Global Wearable Medical Devices Market Overview
The key driver impacting the wearable medical devices market is the rapidly growing prevalence of lifestyle-associated disorders, such as diabetes and hypertension, which need continuous monitoring of several physiological parameters, for instance, blood sugar levels and blood pressure. For example, As per WHO, High Blood Pressure is one of the leading causes of death worldwide, accounts for 10.4 million deaths every year. Around 1.13 billion people globally have hypertension, and about two-thirds are living in middle and low-income countries. One of the WHO, global targets for non-communicable diseases is to decrease the prevalence of hypertension by 25% by 2025. Similarly, As per the IDF Diabetes Atlas 2019 report, diabetes is among the fastest-growing health challenges of the 21st century. The total number of adults suffering from diabetes has over tripled in the past 20 years. In 2000, the worldwide estimation of diabetic adults was 151 million and increased by 88% to 285 million. In 2019 there were 463 million diabetes people. IDF predicts that there will be around 578 million adults with diabetes by 2030 and 700 million by the year 2045. Moreover, the development of technologically advanced products with increasing awareness about physical fitness and wearable devices among the population contributes to market growth in the forecast period.
According to Value Market Research, the global wearable medical devices market size was valued at around USD 16,500 million in 2020 and is estimated to develop at a CAGR of about 26% during the forecast period 2021 to 2027.
The rising disposable income and healthcare expenditure leads to the vast adoption of wearable medical devices among people and healthcare units to augment demand for wearable medical devices in the forecast period. For instance, As per the democratic media organization, there were 232 million wearable devices sold in 2015 in the U.S., as consumers highly prefer watches and fitness trackers. One-in-five Americans use a smartwatch or fitness tracker as per the Pew Research Center survey conducted in 2019. However, the issues related to data security may hamper the market in the long run. The cost-intensive nature of wearable devices is negatively impacting the market. The current industry trends, growing awareness and preference for home healthcare, and increasing mobile platforms' adoption are expected to provide market players with new market opportunities.
The wearable medical devices market is vast, with many local and global players. The wearable medical devices market is extensive, with many local and international players. The key leaders follow various strategies to elevate their market position, such as product upgrades, extending product portfolio, contracts, amalgamation, and acquisitions, to raise their market share across the globe. For instance, In 2020, Fitbit, Inc. (US) had launched Fitbit Charge 4, an activity tracker. The significant players studied in the report are Philips Electronics, Basis Science, Fitbit, Garmin, Everist Genomics, Covidien, Basis Science, Vital Connect, Sotera Wireless, Omron Corp., Withings, Polar Electro, Intelesens, and Sotera Wireless.
In this research report, the wearable medical devices market is segmented by product, site, application, and region.
Analysis by Product:
By product, the report is categorized into diagnostic devices and therapeutic devices. Diagnostic devices dominate the product segment with over 60% share in 2020. The diagnostic devices segment is further divided into vital sign monitoring devices, sleep monitoring devices, electrocardiographs, fetal and obstetric devices, neuromonitoring devices, therapeutic devices, insulin/glucose monitoring devices, rehabilitation devices, and respiratory therapy devices. Neuromonitoring devices are anticipated to show considerable growth in the forecast period. It is due to the growing prevalence of neurological disorders globally. Moreover, the increasing awareness of the population regarding neurological wearables' ability to constantly assess individuals' cognitive capabilities during daily activities contributes to the high demand for diagnostic devices in the forecast period.
Analysis by Site:
By site, the report is categorized into a handheld, headband, strap/clip/bracelet, shoe sensors, and others. The strap/clip/bracelet dominates the site segment with over 50% share in 2020. It is due to the massive adoption of products like smartwatches, which allow monitoring of several parameters such as mobility, respiratory rate, and pulse rate coupled with Bluetooth and cloud connectivity. Moreover, the growing technological advancement in the development of wrist-worn products such as Healthpatch by Vital Connect in March 2014 is expected to drive Strap/Clip/Bracelet's market demand in the forecast period.
Analysis by Application:
By applications, the report is categorized into remote patient monitoring, sports and fitness, remote patient monitoring, and home healthcare. The home healthcare segment dominates the applications segment with over 50% share in 2020. It is due to the increasing geriatric population triggering prevalence rates of target diseases and growing requirement to restrain healthcare expenditure. Moreover, high preference for home healthcare devices as it offers convenience and cost-effectiveness in monitoring medical parameters at home and is expected to drive the market demand for home healthcare applications in the forecast period.
Analysis by Region:
In the regional outlook of the global wearable medical devices market, the North America region dominates globally with a 37% market share during the forecast period. It is due to the growing prevalence of cardiovascular disorders, diabetes, and cancer. Also, the rise in chronic diseases that need routine monitoring and high medical expenditure drives the market growth of the region. Moreover, the presence of sophisticated healthcare infrastructure in the U.S. and Canada contributes to market growth across North America.
Market Segmentation covered in the Report:
- Diagnostic Devices
- Vital Sign Monitoring Devices
- Heart Rate Monitors
- Activity Monitors
- Pulse Oximeters
- Blood Pressure Monitors
- Sleep Monitoring Devices
- Sleep trackers
- Wrist Actigraphs
- Electrocardiographs Fetal And Obstetric Devices
- Neuromonitoring Devices
- Therapeutic Devices
- Pain Management Devices
- Neurostimulation Devices
- Insulin/Glucose Monitoring Devices
- Rehabilitation Devices
- Sensing Devices
- Ultrasound Platform
- Respiratory Therapy Devices
- Positive Airway Pressure (PAP) Devices
- Portable Oxygen Concentrators
- Shoe Sensors
- Sports And Fitness
- Remote Patient Monitoring
- Home Healthcare
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.