Wearable Medical Device Market Analysis, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

  • TBI937609
  • August 01, 2019
  • Global
  • 132 pages
  • HCCResearch
                                          

Abstract, Snapshot, Market Analysis & Market Definition: Global Wearable Medical Device Market

The global Wearable Medical Device market size is projected to reach US$ 65.85 billion by 2026, from US$ 16.38 billion in 2020, at a CAGR of 26.1% during 2021-2026. Growth of industries such as home healthcare and remote patient monitoring devices is anticipated to drive the growth. In addition, rising focus on fitness and healthy living are also expected to drive the market. High prevalence of lifestyle-associated disorders, such as diabetes and hypertension, due to sedentary lifestyle, requires continuous monitoring of several physiological parameters, for instance, blood sugar levels and blood pressure. This allows amalgamation of healthcare data with portable devices, which can be forwarded to physicians for real-time access to data and minimal errors. Moreover, rising mortality rate due to non-communicable diseases is the major concern demanding more focus on personalized monitoring and care. This is ultimately anticipated to further boost the product demand. Rising prevalence of chronic diseases along with increasing mortality rates are major concerns among people as well as government organizations. Thus, healthcare providers offer personalized care including continuous and remote patient monitoring. Also, these can be worn for 24 hours without affecting the routine life. Considering various advantages, their demand is projected to witness steady rise over the forecast period. Growing awareness regarding fitness is high-impact rendering market driver. Increasing obesity and awareness about physical fitness is encouraging people to work out and adopt other fitness-related activities. Wearables such as smart bands and smartwatches help monitor fitness parameters including calories burned, footstep count, and walking distance. Moreover, manufacturers offer guidance from expert dieticians or nutritionists. Hence, this business model is generating hefty demand for these products.

Market Segmentation, Outlook & Viewpoint: Global Wearable Medical Device Market

Product Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2026)

Diagnostic Devices

  • Vital Sign Monitoring Devices
  • Heart Rate Monitors
  • Activity Monitors
  • Electrocardiographs
  • Pulse Oximeters
  • Spirometers
  • Blood Pressure Monitors
  • Others

Sleep Monitoring Devices

  • Sleep trackers
  • Wrist Actigraphs
  • Polysomnographs
  • Others

Electrocardiographs Fetal and Obstetric Devices

  • Neuromonitoring Devices
  • Electroencephalographs
  • Electromyographs
  • Others

Therapeutic Devices

  • Pain Management Devices
  • Neurostimulation
  • Others

Insulin/Glucose Monitoring Devices

  • Insulin Pumps
  • Others

Rehabilitation Devices

  • Accelometers
  • Sensing Devices
  • Ultrasound Platform
  • Others

Respiratory Therapy Devices

  • Ventilators
  • Positive Airway Pressure (PAP)
  • Portable Oxygen Concentrators
  • Others

Site Market Segmentation & Outlook (USD Million, 2014 - 2026)

  • Handheld
  • Headband
  • Strap/Clip/Bracelet
  • Shoe Sensors
  • Others

Application Market Segmentation & Outlook (USD Million, 2014 - 2026)

  • Sports and Fitness
  • Remote Patient Monitoring
  • Home Healthcare

Key Players, Recent Developments & Regional Insights: Global Wearable Medical Device Market

On the basis of product, the market is classified into diagnostics and therapeutics. Therapeutic segment is anticipated to register the fastest CAGR throughout the forecast period owing to increasing influx of these devices. Moreover, a strong pipeline of therapeutic devices such as intelligent asthma management, wearable pain reliever, and insulin management devices is anticipated to impel growth. Therapeutic segment includes pain management, insulin monitoring, rehabilitation, and respiratory therapy device. Insulin monitoring is anticipated to remain dominant over the forecast period owing to the rising prevalence of diabetes. Neuromonitoring device was the largest diagnostic segment in 2018, attributed to increasing prevalence of neurological disorders. In addition, increasing awareness regarding the ability of neurological wearables to assess cognitive capabilities of individuals continuously during everyday activities, is also expected to drive the growth.

Site Insights

Based on site, the global wearable medical device market is segregated into headband, handheld, shoe sensors, strap/clip/bracelet, and others. The strap/clip/bracelet segment led the market in 2018 and is likely to remain dominant throughout the forecast period. Products like smart watches allow monitoring several parameters such as physical activity, respiratory rate, and pulse rate and they are available with Bluetooth and cloud connectivity. This factor is anticipated to propel segment growth over the forecast period. Advancements in wrist worn products, for instance, the Healthpatch by Vital Connect in March 2014, for monitoring multiple parameters such as heart tare, skin temperature, and activities like steps count is anticipated to drive the growth. Also, major players like Samsung and Apple have introduced compatible mobile apps, which enables data recording and digital display. Such apps are attracting people towards routine health monitoring, thereby impelling the market growth.

Application Insights

On the basis of application, the market is bifurcated into sports and fitness, remote patient monitoring, and home healthcare. Home healthcare led in 2018 due to the increasing geriatric population triggering prevalence of target diseases and growing need to curb healthcare expenditure as an economically viable initiative. Remote patient monitoring is anticipated to witness the fastest CAGR over the forecast period.Globally rising geriatric population and incidence of chronic conditions are expected to be the high impact rendering drivers for the growth of remote patient monitoring devices market over the forecast period.

Regional Insights

North America was the largest segment in 2018 owing to high prevalence of cardiovascular disorders, diabetes, and cancer.In addition, rise in chronic diseases that need routine monitoring and presence of sophisticated healthcare infrastructure are further likely to drive regional growth over the forecast period. Asia Pacific is expected to witness exponential growth over the forecast period. Major factors boosting the growth are favorable government initiatives for the use of such medical devices, increasing geriatric population base, and high healthcare expenditure.

Wearable Medical Device Market Share Insights

Some of the key players operating in the market are Covidien Plc; Fitbit Inc.; Philips Electronics; Polar Electro; LifeWatch AG; Garmin; Withings; Jawbone; Everist Genomics; Sotera Wireless; Pebble Technology Corp.; Omron Corp.; Basis Science Inc.; Intelesens Ltd.; and Vital Connect.

Key Insights Covered: Global Wearable Medical Device Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Wearable Medical Device industry. 2. Global major manufacturers" operating situation (sales, revenue, growth rate and gross margin) of Wearable Medical Device industry. 3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Wearable Medical Device industry. 4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Wearable Medical Device industry. 5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Wearable Medical Device industry.

Research Methodology: Global Wearable Medical Device Market

  • Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  • Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  • Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other

Table of Contents 
Chapter 1 Methodology and Scope
   1.1 Market Segmentation & Scope
       1.1.1 Product
       1.1.2 Site
       1.1.3 Application
       1.1.4 Regional Scope
       1.1.5 Estimates And Forecast Timeline
   1.2 Research Methodology
   1.3 Information Procurement
       1.3.1 Purchased Database
        1.3.2. HCC’s Internal Database
       1.3.3 Secondary Sources
       1.3.4 Primary Research
       1.3.5 Details Of Primary Research
   1.4 Information or Data Analysis
       1.4.1 Data Analysis Models
   1.5 Market Formulation & Validation
   1.6 Model Details
       1.6.1 Co
|  read more...

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