Wearable Medical Devices Market
Overview:
Wearable medical devices are home healthcare devices that can be used without doctor consultation. These devices are categorised mainly in three types, wearable monitoring and diagnostic devices, wearable therapeutic devices, and health and fitness devices. These devices are easy to use, they consist sensors attached to the body that detect and observe changes in various body parts and organs. Due to increasing demand of medical wearable devices, the market expected to witness a major growth.
The global wearable medical devices market was valued at US$ 28,096.4 Mn in 2019 and is forecast to reach a value of US$ 50,898.5 Mn by 2027 at a CAGR of 7.9% between 2020 and 2028.
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Drivers:
High incidence of chronic disorders is expected to augment growth of the global market of wearable medical devices during the estimate period. For instance, in September 2019, a study released in the journal, Diabetes Research and Clinical Practice estimated that in 2019 global number of people suffering from diabetes will reach 463 million and the number is likely to increase by 2030 to 578 million and by 2045 it is projected to reach 700 million.
Furthermore, rise in the number of aged people is also projected to drive the wearable medical device demand, which in turn is projected to boost growth of the global wearable medical devices market. For instance, as per the U.S. Census Bureau, old age population in the U.S. is likely to increase by 2034 to 77 million.
Restraints:
Factors such as errors and imprecision as well as high cost of wearable medical devices are expected to hamper growth of the global market of wearable medical devices. For instance, in April 2019, the Harvard Medical School reported that 30% of wearable devices show inaccurate results.
Opportunities:
Increasing research and development and investment in wearable medical devices is likely to create a lucrative environment of growth opportunity for market competitors in the global wearable medical devices market. For instance, in July 2018, a team of scientists at Wyss Institute at Harvard developed a soft exosuit technology that helps stroke patients to walk with ease on difficult landscape. Moreover, in July 2018, Current Health, a producer of AI-based wearable monitoring devices, funded US$ 8 million in seed round.
Key Takeaways:
The global wearable medical devices market was estimated at US$ 28,096.4 Mn in 2019 and is expected to reach US$ 50,898.5 Mn by 2027 with a CAGR of 7.9% in 2020 to 2027.
Among products, in 2019 Home healthcare sector witnessed a robust growth in the global wearable medical devices market, having 63.3% share in terms of value, followed by patient monitoring and health and fitness, respectively.
Key players in the global market of wearable medical devices are adopting various strategies such as collaborations, approvals and introduction of novel products to strengthen their product ranges. For instance, in January 2020, the U.S. Food and Drug Administration granted approval to VivaLNK’s Continuous ECG platform.
Moreover, in October 2019, AliveCor collaborated with Huami Corporation, a manufacturer of biometric, data-driven wearable, to develop novel products of medical functionality in wearable devices.
Similarly, in April 2019, Current Health received Class II clearance of the U.S. FDA for its wearable remote patient monitoring platform (RPM) which is integrated with artificial intelligence (AI). The device is designed for home care settings and post-acute care in hospitals.
Key players:
Key players active in the global wearable medical devices market comprise, Panasonic Corporation, Sorrel Medical, Koninklijke Philips N.V., Aeroflow Breastpumps, Hoffmann-La Roche Ltd., Smiths Medical, Fitbit Inc., Johnson and Johnson, Siemens AG, OMRON Corporation, Sonova, Medtronic plc, Willow, and Current Health.
Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By Application
- Market Snippet, By End User
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Key Developments
- Regulatory Scenario
- PEST Analysis
- COVID-19 Impact Analysis
- Market Dynamics
- Global Wearable Medical Devices Market, By Product Type, 2019 – 2027 (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2017–2027
- Segment Trends
- Wearable Therapeutic Medical Device
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Segment Trends
- Hearing Aids
- Insulin Pump
- Respiratory Therapy Devices
- Sleep Apnea Devices
- Non-invasive Ventilation Device
- Wearable Monitoring and Diagnostic Device
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Segment Trends
- Fetal and Obstetric Devices
- Continuous Glucose Monitoring Devices
- Cardiac Monitoring Devices
- Wearable Heart Rate Monitors
- Wearable Pulse Oximeters
- Wearable Blood Pressure Monitor
- Health and Fitness Devices
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Segment Trends
- Introduction
- Global Wearable Medical Devices Market, By Application, 2019 – 2027 (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2017–2027
- Segment Trends
- Patient Monitoring
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Health & Fitness
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Home Healthcare
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- Global Wearable Medical Devices Market, By End User, 2019 – 2027 (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2017–2027
- Segment Trends
- Clinics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Hospital Pharmacies
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Online Channels
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Hypermarkets
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Individuals
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
View Press Release: https://www.coherentmarketinsights.com/press-release/wearable-medical-devices-market-3426
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