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Jul-2019
Wearable Medical Devices Market Worth USD 19538 Mn by 2026
Global Wearable Medical Devices Market Size, Share, Trends, Growth, COVID-19 Analysis Report - Segmented By Diagnostic Wearable Devices, Therapeutic Wearable Devices, Application & Region - Industry Forecast (2021 to 2026)
Wearable Medical Devices Market Size (2021 to 2026)
The size of the global wearable medical devices market is estimated to be worth USD 19538 Million by 2026, growing at a CAGR of 20.4% from 2021 to 2026.
Wearable medical devices are sensors connected to the body that detect and monitor changes in body signatures in various areas and organs.
Impact of COVID-19 on the global wearable medical devices market:
The COVID-19 pandemic has increased the importance of wearable medical devices in the healthcare sector. As a result, various companies working on wearable medical products worldwide are entering the market, where wearable medical equipment can detect early warning signs of viral infection.
The Ava Bracelet, originally designed as a fertility tracker, is now being utilized to aid in the fight against the coronavirus. This bracelet monitors heart rate variability, breathing rate, and skin temperature, making it suitable for monitoring viral symptoms. This pandemic presents a once-in-a-lifetime opportunity. As a result of this, the demand for wearables is expected to rise.
KEY DRIVING FACTORS:
The market is expected to be driven by the growing incidence of chronic pain, the prevalence of diabetes, and technological advancements in the healthcare sector. Also, the rising awareness and preference for home healthcare and availability of healthcare infrastructure in the region influence market growth. In addition, the growth of home healthcare and remote patient monitoring devices is anticipated to propel market growth.
On the other hand, the growing penetration of mobile platforms, the rising number of innovations, and the increasing adoption of AI and 5G in the developed countries are expected to contribute the most significant share to the global wearable medical devices market growth.
Also, the increase in the per capita income of the individuals and the accessibility of use and interpretation of medical equipment in the developed countries such as the US, UK, and Germany are significantly uplifting the market growth. In addition, a sedentary lifestyle and a changing diet are increasing the risk of chronic disease. Therefore, the rising number of chronic conditions increases the demand for wearable devices, which is expected to boost the market.
In addition to exercise, most wearable medical devices are designed to track activities such as walking, running, muscle activity, calories burned, heart rate, and so on. Some even use GPS tracking and monitoring to improve distance measurement accuracy. Moreover, wearable technology's ability to increase patient care quality while decreasing costs will fuel market growth.
RESTRAINING FACTORS:
However, the high cost of wearable medical devices, unfavorable reimbursement policies, data security concerns, and stringent government restrictions are all creating hurdles to market growth.
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KEY MARKET INSIGHTS:
- Based on the diagnostic wearable devices, the blood pressure monitoring devices segment dominated the market. In addition, activity monitors aid in the accurate and real-time assessment of instructions required for physical fitness management, allowing the industry to grow. Between 2021 and 2026, the global market for blood pressure monitors is expected to increase at a CAGR of 8.4%.
- Based on the therapeutic wearable devices, the Glucose/Insulin monitoring devices are expected to have a significant share during the forecast period. The increasing diabetic population is likely to boost the market in the years to come.
- Based on the application, the home healthcare segment dominated the market due to the sudden Pandemic COVID-19. The pandemic has increased the demand for the home healthcare segment. However, the market is expected to witness an enormous share during the forecast period.
- Regionally, the North American wearable medical devices market dominated the Wearable medical devices market due to technological advancement in healthcare sectors. However, the proliferation of cardiovascular disorders, including cancer and diabetes, is largely uplifting the market growth. The US accounted for the largest share in the region. The European wearable medical devices market is anticipated to record the largest share in the wearable devices market. Significant market players such as Germany, the UK, France, Spain, and Italy expand the European regional market growth. On the other hand, The APAC is one of the fastest-growing regions in the Wearable medical devices market. The market is expected to account for an exponential share during the forecast period. Favorable government policies, improving healthcare sectors, and increasing investments and funding by the government and private organizations contribute to the APAC regional market growth. Developing countries such as China, India, and Japan significantly contribute to APAC's wearable medical devices market.
- Some of the most promising companies operating in the global wearable medical devices market are Nokia Technologies (United States), Activeinsights (United Kingdom), Jawbone (United States), Xiaomi (China), Fitbit (United States), Drägerwerk (Germany), and Omron (Japan).
The report can be customized as per requirements; ask for it @ https://www.marketdataforecast.com/market-reports/wearable-medical-devices-market/customization
MARKET SEGMENTATION:
By Diagnostic Wearable Devices:
- Wearable Electro-Cardiographs
- Wearable Sleep Monitoring devices
- Heart Rate Monitors
- Blood Pressure Monitors
- Activity Monitors
- Electro Encephalogram
By Therapeutic Wearable Devices:
- Pain Management Devices
- Glucose/Insulin Monitoring Devices
- Respiratory Therapy Devices
By Application:
- Sports and Fitness
- Home Healthcare
- Patient Monitoring
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Fitbit
- Garmin
- Jawbone
- Polar Electro
- Vital connect
- Withings SAS
- Zephyr Corporation
- Basis Science
- Omron Corporation
- Drager
- Lifewatch AG
- Sotera Wireless
- Abbott Laboratories
- Nuubo
BROWSE REGIONAL REPROTS:
WRITTEN BY: Priya Gupta
Priya Gupta is a management student at RIIM Pune. She worked as a Research Associate (intern) in Market Data Forecast, one of the world’s leading research and consulting for various business domains, individuals and corporate clients
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