Wearable Medical Device Market Size, Growth and Share Estimation By Type (Smart Watches, Activity Monitors, Smart Clothing, Patches), Application (Sports Academies and Fitness, Remote Patient Monitoring, Home Healthcare), Device Type (Diagnostic & Monitoring Devices, Therapeutic Devices), Distribution Channel (Pharmacies, Online Channel, Hypermarkets) – Global Forecast till 2023
The Global Wearable Medical Device Market is expected to rise to a valuation of more than USD 27,200 million by 2023, according to the latest research report from Market Research Future (MRFR). The global wearable medical devices market is mainly driven by the growing awareness about wearable medical devices among patients and the increasing prevalence of chronic conditions that require monitoring. However, the growing threat of cybercrime and concerns about healthcare data security are likely to keep the wearable medical device market down.
The growing prevalence of diabetes, heart conditions, and other lifestyle diseases has been the major driver for the global wearable medical devices market. Diabetes is not a condition that needs acute, emergency intervention, but rather chronic, regular monitoring. In the past, this monitoring was performed through hospital visits. However, the entry of wearable medical devices onto the scene has changed the scenario, as patients can now track the progress of their disease from the comfort of their home. This has been a gamechanger for lifestyle diseases, as doctors can now delegate disease monitoring to wearable medical devices, making the lives of both patients as well as doctors more comfortable. Wearable medical devices can track parameters such as blood sugar level, heart rate, blood pressure, and more. This has made them vital in monitoring lifestyle conditions related to the heart. This is also likely to be a major driver for the global wearable medical devices market, as the prevalence of CVDs is also likely to increase dramatically in the coming years.
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The wearable medical devices market is also likely to witness significant technological expansion in the coming years, as wearable medical devices have emerged as a key product category for medical device manufacturers. New players are also venturing into the market for wearable medical devices, as the market is highly profitable and likely to present promising revenue generation opportunities over the coming years. Thus, technological updating is likely to be a major trend in the global wearable medical devices market over the forecast period.
Wearable Medical Device Market Competitive Analysis:
Leading players in the global wearable medical device market include Sony Corporation, Motorola Solutions Inc., Nike Inc., LG Electronics Inc., Honeywell International Inc., Qualcomm Inc., Apple Inc., Philips, Fitbit Inc., Omron Corporation, Boston Scientific Corporation, and Medtronic plc. As can be seen from this list, conventional medical device manufacturers as well as new entrants are proliferating in the global wearable medical devices market. Electronics industry players are likely to prosper in the global wearable medical device market over the forecast period, as wearable medical devices utilize high amounts of electronics and communication technology. The communication technologies used in wearable medical devices are also likely to be updated in the coming years due to the entry of communications industry giants such as Motorola, Sony, and Apple. Thus, technological updation is likely to be a major theme in the wearable medical devices market over the forecast period.
In December 2019, VivaLNK announced the acquisition of the Class IIa medical device CE mark for its multi-vital medical wearable sensor and software development kit. The sensor is the smallest of its kind. This is also likely to remain a prominent theme in the global wearable medical devices market over the forecast period, as miniaturization allows more widespread usage of wearable medical devices as well as more convenience to the patient.
Wearable Medical Device Market Segmentation:
The global wearable medical device market is segmented based on type, device type, application, distribution channel, and region.
By type, the global wearable medical devices market is segmented into activity monitors, smartwatches, smart clothing, and patches.
By device type, the global wearable medical device market is segmented into diagnostic and monitoring devices, and therapeutic devices.
By application, the global wearable medical device market is segmented into sports academies and fitness, remote patient monitoring, and home healthcare.
By distribution channel, the global wearable medical devices market is segmented into pharmacies, online channels, and hypermarkets.
North America and Europe dominate the global wearable medical devices market due to the strong presence of leading players in these regions and widespread awareness about wearable medical devices among the patient population. Asia Pacific is also likely to be an important regional market for wearable medical device manufacturers over the forecast period due to the growing prevalence of diabetes in the region and the growing awareness about wearable medical devices.
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