Australia Wearable Medical Devices Market Size & Outlook
Australia wearable medical devices market, 2018-2030 (US$M)
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Australia wearable medical devices market highlights
- The Australia wearable medical devices market generated a revenue of USD 1,025.5 million in 2023 and is expected to reach USD 6,149.5 million by 2030.
- The Australia market is expected to grow at a CAGR of 29.2% from 2024 to 2030.
- In terms of segment, diagnostic was the largest revenue generating product in 2023.
- Therapeutic is the most lucrative product segment registering the fastest growth during the forecast period.
Wearable medical devices market data book summary
| Market revenue in 2023 | USD 1,025.5 million |
| Market revenue in 2030 | USD 6,149.5 million |
| Growth rate | 29.2% (CAGR from 2023 to 2030) |
| Largest segment | Diagnostic |
| Fastest growing segment | Therapeutic |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Diagnostic, Therapeutic |
| Key market players worldwide | Koninklijke Philips NV, Fitbit, Intel Corp, Garmin Ltd, Covidien, OMRON Corp, Polar Electro, Everist Health, UltraLinq Healthcare Solutions, Sotera Health Co Ordinary Shares |
Other key industry trends
- In terms of revenue, Australia accounted for 3.0% of the global wearable medical devices market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Japan wearable medical devices market is projected to lead the regional market in terms of revenue in 2030.
- Australia is the fastest growing regional market in Asia Pacific and is projected to reach USD 6,149.5 million by 2030.
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Wearable Medical Devices Market Scope
Wearable Medical Devices Market Companies
| Name | Profile | # Employees | HQ | Website |
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Australia wearable medical devices market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to wearable medical devices market will help companies and investors design strategic landscapes.
Diagnostic was the largest segment with a revenue share of 61.32% in 2023. Horizon Databook has segmented the Australia wearable medical devices market based on diagnostic, therapeutic covering the revenue growth of each sub-segment from 2018 to 2030.
The adoption of wearable devices in Australia is very high. As per a report in Digital Pulse (PwC Australia), over 50% of the Australian population currently uses wearable technology. As per statistics, fitness trackers and smartwatches are most commonly used products in the Australian market.
Moreover, in the first half of 2019, 1.2 million smart wrist wearables were sold, representing 22% increase from 1 million a year ago. Apple remained the clear market leader in the smartwatch market, accounting for nearly half (48%) of total smartwatch sales during the six period. Other major smartwatch manufacturers include Samsung, Fitbit, Huawei, and Garmin.
Improved battery life, voice commands, health monitoring, and better-designed smartwatch apps are driving the demand for smartwatches. These factors indicate that the Australian wearable devices market is bound to witness robust growth over the forecast period.
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Our clientele includes a mix of wearable medical devices market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the Australia wearable medical devices market , including forecasts for subscribers. This country databook contains high-level insights into Australia wearable medical devices market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Australia wearable medical devices market size, by product, 2018-2030 (US$M)
Australia Wearable Medical Devices Market Outlook Share, 2023 & 2030 (US$M)
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