The Global Wearable Medical Devices Market Size was worth USD 6414.43 Million in 2019 and estimated to be growing at a CAGR of 20.40%, to reach USD 16228.95 Million by 2024.
Wearable medical devices are used to monitor physical activities along with heartbeat monitoring and the tracking number of steps. These devices are accurate in tracking physical fitness measurements while doing exercise or in daily routine. Some wearable medical devices also show a number of calories burnt. The design of the device is done specifically with sensors, software and connectivity products. Wearable medical devices help in monitoring the patient’s heartbeat and other parameters which became part in personal health systems. These are mainly to improve the quality of care by the physicians which provides health assessment accurately. The wearable medical devices are more accurate and also assist the individual to have self-assessment and promotes for earlier diagnosis.
Market Drivers
An enormous number of ongoing developments and innovations in the healthcare and electronics sector, rising spending capabilities and the ease of use of medical devices the rising incidences of chronic diseases amongst all demographics, all these factors have led to the increased adoption of the technology, in turn, increasing the growth.
In Addition, Increasing incidences of chronic diseases across the world is certainly a major factor contributing to the shares for the market. The rise in the utilization of smartphones and laptops along with awareness over the internet of things is propelling the growth of the market. Wearable medical devices can connect with applications in android and IOS and a user can track physical fitness accurately, due to its convenient and reliable features the growth of the market is growing tremendously. Rise in the concern towards health in many areas is accelerating the growth of the market. Increasing awareness over the availability of various products in the medical sector is also lavishing the demand of the market.
Key Challenges
Wearable medical devices are facing challenges mainly in allocating cost-effective monitoring to patients suffering from chronic diseases such as cancer and other blood diseases. Lack of awareness in developing countries like Brazil, India, Mexico, and others are leading to the slower adoption of technology. These factors may act as growth hurdles for the wearable technology is certain regions. Further, the privacy concerns concerning transmitting sensitive patient information and the need for miniaturized devices with long battery life are a few challenges faced by the industry in the current scenario.
However, some of the advanced featured devices cost very high which cannot be affordable by common people is slightly restraining the demand of the wearable medical device market. Lack of technicians in solving the complications arises in real-time applications is also to degrade the growth of the market.
Growth Opportunities
Wearable medical devices meet the requirement in-home care and other remote monitoring services and this factor is to set up growth opportunities for the market. Rising research and development institutes in order to improve the quality of wearable devices and also to introduce innovative features for the devices is fueling the growth of the market. Increasing disposable income in urban areas is leveraging the demand of the wearable medical device market. Launch of wearable devices for various diseases like obesity, sleep apnea, diabetes, chronic obstructive pulmonary device and others which is leveling up the demand of the market to the extent. Increasing prevalence for remote patient monitoring and personalized medicine globally is elevating the growth of the market.
This research report on the Global Wearable Medical Devices Market has been segmented and sub-segmented into the following categories and analyzed market size and forecast for each segment until 2024.
Wearable Medical Devices Market Analysis - By Diagnostic Wearable Devices
Among the mentioned product types, the Activity Monitors segment has dominated the market and will continue this trend during the forecast period. Growing Fitness and Health awareness, rising sedentary and unhealthy lifestyles among the population, and growing lifestyle diseases are some of the factors contributing to the high growth of this segment.
Wearable Medical Devices Market Analysis - By Therapeutic Wearable Devices
Of the mentioned types, the Insulin Monitoring Devices segment is anticipated to maintain the largest share in the market during the forecast period due to the rising prevalence of diabetes among the population.
Wearable Medical Devices Market Analysis - By Application
Among the mentioned applications the Sports and Fitness segment is expected to grow at the highest CAGR during the forecast period owing to the increasing demand for health tracking devices, and growing focus of people on physical fitness.
Wearable Medical Devices Market Analysis - By Region
The wearable medical devices market was dominated by North America, with the overall market share of over 40% globally. Rising investments in healthcare centers by government and also on developing various devices with the latest technologies is magnifying the demand of the market. Also, increasing focus on to lead healthy lifestyles by changing food habits and also adopting fitness activities in daily life is escalating the demand of the market in this region. Europe is following North America is dominating the shares of the market. Launch of various healthcare applications that are feasible for smartphone users is broadening the demand of the market. In addition, 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 with the rise in the geriatric population and also increase the production rate of the devices. The Middle East and Africa are projected to have huge growth opportunities in the coming years.
Most promising companies operating in the Global Wearable Medical Devices Market profiled in the report are
The other players operating in this market include
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
