Description
Wearable Medical Devices Market
Wearable Medical Devices market to surpass USD 167.10 billion by 2030 from USD 20.1 billion in 2020 at a CAGR of 23.59% in the coming years, i.e., 2021-30.
Product Overview
Wearable solutions that include biomedical technology are becoming increasingly popular. Improvements in terms of convenience and ease of use help people with chronic diseases to better regulate and monitor their illnesses, decrease symptoms and the risk of cardiac arrest. New wearable medical gadgets are also being integrated with iOS and Android platforms for usage with smartphones, allowing healthcare practitioners to monitor and diagnose patient outcomes more easily and effectively. The advances in virtual medicine and telemedicine, particularly in the aftermath of the Covid-19 crisis for remote healthcare and illness management, are fostering the market growth.
Market Highlights
Wearable Medical Devices market is expected to project a notable CAGR of 23.59% in 2030
Wearable medical devices are in high demand due to the prevalence of many chronic illnesses such as diabetes and cardiovascular disorders. Furthermore, technology advancements that allow consumers to be more mobile and connected have boosted product sales in recent years. This has provided the healthcare industry with innovative patient and illness management options. Furthermore, the ability of wearable technology to improve patient care quality while lowering costs will fuel overall market growth.
Recent highlights in the Wearable Medical Devices Market
In September 2020, Apple has announced the release of the Apple Watch Series 6, which has a new blood oxygen sensor that allows users to track precise data regarding their overall health. This has extended the company’s portfolio while also contributing to revenue growth.
In June 2019, The Zoll HFAMS, a patch-based wearable heart management system, was released by Zoll Medical. The company has been able to expand its product offerings as a result of this.
Wearable Medical Devices Market: Segments
segment to grow with the highest CAGR during 2020-30
Wearable Medical Devices market is segmented by Product into Activity, Monitors/Trackers, Smartwatches, Patches, and Smart Clothing. Among these the Monitors/Trackers category dominated the market in 2019, accounting for the bulk of global sales. The increased incidence of unhealthy lifestyles, the cheap cost of activity trackers, and the existence of a large number of manufacturers with multi-functionality devices are all contributing to the growth of this market segment.
Pharmacies segment to grow with the highest CAGR during 2020-30
Wearable Medical Devices market is segmented by Distribution channel into Pharmacies, Online channels, and Hypermarkets. Among these the Pharmacies category dominated the market in 2019, accounting for the bulk of global sales. The increasing popularity of self-monitoring and non-invasive monitoring and diagnosis has resulted in significant growth in the availability of wearable devices in pharmacies. Customers are adopting wearable devices as a result of having simple access to a variety of wearable devices supplied by a variety of firms. Furthermore, pharmacies are usually regarded as providing genuine and trustworthy goods, which has contributed significantly to consumer preference for this distribution channel.
Market Dynamics
Drivers
Increasing incidence of chronic diseases
The increased prevalence of chronic illnesses, as well as rising death rates, is a major source of concern for both individuals and government agencies. As a result, healthcare professionals may deliver personalized care that includes ongoing and remote patient monitoring. These can also be worn for up to 24 hours without interfering with daily activities. As a result of the numerous benefits it provides, demand for wearable medical devices is expected to increase throughout the forecast period.
Increasing demand for wearable devices during COVID 19 pandemic
During the pandemic, the market for wearable medical devices saw a moderately favorable influence. With the increased use of innovative technologies to meet rising client requirements, the industry is expected to see unprecedented growth. Wearable technology has made it easier for patients and professionals to maintain their health in remote areas. Daily health tracking devices have seen growing demand in home settings as the focus on health management has risen during COVID-19. Furthermore, during a time when there were limits on movement and significant danger of infection in institutions, these devices provided an effective real-time monitoring option for chronic illness patients.
Restraint
Privacy concerns
To some extent, market growth is restrained by concerns about data sharing and security.
Wearable Medical Devices: Key Players
Philips Electronics
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Fitbit
Basis Science
Garmin
Covidien
Omron Corp.
Withings
Vital Connect
Polar Electro
Intelesens
Wearable Medical Devices Market: Regions
Wearable Medical Devices market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. In the forecast period, the Wearable Medical Devices market is expected to be dominated by Asia Pacific. The presence of a large patient population, growing smartphone penetration, increasing disposable income, improving the standard of living and economic conditions, and the presence of several low-cost device manufacturers in the Asia Pacific region are all factors contributing to the region’s rapid growth.
Wearable Medical Devices Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – China, Japan, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Wearable Medical Devices Market report also contains analysis on:
Wearable Medical Devices Market Segments:
By-Products
Activity Monitors/Trackers
Smartwatches
Patches
Smart Clothing
By Grade Type
Consumer-grade
Clinical-grade
By Application
General Health & Fitness
Remote Patient Monitoring
Home Healthcare
By Distribution Channel
Pharmacies
Online Channel
Hypermarkets
Wearable Medical Devices Market Dynamics
Wearable Medical Devices Market Size
Supply & Demand
Current Market Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Wearable Medical Devices Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 24.82 billion
Revenue forecast in 2030 USD 167.10 billion
Growth Rate CAGR of 23.59% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD billion and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Products, Grade Type, Application, Distribution Channel, and Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Philips Electronics, Fitbit, Basis Science, Garmin, Covidien, Omron Corp., Withings, Vital Connect, Polar Electro, Intelesens, and Other Prominent Players.
Frequently Asked Questions
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