Market Size of Asia-Pacific Wearable Medical Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 10.60 Billion |
| Market Size (2029) | USD 22.27 Billion |
| CAGR (2024 - 2029) | 16.01 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Asia-Pacific Wearable Medical Devices Market Analysis
The Asia-Pacific Wearable Medical Devices Market size is estimated at USD 10.60 billion in 2024, and is expected to reach USD 22.27 billion by 2029, growing at a CAGR of 16.01% during the forecast period (2024-2029).
COVID-19 has expedited the technological transition in the medical device industry that is currently underway. The outbreak has resulted in an unprecedented focus on public health, which has led to an increase in preventive and long-term patient care aids and equipment at the consumer level. According to the study titled "The Rise of Wearable Devices during the COVID-19 Pandemic: A Systematic Review" published in the Journal of Sensors in August 2021, remote monitoring of COVID-19 symptoms is in high demand in healthcare. Companies manufactured a variety of IoT-based devices and wearables last year, with promising findings in terms of high accuracy in identifying patients in the prodromal phase and monitoring symptoms such as breathing rate, heart rate, temperature, and so on. Such studies demonstrate the positive impact of COVID-19 on market growth.
Currently, remote monitoring of COVID-19 symptoms is in high demand in healthcare across the region, and several companies are engaged in developing and manufacturing devices that aid in no-contact tracking of patient symptoms. For instance, in March 2021, EOFlow, a wearable drug delivery solution provider, launched a new smartphone application for integration with wearable insulin delivery devices, which has also been allowed to be sold in South Korea.
Moreover, increasing technological breakthroughs and innovations, rising per-capita wealth in developing countries, and the simplicity of use and interpretation of medical devices are all driving the regional industry forward. For instance, in December 2021, with the release of the Huawei Watch D in China, Huawei added a smartwatch to its product portfolio. It's the company's first wristwatch with a blood pressure monitor on the wrist. The Chinese Drug Administration has designated the smartwatch as a Class II medical device.
Thus, owing to the abovementioned factors, the market is expected to show growth over the forecast period. However, the high cost of the products is expected to impede the growth of the market.
