Wearable Medical Devices Market Size, Share, Growth, and Trends Analysis Report by Product (Diagnostic Devices and Therapeutic Devices), By Site, By Application and By Region – Global Opportunities & Forecast, 2020-2027
Published Date: Oct-2020 | Report Format: Excel/PPT | Report Code: ICTES09-00-0719
Wearable medical devices refer to the autonomous devices that are worn by a person and helps in medical monitoring and support for a longer period of time. These devices are specially designed to prevent diseases and maintain overall health, including weight control and physical activity monitoring. The wearable medical devices help in making clinical decision marking and are widely used for patient management and disease management. The market for wearable medical devices has a wide range of product which include diagnostic devices and therapeutic devices.
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The rapid expansion in the home healthcare and the accelerating demand for remote patient monitoring devices at the global level are the major factors that are responsible for the growth of the wearable medical devices market. Moreover, the significant shift in the consumer’s preference towards fitness and healthy lifestyle is promoting the end-users towards the adoption of wearable medical devices to monitor the health condition regularly. There has been a drastic increase in the amount of complex data produced in the past few years. In addition to this, several studies are in process to develop a viable solution that will integrate Artificial Intelligence (AI) in wearable medical devices. The combination of these factors is enhancing the growth of the market.
Due to the sedentary lifestyle, there has been a rise in the incidence and prevalence of lifestyle-associated disorders, thus growing the demand of the market during the forecast period. Numerous disease needs regular monitoring of parameters such as blood sugar level and blood pressure level. This factor has allowed the amalgamation of healthcare data with smart devices such as smartphone to have real-time access to data and to minimize the chances of errors. Furthermore, the growing prevalence of chronic diseases and the increasing mortality rates is encouraging healthcare providers to provide personalized care devices for 24*7 monitoring. The increasing cases of obesity, along with the rising awareness regarding physical fitness, is encouraging the consumers to participate in physical activities. Numerous wearable devices including smartwatches and smart bands help in monitoring fitness parameters such as calories burned, total distance walked, and footstep count. All these factors are further boosting the market’s growth in the coming years.
The emergence of the COVID-19 pandemic has led to strong demand for the market. With the outbreak of coronavirus, the consumers are actively looking for self-monitoring wearable medical devices to regularly monitor their health condition instead of visiting hospitals and clinics for check-ups. In addition to this, the spread of COVID-19 has resulted in more health-consciousness among consumers. This, in turn, is motivating them to opt for wearable medical devices to monitor their health.
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Based on the product, the therapeutic device segment is expected to grow at a higher CAGR in the next six years, owing to the increasing influx of these products. Moreover, the strong pipeline of therapeutic devices such as asthma management devices, wearable pain reliever devices, and other relevant devices is further propelling the demand of the segment. The accelerating demand for various diabetes-related therapeutic devices such as insulin monitoring devices, rehabilitation, and respiratory therapy devices is creating numerous opportunities for the segment.
On the basis of the site, the strap/clip/bracelet segment is projected to dominate the market over the coming years. Various products such as smartwatches provide monitoring of different parameters, including physical activity, respiratory rate, and pulse rate and are equipped with Bluetooth and cloud connectivity. The strong demand for these devices, along with the advancements in the wrist-worn products such as health patch, used for monitoring various parameters are the key drivers that are surging the segment’s growth. Additionally, the various market players, such as Samsung and Apple, have introduced different mobile applications to connect wearable medical devices and record the data.
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Based on the region, North America is projected to lead the wearable medical devices market over the coming years. The growing prevalence of cardiovascular disorders, diabetes, and cancer, followed by the rising cases of chronic diseases, are the major factor driving the market’s growth in this region. In contrast, the Asia-Pacific region is projected to experience a faster CAGR owing to the favorable government initiatives, the rising number of the geriatric population base, and expanding healthcare expenditure in the Asian countries.
Various notable players operating in the market are Lifewatch AG, Polar Electro OY, Omron Corporation, Withings SA, Jawbone Inc., Garmin Ltd., Philips Healthcare, Fitbit Inc., Sotera Wireless, Inc, and Drägerwerk AG & Co. KGaA, among others.
Key Developments:
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- In 2020, Philips Healthcare entered into a partnership with the American Telemedicine Association to support the adoption of telehealth in different industries. The collaboration focuses on the growing adoption and momentum in telehealth amidst COVID-19, and the need to convey the exponential shift to telehealth capabilities.
- In 2020, OMRON Corporation successfully launched Focus TENS Therapy for Knee as the latest addition to its line of drug-free pain management products. The Focus TENS Therapy for Knee is a wearable device that combines TENS technology with wireless capabilities to provide on-the-go, customizable relief for chronic and acute pain.
The global wearable medical devices market is segmented into product, site, application, and regions. Based on the product, the market has been segmented into diagnostic devices and therapeutic devices. Based on the site, the market has been segmented into handheld, headband, strap/clip/bracelet, shoe sensors, and others. Based on the application, the market is segmented into sports & fitness, remote patient monitoring, and home healthcare.
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Key questions answered in this research report:
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- At what pace is global Wearable Medical Devices market growing? What will be the growth trend in the future?
- What are the key drivers and restraints in Wearable Medical Devices market? What will be the impact of drivers and restraints in the future?
- What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Wearable Medical Devices market?
- Which Product generated maximum revenues in 2019 and identify the most promising Product during the forecast period?
- What are the various Sites of global Wearable Medical Devices market and how they are poised to grow?
- What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
Report Coverage |
Details |
Market Base Year |
2019 |
Market Forecast Period |
2020-2027 |
Market Revenues Currency |
USD Million |
Base Year & Forecast Units |
Revenues (USD Million) |
Market Segment | By Product, By Site, By Application, By Region |
Regional Coverage | Asia Pacific, Europe, North America, and RoW |
Companies Profiled | Lifewatch AG, Polar Electro OY, Omron Corporation, Withings SA, Jawbone Inc., Garmin Ltd., Philips Healthcare, Fitbit Inc., Sotera Wireless, Inc, and Drägerwerk AG & Co. KGaA, among others; a total of 10 companies covered. |
25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global Wearable Medical Devices Market by Product
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- Diagnostic Devices
- Vital Sign Monitoring Devices
- Heart Rate Monitors
- Activity Monitors
- Electrocardiographs
- Pulse Oximeters
- Spirometers
- Blood Pressure Monitors
- Others
- Sleep Monitoring Devices
- Sleep trackers
- Wrist Actigraphs
- Polysomnographs
- Others
- Electrocardiographs Fetal And Obstetric Devices
- Neuromonitoring Devices
- Electroencephalographs
- Electromyographs
- Others
- Vital Sign Monitoring Devices
- Therapeutic Devices
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- Pain Management Devices
- Neurostimulation Devices
- Others
- Insulin/Glucose Monitoring Devices
- Insulin Pumps
- Others
- Rehabilitation Devices
- Accelerometers
- Sensing Devices
- Ultrasound Platform
- Others
- Respiratory Therapy Devices
- Ventilators
- Positive Airway Pressure (PAP) Devices
- Portable Oxygen Concentrators
- Others
- Pain Management Devices
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- Diagnostic Devices
Global Wearable Medical Devices Market by Site
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- Handheld
- Headband
- Strap/Clip/Bracelet
- Shoe Sensors
- Others
Global Wearable Medical Devices Market by Application
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- Sports And Fitness
- Remote Patient Monitoring
- Home Healthcare
Global Wearable Medical Devices Market by Region
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- North America Wearable Medical Devices Market (Option 1: As a part of the free 25% customization)
- North America Market by Product
- North America Market by Site
- North America Market by Application
- US All-Up
- Canada Market All-Up
- Europe Wearable Medical Devices Market (Option 2: As a part of the free 25% customization)
- Europe Market by Product
- Europe Market by Site
- Europe Market by Application
- UK Market All-Up
- Germany All-Up Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
- Asia-Pacific Wearable Medical Devices Market (Option 3: As a part of the free 25% customization)
- Asia-Pacific Market by Product
- Asia-Pacific Market by Site
- Asia-Pacific Market by Application
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
- RoW Wearable Medical Devices Market (Option 4: As a part of the free 25% customization)
- RoW Market by Product
- RoW Market by Site
- RoW Market by Application
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region) Market All-Up
- North America Wearable Medical Devices Market (Option 1: As a part of the free 25% customization)
Major Players Operating the Wearable Medical Devices (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- Lifewatch AG
- Polar Electro OY
- Omron Corporation
- Withings SA
- Jawbone Inc.
- Garmin Ltd.
- Philips Healthcare
- Fitbit Inc.
- Sotera Wireless, Inc
- Drägerwerk AG & Co. KGaA
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Wearable Medical Devices Market Size, Share, Growth, and Trends Analysis Report by Product (Diagnostic Devices and Therapeutic Devices), By Site, By Application and By Region – Global Opportunities & Forecast, 2020-2027
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