Wearable Medical Devices Market Size, Share & COVID-19 Impact Analysis, By Product (Diagnostic & Patient Monitoring Wearable Medical devices, and Therapeutic Wearable Medical Devices); By Application (Remote Patient Monitoring & Home Healthcare, and Sports & Fitness); By Distribution Channel (Retail Pharmacies, Online Distribution, and Hypermarkets & Others), and Regional Forecast, 2020-2027

The global wearable medical devices market size was USD 29.76 billion in 2019 and is projected to reach USD 195.57 billion by 2027, exhibiting a CAGR of 26.4% during the forecast period.

Wearables in healthcare include medical devices that customers can wear such as activity trackers, smartwatches, etc. They are specially designed to monitor and collect the data of a user’s health and fitness. According to the data published by Accenture, it was observed that in the U.S, the adoption of wearable type of medical devices increased from 9.0% in 2014 to 33.0% in 2018.

The recent technological advancements in wearable devices and the growing demand among the population to maintain their health have influenced several market players in the healthcare industry to develop more smart devices such as Fitbit, biosensors, hearing aids, etc. Additionally, the increasing prevalence of chronic diseases and lifestyle-related disorders are some of the major factors anticipated to propel the wearable medical devices market growth of during the forecast period. For instance, according to the International Diabetes Federation (IDF), an estimated 463 million people in 2019 suffered from diabetes, translating to an estimated 9.3% of the global population. This figure is projected to rise to 10.2% by the end of 2030.

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COVID-19 Pandemic to Boost the Demand for Diagnostic & Patient Monitoring Wearable Devices

The outbreak of Covid-19 has had an overall positive effect on the market. Manufacturers of diagnostic & monitoring wearable devices reported a significant growth in their revenues after the pandemic outbreak due to strong demand for advanced technologies among the population for self-monitoring the symptoms of Covid-19. Additionally, various research institutes and medical associations evaluate the use of wearable technology in predicting the symptoms of coronavirus. For instance, researchers at Rockefeller Neuroscience Institute in the U.S reported that the data from the Oura ring, a wearable sleep and activity tracker, can be combined with an app that measures vital signs to predict in advance whether an individual may develop symptoms of Covid-19.

LATEST TRENDS

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Rising Awareness Among General Population Regarding Health & Fitness Regime to Favor Market Growth

The outbreak of COVID-19 has brought a sharp focus on the need to prioritize health. In mid-2020, it was observed that several market players were promoting their wearable devices to help to fight against COVID-19. Moreover, healthcare wearables are becoming a key device to enhance bedside care and clinical mobility experience, especially smartwatches. According to various research studies, it is estimated that around 30 million wearable devices capable of tracking and monitoring are expected to ship to health organizations and patients by the end of the year 2020.

Major market players are currently focusing on introducing advanced wearable medical devices in the market to cater to the growing needs of customers. For instance, in May 2020, Koninklijke Philips N.V. received the U.S FDA and CE clearance to use Biosensor BX100 in monitoring COVID-19 in the hospitals. The biosensor is a single-use wearable patch, specially designed to be integrated with a scalable hub to monitor patients across hospital rooms. This product can also be incorporated into existing clinical workflows for mobile viewing and notifications.

DRIVING FACTORS

Increasing Prevalence of Chronic Diseases to Drive Market Growth

Adopting sedentary lifestyles and the lack of regular visits to healthcare settings for routine diagnosis in emerging and developed countries has led to a rapid increase in lifestyle-related chronic diseases. Also, some of these chronic diseases such as diabetes, hypertension, and cardiac disorders, exert a huge economic burden on the healthcare systems. Thus, the rising prevalence and the increasing cost burden of chronic and lifestyle diseases have led to a growing emphasis on healthcare agencies, government, and healthcare providers towards timely and routine diagnoses of patients.

National and regional healthcare agencies have actively promoted routine diagnosis through various campaigns and awareness programs. This has resulted in growing awareness among the general population towards products and devices for diagnosing and monitoring vital signs.

The above factors, along with market players introducing wearable devices with various vital sign monitoring capabilities such as heart rate, SpO2, blood glucose levels, etc., have led to a significant rise in demand for these devices among the general and patient population. For instance, in April 2020, Fitbit Inc. launched Fitbit charge4, an activity tracker consisting of advanced features including exercise tracking, all-day heart rate monitoring, and sleep tracking.

RESTRAINING FACTORS

High Cost of Maintenance of Wearable Medical Devices to Limit its Adoption

Despite the significant developments in the technologies and designs of wearable medical devices, certain factors limit the adoption of these devices. Among them is the overall high cost of these devices. These devices are often associated with batteries, chips, sensors, and other accessories that need periodic replacement. When added up to the life cycle of the devices, the costs of these accessories lead to a significantly higher cost of ownership. These factors, along with limited reimbursement policies for these devices, have been responsible for the comparatively limited adoption of wearable type of medical devices in developed and emerging countries.  

SEGMENTATION

By Product Analysis

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Diagnostic & Patient Monitoring Wearables Segment to Hold Dominant Share

Based on product, the market is segmented into diagnostic & patient monitoring wearables and therapeutic wearables.

The diagnostic & patient monitoring segment held the dominating share in 2019 due to the increasing prevalence of chronic diseases, rising disposable income among the young population, and product launches by market players.

The therapeutic segment is anticipated to grow at a significant pace owing to distinct benefits offered by these devices such as easy to use, precise dosing, can perform multiple functions at a time, etc.

By Application Analysis

Sport & Fitness Segment to Continue Dominating

Based on application, the market is categorized into remote patient monitoring & home healthcare, and sport & fitness.

Among them, the sport & fitness segment held the largest wearable medical devices market share in the year 2019. Shifting preferences of the adult population towards sports and leisure activities and the launch of smart and advanced wearable devices that track activity are factors primarily responsible for the dominance of this segment. For instance, in March 2020, Fitbit Inc. introduced Fitbit Charge 4, its most advanced health & fitness tracker in the market. This new device was integrated with the latest sensors and features and built-in GPS, Spotify, connect & control tools.

The remote patient monitoring and home healthcare segment held the second-largest share in 2019. The growing geriatric population in both developed and emerging countries, coupled with the increasing prevalence of chronic diseases among elderly patients, is primarily responsible for this segment's growth during the forecast period.

By Distribution Channel Analysis

Online Pharmacies Segment to Grow at a Significant Pace

Based on the distribution channel, the market is fragmented into retail pharmacies, online distribution, and hypermarkets.

The retail pharmacies segment held a dominating share of the global market in 2019 and is likely to grow at a higher CAGR during the forecast period. The dominance is attributed to the increasing demand for self-monitoring and non-invasive monitoring and diagnostic devices among the population and the strong focus of market players on retail channels in the emerging countries.

The online distribution segment is expected to grow at a significant CAGR owing to the increasing shift of customers in metropolitan and capital cities towards e-commerce platforms for purchasing wearable devices.

REGIONAL INSIGHTS

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The market size in North America stood at USD 11.65 billion in 2019. The presence of adequate reimbursement policies, higher per capita expenditure on advanced technologies, and constant focus of market players towards the introduction of innovative wearable devices in the U.S. are factors responsible for the dominance of the region.

Europe is anticipated to be the second-largest leading region in terms of revenue, which is attributable to a large pool of geriatric patients suffering from chronic disorders, coupled with the increasing disposable income of young individuals on advanced technologies. These factors are boosting the adoption of these wearable devices in the region. For instance, according to the data published by the World Health Organization (WHO), in 2018, around 58.0% of the German population aged 65 and above were reported to be suffering from at least one of the chronic diseases.

The market in Asia Pacific is anticipated to grow with the highest CAGR. This is primarily due to the increasing focus of government and NGOs on reducing the patient’s hospital stay in emerging countries such as China, Japan, etc.

Rest of the world accounted for a comparatively lower market share due to a vast untapped market.

KEY INDUSTRY PLAYERS

Apple Inc., Hold a Dominant Share of the Market in 2019

The market is extremely competitive and includes major players like Apple Inc., SAMSUNG, Fitbit Inc., Sonova, etc. With its robust portfolio of activity trackers and smartwatches, Apple Inc. has accounted for a dominant share of the global market in 2019. Also, through various collaborations and acquisitions, key players are strengthening their market positions.

• For instance, in October 2018, Ypsomed entered into a strategic partnership with Koninklijke Philips N.V. for the development of innovative solutions for Ypsomed new Smart Service based on Philips HealthSuite digital platform.

Other players such as Sonova, OMRON Corporation, BD, and NeuroMetrix Inc. are continuously focusing on the development of advanced therapeutic wearables. They are also expanding their distribution channels globally, intending to establish their foothold in emerging regions.

LIST OF KEY COMPANIES PROFILED:

• BD (New Jersey, United States)


• Ypsomed (Burgdorf, Switzerland)


• Fitbit, Inc. (San Francisco, United States)


• Apple Inc. (Cupertino, United States)


• Sonova (Stäfa, Switzerland)


• NeuroMetrix, Inc. (Waltham, United States)


• SAMSUNG (Suwon-si, South Korea)


• Omron Healthcare, Inc. (Kyoto, Japan)


• AiQ Smart Clothing (Taipei, Taiwan)


• Koninklijke Philips N.V. (Amsterdam, Netherlands)


• Other Prominent Player

KEY INDUSTRY DEVELOPMENTS:

• July 2021 - OMRON Healthcare, a company that specializes in health monitoring and therapy, has released OMRON Complete, its first single-lead electrocardiogram (ECG) and blood pressure (BP) monitor for home usage.


• May 2021 - Biobeat, a key company in wearable remote patient monitoring solutions for the healthcare continuum, announced the introduction of a new wearable and continuous ambulatory blood pressure monitoring (ABPM) chest-monitoring device. The company’s ABPM solution is the world's only cuff less ABPM solution. Each sterile, disposable monitor is sent by courier directly to the patient's house.


• January 2021 - The Samsung Health Monitor app will soon be accessible in more 31 countries, according to Samsung. Users can use the Samsung Watch3 and Watch Active2 to track their blood pressure and ECG. The app is available for both iOS and Android devices and allows users to keep updated about their health at their convenience.


• January 2021 - Apple announced the collaboration on a new research project with Biogen, a biotech company, to see how successful mHealth wearable devices are at identifying early indicators of cognitive impairment so that healthcare providers may design more effective care management and remote monitoring programs.

REPORT COVERAGE

The wearable medical devices market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, applications, products, and distribution channels. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation