Wearable Medical Device Market: Current Scenario and Forecast (2019-2025)
Emphasis on Product Type (Wristband, Smartwatches, Footwear, Smart Clothing, Patches, Eyewear, Others), Device Type (Diagnostic & Monitoring Devices (Vital Sign Monitoring Devices, Glucose Monitoring Devices, Glucose Monitoring Devices, Fetal Monitoring & Obstetric Devices, Neuromonitoring Devices), Therapeutic Devices (Pain Management Devices, Rehabilitation Devices, Respiratory Therapy), Others), Application (Sports & Fitness, Remote Patient Monitoring, Tele-Home Healthcare), Distribution Channel (Pharmacies, Online Channel, Hypermarkets) and Region/Country
Global Wearable Medical Device Market is anticipated to reach market valuation of US$ 25,101.5 Million by 2025 displaying reasonable CAGR of 18.29% over the forecast period (2019-2025). Wearable medical devices are deployed for the monitoring of patients at both personal as well as medical level. The technology revolves around the miniaturization of electronic devices in order to make them wearable and reliable. The market of wearable medical device market is anticipated to grow enormously owing to the factors such as rising old age population and old age-related diseases, increasing penetration of smartphones and growing number of smartphone-based healthcare apps compatible with wearable devices. Growing preference for wireless connectivity among healthcare providers and increasing focus on physical fitness would further derive the overall adoption of wearable medical device. However, high cost of wearable devices and lack of reimbursement and data security issues. Moreover, Incorporation of AI Wearable Medical Devices Market and Increasing demand for connected devices will act as the opportunity for further evolution of this industry.
Wearable Devices Application on Body Parts and the Parameters Monitored
“Smart Watches are projected to hold the largest market share and will dominate the Global wearable medical device market by 2025.”
Based on type of wearable medical device market is bifurcated into Smartwatches, Wristband, Smart Clothing, Footwear, Eyewear, Skin Patches and Others. The market of Smartwatches is expected to grow tremendously and is projected to dominate the market in 2025 due to the high popularity of these devices.
“Diagnostic & Monitoring Devices are expected to dominate the product type during the analyzed period.”
Wearable medical device market is segmented based on devices into diagnostic & monitoring devices and therapeutic devices. The diagnostic & monitoring devices occupied the largest share and are expected to maintain their dominance throughout the forecast period 2019-2025. However, therapeutic devices are expected to show the highest growth.
“Amongst application, Home Healthcare holds the major share in Global wearable medical device market.”
The wearable device market holds a wide range of applications in sports & fitness, remote patient monitoring, and home healthcare. The rising incidence of lifestyle disease will escalate the market growth and Home Healthcare will hold the highest market share in this segment.
“Online mode of distribution is the prominent mode of distribution of wearable medical devices and is anticipated to dominate global wearable medical device market by 2025.”
Pharmacies, online channels, and hypermarkets are the major distribution channel of this technology. Online channels are anticipated to dominate this segment in 2025. Rising smartphone penetration and people spending more time on the internet are expected to boost the online mode of purchase and distribution of wearable medical devices majorly in developed and developing countries.
Wearable Medical Device Market by Distribution Channel, Global, 2018-2025 (US$ Million)
“United States represents as one of the largest markets of wearable medical device market globally.”
For deep-dive analysis of the overall adoption of wearable medical devices, through analysis was conducted for major region/country. Regional analysis of the technology is conducted for North America (United States, Canada), Europe (Germany, France, Italy, United Kingdom, Spain, Netherlands), Asia-Pacific (China, India, Japan, Australia, South Korea) and Rest of the world. United States is the largest adopter of technologically advanced products, hence dominate the market for wearable medical device globally.
Competitive Landscape-Top 10 Market Players
Fitbit, Inc., Apple, Inc., Xiaomi Technology Co., Ltd, Garmin International, Huawei Technologies Co. Ltd, Philips Healthcare, Samsung Electronics Co., Ltd., Polar electro OY, Gentag Inc., Omron corporation are some of the prominent players operating in the Global wearable medical device market industry. These players are adopting several growth strategies including acquisition, product launches, partnership and business expansion to increase their market presence and benefit as first mover advantages. The industry has also witnessed the emergence of several start-ups in the respective domain, majorly in the European region.
Reasons to buy (The research report presents):
- Current and future market size from 2018 to 2025 in terms of value (US$)
- Combined analysis of deep dive secondary research and input from primary research through Key Opinion Leaders of the industry
- Country level details of the overall adoption of wearable medical device market and current and future health status of the country
- A quick review of overall industry performance at a glance
- An In-depth analysis of key industry players
- A detailed analysis of regulatory framework, drivers, restraints, key trends and opportunities prevailing in the industry
- Examination of industry attractiveness with the help of Porter’s Five Forces analysis and start ups
- The study comprehensively covers the market across different segments and sub-segments of the technology
- Region/country Covered: North America (United States, Canada), Europe (Germany, France, Italy, United Kingdom, Spain, Netherlands), Asia-Pacific (China, India, Japan, Australia, South Korea) and Rest of the world
Customization Options:
UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients. The Global Wearable Medical Device Market can be customized to country level or any other market segment.
Table of Contents
Analyzing historical market, estimation of the current market and forecasting the future market of the Global Wearable Medical Device were the three major steps undertaken to create and analyze the overall adoption of wearable medical device. An exhaustive secondary research was conducted to collect the historical market of the technology and overall estimation of the current market. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted with industry experts across value chain of the wearable medical devices. After all the assumption, market sizing and validation of market numbers through primary interviews, top-down approach was employed to forecast the market size of global wearable medical device technology. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the future market size of segments and sub-segments of the technology. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Global Wearable Medical Device Market through company internal sources such as annual report & financial statements of top players, performance presentations, press releases, inventory records etc. and external sources including trade journals, news & articles, government publications, economic data, competitor publications, sector reports, regulatory bodies publications, safety standard organizations, third-party database and other creditable publications. For economic data collection, sources such as World Bank, CDC, European Commission (EC), and WHO, OECD among others were used.
Step 2: Market Segmentation:
After obtaining historical market size of the overall market, detailed secondary analysis was done to gather historical market insights and share for different segments & sub-segments of the Global wearable medical device. Major segments included in the report are product type, device type, application, and distribution channel. Further analysis was also done for sub-segments of the major segments of wearable medical devices.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, detailed factor analysis was conducted to estimate the current market size of the Global wearable medical device. Factor analysis was conducted using dependent and independent variable such as Global incidence and prevalence of chronic diseases, rise in geriatric population and consumer behavior while purchasing wearable medical devices etc. Historical trends of the Global wearable medical device and their year-on-year impact on the market size and share in the recent past was analyzed. Demand and supply side scenario was also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at current market size, key players in major applications and markets, market shares of these players, industry’s supply chain, and value chain of the industry. All the required percentage shares, splits, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including market dynamics such as drivers, restraints, and trends. After analyzing these factors, relevant forecasting techniques i.e. Bottom-up/Top-down was applied to arrive at the market forecast pertaining to 2025 for different segment and sub-segments in different region/country. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value and rate of adoption of wearable medical device in Globally
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in major applications and markets as well as market share of each players. Also, the growth strategies adopted by these players to compete in the ever-growing Global wearable medical device market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head etc.). Primary research findings were summarized, and statistical analysis was performed to prove the stated hypothesis. Input from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants
Market Engineering
Data triangulation technique was employed to complete the overall market engineering process and to arrive precise statistical numbers of each segment and sub-segment pertaining to the Global wearable medical device market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of wrist band, smart clothing, watches, footwear, application type, device type, and regions such as North America, Europe, Asia-Pacific and Rest of World
Main objective of the Wearable Medical Device Market Study
The current & future market trends of the Global wearable medical device market are highlighted in the report. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the Global Wearable device market study. The current and future market trends would determine the overall attractiveness of the market, providing a platform for the industrial participant to exploit the untapped market to benefit as the first mover advantage. Other quantitative goals of the studies include:
- Analyse the current and forecast market size of Global Wearable device market in terms of value (US$)
- Analyse the current and forecast market size of different segments and sub-segments of the technology. Segments in the study include device type, product type, applications, distribution channel and region/country
- Define and describe the technologies
- Analyze the overall healthcare sector in different region/country and anticipate potential risk associated with the technology
- Define and analyze the government regulations for Wearable medical devices in major markets
- Define and analyses the competitive landscape of the Global Wearable medical device market and the growth strategies adopted by the key market players to sustain in the ever-growing market
- Detail analysis of the factors that drive the wearable medical device market, along with available opportunities for the market players
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October 8, 2024
