The global Wearable Medical Devices market size is expected to reach USD 85.6 billion by 2027 according to this new study. The report “Wearable Medical Devices Market Share, Size, Trends, Industry Analysis Report, By Device Type (Diagnostic Devices, Sleep Monitoring Devices, Neuro-monitoring Devices, Therapeutic Devices, Glucose Monitoring Devices, Respiratory Therapy Devices); By Site; By Application (Sports and Fitness, Remote Patient Monitoring, and Home Healthcare); By Regions; Segment Forecast, 2020 -2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Wearable medical devices are defined as the autonomous devices worn by the individual to provide medical or fitness monitoring and support over a period of time. They are either worn as a body accessory or being embedded in cloth or shoes. They incorporate non-invasive sensors, wireless transmission, real time data processing capabilities, and also provide medical feedback.
Recent developments in wearable medical devices include alert mechanisms, decision support systems, and real time analysis. These wearables offer point of care, and remote management for rehabilitating individuals, disabled and chronically ill.
The prominent factors favoring the wearable medical devices market growth include an increase in the prevalence of lifestyle-related diseases, consumer awareness towards fitness, and advancement in technology and medical innovation with ever increasing interest of consumer electronic companies. According to the study published by the International Diabetes Federation (IDF), in 2015, there were approximately 415 million diabetic people and it is expected to increase to 640 million by 2040. The high prevalence of diabetes is an important driver boosting market growth.
With a spike in infectious diseases over the past decade, the Stanford Healthcare Innovation Lab (SHIL) set up a team to study the impact of wearables to track infectious diseases. Moreover, in April 2020, Scripps Research Translational Institute (SRTI) launched DETECT, under which data from activity trackers and smart watches would be integrated into public health surveillance program for proactive disease tracking and population health programs.
Market participants such as Medtronic plc, OMRON Corp., Biotelemetry Inc., Apple, Inc., Koninklijke Philips, Dexcom Inc., Abbott Laboratories, Verily Life Sciences, GE Healthcare, Bio-Beat Technologies, Masimo Corporation, iRhythm Technologies, Inc., Preventice Solutions, Inc., CONTEC Medical Systems Co. Ltd, VitalConnect, Minttihealth, Biotricity Inc., Cyrcadia Asia Limited., Garmin Ltd, Xiaomi Technologies, ten3T healthcare, Fitbit, Inc., and Huawei Corporation are some of the key players operating in the Wearable Medical Devices market.
Players in the market are focusing on developing low cost wearable accessible to all strata of the population within the geographic footprint. In line with this, India based Muse Wearables is manufacturing a wrist based wearable tracker at a cost of INR 3,500. With this, it will continuously monitor skin temperature, blood O2 saturation levels, and heart rate to track body vital signs to diagnose COVID-19 symptoms in early stages. The device is Bluetooth enabled and could be connected via ‘Muse Health App’.
The publisher has segmented the Wearable Medical Devices market report on the basis of device type, site, application, and region
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
Neuro-monitoring Devices
Electroencephalographs
Electro-myographs
Others
Therapeutic Devices
Pain Management Devices
Neuro-stimulation 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
Handheld
Headband
Strap/Clip/Bracelet
Shoe Sensors
Others
Sports and Fitness
Remote Patient Monitoring
Home Healthcare
North America
U.S.
Canada
Europe
France
Germany
UK
Italy
Spain
Netherlands
Austria
Asia Pacific
China
India
Japan
Malaysia
South Korea
Indonesia
Central & South America
Mexico
Brazil
Argentina
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Recent developments in wearable medical devices include alert mechanisms, decision support systems, and real time analysis. These wearables offer point of care, and remote management for rehabilitating individuals, disabled and chronically ill.
The prominent factors favoring the wearable medical devices market growth include an increase in the prevalence of lifestyle-related diseases, consumer awareness towards fitness, and advancement in technology and medical innovation with ever increasing interest of consumer electronic companies. According to the study published by the International Diabetes Federation (IDF), in 2015, there were approximately 415 million diabetic people and it is expected to increase to 640 million by 2040. The high prevalence of diabetes is an important driver boosting market growth.
With a spike in infectious diseases over the past decade, the Stanford Healthcare Innovation Lab (SHIL) set up a team to study the impact of wearables to track infectious diseases. Moreover, in April 2020, Scripps Research Translational Institute (SRTI) launched DETECT, under which data from activity trackers and smart watches would be integrated into public health surveillance program for proactive disease tracking and population health programs.
Market participants such as Medtronic plc, OMRON Corp., Biotelemetry Inc., Apple, Inc., Koninklijke Philips, Dexcom Inc., Abbott Laboratories, Verily Life Sciences, GE Healthcare, Bio-Beat Technologies, Masimo Corporation, iRhythm Technologies, Inc., Preventice Solutions, Inc., CONTEC Medical Systems Co. Ltd, VitalConnect, Minttihealth, Biotricity Inc., Cyrcadia Asia Limited., Garmin Ltd, Xiaomi Technologies, ten3T healthcare, Fitbit, Inc., and Huawei Corporation are some of the key players operating in the Wearable Medical Devices market.
Players in the market are focusing on developing low cost wearable accessible to all strata of the population within the geographic footprint. In line with this, India based Muse Wearables is manufacturing a wrist based wearable tracker at a cost of INR 3,500. With this, it will continuously monitor skin temperature, blood O2 saturation levels, and heart rate to track body vital signs to diagnose COVID-19 symptoms in early stages. The device is Bluetooth enabled and could be connected via ‘Muse Health App’.
The publisher has segmented the Wearable Medical Devices market report on the basis of device type, site, application, and region
Wearable Medical Device Type Outlook (Revenue-USD Million, 2016-2027)
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
Neuro-monitoring Devices
Electroencephalographs
Electro-myographs
Others
Therapeutic Devices
Pain Management Devices
Neuro-stimulation 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
Wearable Medical Devices Site Outlook (Revenue-USD Million, 2016-2027)
Handheld
Headband
Strap/Clip/Bracelet
Shoe Sensors
Others
Wearable Medical Devices Application Outlook (Revenue-USD Million, 2016-2027)
Sports and Fitness
Remote Patient Monitoring
Home Healthcare
Wearable Medical Devices Regional Outlook (Revenue-USD Million, 2016-2027)
North America
U.S.
Canada
Europe
France
Germany
UK
Italy
Spain
Netherlands
Austria
Asia Pacific
China
India
Japan
Malaysia
South Korea
Indonesia
Central & South America
Mexico
Brazil
Argentina
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Frequently Asked Questions about the Wearable Medical Devices Market
What is the estimated value of the Wearable Medical Devices Market?
What is the growth rate of the Wearable Medical Devices Market?
What is the forecasted size of the Wearable Medical Devices Market?
Who are the key companies in the Wearable Medical Devices Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 147 |
| Published | July 2020 |
| Forecast Period | 2020 - 2027 |
| Estimated Market Value ( USD | $ 14.6 Billion |
| Forecasted Market Value ( USD | $ 85.6 Billion |
| Compound Annual Growth Rate | 28.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 22 |
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Wearable Medical Devices Market Insights
5. Wearable Medical Devices Market Assessment by Device Type
6. Wearable Medical Devices Market, by Site
7. Wearable Medical Devices Market Assessment by Application
8. Wearable Medical Devices Market Assessment by Geography
9. Competitive Landscape
10. Company Profiles
List of Tables
List of Figures
Companies Mentioned
- Medtronic plc
- OMRON Corp.
- Biotelemetry Inc.
- Apple Inc.
- Koninklijke Philips
- Dexcom Inc.
- Abbott Laboratories
- Verily Life Sciences
- GE Healthcare
- Bio-Beat Technologies
- Masimo Corporation
- iRhythm Technologies Inc.
- Preventice Solutions Inc. CoNTEC Medical Systems Co. Ltd
- VitalConnect
- Minttihealth
- Biotricity Inc.
- Cyrcadia Asia Limited.
- Garmin Ltd
- Xiaomi Technologies
- ten3T healthcare
- Fitbit Inc.
- Huawei Corporation.
