Number of pages: 120 | Report Format: PDF | Published date: 27 January, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global wearable medical device market was pegged at ~US$ 18 billion in 2020 and is expected to witness a CAGR of ~19.9% during the forecast period.
Wearable medical devices are autonomous devices worn by a person and they offer convenient means for monitoring and diagnosis of a condition. These devices can also be used for therapeutic applications such as pain management and drug delivery. They are small, portable, light-weighted, unobtrusive, and easy to use i.e. they are designed for operation by unskilled users. Wearable medical devices provide real-time feedback, medical decision support, regular alert, and wireless access to information.
Wearable medical device's most commonly measured data includes vital signs such as heart rate, blood pressure, body temperature, blood oxygen saturation, and physical activities through the use of electrocardiogram (ECG), ballistocardiogram (BCG), and other devices. They provide wearers with health & fitness recommendations by synchronizing them to various smartphone apps.
The global wearable medical device market is mainly driven by the growing geriatric population, increasing prevalence of chronic diseases, and increasing awareness regarding health fitness. Increasing preference for remote monitoring, increasing penetration of smartphones, and new product launches by players in the market are also playing a key role in driving the wearable medical device market growth. However, the higher cost of management of wearable medical devices and security concerns are likely to hinder the market growth to a certain extent.
The global wearable medical device market has been analyzed from five perspectives: Device Type, Product Type, Application, Grade, and Region.
Wearable Medical Device Market by Device Type
Based on device type, the wearable medical device market has been segmented into monitoring & diagnostic devices and therapeutic devices. Monitoring & diagnostic devices segment is further 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 further categorized into Pain Management Devices, Respiratory Therapy Devices, Rehabilitation Devices, Drug Delivery Devices, Hearing Aids, and Wearable Cardiac Defibrillators (WCDs). The monitoring & diagnostic devices segment held the largest market share in 2020. Factors such as the increasing prevalence of lifestyle-related diseases, growing awareness about fitness and health among the population globally, and increasing wearable monitoring product launches have played a key role in driving the segmental growth.
Wearable Medical Device Market by Product Type
Based on product type, the wearable medical device market has been segmented into Smart Watches, Smart Patches and Bandages, Smart Clothing, Others (Headbands, Clips, and Others). Smart Watches are anticipated to hold the largest market share owing to increasing demand for wireless fitness and sports devices, technological advancements, and new product launches by companies such as Apple Inc., Fitbit, Inc., Samsung, and others.
Wearable Medical Device Market by Application
Based on application, the market has been segmented into remote patient monitoring, fitness & general health, and home healthcare. The remote patient monitoring segment held the largest market share in 2020. The increasing need to expand healthcare access, advancements of telecommunication, and benefits of remote patient monitoring such as their role in reducing the burden on medical resources are playing a key role in propelling the growth of this segment.
Wearable Medical Device Market by Grade
Based on grade, the market has been segmented into medical-grade devices and consumer-grade devices. The medical-grade segment held the largest market share in the by-grade segment. High quality, higher accuracy, increasing adoption of medical-grade devices for monitoring health & fitness are some of the key factors driving the growth of the medical-grade device segment.
Wearable Medical Device Market by Region
Regionally, the global wearable medical device market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest market share in the global wearable medical device market. The increasing prevalence of chronic disorders, growing awareness of self-health management, and raising awareness and willingness to adopt wearable device technologies among Americans are some of the factors driving the growth of the wearable device market in this region. Moreover, increasing penetration of 3G and 4G networks and newer product launches are anticipated to fuel the market growth during the forecast period.
Some of the prominent players operating in the global wearable medical device market includes:-