Wearable Medical Devices Market - By Device Type (Diagnostic & Monitoring Devices and Therapeutic Devices), By Application (Sports & Fitness, Home Healthcare, and Remote Patient Monitoring), By Type (Activity Monitors, Smart Clothing, Patches, and Smartwatches), By Distribution Channel (Pharmacies, Hypermarkets, and Online Channel), and By Region-Global Industry Analytics, COVID-19 Business Impact, and Trends, 2020–2029

                                          
Abstract


The global wearable medical devices market value is estimated at 24,941 (USD Million) by 2025 and is projected to grow at a CAGR of over 18.4% during the period from 2019 to 2025. The report offers valuation and analysis of surface protection tapes market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, restraints, revenue estimates, avenues, current & emerging trends, and industry-validated market information. The report offers historical data from 2016 to 2018 along with a forecast from 2019 to 2025 based on value (USD Million).
Introduction

Breakthroughs in wireless technologies, connected things, low-power electronics, and connected healthcare sectors are anticipated to bring a paradigm shift in the wearable medical devices industry over the forthcoming years. Furthermore, wearable sensors have the ability to interact with human skin. They play a vital part in influencing the growth & awareness of the personalized medicine industry through a constant collection of information or data pertaining to the human body.

Furthermore, wearable medical devices can help the healthcare service providers in knowing the changes taking place in the health status of an individual and assist in preventive intervention through early diagnosis & treatment. According to NCBI, wearable medical devices also referred to as wearable health devices is an evolving technology that helps the people in seamless self-health monitoring or vital sign monitoring during work, during sports activities, at home, and at clinics.  This will further inflate the product sales resulting in the enormous growth of wearable medical devices market over the coming years.

Precisely, wearable medical devices as medical technologies have today become an integral component of personal analytics and determine the health status of the individual, record bodily parameters, and inform medication schedule. Apart from this, constant evolution in the wearable medical technologies and breakthroughs in electronics systems, microfluidics, AI algorithms, and electrochemical biosensors will enable wearable medical devices to create as well as garner real-time medical information about the individual. This, in turn, will spearhead the growth of wearable medical devices market over the forecast timespan.

Furthermore, the data collected through the wearable medical devices can be easily transferred to the web or other equipment through a 3G network connection, LTE, body area network, smartphone, Bluetooth, 4G networks, Wi-Fi, and 5G networks. The data can also be sent to the physician to get feedback about the health of an individual. This aspect will promote the wearable medical devices market growth trends over the forthcoming years.

Key Growth Drivers

The escalating requirement of real-time monitoring of chronic ailments including sleep apnea, cognitive disorders, heart ailments, diabetes, gastrointestinal disorder, movement disorder, and mental health issues most prominently witnessed in the geriatric population is likely to define the growth of the wearable medical devices market over the upcoming years. Moreover, the onset of new technologies such as service robots, AI, big data analytics, IoT, and advanced signal processing is likely to bring a paradigm shift in the functionalities or operations of wearable medical devices in the near future.

Moreover, wearable medical devices are a convenient means of assessing varied physiological features in human beings. Industry players are keen on including additional features so that these products can be used for the ambulatory purpose. This, in turn, will further expand the wearable medical devices market scope over the forecasting years.

Additionally, new wrist-mounted devices including smart watches & fitness bands are now available with drastic enhancement in battery longitivity and hardware miniaturization for transforming raw information into real-time interpretable information. Today, smart watches are one of the most popular wearable medical devices. Citing an instance, GlucoWatch® biographer, a first non-invasive glucose monitor smart watch approved by U.S. FDA for commercial use, is a wearable medical device offering constant, automated, exact, and non-invasive measurements of the glucose present in the human body. Reportedly, the device gets the data pertaining to the concentration of glucose in the body through reverse Iontophoresis via fluid of skin interstitial. This will create a lucrative demand for wearable medical devices in the foreseeable future.

Apparently, smart watches are also used to detect Parkinsons ailment in an individual through analyzing of tremor & balancing of dysfunction with an accelerometer. In addition to this, e-textiles or smart textiles or smart clothing are also used to monitor physiological signals like rate of heart beats daily, the temperature at regular intervals of time, and daily breathing rate as a routine activity. Apart from this, it also measures biomechanics and physical activities encompassing body acceleration and body motion. This will translate into the humungous growth of wearable medical devices market over the ensuing years.

With breakthroughs in sensor techniques, data analysis methods, MEMS, physiotherapy, telecommunications, and microelectronics, attachable health monitoring devices, also referred to as next-gen personal portable healthcare instruments are likely to be manufactured. This, in turn, is anticipated to offer bright growth prospects for the wearable medical devices industry over the forecast period.

North America To Lead Overall Wearable Medical Devices Industry Over 2019-2025

The regional wearable medical devices market growth over the forecast period is attributed to large-scale presence of industry behemoths in the countries like the U.S. According to survey conducted by Forbes in first half of 2018, nearly 32% of the millennial parents in the U.S. agreed that they will permit their teenage children to wear wearable AI health tracker The magazine also demonstrated that nearly 22% of millennial parents in the U.S. allowed the wearing of wearable AI health tracker for their children aging five years old.

Furthermore, it was found that the millennial parents in the U.S. were of the view that children of five years of age required constant monitoring as they are unable to know the warning signs of symptoms of severe diseases. Even, parents conveyed that wearable technology can monitor particular conditions of illness in the children as the latter are unable to communicate it to the parents. This has resulted in humungous demand for wearable medical devices in the U.S., thereby spearheading the growth of the wearable medical devices market in the North American sub-continent.

Key players leveraging the wearable medical devices market growth and profiled in the report include Samsung Electronics Co., Ltd., Activinsights Ltd., Xiaomi Corporation, Fitbit, Inc., Apple Inc., Garmin Limited, Huawei Technologies Co., Ltd., OMRON Corporation, Polar Electro Oy, and VitalConnect.

The global wearable medical devices market is segmented as follows:

By Device Type

Diagnostic and Monitoring Devices

  
Vital Sign Monitoring Devices
  
Sleep Monitoring Devices
  
Glucose Monitoring Devices
  
Fetal Monitoring and Obstetric Devices
  
Neuromonitoring Devices

Therapeutic Devices

  
Rehabilitation Devices
  
Respiratory Therapy Devices
  
Pain Management Devices
  
Insulin Pumps

By Application

  
Sports and Fitness
  
Home Healthcare
  
Remote Patient Monitoring

By Type

  
Activity Monitors
  
Smart Clothing
  
Patches
  
Smartwatches

By Distribution Channel

  
Pharmacies
  
Hypermarkets
  
Online Channel

By Region

  
North America
  
The U.S.
  
Canada
  
Europe
  
France
  
The UK
  
Spain
  
Germany
  
Italy
  
Rest of Europe
  
Asia Pacific
  
China
  
Japan
  
India
  
South Korea
  
Southeast Asia
  
Rest of Asia Pacific

Latin America

  
Brazil
  
Mexico
  
Rest of Latin America

Middle East & Africa

  
GCC
  
South Africa
  
Rest of Middle East & Africa