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The global wearable medical devices market size was valued at USD 24,571.8 Million in 2018 and is projected to reach USD 139,353.6 Million by 2026, exhibiting a CAGR of 24.7% in the forecast period (2019-2026).
Healthcare industry is witnessing extensive adoption of connected devices. Rapidly increasing prevalence of chronic disease, superior treatment and diagnostic outcomes, and increasing integration of technology and healthcare is accelerating the acceptance of wearable medical devices across the globe.
Certain new technologies such as IoT (Internet of Things) and others can retrieve real time patient data which is utilized by physicians to predict the health conditions of patients.
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For instance, in September 2018, UbiHealth, a Switzerland-based MedTech startup has recently developed a remote patient monitoring patch, which has the capability to analyze vital conditions of the patients, also it can transfer real time information to the concerned physician with the help of cloud. Exponentially increasing population across the globe is generating need of intelligent technologies with the aim to cope with limited number of healthcare resources.
"Increasing patient pool coupled with growing per capita healthcare expenditure is projected to boost the global wearable medical device market revenue"
According to a study conducted by United Nations, an estimated 1 in 6 people in the world will be over age 65 by 2050. Moreover, according to the study, 1 in 4 people in North America and Europe will be over 65 during the same course of time. Aging population across the globe is prominently projected to accelerate the expansion the global market during the forecast period.
Additionally, such rate of aging population combined with increasing patient pool in emerging nations is offering lucrative opportunity for extensive adoption of patient monitoring and diagnostic wearable medical devices. Moreover, certain economic factors such as increasing per capita healthcare expenditure, developing healthcare infrastructure, and increasing investment of industry sector for the development of innovative technologies are anticipated to boost the global wearable medical devices market growth by 2026.
Based on product, the global market segments includes diagnostic & monitoring wearable medical devices and therapeutic wearable medical devices. Diagnostic & monitoring wearable medical devices are projected to hold significant portion of the global market share during the forecast period. On the basis of application, the global wearable medical devices market is segmented as remote patient monitoring, sports & fitness, and home healthcare. Based on the distribution channel, the market segment includes retail pharmacies, online pharmacies, and hypermarkets.
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"Favorable HIPAA (Health Insurance and Portability and Accountability Act) policies combined with advanced healthcare infrastructure in enabling the growth of the market in North America"
North America generated a revenue of USD 10,146.3 Million in 2018. North America is witnessing gradual shift of patient preference from traditional physician interaction to remote interaction. Moreover, favorable regulatory policies for the development of fitness wearable as well as patient monitoring devices are anticipated to boost the growth of the North America market by 2026.
In Europe, aging population coupled with exponentially increasing chronic diseases are offering lucrative opportunity for accelerated adoption of these devices, which will eventually fuel the growth of the wearable medical device market in Europe during the forecast period. Asia Pacific is anticipated to witness higher market CAGR as compared to other regions owing to the growing adoption of devices such as activity monitors, smartwatches, pain management devices, and others.
Moreover, rising emphasis on reduction in patient hospital stay in emerging nations such as China and India are expected to drive the market in Asia Pacific.
North America Wearable Medical Devices Market Size, 2018
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"Fitbit, Apple, Sonova, Samsung, and Philips Healthcare Are Expected to Hold Considerable Share in the Global Wearable Medical Devices Market"
Giant organizations such as Fitbit, Apple, Sonova, and Philips Healthcare are expected to lead the global wearable medical devices market during the forecast period. Robust focus on innovation coupled with continuous product development, increasing investments in research & development and cost management are projected to serve huge opportunity for the mentioned market players to lead the global wearable medical devices market share during the forecast period. Moreover, the market is expected witness intense competitive landscape owing entry of already established market players and new medical technology startups during the forecast period.
Wearable devices are often utilized to track real time vital signs of patients. The data generated by wearable devices adds value to the early disease diagnosis, treatment outcomes, remote patient monitoring, and other types of healthcare aspects. The popularity of wearable medical devices is continuously increasing in life sciences due to its extensive applications, promising solutions, and methodologies for disease diagnosis on molecular level.
The report provides both qualitative and quantitative insights on wearable medical devices industry trends and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented into product, application, and distribution channel. On the basis of product, the global market is categorized into diagnostic & patient monitoring and therapeutic wearable devices.
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Diagnostic & patient monitoring wearable medical devices are further segmented as activity monitors/trackers, smartwatches, smart clothing, and others. Based on the therapeutic category, the market is segmented as wearable defibrillators, drug delivery devices, pain management devices, hearing aids, and others.
Based on applications, the market is segmented as remote patient monitoring, sports & fitness, and home healthcare. On the basis of distribution channel, the global market is segmented as retail pharmacies, online pharmacies, and hypermarkets. Geographically, the market is segmented into major regions, which are North America, Europe, Asia Pacific, and Rest of the World. These regions are further categorized into countries.
Along with this, the wearable medical devices market report analysis includes market dynamics and a competitive landscape. Various key insights provided in the report are Porter’s five forces analysis, recent advancements in wearable medical devices, key mergers & acquisitions, and others.
By Distribution Channel
Fortune Business Insights says that the global market was valued at USD 24.57 Billion in 2018 and is projected to reach USD 139.35 Billion by 2026.
In 2018, the market was valued at USD 24.57 Billion.
Growing at a CAGR of 24.7%, the market will exhibit steady growth in the forecast period (2019-2026)
Diagnostic and monitoring wearable devices segment is expected to be the leading segment in this market during the forecast period.
Increased healthcare expenditure, favorable regulatory policy and new product launches will drive the growth of the global market.
Fitbit, Apple, Sonova, Samsung, and Philips Healthcare are the top players in the market.
North America is expected to hold the highest market share in the market.
Increased awareness regarding health, favorable regulatory policy, increased healthcare expenditure and new product launches would drive the adoption.
Adoption of advanced wearable medical devices, new launches of products, favorable regulatory policy, and increased awareness regarding healthcare are the hyper-market trends of wearable medical devices.