Market Research Future (MRFR) has thoroughly analyzed the trends and patterns governing the global wearable medical devices market over the forecast period of 2015-2023 in an extensive study. As per the analysis of MRFR, the wearable medical device market is likely to attain a valuation of USD 27.25 Bn at a stellar CAGR of 23% by the end of 2023.
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Various factors have been instrumental in shaping the growth of the wearable medical devices market, the proliferation of smart connected devices being a key one. The developed countries, in particular, are frontrunners in the adoption of advanced technology solutions where the awareness level of such products is also elevated. These devices have demonstrated their efficacy in the management of various chronic diseases such as diabetes, asthma, and heart diseases, the occurrence of which is soaring across the globe. Wearable medical devices have gained significant traction in monitoring various health parameters such as heart rate, blood oxygen level, body fat, and respiration. Cost benefits associated with such devices along with increased spending capacity of consumers across the globe is fostering the growth of the wearable medical devices market.
On the contrary, the adoption and awareness of wearable medical devices are considerably low in underdeveloped regions of the world, partly because of low healthcare penetration and poor economic conditions. In addition, escalating concerns relating to privacy and cybercrime associated with wearable medical devices is estimated to impede the growth of the market.
The global wearable medical device market has been segmented based on type, device type, application, and distribution channel.
By type, the wearable medical device market has been segmented into activity monitors, smart watches, smart clothing, and patches. The activity monitors segment commands the largest share of the global market owing to their extensive usage in the management t of lifestyle diseases. However, the smart clothing segment is expected to capture the highest CAGR over the forecast period.
By device type, the wearable medical devices market has been segmented into diagnostic & monitoring devices and therapeutic devices.
The diagnostic & monitoring devices segment has been further segmented into vital sign monitoring devices, glucose monitoring devices, neuromonitoring devices, sleep monitoring devices, and fetal monitoring & obstetric devices. The diagnostic and monitoring devices segment is dominating the market. Increasing prevalence of lifestyle diseases and easy availability are factors supporting the growth of the segment.
By application, the wearable medical device market has been segmented into sports academies and fitness, remote patient monitoring and home healthcare. The sports & fitness segment accounts for the largest share of the market while the home healthcare segment is expected to be the fastest growing segment due to the increasing use of warbles by aged patients in homecare setting.
By distribution channel, the global wearable medical device market has been segmented into pharmacies, online channel, and hypermarkets. The pharmacies segment is dominating the market while the online distribution channel is estimated to gain momentum over the forecast period.
By region, the global wearable medical devices market has been segmented into the Americas, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
The Americas dominate the global wearable medical devices market on account of the increasing incidence of obese and diabetic population in the region. Moreover, the penetration of smart medical devices in the region purveyed by affordability is driving the growth of the North America wearable medical devices market.
Europe is the second most significant market for wearable medical devices. Increasing health awareness, the prevalence of chronic diseases and high healthcare expenditure are factors fostering the growth of the Europe wearable medical devices market.
The APAC market is expanding rapidly and is driven by a booming population, increasing healthcare expenditure and growing penetration of smart wearable devices in the region, especially in the emerging economies of the region.
Apple Inc., Philips, Motorola Solutions Inc., LG Electronics, Nike Inc., Honeywell International Inc., Sony Corporation, Medtronic PLC., Boston Scientific Corporation, Omron Corporation, Qualcomm Inc., and Fitbit Inc. are distinguished players in the global wearable medical devices market.
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January 2019 – Omron Healthcare, Inc., a global leader in personal wellness and healthcare products, launched the first wearable blood pressure monitor. The new wearable medical device comes in the compact form of a wristwatch and has received 510K FDA clearance.
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