Wearable Medical Devices Market:
WiseGuyReports.com adds “Global Wearable Medical Devices Market Research Report 2020 Analysis and Forecast 2026” reports to its database.
The global wearable medical devices market is expected decline from $8.87 billion in 2019 to $8.35 billion in 2020 at a compound annual growth rate (CAGR) of -5.83%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $16.08 billion in 2023 at CAGR of 24.39%.
The wearable medical devices market consists of sales of wearable medical equipment and related services that includes diagnostic devices and therapeutic devices like vital signs, sleep and neuro monitoring devices, electrocardiographs, pain management, respiratory therapeutic devices among others. The companies involved in wearable medical devices market design, manufacture and market medical wearables like watches, wristbands, clothing, ear wear and other devices for the applications like Remote Patient Monitoring, Ear wear, Home healthcare, Sports and Fitness which are designed for patient management and life-style disease management like prevention of diseases and maintenance of health with advantages such as weight control and physical activity monitoring.
North America was the largest region in wearable devices market in 2019. Europe is the second largest region in 2019.
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Integrating artificial intelligence in the wearable medical devices is gaining traction. The data collected by the wearable medical devices lacks value without the integration of artificial intelligence (AI) that better utilizes the data collected. AI doctor which is an standalone network with deep learning algorithm performs well than trained medical practitioners in conditions like skin lesions, electrocardiograms, medical imaging and pathology. In 2020, Apple acquired Xnor.ai that develops technology like artificial intelligence to gain access for low-power AI tools for image recognition in wearables and others. A study published in 2019 revealed that AI and biometric monitoring devices are considered as an advantage by 47% of the respondents as it brings efficient healthcare to the patient and an overall of 20% respondents considered the benefits outweighed the dangers of artificial intelligence integration into wearables. 55% considered that it could improve their follow-up and quality of care, 23% believed it would reduce the cost of treatment. The wearable device app developers are increasingly focused on integrating AI into the apps to analyze the remotely collected data for better interpreting the ailment by an AI doctor.
The wearable medical devices market covered in this report is segmented by device type into diagnostic devices, therapeutic devices. It is also segmented by product type into watch, wristband, clothing, ear wear, other devices, by distribution channel into pharmacies, online channel, hypermarkets and by application into sports and fitness, remote patient monitoring, home healthcare, ear wear.
Wearable device manufacturers collect and store data to sell them to the customer itself by charging certain amount on monthly basis or periodically as per the requirement or to third-parties at places where this information is not considered as Protected Health Information. There is a higher exposure of sensitive data as the amount of data handled by Medical Internet of Things devices are growing exponentially. The major data privacy concerns arise during the transmission of data to a cloud and during it’s storage. In 2018, a study released by Center for Digital Democracy and the School of Communication at American University revealed that Americans are facing a growing loss of sensitive information with the use of wearable medical devices as the US health privacy regulatory system doesn’t reach the expectation of data privacy with wearables. In 2019, a survey conducted for wearable device users revealed that half of the respondents are unaware of the privacy concerns related with the wearable devices. There are risks pertaining to the access and security of the personal information collected by the third-party healthcare service providers which is expected to hamper the growth of the market during the forecast period.
In 2019, Google, a US-based technology company that develops internet-related services and products like search engines, cloud computing, online advertisements, software and more, announced to acquire Fitbit Inc. for $7.35 per share in cash valuing totally to $2.1 billion. The deal will benefit both the companies by designing and manufacturing innovative wearables by integrating the best hardware, software and artificial intelligence to reach even more people around the globe. Fitbit Inc., a US-based wearables company designs innovative products that track the daily health and fitness of the consumer in the form of smartwatches, activity trackers, wireless headphones and smart scales.
During the historic period, the rise in mortality rate due to non-communicable diseases with an increasing prevalence of chronic diseases and life-style associated diseases like hypertension and diabetes contributed to the growth of wearable medical devices. Healthcare industry is coming up with newer technologies to overcome this with necessary measures like continuous and remote patient monitoring facilities through wearables which can be worn over the body all-day long for continuous monitoring of the required parameters like vital signs, glucose levels and more. In 2016, of the overall 56.9 million global deaths , 70% (40.5 million) were due to non-communicable diseases of which 80% were due to cardiac diseases, chronic lung diseases, diabetes and cancer. In 2019, a report published by Diabetics Research and Clinical Practice stated that the global diabetics population is estimated to be 463 million in 2019 which is 9.3% of global population and is expected to reach 578 million by 2030 and 700 million by 2045. The rise in number of chronic diseases coupled with growing awareness among the people is pushing them towards continuous monitoring which boosted the market growth.
Major players in the wearable medical devices market are Philips, Polar Electro, Omron Corporation, Fitbit Inc., Garmin Ltd., LifeWatch AG (BioTelemetry Inc.), Xiaomi Inc., VitalConnect, Jawbone Inc., and General Electric Co.
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