Wearable Medical Device Market

Wearable Medical Device Market by Device Types (Diagnostic Devices [Electrocardiographs Fetal and Obstetric Devices, Vital Sign Monitoring Devices, Neuromonitoring Devices, and Sleep Monitoring Devices] and Therapeutic Devices [Rehabilitation Devices, Respiratory Therapy Devices, Pain Management Devices, and Others]), Product Types (Wristbands, Ear Wears, Watches, and Others), Applications (Diabetes Care, Cardiac Health, Fitness Monitoring, Obesity Control, Sleep Tracking), End-users (Remote Patient Monitoring, Sports and Fitness, and Home Healthcare), Distribution Channels (Online Distribution, Retail Pharmacies, Hypermarkets, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: HC-1141
  • Author: Growth Market Reports
  • Rating: 4.8
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  • No. Of Pages: 190
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The global wearable medical device market size is projected to register a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising incidence of chronic diseases.
 

Wearable Medical Device Market Key Takeaways


Wearable medical devices are all fashion wearables, smart devices, and electrical wearables that are worn near to or just over the skin. Consumers can use wearable technology to get important fitness and health information. Non - invasive physiological sensors, data analysis modules, clinical feedback, and wireless data transfer features are all included in these devices. Microchips are used to make wearable gadgets, that can conveniently transmit, get, and monitor data. These have sensors and Bluetooth to monitor distances, pace, fitness, respiration, blood pressure, cholesterol, heartbeat, energy, and altitude, among other things. Developments in terms of simplicity and comfort of the use enable people with chronic diseases to better regulate and track their symptoms, reducing pain and the risk of heart failure.

Modern wearable medical devices are being coupled with iOS and Android platforms for usage with smartphones, allowing healthcare practitioners to track and assess health outcomes more efficiently and effectively. The advancements in online medicine and telemedicine, especially in the wake of the Covid-19 disaster for remote healthcare and disease prevention, are fostering industry expansion.

Market Trends, Drivers, Restraints, and Opportunities

  • Increasing technological advances and breakthroughs, as they can accomplish better normal populations and patients population lifestyles are projected to propel the market growth during the forecast period.
  • Capability of fitness trackers, temperature monitors, and breathing monitors to track and monitor blood pressure and heart rate, and body temperature is a key factor spurring the market expansion in the coming years.
  • Wearable gadgets are notable for their convenience of use, the comfort of handling, ability to provide real-time data, and flexibility in operational performance are anticipated to boost the market growth during the forecast period.
  • Lack of consciousness about the accessibility of few wearable devices in emerging and small countries are expected to impede the market growth.
  • High price of wearable devices possesses as a major factor that can hamper the market expansion in the coming years.
  • Increasing consumer health awareness, demand for sports and fitness activities are projected to offer significant opportunities for the market players.

Scope of the Report

The report on the global wearable medical device market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Wearable Medical Device Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Device Types (Diagnostic Devices [Electrocardiographs Fetal and Obstetric Devices, Vital Sign Monitoring Devices, Neuromonitoring Devices, and Sleep Monitoring Devices] and Therapeutic Devices [Rehabilitation Devices, Respiratory Therapy Devices, Pain Management Devices, and Others]), Product Types (Wristbands, Ear Wears, Watches, and Others), Applications (Diabetes Care, Cardiac Health, Fitness Monitoring, Obesity Control, Sleep Tracking), End-users (Remote Patient Monitoring, Sports and Fitness, and Home Healthcare), Distribution Channels (Online Distribution, Retail Pharmacies, Hypermarkets, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Otsuka Holding Inc.; AIQ Smart Clothing; Intelesens Ltd; imec; MINTTIHEALTH; Fitbit; Withings; Omron Corporation; Apple Inc.; Samsung Electronics Co. Ltd; Koninklinje Philips NV; Medtronic PLC; Biobeat; and Lifesense

Market Segment Insights

Respiratory therapy devices segment is projected to constitute a large market share
Based on device types, the global wearable medical device market is bifurcated into diagnostic devices [electrocardiographs fetal and obstetric devices, vital sign monitoring devices, neuromonitoring devices, and sleep monitoring devices] and therapeutic devices [rehabilitation devices, respiratory therapy devices, pain management devices, and others]. The respiratory therapy devices by therapeutics segment are expected to hold a key share of the market in the coming years due to the unknown risk of cardiac attack associated with adopting a sedentary life, there is a demand for cardiovascular health management systems. Along with rising chronic diseases, advancements in cardiac disease diagnostics and care have created enormous potential opportunities.

Wearable technology is also being used by healthcare providers to remotely monitor patients' cardiovascular health and provide on-time therapy with advanced identification of problems. Furthermore, the introduction of innovative equipment such as patches and wearable defibrillators, among others, allows for continuous heart rate and critical care monitoring.

Watches segment is expected to grow at a robust pace
On the basis of product types, the market is divided into wristbands, ear wears, watches, and others. The watches segment is expected to constitute a key share of the market during the forecast period owing to personal health data can be accessed on smartphones via Bluetooth technology with wristbands and smartwatches. Increased adoption of linked technological devices, such as smartwatches with fitness trackers, can propel the business forward.

Fitness monitoring segment is anticipated to expand at a substantial CAGR
In terms of applications, the global wearable medical device market is segregated into diabetes care, cardiac health, fitness monitoring, obesity control, sleep tracking. The fitness monitoring segment is expected to hold a key share of the market in the coming years due to customers can use activity trackers to track their fitness over time. They aid in the management of healthy lifestyles by assisting in the monitoring of everyday activities such as sleeping, exercising, and water drinking, among others. Product demand can be boosted by a rising emphasis on local fitness and health, as well as a changing lifestyle.
 

Wearable Medical Device Market by applications


Remote patient monitoring segment is projected to account for a key market share
Based on end-users, the market is segmented into remote patient monitoring, sports and fitness, and home healthcare. The remote patient monitoring segment is expected to represent a key share of the market during the forecast period owing to remote patient monitoring is the procedure by which patients can utilize a mobile medical device to perform a routine test and report the results to healthcare providers in real-time (RPM).

Remote patient monitoring, which measures crucial risk factors including blood pressure and sugar, can help in the improvement of chronic illnesses. RPM has various benefits for hospitals and end consumers, including shorter hospital stays, lower healthcare costs, and fewer medical appointments. This can also assist to reduce the price associated with chronic disease treatment.

Online distribution segment is expected to expand at a rapid pace
On the basis of distribution channels, the market is divided into online distribution, retail pharmacies, hypermarkets, and others. The online distribution segment is expected to constitute a key share of the market in the coming years due to the market's dominance can be linked to rising public demand for self-monitoring and non-invasive tracking and diagnostic equipment, as well as market players' strong focus on retail channels in emerging nations.

North America is anticipated to dominate the market
On the basis of regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market at a healthy CAGR during the forecast period. The regional market growth can be attributed to the United States appearing as the leading contributor. Due to the increasing incidences of cardiac arrest and lifestyle-related disorders, rising acceptance of wearable medical advancements, and significant per capita medical expenses, the United States has the greatest share of the wearable medical device market.

In the United States, Philips introduced a next-generation wearable biosensor for advanced patients degradation identification in 2020, incorporating medical observation for COVID-19.

Researchers in Washington created a stamp-sized gadget with a suite of sensors, particularly ones that track blood oxygen levels and body temperature, in 2020, a development that can be used to detect initial signs and indicators of COVID-19 and monitor patients as the disease develops.
 

Wearable Medical Device Market by Regions

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Wearable Medical Device Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Wearable Medical Device Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Wearable Medical Device Market - Supply Chain
  4.5. Global Wearable Medical Device Market Forecast
     4.5.1. Wearable Medical Device Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Wearable Medical Device Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Wearable Medical Device Market Absolute $ Opportunity
5. Global Wearable Medical Device Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Wearable Medical Device Market Size and Volume Forecast by Applications
     5.3.1. Diabetes Care
     5.3.2. Cardiac Health
     5.3.3. Fitness Monitoring
     5.3.4. Obesity Control
     5.3.5. Sleep Tracking
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Wearable Medical Device Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Wearable Medical Device Market Size and Volume Forecast by End Users
     6.3.1. Remote Patient Monitoring
     6.3.2. Sports and Fitness
     6.3.3. Home Healthcare
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Wearable Medical Device Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Wearable Medical Device Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Wearable Medical Device Demand Share Forecast, 2019-2026
8. North America Wearable Medical Device Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Wearable Medical Device Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Wearable Medical Device Market Size and Volume Forecast by Applications
     8.4.1. Diabetes Care
     8.4.2. Cardiac Health
     8.4.3. Fitness Monitoring
     8.4.4. Obesity Control
     8.4.5. Sleep Tracking
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. North America Wearable Medical Device Market Size and Volume Forecast by End Users
     8.7.1. Remote Patient Monitoring
     8.7.2. Sports and Fitness
     8.7.3. Home Healthcare
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Wearable Medical Device Demand Share Forecast, 2019-2026
9. Latin America Wearable Medical Device Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Wearable Medical Device Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Wearable Medical Device Market Size and Volume Forecast by Applications
     9.4.1. Diabetes Care
     9.4.2. Cardiac Health
     9.4.3. Fitness Monitoring
     9.4.4. Obesity Control
     9.4.5. Sleep Tracking
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Latin America Wearable Medical Device Market Size and Volume Forecast by End Users
     9.7.1. Remote Patient Monitoring
     9.7.2. Sports and Fitness
     9.7.3. Home Healthcare
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Wearable Medical Device Demand Share Forecast, 2019-2026
10. Europe Wearable Medical Device Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Wearable Medical Device Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Wearable Medical Device Market Size and Volume Forecast by Applications
     10.4.1. Diabetes Care
     10.4.2. Cardiac Health
     10.4.3. Fitness Monitoring
     10.4.4. Obesity Control
     10.4.5. Sleep Tracking
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Europe Wearable Medical Device Market Size and Volume Forecast by End Users
     10.7.1. Remote Patient Monitoring
     10.7.2. Sports and Fitness
     10.7.3. Home Healthcare
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Wearable Medical Device Demand Share Forecast, 2019-2026
11. Asia Pacific Wearable Medical Device Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Wearable Medical Device Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Wearable Medical Device Market Size and Volume Forecast by Applications
     11.4.1. Diabetes Care
     11.4.2. Cardiac Health
     11.4.3. Fitness Monitoring
     11.4.4. Obesity Control
     11.4.5. Sleep Tracking
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Asia Pacific Wearable Medical Device Market Size and Volume Forecast by End Users
     11.7.1. Remote Patient Monitoring
     11.7.2. Sports and Fitness
     11.7.3. Home Healthcare
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Wearable Medical Device Demand Share Forecast, 2019-2026
12. Middle East & Africa Wearable Medical Device Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Wearable Medical Device Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Wearable Medical Device Market Size and Volume Forecast by Applications
     12.4.1. Diabetes Care
     12.4.2. Cardiac Health
     12.4.3. Fitness Monitoring
     12.4.4. Obesity Control
     12.4.5. Sleep Tracking
  12.5. Basis Point Share (BPS) Analysis by Applications
  12.6. Y-o-Y Growth Projections by Applications
  12.7. Middle East & Africa Wearable Medical Device Market Size and Volume Forecast by End Users
     12.7.1. Remote Patient Monitoring
     12.7.2. Sports and Fitness
     12.7.3. Home Healthcare
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Wearable Medical Device Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Wearable Medical Device Market: Market Share Analysis
  13.2. Wearable Medical Device Distributors and Customers
  13.3. Wearable Medical Device Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Otsuka Holding Inc.
     13.4.2. AIQ Smart Clothing
     13.4.3. Intelesens Ltd
     13.4.4. imec
     13.4.5. MINTTIHEALTH

Segments Covered in the Report
The global wearable medical device market has been segmented based on

Device Types

  • Diagnostic Devices
    • Electrocardiographs Fetal and Obstetric Devices
    • Vital Sign Monitoring Devices
    • Neuromonitoring Devices
    • Sleep Monitoring Devices
  • Therapeutic Devices
    • Rehabilitation Devices
    • Respiratory Therapy Devices
    • Pain Management Devices
    • Others

Product Types

  • Wristbands
  • Ear Wears
  • Watches
  • Others

Applications

  • Diabetes Care
  • Cardiac Health
  • Fitness Monitoring
  • Obesity Control
  • Sleep Tracking

End-users

  • Remote Patient Monitoring
  • Sports and Fitness
  • Home Healthcare

Distribution Channels

  • Online Distribution
  • Retail Pharmacies
  • Hypermarkets
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Otsuka Holding Inc.
  • AIQ Smart Clothing
  • Intelesens Ltd
  • imec
  • MINTTIHEALTH
  • Fitbit
  • Withings
  • Omron Corporation
  • Apple Inc.
  • Samsung Electronics Co. Ltd
  • Koninklinje Philips NV
  • Medtronic PLC
  • Biobeat
  • Lifesense

Key players competing in the global wearable medical device market are Otsuka Holding Inc.; AIQ Smart Clothing; Intelesens Ltd; imec; MINTTIHEALTH; Fitbit; Withings; Omron Corporation; Apple Inc.; Samsung Electronics Co. Ltd; Koninklinje Philips NV; Medtronic PLC; Biobeat; and Lifesense. Some of these players are adopting several business strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares.
 

Wearable Medical Device Market by Key Players

 

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