The global wearable medical devices market is teeming with small private players and their innovative product offerings. As a result, the market is highly fragmented and competition is stiff. Maximum number of companies operating in the market are focused on popular segments such as heart rate monitors and activity monitors. A few of the better known companies operating in the industry are Basis Science Inc., Corventis Inc., Draeger, Everist Genomics, Inc., Fitbit Inc., Nuubo, and LifeWatch AG.
Transparency Market Research finds that the wearable medical devices market is in a nascent stage and is poised to explode in the near future with the unveiling of breakthrough products at a rapid pace. In fact, a noticeable trend in the market has been the rapid emergence of innovative technologies, even for the smallest of applications. Take for instance the product called Instabeat, which is meant to cater to a small group of people who are professional swimmers and is specifically designed for use in wet weather conditions and water. Such launches bear testimony to the fact that companies are lapping up every opportunity to target consumers with various tailor-made wearable technologies.
The latest trend in the market has been a shift towards making healthcare wearable devices from sports and fitness devices. On account of stiff competition, the global wearable medical devices market is expected to reach a value of US$5.827 bn by 2019, exhibiting a very strong growth rate in the coming years.
Wearable Sports and Fitness Devices Register Blockbuster Sales
Depending upon its various applications, wearable medical devices can be segmented into sports and fitness, remote patient monitoring, and home care. Many of the products have overlapping uses. Wearable devices in sports and fitness, which include heartbeat monitors and activity monitors, measure heart rate, calories burned, distance walked, etc. using embedded sensors. The segment held a dominant market share amounting to US$1.82 bn in 2015 and is slated to maintain its position in the years to come.
By the type of diagnostic devices used, the global market for wearable medical devices can be segmented broadly into wearable vital sign monitors, wearable fetal monitors, and wearable neuromonitors. Among them, vital sign monitors have been leading the market with a dominant share.
From a geographical standpoint, North America has held a sway over the market, beating Europe, which comes a close second. The two continents are considered manufacturing hubs for wearable devices. This has resulted from a substantial focus on research and development by both small and large players in the regions. In terms of market size, North America was worth US$1.05 in 2015. Asia Pacific is slated to demonstrate maximum growth in the coming years on account of a massive uptick in demand.
Reimbursement Issues Counter Growth of Global Wearable Devices Market
A massive pool of innovators and early adopters has been one of the main drivers of growth in the global wearable medical devices market. Further, the rising prevalence of chronic pain and diabetes is also driving market growth. Explains the lead analyst of the TMR report, “The demand for wearable therapeutic devices such as transcutaneous electrical nerve stimulation (TENS) and electromagnetic stimulation (PEMF) among several others has increased significantly due to a rise in the cases of chronic pain. Other therapeutic devices such as Pancreum’s Vigil and Omnipod are a boon for people requiring continuous glucose monitoring devices.”
Given the cost of such devices, however, most middle and low income groups in emerging economies consider it to be an unnecessary luxury. Another factor restraining the growth of the market is reimbursement issues. “Trackers and activity monitors are not reimbursed like other medical devices. This may prove to be a restraint for remote patient monitoring and telemedicine since most of these devices tend to be priced higher than the average cost. Conventionally, the mHealth market has always faced issues with reimbursement and this is expected to continue in the coming years as well,” elaborates the analyst of the report.
This review is based on the findings of a TMR report titled “Wearable Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2023.”
Global Wearable Medical Devices Market, by Diagnostic Device
- Wearable Vital Sign Monitors
- Wearable Heart Rate Monitor
- Wearable Activity Monitor
- Wearable Sleep Monitor
- Wearable Electrocardiographs
- Wearable Fetal Monitors and Obstetric Devices
- Wearable Neuromonitoring Devices
Global Wearable Medical Devices Market, by Therapeutic Device
- Wearable Pain Management Devices
- Wearable Glucose/Insulin Monitoring Devices
- Wearable Respiratory Therapy Devices
Global Wearable Medical Devices Market, by Application
- Sports and Fitness
- Remote Patient Monitoring
- Home Health Care
Global Wearable Medical Devices Market, by Geography
- North America
- Rest of the Europe
- Asia Pacific (APAC)
- Rest of the APAC
- Rest of World
- Middle East
- Latin America
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