Wearable Medical Device Market
Number of pages: 120 | Report Format: PDF | Published date: January 27, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
|
Report Attribute |
Details |
|
Historical Period |
2018 & 2019 |
|
Base Year for Estimation |
2020 |
|
Forecast Period |
2021-2031 |
|
Market Size in 2020 |
US$ 18 billion |
|
Market Size in 2031 |
US$ 132.5 billion |
|
CAGR |
19.9% |
|
Segments Covered |
Device Type, Product Type, Application, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global wearable medical device market was valued at US$ 18 billion in 2020 and is expected to register a revenue CAGR of 19.9% to reach US$ 132.5 billion by 2031.
Wearable Medical Device Market Fundamentals
Wearable medical devices are small, portable, lightweight, unobtrusive, and easy to use autonomous devices. The popularity of these devices has increased in the recent few years owing to their ability to assist in monitoring and diagnosis of a health condition. These devices can also be used for therapeutic applications, such as pain management and drug delivery. Wearable medical devices provide real-time feedback, medical decision support, regular alert, and wireless access to information.
Wearable medical device can measure diverse types of data, which includes vital signs, such as heart rate, blood pressure, body temperature, blood oxygen saturation, and physical activities with the help of electrocardiogram (ECG), ballistocardiogram (BCG), and other devices. They provide wearers with health and fitness recommendations by synchronizing them to various smartphone apps.
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Wearable Medical Device Market Dynamics
The global wearable medical device market is driven by increasing geriatric population, rising prevalence of chronic diseases, and growing awareness about health and fitness. Increase in preference for remote monitoring, rise in penetration of smartphones, and new product launches are resulting in increasing revenue growth in the wearable medical device market.
However, the higher cost of management required for wearable medical devices and rise in security concerns are likely to restrain the market revenue growth in the next few years.
Wearable Medical Device Market Ecosystem
The global wearable medical device market is analyzed based on five parameters: device type, product type, application, grade, and region.
Wearable Medical Device Market by Device Type
Based on the device type, the wearable medical device market is segmented into monitoring & diagnostic devices and therapeutic devices.
The monitoring & diagnostic devices segment is sub-segmented into vital signs monitoring devices [ECG/heart rate monitors, pulse oximeters & oxygen saturation (SpO2) monitors, blood pressure monitors, and multi-parameter monitors], glucose monitoring devices, sleep monitoring devices, neuromonitoring devices, and fetal monitoring & premature baby monitoring devices.
The therapeutic devices segment is sub-segmented into pain management devices, respiratory therapy devices, rehabilitation devices, drug delivery devices, hearing aids, and wearable cardiac defibrillators (WCDs).
The monitoring & diagnostic devices segment accounted for the largest market revenue share in 2020. Increasing prevalence of lifestyle-related diseases, growing fitness and health awareness among people, and increasing number of wearable monitoring product launches are driving revenue growth in the segment.
Wearable Medical Device Market by Product Type
Based on the product type, the wearable medical device market is segmented into smart watches, smart patches and bandages, smart clothing, and others (headbands, clips, and others).
The smart watches segment is projected to account for the largest market revenue share during the forecast period, owing to increasing demand for wireless fitness and sports devices, technological advancements, and product launches by leading companies, such as Apple Inc., Fitbit, Inc., and Samsung.
Wearable Medical Device Market by Application
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Based on the application, the market is segmented into remote patient monitoring, fitness & general health, and home healthcare.
The remote patient monitoring segment accounted for the largest market revenue share in 2020. Increase in need to improve healthcare access, advancements in telecommunication technologies, and rise in awareness about the advantages of remote patient monitoring, such as their significant role in reducing the burden on medical resources, are driving revenue growth in the segment.
Wearable Medical Device Market by Grade
Based on the grade, the market is segmented into medical-grade devices and consumer-grade devices.
The medical-grade segment accounted for the largest revenue share of the market. Improved quality, higher accuracy, and increase in adoption of medical-grade devices for monitoring health & fitness are driving revenue growth in the segment.
Wearable Medical Device Market by Region
Based on the region, the global wearable medical device market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America accounted for the largest market revenue share in the global wearable medical device market. Increasing prevalence of chronic disorders, growing awareness about self-health management, and raising awareness and inclination toward adoption of wearable device technologies are some driving revenue growth in the North America wearable device market. Moreover, increasing penetration of 3G and 4G networks and rising number of product launches are estimated to fuel market revenue growth in the upcoming few years.
Wearable Medical Device Market Competitive Landscape
The prominent players operating in the global wearable medical device market include: -
Wearable Medical Device Market Strategic Developments
The global wearable medical device market was valued at US$ 18 billion in 2020.
The wearable medical device market is projected to reach US$ 132.5 billion by 2031.
Increasing geriatric population, rising prevalence of chronic diseases, growing awareness about health and fitness, increasing preference for remote patient monitoring, rising penetration of smartphones, and increasing number of product launches are fueling revenue growth in the global wearable medical device market.
Koninklijke Philips N.V., Apple Inc, Fitbit, Inc, Omron Healthcare, Inc, and Medtronic are among the prominent players operating in the global market.
The wearable medical device market is expected to register a revenue CAGR of 19.9% between 2021 and 2031.
North America accounts for the largest market revenue share of the global wearable medical device market.
*Insights on financial performance is subject to availability of information in public domain