Wearable Medical Devices Market to 2025 - Global Analysis and Forecasts Device Type (Diagnostic & Monitoring Devices and Therapeutic Devices), Application (Remote Patient Monitoring, Sports & Fitness and Home Healthcare) and Geography
Publication Month: Oct 2018 | Report Code: TIPHE100000834 | No. of Pages: 171 | Category: Medical Device | Status: Published
The wearable medical devices market is projected to reach US$ 23,310.9 million by 2025 from US$ 6,231.7 million in 2017; it is expected to register a CAGR of 18.1% from 2018 to 2025.
Wearable medical devices are electronic and have sensors that help in monitoring as well as keeping track of a patient's health. Some of the uses of these devices include activity tracking, infant monitoring, and vital signs monitoring, among others. Wearable devices help a patient to have access to their health records while performing daily routine activities or tasks. Other than the tracking of a patient's condition, some devices also come along with therapeutic properties, such as insulin pumps, rehabilitation as well as pain management devices.
The report offers insights and in-depth analysis of the wearable medical devices market emphasizing on various parameters such as market trends, technological advancements, Wearable Medical Devices market dynamics, and competitive landscape analysis of leading market players across the world. It also includes the impact of the COVID-19 pandemic on the market across all the regions. The COVID-19 pandemic has disrupted the socioeconomic conditions of various countries across the world. The COVID-19 epidemic has increased the importance of wearable medical devices in the healthcare industry. Various firms working on wearable medical products from across the world are joining the market, where wearable medical equipment can detect early warning symptoms of viral infection. For example, the Ava Bracelet, which was originally designed as a fertility tracker, is now being utilized to aid in the fight against COVID-19. This bracelet monitors heart rate variability, breathing rate, and skin temperature, and can be used to follow virus symptoms. During this pandemic, this presents a once-in-a-lifetime opportunity. As a result, the demand for wearables is expected to increase. The market, based on region, is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Lucrative Regions for Wearable Medical Devices Market
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Market Insights
Rising Awareness Regarding Fitness
With a growth in the number of chronic illnesses such as diabetes and hypertension, there has been a rise in awareness regarding one's fitness. Also, in recent days, there has been a significant rise in the number of individuals suffering from obesity. These factors have led to an increase in the importance of maintaining fitness. The demand for various health apps and devices for monitoring health status has increased significantly in recent years. Also, a considerable rise in the number of gyms and fitness centers across countries such as the US, India, Canada has been recorded. The region of Asia Pacific is anticipated to offer significant growth opportunities in the fitness industry during the forecast period due to an increase in disposable income as well as the rate of urbanization in the leading economies such as Japan, China, and India. The use of fitness apps and digital devices for monitoring vital signs has been high among the millennials as compared to individuals from other age groups. Owing to the growth in awareness regarding fitness and the benefits offered by wearable devices, the market for wearable devices is anticipated to witness significant growth during the forecast period.
Device Type -Based Insights
The device type segment includes diagnostic & monitoring devices, and therapeutic devices. In 2017, diagnostic & monitoring devices held the largest market share. The diagnostic & monitoring devices further sub-segmented into vital signs monitoring devices, glucose monitoring devices, sleep monitoring devices, and other devices. The therapeutic devices segment includes pain management devices, rehabilitation devices, respiratory therapy devices, and insulin pumps. An increase in the need for monitoring vital signs such as heart rates, blood pressure, etc. has been increased due to the growth of cases of chronic diseases such as diabetes and hypertension. The segment is anticipated to grow with a CAGR of 18.6% during the forecast period.
Wearable Medical Devices Market, by Device Type – 2017 and 2025
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Application-Based Insights
By application, the wearable medical devices market is segmented into remote patient monitoring, sports & fitness, and home healthcare. Sports & fitness segment is anticipated to grow at a CAGR of 18.3% during the forecast period. In recent days, there has been an increase in awareness regarding fitness among the young population. Additionally, wearables help in tracking one's daily activity, which can be useful for analyzing an athlete's eligibility and stamina regularly. These factors are expected to fuel the growth of the segment during the forecast period.
Strategic Insights
The wearable medical devices market players adopt organic strategies such as product launch and expansion to expand their footprint and product portfolio worldwide as well as to meet the growing demand.
By Device Type
- Diagnostic & Monitoring Devices
- Vital Signs Monitoring Devices
- Glucose Monitoring Devices
- Sleep Monitoring Devices
- Other Devices
- Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
- Insulin Pumps
By Application
- Remote Patient Monitoring
- Sports & Fitness
- Home Healthcare
By
Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South and Central America (SCAM)
- Brazil
- Argentina
- Rest of SCAM
Company Profiles
- Xiaomi Technology Co., Ltd
- Samsung Electronics Co. Ltd.
- Fitbit, Inc.
- Garmin Corporation
- Apple Inc.
- Huawei Technologies Co., Ltd.
- Polar Electro
- OMRON Corporation
- Activinsights Ltd.
- VitalConnect
Frequently Asked Questions
The List of Companies - Wearable Medical Devices Market
- Xiaomi Technology Co., Ltd
- Samsung Electronics Co. Ltd.
- Fitbit, Inc.
- Garmin Corporation
- Apple Inc.
- Huawei Technologies Co., Ltd.
- Polar Electro
- OMRON Corporation
- Activinsights Ltd.
- VitalConnect
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the wearable medical devices market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global wearable medical devices market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
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