As per our analysis report, the global wearable medical devices market size is forecasted to be worth USD 19538 Million by 2026 from USD 7722.4 Mn in 2021. The market is growing at a remarkable compound annual growth rate (CAGR) of 20.40% from 2021 to 2026.
Wearable medical devices are to track physical activities, heartbeat monitoring, and others. These devices are accurate in tracking physical fitness measurements while doing exercises. Wearable medical devices are comfortable, user-friendly, and opting as an option of home healthcare, increasing the focus of customers to lead a healthy lifestyle and maintain to stay fit. It may become an extensive application in-home healthcare, sports, and remote patient monitoring.
Some of the wearable medical devices also show the calories burnt. The design of the invention comes with sensors, software, and connectivity products. In the medical field, wearable medical devices are playing a vital role. These devices help to track several parameters like the patient’s heartbeat and others. Also, it helps to improve the quality of care by the physicians, which provides health assessment. The wearable medical devices are more accurate and help the individual have self-assessment and promote earlier diagnosis.
MARKET DRIVERS:
Y-O-Y growth in the customer preference for fitness apparel, primarily among young people, is majorly accelerating the global wearable medical devices market growth.
Wearable medical devices are gaining popularity and improved technology by key market players due to the increasing technological advancements and innovations. Wearable medical devices can connect with Android and IOS applications. A user can track physical fitness accurately; due to its convenient and reliable features, the growth of the global wearable medical devices market is growing tremendously. Increasing incidences of chronic diseases across the world, the rise in the utilization of smartphones and laptops, and awareness over the internet of things, and the increase in the concern towards health in many areas is accelerating the growth of the global wearable medical devices market.
The launch of wearable devices for various diseases like obesity, sleep apnea, diabetes, chronic obstructive pulmonary device, and others level up the demand for these products. The increasing prevalence of remote patient monitoring and personalized medicine globally is elevating the growth of the market.
MARKET RESTRAINTS:
The costs associated with some of the high-end and advanced featured devices are very high. They cannot be affordable by ordinary people, slightly restraining the demand of the wearable medical devices market. The lack of technicians in solving the complications that arise in real-time applications is also degrading the growth of the market.
Impact of COVID-19 on the global wearable medical devices market:
The COVID-19 pandemic has had a profound impact on lifestyles worldwide. With the global economic downturn reaching trillions of dollars, there is a lot of speculation that the recovery period could continue until early next year. Due to the high cost, the current demand for wearables is low. But in a way, it is helpful for people at home and helps them know their daily health in this pandemic. In the near future, the demand for these devices is expected to increase further as some portion of the patient population is not willing to visit the hospitals for their regular check-ups and depending upon the technological solutions and devices to track and monitor their health, which is eventually expected to favor the wearable medical devices market.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2020 to 2026 |
|
Base Year |
2020 |
|
Forecast Period |
2021 to 2026 |
|
Segments Covered |
By Diagnostic Wearable Devices, Therapeutic Wearable Devices, Application, Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
This research report on the global wearable medical devices market has been segmented and sub-segmented based on the diagnostic wearable devices, therapeutic wearable devices, application, region.
Wearable Medical Devices Market - By Diagnostic Wearable Devices:
Based on the diagnostic wearable devices, the blood pressure monitors and activity monitor segments are projected to lead the wearable medical devices market. Activity monitors help correct and real-time measurement of instructions required for controlling physical fitness, which allows the market to grow. Globally, the market for blood pressure monitors market is predicted to grow at a CAGR of 8.4% between 2021 to 2026.
The wearable electro-cardiographs segment has been severely impacted by the recent COVID-19 pandemic and is estimated to decline in its growing CAGR in a couple of years.
The wearable Sleep Monitoring devices segment is one of the lucrative segments and is predicted to register a CAGR of 14.5% during the forecast period. The demand for these products is significant since the recent past due to the technological advancements associated with these devices and cost-friendliness.
The heart rate monitor segment is projected to be growing at a CAGR of 15.2% during the forecast period. Increasing awareness over these devices and growing consciousness on heart health are majorly driving this segment's demand.
Wearable Medical Devices Market - By Therapeutic Wearable Devices:
Based on the Therapeutic wearable devices, glucose/insulin monitoring devices are projected to continue their demand and are predicted to register a CAGR of 8.1% from 2021 to 2026. The increasing number of patients with diabetes will increase the market's growth rate in the coming years.
The size of the pain management devices market to hike at a CAGR of 9.1% during the forecast period, and expected that the future for this segment is to be more lucrative than the past.
The respiratory therapy devices market segment is expected to register a healthy growth rate during the forecast period.
Wearable Medical Devices Market - By Application:
Based on the application, the home healthcare segment for wearable medical devices is believed to have the highest share. It is expected to grow to produce profits during the analysis period. Increasing significance for home healthcare services is propelling the market growth.
The fitness and sports segment is anticipated to grow at a robust rate in the upcoming years. Sports-related wearable devices like waistbands or skin patches use Bluetooth and GPS technology and provide real-time data. The growing tendency for sports and exercise activities is also a factor propelling the market's growth rate. Increasing awareness to maintain a healthy lifestyle is likely to fuel the demand of the market.
Wearable Medical Devices Market - By Region:
Regionally, the global wearable medical devices market was dominated by North America, with an overall market share of over 40% globally. North America dominates the whole market for portable medical devices, with the United States becoming the main contributor to the market. North America has taken most of the market share and is expected to maintain its dominant position over the forecast horizon. Rising investments in healthcare centers by the government and developing various devices with the latest technologies magnify the market demand. Also, increasing focus on leading healthy lifestyles by changing food habits and adopting fitness activities in daily life escalates the market demand in this region.
The penetration rate of adult wearers in the United States was 15.5% in 2016, which increased to 20.3% in 2018 and is projected to increase to 25.3% by 2022, according to a 2019 report by Yoram Wurmser.
Europe is following North America is dominating the shares of the market. The launch of various healthcare applications that are feasible for smartphone users is broadening the market demand. Also, increasing demand for early diagnosis procedures is outshining the growth of the market.
The Asia Pacific is estimated to grow at a higher rate in foreseen years, increasing the geriatric population and increasing the devices' production rate. The Middle East and Africa are projected to have substantial growth opportunities in the coming years.
KEY MARKET PLAYERS:
Some of the most promising companies operating in the global wearable medical devices market profiled in the report are Fitbit (United States), Philips (Netherlands), LifeWatch (Switzerland), Garmin (Switzerland), Omron (Japan), Drägerwerk (Germany), Nokia Technologies (United States), Jawbone (United States), Polar (Finland), Wor(l)d Global Network (United States), Activeinsights (United Kingdom), VitalConnect (United States), Xiaomi (China), Misfit (United States) and Monica Healthcare (United Kingdom).
RECENT HAPPENINGS IN THE WEARABLE MEDICAL DEVICES MARKET:
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Analysis Design
2.3 Research Phases
2.3.1 Secondary Research
2.3.2 Primary Research
2.3.3 Econometric Modelling
2.3.4 Expert Validation
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Diagnostic Wearable Devices
5.1.1 Wearable Electro Cardiographs
5.1.2 Wearable Sleep Monitoring devices
5.1.3 Heart Rate Monitors
5.1.4 Blood Pressure Monitors
5.1.5 Activity Monitors
5.1.6 Electro Encephalographs
5.2 By Therapeutic Wearable Devices
5.2.1 Pain Management Devices
5.2.2 Glucose/Insulin Monitoring Devices
5.2.3 Respiratory Therapy Devices
5.3 By Application
5.3.1 Sports and Fitness
5.3.2 Home Healthcare
5.3.3 Patient Monitoring
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 United Kingdom
6.2.3 Germany
6.2.4 France
6.2.5 Italy
6.2.6 Spain
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.5 Middle-East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Fitbit
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Garmin
8.3 Jawbone
8.4 Polar Electro
8.5 Vital connect
8.6 Withings SAS
8.7 Zephyr Corporation
8.8 Basis Science
8.9 Omron Corporation
8.10 Drager
8.11 Lifewatch AG
8.12 Sotera Wireless
8.13 Abbott Laboratories
8.14 Nuubo
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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