanced technologies and substantial investment in the healthcare IT sector. In North America, particularly the United States, the market is witnessing a growing demand for remote patient monitoring (RPM) devices as a result of an increasingly aging population and rising healthcare needs. Moreover, the presence of key technology and healthcare companies in the region also reinforces the market growth in North America.

Leading Players in the IoMT Wearable Devices Market

The key features of the market report comprise patent analysis, grants analysis, funding and investment analysis, and strategic initiatives by the leading key players. The major companies in the market are as follows:

Apple Inc.

American technology company Apple Inc., headquartered in California, in Silicon Valley, is recognized globally for its consumer electronics, software, and other services. The company's Apple Watch series has a significant consumer demand and is integrated with various health features such as ECG monitoring and blood oxygen level measurement.

Best Buy Health

Best Buy Health is a prominent player in the market and specializes in remote monitoring solutions for aging adults. The company is focused on expanding its healthcare services by leveraging strategic partnerships with other health technology firms.

BioIntellisense Inc.

BioIntellisense Inc. is one of the leading players in the market known for developing clinical intelligence platforms that are designed for continuous health monitoring, algorithmic insights, and predictive analytics.

BioTelemetry (Phillips Company)

BioTelemetry, acquired by Philips in 2021, specializes in the development of wearable cardiac devices that monitor heart conditions in real-time. The company boasts a strong portfolio of cardiac monitoring devices, including mobile cardiac telemetry (MCT) devices, Holter monitors, and event monitors.

Other key players in the market include Gabit, Google LLC, Masimo, Social Mobile, and VivaLNK Inc.

Key Highlights of the Report

Key Questions Answered in the Global IoMT Wearable Devices Market Report

• What was the global IoMT wearable devices market value in 2023?
• What is the global IoMT wearable devices market forecast outlook for 2024-2032?
• What are the regional markets covered in the EMR report?
• What is market segmentation based on product type?
• What is the market breakup based on application?
• What is the market segmentation by end use?
• What is the market segmentation by sales channel?
• What are the major factors aiding the global IoMT wearable devices market demand? 
• How has the market performed so far and how is it anticipated to perform in the coming years?
• What are the market's major drivers, opportunities, and restraints? 
• Which regional market is expected to lead the market share in the forecast period? 
• Which country is expected to experience expedited growth during the forecast period? 
• How does the rising adoption of remote patient monitoring affect the market landscape?
• What are the major global IoMT wearable devices market trends?
• How do the innovations in sensor technology impact the market size?
• Which product type will dominate the market share? 
• Which application is expected to have a high market value in the coming years?
• Which end use is projected to contribute to the highest market growth?
• Which sales channel will experience the highest demand in the market segment?
• Who are the key players involved in the IoMT wearable devices market?
• What is the patent landscape of the market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers and acquisitions among the key market players shaping the market dynamics?