Wearable Medical Device Market Analysis, Market Research and Industry Forecast Report, 2020-2027 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Wearable Medical Device Market


The global wearable medical device market size was valued at USD 13.0 billion in 2019 and is expected to witness a CAGR of 27.9% over the forecast period. The growth of industries such as home healthcare and remote patient monitoring devices is anticipated to positively influence the demand for wearable devices. In addition, increasing consumer focus on fitness and efforts toward leading a healthy lifestyle are expected to positively fuel the product demand.

The complexity and rise of data in healthcare have increased over recent years. Studies have been initiated to develop a viable solution that will integrate Artificial Intelligence (AI) in wearable medical devices. For instance, a privately funded research study from University of Utah Health and VA Salt Lake City Health Care System established that the wearable system could help to avoid up to a third of heart failure readmissions in the weeks following initial discharge from hospital. Further, ability to detect changes in the heart function significantly early will enable physicians to initiate prompt interventions that could prevent rehospitalization and stave off worsening heart failure reduce.

Also, due to the sedentary lifestyle, the incidence and prevalence of lifestyle-associated disorders, such as diabetes and hypertension, is projected to increase over the forecast period. Some of these diseases demand continuous monitoring of several physiological parameters, for instance, blood sugar and blood pressure levels. This allows amalgamation of healthcare data with portable devices, and this can be forwarded to physicians so as to have real-time access to data and minimize errors, thus boosting the demand for wearable medical devices. The rising mortality rate due to non-communicable diseases is the major reason of concern demanding more focus on personalized monitoring and care. This is ultimately anticipated to further increase the product demand.

Rising prevalence of chronic diseases along with increasing mortality rates is a major area of concern among people as well as government organizations. Thus, healthcare providers are offering personalized care including continuous and remote patient monitoring. These medical devices can be worn 24 hours without affecting the routine life. Hence, the demand for wearable devices is projected to witness a rise over the forecast period.

Growing awareness regarding fitness is a high-impact rendering driver for the wearable devices market. Increasing prevalence of obesity coupled with rising awareness about physical fitness is encouraging consumers to opt for workouts and adopt other fitness-related activities. Wearables such as smart bands and smartwatches help monitor fitness parameters including calories burned, footstep count, and distance walked. Wearable devices companies also offer guidance of certified dieticians and nutritionists, further generating the demand for wearable medical devices.

Product Insights of Wearable Medical Device Market

The therapeutic device segment is anticipated to expand at the fastest CAGR throughout the forecast period owing to the increasing influx of these products. Moreover, a strong pipeline of therapeutic devices such as intelligent asthma management devices, wearable pain reliever devices, and insulin management devices is anticipated to assist market growth.

The therapeutic segment includes pain management, insulin monitoring, rehabilitation, and respiratory therapy devices. Insulin monitoring device was the dominant segment in 2019 and is anticipated to continue leading over the forecast period owing to the rising prevalence of diabetes.

Neuromonitoring was the largest diagnostic device segment in 2019. The increasing prevalence of neurological disorders is the prime factor positively affecting the segment growth. In addition, increasing awareness of consumers regarding the ability of neurological wearables to assess cognitive capabilities of individuals continuously during everyday activities, is expected to drive the growth.
Site Insights

The strap/clip/bracelet segment dominated the wearable medical device market in 2019 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. These products have Bluetooth and cloud connectivity.
Advancements in the wrist worn products, such as 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, the major players like Samsung and Apple have introduced mobile apps, which are compatible with wearable medical devices and enable data recording and digital display. Such apps are attracting people toward routine health monitoring, thereby impelling the market growth.

Application Insights of Wearable Medical Device Market

Home healthcare was the dominant segment in 2019 due to the increasing geriatric population triggering prevalence of target diseases along with the growing need to curb healthcare expenditure as an economically viable initiative.

The remote patient monitoring segment is anticipated to expand at the fastest CAGR over the forecast period.Globally rising geriatric population and prevalence of chronic conditions are expected to be some of the high impact rendering drivers for the segment growth over the forecast period.

Regional Insights of Wearable Medical Device Market

North America was the largest segment in 2019 owing to growing prevalence of cardiovascular disorders, diabetes, and cancer within this region.In addition, rise in chronic diseases that need routine monitoring and presence of sophisticated healthcare infrastructure are further likely to drive market growth over the forecast period.
Asia Pacific is expected to witness exponential growth over the forecast period. Major factors boosting market growth are favorable government initiatives for use of such medical devices, increasing geriatric population base, and increasing healthcare expenditure in this region.

Market Share Insights of Wearable Medical Device Market

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.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Wearable Medical Device Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global wearable medical device market report on the basis of product, site, application, and region:

Product Outlook (Revenue, USD Million, 2019 - 2030)

  
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 Devices
  
Others

Insulin/Glucose Monitoring Devices

  
Insulin Pumps
  
Others

Rehabilitation Devices

  
Accelometers
  
Sensing Devices
  
Ultrasound Platform
  
Others

Respiratory Therapy Devices

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

Site Outlook (Revenue, USD Million, 2019 - 2030)

Handheld

Headband

Strap/Clip/Bracelet

Shoe Sensors

Others

Application Outlook (Revenue, USD Million, 2019 - 2030)

Sports And Fitness

Remote Patient Monitoring

Home Healthcare