Technological advances in medical wearables are expected to lead the global wearable medical device market. The global wearable medical devices market is expected to reach $ 111.895.6 million in 2019, with annual average growth of 13.8% over the forecast period by 2027, to $ 235 million. The increasing prevalence of lifestyle-related disorders worldwide and the increasing need for home-based healthcare solutions are key drivers of the growth of the wearable medical devices market. In order to increase the sedentary lifestyle of the elderly population and the incidence of diabetes and hypertension, it is necessary to constantly monitor physiological parameters such as blood pressure and blood sugar levels. Portable wearable medical devices provide doctors with real-time data access and point-of-care diagnostics. In addition, the number of smartphone-based applications connected with wearable medical devices is increasing rapidly, doctors’ preference for wireless connectivity is increasing, and awareness of physical health is expected to accelerate market growth over the forecast period.
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Key industry participants in the global wearable medical devices market are Activeinsights, Garmin Ltd, Apple Inc., Lifesense, LifeWatch AG, Samsung, Sotera Wireless, Fitbit, Omron Healthcare, and Monica Healthcare among others.
Companies in the wearable medical devices are focusing on emerging wearable medical devices markets such as India and China. In this direction, in April 2019, Fitbit, the U.S. based multinational company announced to introduce Fitbit Ace 2, Versa Lite Edition, Fitbit Inspire, and Inspire HR products in the Indian subcontinent.
The detailed research study provides qualitative and quantitative analysis of global wearable medical devices market. The market has been analyzed from the scope of demand as well as supply. The analysis of demand covers market revenue across regions and further also across all the major countries. The analysis of supply covers the major wearable medical devices market market players and their regional and global presence and strategies. The geographical analysis emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- In product wearable medical devices market segment, activity monitors held more than 25% of market share in 2018 and is estimated to grow at robust CAGR during the forecast period. The growth in the activity monitors is attributed to rise in sedentary lifestyle and increased market activity. Geriatric population requires continuous care, which will fuel market growth in near future.
- In devices type segment, wristbands is estimated to grow with CAGR of above 13% over the projection timeframe, owing to increase in awareness among individuals regarding physical fitness. Wristbands manufactured by fitbit are the popular product in the category.
- In application, sports and fitness expected to register highest CAGR over the forecast period. The high rate of growth is due to increase in obsession of people with the physical fitness to improve the quality of life.
- Asia pacific region in the wearable medical devices market is expected to witness the highest growth rate over the forecast period. The presence of huge population suffering with cardiovascular and diabetes related disorders in the countries such as China and India would be high growth impacting factors.
- Partnership, collaboration, expansion and acquisition are some of the strategies adopted by companies to expand their reach and gain competitive advantage.
Key Market Segments of wearable medical devices market are:
By Product
- Vital sign monitor
- Heart rate monitor
- Activity monitor
- Electrocardiograph
- Sleep Monitor
- Wearable fetal monitor and obstetric device
- Neuromonitoring device
- Electroencephalograph
- Electromyograph
- Pain management wearable medical device
- Glucose monitoring wearable device
- Respiratory therapy wearable device
By Application
- Sports and fitness
- Remote patient monitoring
- Home healthcare
By Devices Type
- Watch
- Wristband
- Ear Wear
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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