Medical Wearables Market to Balloon to $76.5B by 2028

The market for medical wearables is set for explosive growth this decade.

Coherent Market Insights projects the sector’s value to swell to $76.5 billion in the next six years, driven by the development and launch of new products. Last February, Phillips-Medisize, a Molex company, collaborated with Subject, a developer of device platforms, for research and development of wearable bolus injector.
 
The launch of products with LTE connectivity is also expected to help the market grow. For instance, in June 2021, Garmin International Inc. launched the Forerunner 945 LTE, a GPS running and triathlon smart watch with LTE connectivity.
 
Increasing investment in medical wearables is expected to offer lucrative growth opportunities for players in the global wearable medical devices market. In April 2021, CeQur, a maker of insulin delivery devices, raised $115 million to launch CeQur Simplicity, its wearable insulin injector licensed from Johnson & Johnson in 2018. Moreover, R&D in wireless charging is also expected to aid in growth of the market. In October 2021, NuCurrent, a wireless power technology company, surpassed the NFC WLC specification for wireless power and data transfer in a product. The product, developed in partnership with WHOOP, the human performance company, delivers 2.4x the power and 4x the data transfer rates of the NFC WLC Wireless Charging specification.
 
Major players operating in the global wearable medical devices market are focused on R&D to expand their product portfolio. In February 2020, Becton, Dickinson and Company completed a 50-subject human clinical trial with the BD Libertas Wearable Injector, a subcutaneous drug delivery system designed to require no patient assembly and deliver biologics with viscosities up to 50 cP in 2-5 mL and 5-10 mL configurations.
 
Major players operating in the market are also focused on approval and launch of new products to expand their product portfolio. Last March, EOFlow, a provider of wearable drug delivery solutions, obtained medical device approval for a smartphone application for wearable insulin delivery in South Korea.
 
Major players operating in the global wearable medical devices market include Aeroflow Breastpumps, Apple Inc., Ava, Current Health, Fitbit Inc., Garmin, GymWatch, Hoffmann-La Roche Ltd., Johnson and Johnson, Koninklijke Philips N.V., KardiaMobile, Motiv, Medtronic plc, My Skin Track UV, OMRON Corporation, Panasonic Corporation, Smiths Medical, Siemens AG, Sonova, Sorrel Medical, and Willow.
 
Major players operating in the global wearable medical devices market are focused on approval and launch of new products to expand their product portfolio In October 2021, Garmin International launched the Dexcom Connect IQ apps, providing people with Type 1 and Type 2 diabetes who use the Dexcom G6 CGM System with a way to quickly see their glucose levels.