Precedence Research’s latest report on the global wearable medical device market provides an analysis for the period of 2016 to 2027, wherein, 2020 is the base year, 2016 and before is historical data, and 2020 to 2027 is the forecast period.
The global wearable medical device market size was valued at US$ 14.44 Billion in 2019 and is projected to reach US$ 89.45 Billion by 2027, rising at a market growth (CAGR) of 25.6% during the forecast period.
Precedence Research provides an in-depth analysis of market size, share analysis, Industry growth, market valuation, market dynamics which includes drivers, restraints, opportunities, trends, challenges, market segmentation, competitive landscape, regional and country breakdowns, and strategies for wearable medical device market. The study reviews the global industry by-products or services offered, downstream fields, end using customers, historic data figures regarding revenue and sales, market context, and more.
The report comprises a detailed value chain analysis, which provides a comprehensive view of this market. The Porter’s Five Forces model for the global market has also been included to help understand the competitive landscape. The study covers market attractiveness analysis, wherein resin types are benchmarked based on their market value, growth rate, and general attractiveness.
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A wearable medical device refers to a device that is noninvasive, autonomous, and performs specific medical function for example support or monitoring over a long period of time. These devices are smart devices equipped with sensors & other technologies and can be worn on a human body as a piece of clothing.
Increasing awareness regarding health-oriented lifestyle and fitness has significantly propelled the market growth for smart wearable devices. These devices are largely beneficial to track and monitor the health and activity of the user and provide real-time data regarding their health performance. Hence, such devices are significantly helpful for the physicians to prior diagnose the health related issues and provide proper medication in time that further prevent the loss of life. Apart from this, rising prevalence of chronic disease along with increasing penetration of smartphones and internet in almost every part of the world expected to further thrive the market growth.
In addition to this, rise in the sedentary lifestyle has prominently propelled the prevalence of lifestyle-related disorders, such as hypertension and diabetes that is again predicted to boom over the forecast timeframe. Some of these disorders demand continuous monitoring, for instance, blood pressure levels and blood sugar that in turn estimated to uplift the demand for wearable medical devices. Thus, increase in the mortality rate because of non-communicable diseases is a major concern that demands increased focus towards personalized care and monitoring. Hence, this shifting focus towards personalized care eventually anticipated to prosper the product demand.
However, rising concern for data security along with increasing incidences of data breach has prominently surged the user concern for such devices this in turn is likely to restrict the market growth in the upcoming years. Nonetheless, integration of advanced technologies such as Internet of Things (IoT) and Artificial Intelligence (AI) together growing preference for smart devices anticipated to create alluring opportunities in the market.
North America captured maximum revenue share in the global wearable medical devices market in 2019, with the U.S. as the major value contributor to the region. The U.S. holds the major market share in the wearable medical devices attributed to the high prevalence of cardiovascular &lifestyle-oriented diseases and the early adoption of the technology, along with significant medical expenditure per head. As per a report published by Yoram Wurmser in 2019, the penetration rate of the wearable devices in adult in the U.S. was around 15.5% in the year 2016 that increased to 20.3% in 2018, and further expected to rise to 25.3% by the end of 2022. Subsequently, increasing prevalence of chronic disease in the region expected to be the major factor that propels the market growth at a moderate rate in the region during the upcoming years.
However, the Asia Pacific anticipated being the most lucrative region in the market owing to increasing healthcare spending particularly for infrastructure development along with favorable government support for the adoption of such devices.
- North America led the global wearable medical devices market in 2019 because of the increasing prevalence of diabetes, cardiovascular disorders, and cancer in the region
- The Asia Pacific however witnesses an exponential growth rate over the analysis period owing to favorable government initiatives for the adoption of such devices
- The therapeutic device anticipated to exhibit the fastest growth rate among product segment throughout the analysis period due to the rising influx of these products over the recent time
- Neuromonitoring captured the largest value share in the diagnostic device segment in 2019 because of rising prevalence of neurological disorders among the people
- Home healthcare dominated the global wearable medical devices market in the year 2019 owing to the rising geriatric population that triggers the prevalence of chronic diseases
- The remote patient monitoring application anticipated to grow at the fastest rate over the forecast timeframe owing to the increasing prevalence of chronic diseases most commonly among the geriatric population
Key Players of the global wearable medical device market are:
- Koninklijke Philips N.V.
- Medtronic Plc
- Sotera Wireless
- Omron Corporation
- Polar Electro
- Everist Health
- Intelesens Ltd
- Fitbit Inc.
- Vital Connect
- Garmin Ltd.
Segments Covered in the Report:
- Shoe Sensors
- Therapeutic Devices
- Insulin/Glucose Monitoring Devices
- Insulin Pumps
- Pain Management Devices
- Neurostimulation Devices
- Respiratory Therapy Devices
- Portable Oxygen Concentrators
- Positive Airway Pressure (PAP) Devices
- Rehabilitation Devices
- Sensing Devices
- Ultrasound Platform
- Diagnostic Devices
- Sleep Monitoring Devices
- Wrist Actigraphs
- Sleep Trackers
- Vital Sign Monitoring Devices
- Activity Monitors
- Heart Rate Monitors
- Pulse Oximeters
- Blood Pressure Monitors
- Neuromonitoring Devices
- Electrocardiographs Fetal & Obstetric Devices
- Sleep Monitoring Devices
- Insulin/Glucose Monitoring Devices
- Remote Patient Monitoring
- Sports & Fitness
- Home Healthcare
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Korea, and Rest of Asia Pacific)
- Latin America (Brazil and the Rest of Latin America)
- The Middle East and Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
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