Global Wearable Medical Devices Market: Overview
The global wearable devices market is anticipated to rise owing to adoption of crucial technologies in the healthcare sector. The rise in chronic diseases has led to increased demand for more efficient technologies so as to keep track of the patient’s health. Increased consumption of tele health devise, wearable sensors, and implanted medical devices that can be installed at home has led to rise of wearable medical devices market globally. This developed technology helps controlling patients and medical practitioners health standards thus fueling the demand in market. These wearable medical devices also helps in detecting high blood pressure, irregular blood sugar levels, bacteria, and presence of diseases. These factors have generated tremendous demand for the wearable medical devices in the market globally. The global wearable medical devices are anticipated to witness more effective and advanced devices during the forecast period. Deviant behavioral tendencies are important to screen among patients thus, leading to increased demand for wearable medical devices market. These factors are likely to boost the growth for the global wearable medical devices market significantly in the coming years.
The global wearable medical devices market is anticipated to rise at a tremendous CAGR of 18.0% during the forecast period of 2015 to 2023. The global market valued in terms of revenue at US$2.7 bn during 2014 and is expected to rise up to US$10 bn by the end of 2023.
Global Wearable Medical Devices to Attract Commendable Demand Owing to Increased Heart Diseases
The global wearable medical devices market according to diagnostic devices is segmented into wearable fetal monitors and obstetric devices, wearable neuromonitoring devices, and wearable vital sign monitors. Among these, wearable vital sign monitors is further segmented into wearable activity monitor, wearable heart rate monitor, wearable electrocardiographs, and wearable sleep monitor. Wearable electrocardiographs are leading the market due to increased incidents of heart diseases and cardiac arrests. This sub segment is expected to further rise in the coming years.
North America Retaining Supremacy Due to Advanced Medical Technologies
The global wearable medical devices market is spread cross regions such as Asia pacific, North America, Latin America, Europe, and Middle East & Africa. Among these, North America is anticipated to rise as the leading region owing to rise of adoption of medical technologies, powerful infrastructure of healthcare, and diabetes. Moreover, the vital monitor segment is attracting major demand in this region. The rise in this segment will benefit the overall increased shares from this region. The wearable medical devices market in North America held shares worth US$1.6 bn during 2016 and is expected to reach the valuation of US$4.5 bn by the end of the forecast period 2023.
Asia pacific on the other hand is expecting the market to flourish during the forecast period due to speedy introduction as well as adoption of the advanced systems. The prime factors for rise in the market in this region is due to increased healthcare expenditure, increased population of geriatric people, and government’s favorable initiative to use these medical products.
The leading players operating in the global wearable medical devices market are Medtronic plc., Polar Electro, Fitbit Inc., and Omron Corporation.
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