Global Wearable Medical Devices Market (2019–2025) to attain market valuation of US$ 25.1 billion by 2025, growing at a reasonable CAGR of 18.29%
The global wearable medical devices market is anticipated to gain market worth of US$ 25.1 billion by 2025, expanding at a CAGR of 18.29% during the forecast period 2019-2025. Increasing world's ageing population and prevalence of chronic diseases have led to high demand for tele-home healthcare, in which vital-signs monitoring is essential. It is a state-of-art wearable technologies for remote patient-monitoring. Increasing prevalence of chronic and lifestyle related diseases, rising healthcare expenditure and increasing penetration of smartphones and smartphone-based healthcare applications compatible with wearable devices will influence the wearable medical device market. The growing awareness and preference for home healthcare will further act as a trend in this industry, along with Significant Growth in IoMT Market. In 2018, Smartwatches dominated the global wearble medical device market and is anticipated to witness CAGR growth of 16.6% during the analysed period. However, The Skin Patches is expected to be the fastest growing product type during the forecast period.
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Diagnostic & Monitoring Device is one of the important aspects of Device Market type. Wearable monitoring system assists in managing the treatment of chronic diseases such as heart diseases, asthma, and diabetes and the monitoring of vital signs such as heart rate, blood oxygen level, respiration, and body fat. The need for daily monitoring and follow-up action makes management of this disease through wearable technology a perfect fit. Sensors can detect and trace ketones and chemicals, as well as signal low insulin to alert patients to take their medication. Therapeutic devices, such as insulin pumps, can provide continuous and timely delivery of drugs. Wearable medical devices have several applications in areas such as Sports and Fitness, Remote patient monitoring and tele-home healthcare. The trend of tele-home healthcare is increasing due to the disability of the patients in old age. With formal health care system becoming increasingly stressed, patients are being released from hospitals and other healthcare facilities before time. Therefore, both patients and professional caregivers are making use of extensive technologies. As a result of this patients would be able to use remote monitoring and video-enabled smartphones to rehabilitate at home.
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Channel of distribution is defined as a path traced in the direct or indirect transfer of ownership of a product as it moves from a producer to ultimate consumers. In healthcare, channel of distribution is often the path of referrals among providers. Medical devices take’s long time from technology development to clinical testing, licensing, insurance registration, and distribution, they require a sustained strategy to enter the market. Pharmacies, hypermarkets and online channels are the major distribution channels for selling wearable medical devices. Online Channel is the major source of distribution. In addition, 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, with a market size of US$ 164.7 million in 2018. Further, the rising geriatric population in Asia-Pacific and Europe are anticipated to fuel the wearable medical device market in both the regions in the coming years.
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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.
Market Insights, by Type
- Smart Clothing
- Skin Patches
Market Insights, by Device Type
- Diagnostic & Monitoring Devices
- Vital Sign Monitoring Devices
- Glucose Monitoring Devices
- Sleep Monitoring Devices
- Fetal Monitoring & Obstetric Devices
- Neuromonitoring Devices
- Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
Market Insights, by Application
- Sports & Fitness
- Remote Patient Monitoring
- Tele-Home Healthcare
Market Insights, by Distribution Channel
- Online Channel
Market Insights, by Region
- North America Wearable Medical Device Market
- United States
- Rest of North America
- Europe Wearable Medical Device Market
- Rest of Europe
- Asia Pacific Wearable Medical Device Market
- South Korea
- Rest of APAC
- Rest of the World Wearable Medical Device Market
Top Company Profiles
- Fitbit Inc.
- Apple, Inc.
- Omron Corporation
- Koninklijke Philips N.V.
- Xiaomi Corporation
- Huawei Technologies Co., Ltd.
- Garmin International, Inc.
- Polar Electro OY
- Samsung Electronics Co., Ltd.
- Gentag, Inc.