Wearable Medical Devices Market
Wearable Medical Devices Market Forecasts to 2028 – Global Analysis By Distribution Channel (Hypermarkets, Online Channel, Pharmacies), Type (Patches, Smart Clothing, Smartwatches), Device Type, and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $39.00 BN |
|
Projected Year Value (2028) |
US $148.06 BN |
|
CAGR (2022 - 2028) |
24.9% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Wearable Medical Devices Market is accounted for $39.00 billion in 2022 and is expected to reach $148.06 billion by 2028 growing at a CAGR of 24.9% during the forecast period. A wearable medical device is used to track or supervise, such as heart rate, blood glucose level and blood pressure. The variety of devices includes watches, bands, clothing, and accessories. Wearable technology in healthcare includes electronic devices that consumers can wear, like Fitbits and smartwatches, and are designed to collect the data of users' personal health and exercise. These devices can even send a user's health information to a doctor or other healthcare professional in real time
Japan is currently one of the largest producers of medical devices worldwide by revenue share. The domestic demand for medical devices is steadily increasing, likely due to the fast-aging population of Japan. 85 million wearable medical sensors and devices were shipped in 2021, and the number of shipments is expected to grow to 160 million in 2024. The compounded annual growth rate for shipments of wearable medical sensors and devices during this period was 19 percent.
Market Dynamics:
Driver:
Growing consumer awareness for health and fitness
The global wearable medical devices market likely to drive growth during the forecast period, due to owing to the growing geriatric population, the rising occurrence of chronic disorders, and the availability of highly developed medical devices such as wearable medical devices that enable the delivery of high-quality care outside of hospitals. Thus, the growing consumer awareness for health and fitness is driving the growth of the wearable medical devices market during the forecast period.
Restraint:
High cost
The global wearable medical devices market likely to hamper growth during the forecast period, due to significant increase in the cost of the wearable medical devices, thus several constraints limit their use. One of them is the wearable medical devices overall high cost. These gadgets often come with sensors, batteries, and chips that must be replaced on a regular basis. When the expenses of these accessories are factored into the devices life cycle, the overall cost is much greater.
Opportunity:
AI (Artificial Intelligence) to emerge as a significant opportunity for players
The raise and complication of data in the healthcare industry have prompted studies, which focus on developing possible solutions to integrate AI (Artificial Intelligence) in wearable medical devices. The surging uptake of mobile platforms, growing popularity of 5G, and the improved awareness as well as preference for remote monitoring at home are leading to higher demand for AI and other latest technologies.
Threat:
Growth in cybercrimes
The global wearable medical devices market likely to hamper growth during the forecast period, due to rise in cybercrime, as well as theft of patient data, has led to increasing concerns among device manufacturers. The digital world is notorious for the high rate of cyber-attacks and threats, endangering private data of the patients. With the rising dominance of cyber criminals along with the rolling use of smartphones and latest software can be a huge growth restraint for the global market.
Covid-19 Impact:
The pandemic has increased the demand for digital health wearables with remote monitoring and tele-health emerging as the most effective ways to manage the lockdown and travel boycotts. Wearable medical device companies are also focusing on accelerating the manufacturing process to develop an wide range of wearable therapeutic devices. The medical device market research companies have also boosted their efforts in terms of R&D activities and are now more focused on strengthening their supply chains across the world.
The fitness and sports segment is expected to be the largest during the forecast period
The fitness and sports segment is anticipated to have a lucrative growth, due to moving preferences of the adult population towards sports and leisure activities and the launch of smart and superior wearable devices that track activity are factors fundamentally responsible for the dominance of this segment. Advances in technology have allowed individual endurance athletes, sports teams, and physicians to monitor functional movements, workloads, and biometric markers to maximize performance and minimize injury. Wearable sensors provide a method of monitoring real-time physiologic and movement parameters during training and competitive sports. These parameters can be used to detect position-specific patterns in movement, design more efficient sports-specific training programs for performance optimization, and screen for potential causes of injury.
The therapeutic devices segment is expected to have the highest CAGR during the forecast period
The therapeutic devices segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the increasing influx of therapeutic devices. Furthermore, a strong pipeline of therapeutic devices such as intelligent asthma management products, wearable pain reliever devices, and insulin management devices is likely to assist market growth. Wearable therapeutic medical devices accounted for more than 50% of global market share in terms of device type.
Region with highest share:
North America is projected to hold the largest market share during the forecast period, due to the growing occurrence of cardiovascular disorders, diabetes, and cancer within this region. A rise in chronic diseases that need regular monitoring and the presence of refined healthcare infrastructure are further possible to drive market growth.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, due to the boost in government investment in health care and technical improvements in wearable medical devices. Surge in geriatric population and increase in awareness about wearable medical devices are also projected to enhance the market in the region during the forecast period.
Key players in the market
Some of the key players in the Wearable Medical Devices Market include Apple, Samsung, Xiaomi Inc., Philips Electronics, Nokia Technologies, OMRON Corporation, Fitbit, Medtronic plc, LifeWatch AG, Actelion Pharmaceuticals, Garmin, Vitalconnect, Jawbone, Monica Healthcare, Polar Electro, Sotera Wireless, Lifesense, Cleveland Medical Devices, Inc., Nuubo and Intelesens Ltd.
Key Developments:
In July 2021, OMRON Healthcare released OMRON Complete, its first single-lead electrocardiogram (ECG) and blood pressure monitor for homecare.
In September 2020, Apple announced the launch of Apple Watch Series 6 equipped with a revolutionary blood oxygen allowing user to track accurate details of overall wellness. This has broadened its portfolio as well as contributed to the company’s revenue growth.
In December 2020, Xiaomi officially launched its latest Mi Watch Lite on a global scale. The watch features several sports modes such as pool swimming, open water swimming, indoor cycling, outdoor cycling, treadmill, outdoor running, cricket, walking, trial run, trekking, indoor running, free activities and walking. The watch also has a 24x7 heart rate sensor along with a sleep monitoring system that measures the user’s daily heart rate as well as sleeping data, respectively.
Distribution Channels Covered:
• Hypermarkets
• Online Channel
• Pharmacies
Types Covered:
• Patches
• Smart Clothing
• Smartwatches
• Activity Monitors
• Ear Wear
Sites Covered:
• Handheld
• Headband
• Strap/Clip/Bracelet
• Shoe Sensors
Device Types Covered:
• Therapeutic Devices
• Diagnostic and Monitoring Devices
End Users Covered:
• Home Healthcare
• Remote Patient Monitoring
• Fitness and sports
• Hospitals and clinics
Trackers Covered:
• Activity trackers
• Fitness trackers
• Sports trackers
• Other Trackers
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Wearable Medical Devices Market, By Distribution Channel
5.1 Introduction
5.2 Hypermarkets
5.3 Online Channel
5.4 Pharmacies
6 Global Wearable Medical Devices Market, By Type
6.1 Introduction
6.2 Patches
6.3 Smart Clothing
6.4 Smartwatches
6.5 Activity Monitors
6.6 Ear Wear
7 Global Wearable Medical Devices Market, By Site
7.1 Introduction
7.2 Handheld
7.3 Headband
7.4 Strap/Clip/Bracelet
7.5 Shoe Sensors
8 Global Wearable Medical Devices Market, By Device Type
8.1 Introduction
8.2 Therapeutic Devices
8.2.1 Insulin pumps
8.2.2 Respiratory therapy devices
8.2.2.1 Portable oxygen concentrators
8.2.2.2 Ventilators
8.2.2.3 Positive Airway Pressure (PAP) Devices
8.2.2.4 Continuous Positive Airway Pressure (CPAP) Devices
8.2.3 Pain management devices
8.2.4 Rehabilitation devices
8.2.4.1 Wearable ultrasound platform
8.2.4.2 Wearable sensing garments
8.2.4.3 Accelerometers
8.3 Diagnostic and Monitoring Devices
8.3.1 Neuro monitoring devices
8.3.1.1 Electroencephalographs
8.3.1.2 Electromyogram
8.3.2 Fetal monitoring & Obstetric devices
8.3.2.1 Wearable prenatal audio belts
8.3.2.2 Infant motion sensing monitors
8.3.2.3 Fetal visualization devices
8.3.2.4 Wearable fetal monitors
8.3.3 Vital Signs Monitoring Devices
8.3.3.1 Blood Pressure Monitors
8.3.3.2 Spirometers
8.3.3.3 Electrocardiograms/ECG Monitors
8.3.3.4 Activity monitoring
8.3.3.5 Pulse Oximeters
8.3.3.6 Heart rate monitors
8.3.4 Glucose Monitoring devices
8.3.4.1 Continuous blood glucose monitoring devices
8.3.5 Sleep monitoring devices
8.3.5.1 Sleep trackers
8.3.5.2 Wearable Polysomnography
8.3.5.3 Wrist Actigraphs
9 Global Wearable Medical Devices Market, By End User
9.1 Introduction
9.2 Home Healthcare
9.3 Remote Patient Monitoring
9.4 Fitness and sports
9.5 Hospitals and clinics
10 Global Wearable Medical Devices Market, By Tracker
10.1 Introduction
10.2 Activity trackers
10.3 Fitness trackers
10.4 Sports trackers
10.5 Other Trackers
11 Global Wearable Medical Devices Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Apple
13.2 Samsung
13.3 Xiaomi Inc.
13.4 Philips Electronics
13.5 Nokia Technologies
13.6 OMRON Corporation
13.7 Fitbit
13.8 Medtronic plc
13.9 LifeWatch AG
13.10 Actelion Pharmaceuticals
13.11 Garmin
13.12 Vitalconnect
13.13 Jawbone
13.14 Monica Healthcare
13.15 Polar Electro
13.16 Sotera Wireless
13.17 Lifesense
13.18 Cleveland Medical Devices, Inc.
13.19 Nuubo
13.20 Intelesens Ltd.
List of Tables
1 Global Wearable Medical Devices Market Outlook, By Region (2020-2028) (US $MN)
2 Global Wearable Medical Devices Market Outlook, By Distribution Channel (2020-2028) (US $MN)
3 Global Wearable Medical Devices Market Outlook, By Hypermarkets (2020-2028) (US $MN)
4 Global Wearable Medical Devices Market Outlook, By Online Channel (2020-2028) (US $MN)
5 Global Wearable Medical Devices Market Outlook, By Pharmacies (2020-2028) (US $MN)
6 Global Wearable Medical Devices Market Outlook, By Type (2020-2028) (US $MN)
7 Global Wearable Medical Devices Market Outlook, By Patches (2020-2028) (US $MN)
8 Global Wearable Medical Devices Market Outlook, By Smart Clothing (2020-2028) (US $MN)
9 Global Wearable Medical Devices Market Outlook, By Smartwatches (2020-2028) (US $MN)
10 Global Wearable Medical Devices Market Outlook, By Activity Monitors (2020-2028) (US $MN)
11 Global Wearable Medical Devices Market Outlook, By Ear Wear (2020-2028) (US $MN)
12 Global Wearable Medical Devices Market Outlook, By Site (2020-2028) (US $MN)
13 Global Wearable Medical Devices Market Outlook, By Handheld (2020-2028) (US $MN)
14 Global Wearable Medical Devices Market Outlook, By Headband (2020-2028) (US $MN)
15 Global Wearable Medical Devices Market Outlook, By Strap/Clip/Bracelet (2020-2028) (US $MN)
16 Global Wearable Medical Devices Market Outlook, By Shoe Sensors (2020-2028) (US $MN)
17 Global Wearable Medical Devices Market Outlook, By Device Type (2020-2028) (US $MN)
18 Global Wearable Medical Devices Market Outlook, By Therapeutic Devices (2020-2028) (US $MN)
19 Global Wearable Medical Devices Market Outlook, By Insulin pumps (2020-2028) (US $MN)
20 Global Wearable Medical Devices Market Outlook, By Respiratory therapy devices (2020-2028) (US $MN)
21 Global Wearable Medical Devices Market Outlook, By Pain management devices (2020-2028) (US $MN)
22 Global Wearable Medical Devices Market Outlook, By Rehabilitation devices (2020-2028) (US $MN)
23 Global Wearable Medical Devices Market Outlook, By Diagnostic and Monitoring Devices (2020-2028) (US $MN)
24 Global Wearable Medical Devices Market Outlook, By Neuro monitoring devices (2020-2028) (US $MN)
25 Global Wearable Medical Devices Market Outlook, By Fetal monitoring & Obstetric devices (2020-2028) (US $MN)
26 Global Wearable Medical Devices Market Outlook, By Vital Signs Monitoring Devices (2020-2028) (US $MN)
27 Global Wearable Medical Devices Market Outlook, By Glucose Monitoring devices (2020-2028) (US $MN)
28 Global Wearable Medical Devices Market Outlook, By Sleep monitoring device (2020-2028) (US $MN)
29 Global Wearable Medical Devices Market Outlook, By End User (2020-2028) (US $MN)
30 Global Wearable Medical Devices Market Outlook, By Home Healthcare (2020-2028) (US $MN)
31 Global Wearable Medical Devices Market Outlook, By Remote Patient Monitoring (2020-2028) (US $MN)
32 Global Wearable Medical Devices Market Outlook, By Sports & Fitness (2020-2028) (US $MN)
33 Global Wearable Medical Devices Market Outlook, By Hospitals and clinics (2020-2028) (US $MN)
34 Global Wearable Medical Devices Market Outlook, By Tracker (2020-2028) (US $MN)
35 Global Wearable Medical Devices Market Outlook, By Activity trackers (2020-2028) (US $MN)
36 Global Wearable Medical Devices Market Outlook, By Fitness trackers (2020-2028) (US $MN)
37 Global Wearable Medical Devices Market Outlook, By Sports trackers (2020-2028) (US $MN)
38 Global Wearable Medical Devices Market Outlook, By Other Trackers (2020-2028) (US $MN)
Note: Regional tables for North America, Europe, Asia Pacific, South America and Middle East & Africa are presented in similar manner as the above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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