The global wearable medical devices market is likely to reach market revenue of USD 27,255.6 million, expanding at 23.0% CAGR during the forecast period of 2018-2023, as found on Wise Guy Reports (WGR). Various factors promoting market growth include a high prevalence of lifestyle-related disorders such as diabetes, hypertension, & heart disease, and a growing geriatric population. Moreover, increasing disposable income, elevating government support, and rising healthcare expenditure are also assessed to contribute heavily to the mounting growth witnessed in the global wearable medical devices market.
As per the report found on Wise Guy Reports (WGR), the global wearable medical devices market is assessed to garner a market revenue of USD 27,255.6 million by 2023, registering a 23.0% CAGR during the forecast period (2018-2023).
Wearable medical devices can be referred to as autonomous and non-invasive devices that can perform specific medical functions. These medical functions include medical monitoring or support over some time. One of the primary objectives of wearable medical devices is the collection of information regarding the patient’s health.
Market Drivers/ Restraints
The report found on WGR also states various factors influencing a positive ascension in the global wearable medical devices market through the forecast period. Growth observed in multiple industries such as home healthcare and report patient monitoring devices are expected to promote growth in the global wearable medical devices market between 2018-2023. A high prevalence of many lifestyle-associated disorders is noted, owing to a sedentary lifestyle. These disorders include diabetes, hypertension, and heart diseases. These disorders demand continuous monitoring of various physiological parameters such as blood sugar and blood pressure. This enables an amalgamation between healthcare data and portable devices which can be accessed by physicians in real time, leading to lower response time in case of an emergency.
Furthermore, an escalating mortality rate owing to non-communicable diseases is demanding higher focus over personalized healthcare and monitoring. This is further leading to significant augmentation of the global wearable medical devices market through the forecast period. Growing awareness towards fitness is causative of market growth for wearable medical devices during the review period. Mushrooming obesity and a mounting awareness towards exercise and physical activity has led to higher adoption of wearables such as smart bands and smartwatches. These fitness wearables are helping people to measure and monitor various fitness parameters such as footstep count, distance walked, and calories burned. Hence, the global wearable medical devices market is witnessing propulsion in the growth rate.
The global wearable medical devices market is studied for various segments carried out based on type, application, device type, distribution channel, and region. The wearable medical devices market, by type, is segmented into smartwatches, smart clothing, activity monitors, and patches. The activity monitors segment held the biggest share in the global wearable medical devices market in 2017 and is predicted to augment at a 22.4% CAGR by 2023.
Based on device type, the wearable medical devices market is segmented into diagnostic & monitoring devices, and therapeutic devices. The diagnostic & monitoring devices segment is further sub-segmented into vital sign monitoring devices, neuromonitoring devices, glucose monitoring devices, fetal monitoring & obstetric devices, and sleep monitoring devices. The therapeutic devices segment is further segmented into rehabilitation devices, respiratory therapy devices, pain management devices, and insulin pumps. Among these segments, the diagnostics & monitoring devices segment held the largest market share in 2018, owing to a rising application of the same in the remote patient monitoring and home healthcare sectors. However, the therapeutics segment is estimated to grow at a higher rate during the forecast period owing to the rising patient population.
On the basis of application, the wearable medical devices market has been segmented into remote patient monitoring, sports academics & fitness, and home healthcare. In 2018, the sports and fitness segment spearheaded the wearable medical devices market owing to high awareness and inclination towards physical fitness and a growing trend towards the tracking of health progress.
Based on the distribution channel, the wearable medical devices market is segmented into diagnostic centers, hospitals & clinics, and ambulatory surgical centers.
The Americas to Witness 22.2% CAGR by 2023 for Wearable Medical Devices
The global wearable medical devices market is regionally segmented into the Americas, Asia Pacific, Europe, and the Middle East & Africa. The Americas are further sub-segmented into North America and Latin America. The Americas are estimated to hold the largest market share with 33.3%, in 2017. The Americas is estimated to ascend at 22.2% CAGR during the forecast period. This growth can be attributed to a prominent presence of healthcare companies in the region, high government support, top product awareness, favorable reimbursement policies, and the broader availability of advanced technologies.
Europe held the second largest share, with 27.2% in the global wearable medical devices market in 2017 and is expected to do the same throughout the forecast period. A rising prevalence of geriatric population in various European countries such as Germany and the UK, increasing disposable income, and a high healthcare expenditure are some of the factors significantly contributing to the wearable medical devices market growth.
Asia Pacific held a 24.4% market share in 2017 and is projected to witness the highest growth for wearable medical devices during the assessment period of 2018-2023. Such growth can be accredited to a rising geriatric population, increasing government support, and rising healthcare expenditure are some of the main factors influencing a positive growth in the global wearable medical devices market throughout the assessment period.
Apple Inc. (US), Fitbit Inc. (US), Honeywell International Inc. (US), Koninklijke Philips NV (Netherlands), LG Electronics Inc. (South Korea), NIKE Inc. (US), Motorola Solutions Inc. (US), Qualcomm Inc. (US), Sony Corporation (Japan), Omron Corporation (Japan), Boston Scientific Corporation (US), and Medtronic PLC (Ireland) are some of the significant market vendors in the wearable medical devices market.
Amazon is working on a wearable health device which can recognize the emotions of the wearer. It is voice-activated, with the code-name Dylan. It will use its inbuilt microphones and connected smartphone app and advise the wearer to interact with others effectively.
June 2019: Researchers at the Hong Kong Polytechnic University have designed a highly flexible, thin textile lithium battery that can fuel wearable electronics securely, employed in smart clothing, healthcare monitoring, and IoT.- Globe New Wire