The global market for wearable medical devices is expected to expand due to the adoption of core technologies into the healthcare industry. With rising incidence of chronic diseases, the need to induct better technologies that keep a track of patients’ health has also risen. Wearable medical devices include implanted medical devices, wearable sensors, and tele-health devices that can be installed in homes. The development of wearable medical devices ensures that the medical practitioners as well as patients stay in control of their health standards. Besides this, certain kinds of wearable devices can also act as diagnostic tools to detect the presence of diseases, bacteria, irregular blood sugar levels, and high blood pressure. This has created tremendous demand within the global market for wearable medical devices. Hearing implants are in great popularity across the globe, and have fetched commendable revenues for the global market. It is anticipated that the global market for wearable devices would witness the emergence of advanced and more effective devices over the coming years. The need to detect deviant behavioural tendencies amongst patients to screen for various kinds of diseases has also played to the advantage of the global market for wearable devices.
The report on the global market for wearable medical devices by Transparency Market Research (TMR) predicts the patterns of market growth over the period between 2015 and 2023. The global market is expected to grow at a whopping CAGR of 18.0% over the aforementioned forecast period. Furthermore, the global market for wearable medical devices is expected to touch a value of US$10 bn by 2023 elevating up from US$2.7 bn in 2014.
Wearable Electrocardiographs to Attract Commendable Demand
Based the type of diagnostic devices, the global market may be segmented into wearable vital sign monitors, wearable neuromonitoring devices, and wearable fetal monitors and obstetric devices. Amongst these, the wearable vital signs monitors are further segmented into Wearable Heart Rate Monitor, Wearable Sleep Monitor, Wearable Activity Monitor, and Wearable Electrocardiographs. The rising incidence of cardiac arrests and heart diseases has led to the popularity of wearable electrocardiographs. It is anticipated that the domain of cardiology would undergo fundamental changes with regards to tools and technologies, and this could further expand the market for wearable electrocardiographs over the coming years. However, concerns with regards to the security of key data coupled with the low battery life of electrocardiographs could hamper the growth of the sub-segment.
North America to Retain its Supremacy
Based on geography, the market for wearable devices in North America has emerged as the undisputed leader amongst all the other regional segments. The high incidence of diabetes, robust healthcare infrastructure, and early adoption of medical technologies are behind the astral growth of the regional market. Furthermore, the vital monitors segment has attracted tremendous demand in North America which has benefitted the overall regional market. The market for wearable devices in North America is expected to touch a value of US$4.5 bn by 2023-end from US$1.6 bn in 2016.
Some of the key players in the global market for wearable medical devices are Omron Corporation, Fitbit Inc., Polar Electro, and Medtronic plc.
The last decade has witnessed growing interest in wearable medical devices. Currently technology is combined with medicine and frequently explains how patients are diagnosed and treated. The medical devices are leader of numerous success stories. Wearable medical devices that monitor, control, track, and treat patient conditions are increasingly replacing larger equipment. Wearable medical devices are connected to a patient’s body and measure clinically appropriate information. These devices resemble eyeglasses, watch, clothing, jewelry, contact lenses, etc. Data collected from wearable medical devices can be as simple as number of steps taken in a day to complex data such as ECG measurement. This report on the global market studies the current and future prospects of the market. The report comprises an elaborate executive summary, including a market snapshot that provides overall information of various segments and sub-segments. This section also provides the overall information and data analysis of the global market with respect to the leading market segments based on type of device, application, and geography.
The market overview section of the report includes qualitative analysis of the overall market including the factors determining the market dynamics such as drivers, restraints and opportunities, along with Porter’s Five Forces Analysis, list of FDA-approved wearable medical devices and value chain analysis. In addition, various analyses such as market attractiveness analysis by type of device and competitive landscape by key players have been provided. The market attractiveness analysis explains the intensity of competition in the market in different types of devices. The competitive scenario between market players is evaluated through market share analysis. These factors would help market players to take strategic decisions in order to strengthen their positions and expand their share in the global market.
The global wearable medical devices market has been segmented based on type of device, application, and geography. Based on type of device, the market has been categorized into two major segments: diagnostic and therapeutic. Diagnostic devices have been further classified into heart rate monitors, activity monitors, sleep monitor, electrocardiograph, fetal monitor and obstetric devices, and neuromonitoring devices. Therapeutic devices have been classified into vital sign monitors, pain management devices, glucose insulin monitoring devices, and respiratory therapy devices. Based on application, the global market has been segmented into three types: sports and fitness, remote patient monitoring, and home health care. Market revenue in terms of US$ Mn for the period between 2013 and 2023 along with the compound annual growth rate (CAGR %) from 2015 to 2023 are provided for all the segments, considering 2014 as the base year.
Geographically, the wearable medical devices market has been categorized into four regions: North America, Europe, Asia Pacific, and Rest of World (RoW). North America comprises the U.S. and Canada. Europe comprises Germany, the U.K., and Rest of Europe. Asia-Pacific comprises China, Japan, and Rest of Asia-Pacific. Rest of World comprises of Latin America, the Middle East, and Africa. The recommendations section included in the report would assist existing players to expand their market share and new companies to establish their presence in the market. The report also profiles major players in the market based on various attributes such as company overview, financial overview, business strategies, product portfolio, and recent developments. Major players profiled in this report include Cleveland Medical Devices, Inc., Corventis, Inc. (Medtronic plc.), Fitbit, Inc., Intelesens Ltd., Koninklijke Philips N.V., LifeWatch AG, Nuubo, OMRON Corporation, Polar Electro, and Zephyr Performance Systems (Medtronic plc.).
The global wearable medical devices market has been segmented as follows:
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
By Therapeutic Device
- Wearable Pain Management Devices
- Wearable Glucose/Insulin Monitoring Devices
- Wearable Respiratory Therapy Devices
- Sports and Fitness
- Remote Patient Monitoring
- Home Health Care
- North America
- Rest of the Europe
- Asia Pacific (APAC)
- Rest of the APAC
- Rest of World
- Middle East
- Latin America