The global wearable medical devices market grew at a CAGR of around 22% during 2014-2019. Wearable medical devices refer to various instruments that are non-invasively attached to the body for monitoring the patient’s health. It includes multiple diagnostic devices, such as vital signs, glucose, sleep, fetal, obstetric and neuromonitoring devices, along with numerous therapeutic devices for pain management, rehabilitation and respiratory therapy. These devices consist of biosensors, controllers, power source and software systems for data acquisition, interpretation, transfer and storage. They can be worn as an accessory, incorporated in clothing or used as an implant. They are used regularly for accurate measurement of the patient’s vital stats and predicting epileptic seizures and heart problems, which can further aid in enhancing comfort and providing timely clinical interventions to the patient.
Significant growth in the healthcare infrastructure, along with the increasing prevalence of chronic medical ailments, represents one of the key factors creating a positive outlook for the market growth. Furthermore, as the coronavirus disease (COVID-19) pandemic continues to spread across the globe, there has been a significant increase in the demand for wearable medical devices in healthcare centers. These devices have immense applicability for monitoring, providing feedback, rehabilitation, disease management and suggesting adequate treatment. This, in turn, is aiding individuals to keep a regular check of their health concerns and address them in a timely manner. Additionally, various technological advancements, such as the development of the internet of things (IoT)-integrated smartwatches, patches and smart clothing, are acting as other growth-inducing factors. These technologies ensure accurate storing and monitoring of patient information, both on-premises and remotely. Other factors, including the rising geriatric population, along with increasing expenditure capacities of consumers on health management technologies, are anticipated to drive the market further. Looking forward, IMARC Group expects the global wearable medical devices market to continue its strong growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global wearable medical devices market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region, device type, product, application and distribution channel.
Breakup by Device Type:
Breakup by Product:
Breakup by Application:
Breakup by Distribution Channel:
Breakup by Region:
The report has also analysed the competitive landscape of the market with some of the key players being Abbott Laboratories, Apple Inc., Dexcom Inc., Fitbit Inc. (Google LLC), Garmin Ltd., Honeywell International Inc., Koninklijke Philips N.V., Medtronic Plc, Omron Corporation and Vital Connect Inc.
The global wearable medical devices market was worth around US$ 14.7 Billion in 2019.
According to the estimates by IMARC Group, the global wearable medical devices market will exhibit robust growth during the next five years.
The increasing adoption of remote health monitoring devices based on the high prevalence of numerous lifestyle disorders represents one of the key drivers for the global wearable medical devices market.
The rising integration of wearable medical devices with innovative technologies, such Internet-of-Things (IoT), AI, cloud-computing, etc., represents one of the key trends in the global wearable medical devices market.
Sudden outbreak of the COVID-19 pandemic had led to increasing adoption of home-based medical devices for monitoring, rehabilitation, disease management, etc., to mitigate the risk of coronavirus infection upon hospital or clinic visits.
On the basis of the device type, the market has been segmented into diagnostic devices and therapeutic devices. Amongst these, diagnostic devices hold the largest market share.
On the basis of the product, the market has been categorized into activity monitors, smartwatches, patches, smart clothing, hearing aids, and others. At present, activity monitors exhibit a clear dominance in the market.
On the basis of the application, the market has been classified into sports and fitness, remote patient monitoring, and home healthcare. Currently, sports and fitness accounts for the majority of the total market share.
On the basis of the distribution channel, the market has been bifurcated into offline channel and online channel. Among these, offline channel holds the major market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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