Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Wearable Medical Devices market.
Trusted Business Insights presents an updated and Latest Study on Wearable Medical Devices Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Wearable Medical Devices market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: Wearable Medical Devices Market
Industry / Sector Trends
The Wearable Medical Devices Market size was valued at over USD 9.0 billion in 2018 and is expected to witness 39.4% CAGR from 2021 to 2026.
Market Segmentation, Outlook & Regional Insights: Wearable Medical Devices Market
Wearable Medical Devices Market, By Device, 2018 & 2025 (USD Million)
Increasing awareness regarding physical fitness will drive global wearable medical devices market growth over the forthcoming years. Growing awareness initiatives and implementation of fitness programs globally, especially in emerging nations will accelerate the adoption of wearable medical devices to manage physical activities. Growing customer preference for fitness wearables, majorly among the youth will aid in market growth. Additionally, the rising obese population, leading to greater adoption of physical activities, will strengthen the demand for wearable medical devices such as Fitbit and smartwatches in the upcoming period.
Technological advancements in wearable medical devices will augment the market growth in the future years. Instantaneous and precise delivery of results coupled with the conspicuous nature of these devices due to advancements, escalate the customer preference and adoption rate of such devices. The Xiaomi Mi Band 4 offers enhanced display along with better fitness tracking features and is available at a relatively lesser cost. Thus, innovations leading to superior product characteristics and cost-effectivity will spur global wearable medical devices industry expansion.
However, threats including data hacking and theft that hampers personal data security will act as a barrier for wearable medical devices industry growth over the forecast years.
Wearable Medical Devices Market, By Device
The activity/fitness monitors market accounted for more than 26% market share in 2018. Activity/fitness monitors help in accurate and real-time measurement of parameters necessary for managing physical fitness. Newmarket players manufacturing superior fitness monitors offer lucrative opportunities for market size expansion. For instance, players such as Noise, are focusing on providing cost-effective wearable medical devices to gain significant market share especially in emerging markets such as India. High affordability favors customer preference and adoption leading to activity/fitness monitors market growth.
Body & temperature monitors market held USD 587.4 million market size in 2018. Innovations in wearable body temperature monitors will drive the segmental growth over the coming years. For instance, TempTraq is the only soft-patch wearable intelligent thermometer operating on Bluetooth and offered by Blue Spark Technologies. This device monitors body temperature for long time duration and is a convenient option for working women. Additionally, the growing incidence of infectious diseases, requiring precise monitoring of body temperature and other parameters will spur the body & temperature monitors business size.
Wearable Medical Devices Market, By Application
The diabetes care wearable medical devices industry accounted for over 20.0% revenue share in 2018 and is poised to foresee momentous growth over the estimation period. The global patient number of diabetes has increased four-fold since 1980. With the increasing prevalence of diabetes mellitus, the need for effective monitoring and control will escalate in the forthcoming years. Wearable diabetes care devices such as continuous glucose monitors available as patches and wearable pumps offer better management of the disease. Furthermore, ongoing research efforts on the product such as smart contact lenses, that measure glucose levels in tears will offer promising opportunities for diabetes care wearable medical devices market growth in the future years.
Sleep tracking wearable medical devices market will witness substantial growth at 39.6% CAGR over the forecast timeframe. Sleep tracking wearable devices offer features such as auto sleep tracking, alarms, reminders as well as provides insights about sleep stages. Such features help the customers to gain better knowledge about their sleep patterns and benefits at each stage of sleep, enabling higher customer acceptance of the product. With large patient population suffering from sleep disorders, the demand for sleep tracking wearable medical devices will grow at robust pace.
Germany Wearable Medical Devices Market, By Application, 2018 (USD Million)
Wearable Medical Devices Market, By End-use
Home healthcare wearable medical devices market accounted for about USD 3.0 billion in 2018 and is estimated to grow lucratively during the analysis period. Increasing preference for home healthcare devices will boost segmental growth. Home healthcare devices provide convenience to the patients and reduce the need to visit healthcare facilities. The Cost-effectiveness of remote monitoring of medical parameters at home will further boost wearable medical devices market growth.
The fitness and sports market will progress at a robust pace over the projected years. Sports wearable devices such as waistbands or skin patches are used by athletes that are linked to Bluetooth and GPS technology providing real-time data to coaches for recording, analyzing, and responding to information. New monitoring devices for early signs detection of soft tissue injuries have reduced injuries such as damaged tendons, exhaustion, and concussion during practice. Thus, with increasing inclination towards sports and exercise, the segment will witness rapid expansion in the forthcoming years.
Wearable Medical Devices Market, By Region
The U.S. wearable medical devices market accounted for more than 32% market share of the global wearable medical devices industry in 2018. The increasing incidence of chronic conditions among the population will drive demand for monitoring devices in the country. According to the Center for Disease Control and Prevention, 6 in 10 adults suffer from chronic disease in the U.S. In addition, technological advancements leading to the launch of superior products, the growing pervasiveness of obesity and diabetes will escalate the demand for wearable medical devices across the U.S.
India’s wearable medical devices market is forecasted to progress at over 46% CAGR in the forthcoming years. The increasing adoption of fitness activities and sports among the young population is boosting the demand for wearable medical devices in India. The introduction of cost-effective products further escalates the product demand. In addition, the launch of initiatives such as Digital India, that expands the availability and adoption of digital health solutions will further positively influence India’s wearable medical device’s business growth.
Asia Pacific Wearable Medical Devices Market, By Country, 2025 (USD Million)
Key Players, Recent Developments & Sector Viewpoints: Wearable Medical Devices Market
Some of the leading players operating in the wearable medical devices industry include Apple, Samsung, Fitbit, and Xiaomi among others. These companies are adopting strategies such as new product development and other inorganic strategies such as acquisitions to enhance the profitability of the firm. For instance, in May 2019, Oura Health, Ltd. introduced a new meditation feature in its product Oura Ring, expanding its product base.
Wearable Medical Devices Industry Viewpoint
The commencement of the wearable devices industry can be traced back to the 13th century when eyeglasses were introduced. Wearables such as hearing aids were launched in the 1980s. Later, between the years 2006 and 2013, smartwatch technology as well as Google glasses were launched, booming the wearable devices market in the healthcare field. This was followed by numerous other wearable medical devices such as continuous glucose monitoring systems, sleep trackers, and neurological monitors among various other products. In the foreseeable future, wearable technology comprising of the smart lens, smart textiles, smart rings, skin patches, and other innovative technology holds immense growth potential, thus offering business opportunities for emerging market players.
Key market players covered in this report:
- Medtronic plc. (Ireland),
- Koninklijke Philips N.V. (Netherlands)
- OMRON Corporation (Japan)
- Biotelemetry Inc.(US)
- Apple, Inc. (US)
- Dexcom Inc. (US)
- Abbott Laboratories (US)
- Masimo Corporation(US)
- GE Healthcare(US)
- Bio-Beat Technologies (Israel)
- iRhythm Technologies, Inc. (US)
- VitalConnect (US)
- Minttihealth (US)
- Preventice Solutions, Inc. (US)
- CONTEC Medical Systems Co. Ltd (China)
- Biotricity Inc.(US)
- Verily Life Sciences (US)
- Cyrcadia Asia Limited (Hong Kong )
- ten3T healthcare (India)
- Fitbit, Inc. (US)
- Garmin Ltd (Switzerland)
- Xiaomi Technologies (China)
- Huawei Corporation (China)
Wearable Healthcare Devices Market Segmentation
By Device Type
- Diagnostic & Monitoring Devices
- Vital Signs Monitoring Devices
- Multiparameter Trackers
- ECG/Heart Rate Monitors
- Pulse Oximeters
- Blood Pressure Monitors
- Glucose Monitoring Devices
- Sleep Monitoring Devices
- Fetal Monitoring & Obstetric Devices
- Neuromonitoring Devices
- Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
- Insulin Pumps
Wearable Healthcare Devices Market, By Products
- Activity Monitors/Trackers
- Smart Clothing
Wearable Healthcare Devices Market, By Grade Type
Wearable Healthcare Devices Market, By Application
- General Health & Fitness
- Remote Patient Monitoring
- Home Healthcare
Wearable Healthcare Devices Market, By Distribution Channel
- Online Channel
Key Insights Covered: Exhaustive Wearable Medical Devices Market
1. Market size (sales, revenue, and growth rate) of Wearable Medical Devices industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate, and gross margin) of Wearable Medical Devices industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of the Wearable Medical Devices industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Wearable Medical Devices industry.
Research Methodology: Wearable Medical Devices Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
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