Global wearable medical device market to grow $143.7b by 2034

Regionally, the Asia Pacific is expected to be the fastest-growing market over the coming decade.

The global market for wearable medical devices is projected to expand sharply over the next decade, rising from an estimated $35.8b in 2024 to about $143.7b by 2034, implying a compound annual growth rate of 14.9%, according to Polaris Market Research.

The firm attributed its growth to a rising burden of chronic diseases, a stronger emphasis on preventive healthcare, and the increasing adoption of home-based and remote patient monitoring.

Advances in artificial intelligence, miniaturised sensors, and 5G connectivity are also enabling more continuous, accurate, and real-time health tracking.

By product type, diagnostic wearables account for the largest share of the market. These include devices used for glucose monitoring, pulse oximetry, and heart rate and blood pressure tracking, which are increasingly integrated into routine care and chronic disease management.

In terms of applications, sports and fitness currently generate the largest share of revenue, reflecting widespread consumer adoption.

However, remote patient monitoring and home healthcare are among the fastest-growing segments, supported by ageing populations, healthcare workforce constraints, and efforts to reduce hospital admissions.

Regionally, the Asia Pacific is expected to be the fastest-growing market over the coming decade, underpinned by large populations, expanding healthcare access, rising health awareness, and rapid digital adoption.

The firm said AI-powered analytics, combined with real-time sensing, are creating opportunities for earlier detection of conditions such as cardiac arrhythmias, sleep disorders, and glucose abnormalities.

These capabilities are also enabling more personalised care pathways and potentially reducing healthcare costs by limiting unnecessary clinic visits and hospital stays.

At the same time, the sector faces challenges around data privacy and cybersecurity, as well as increasingly stringent regulatory requirements related to clinical validation, safety, and data governance.