The wearable medical devices market is expected to grow at a healthy CAGR of 18.3% during the forecast period of 2020–2030 due to the rising incidence of chronic diseases, increasing geriatric population, growing awareness regarding fitness, and surging demand for technologically advanced products. These factors will result in an increase in the size of the market from $10.6 billion in 2019 to $67.2 billion by 2030. Wearable medical devices help people in tracking their general fitness levels wherever they are.

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The trend of product launches is being observed in this booming industry. For instance, Sony Corporation introduced mSafety, a wearable device, in October 2019. It combines a wristwatch and cloud-based backend solution to provide remote health monitoring and a ready-made platform for mobile health (mHealth) applications to healthcare systems, mHealth app developers, and users. Another such product launch was that of activity and sleep tracking wristlets by Fitbit Inc. in February 2019, under the Inspire and Inspire HR brands. These wristlets monitor sleep and activity, track the heart rate, and calculate the calories burnt.

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To expand the customer base of their wearable medical products, market players can tap emerging economies. The wearable medical devices market in developing nations demonstrates a small revenue share due to the high risk of cybercrime, inefficient import and export environment, low awareness regarding these products, and slow economic growth. However, the government and private organizations in several emerging economies are stepping up efforts to assist in the timely provision of medical help to patients. Due to this, the product demand from Colombia and India will increase rapidly.

Therefore, the increasing consciousness about fitness and widening array of wearable medical devices on offer will drive the market growth in the years to come.