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The Global Wearable Medical Devices Market stood at USD17.31 billion in 2020 and is expected to grow at a robust rate of 18.82% during the forecast period. The Global Wearable Medical Devices Market is driven by the growing geriatric population which is susceptible to various chronic diseases such as diabetes, cardiovascular diseases, cancer, among others. This has drastically increased the patient pool requiring diagnosis, treatment and monitoring of their health conditions. This in turn is expected to increase the demand for various wearable medical devices used for health monitoring and diagnosis thereby positively influencing the market growth over the next few years. Besides, technological advancements and adoption of AI, IoT, cloud computing, among others in medical devices and healthcare is expected to bring about innovations in wearable medical devices segment thereby propelling the market growth over the next few years. Furthermore, advancements in telecommunication industry such as 3G, 4G and 5G services is expected to fuel the market growth. Also, growing supportive government policies for promoting digital health is expected to spur the market growth during the forecast period. Speak directly to the analyst to clarify any post sales queries you may have.
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The Global Wearable Medical Devices Market is segmented based on product type, type, purpose, site, application, distribution channel, business segment, company and region. Based on product type, the market can be fragmented into activity monitors/trackers, smartwatches, patches, and smart clothing. Among these, the activity monitors/trackers type dominated the overall market in 2020 with a share of around 54.25% on account of the growing prevalence of chronic diseases and lifestyle associated diseases. Furthermore, the growth in this market segment can also be attributed to the growing awareness among the population worldwide pertaining to maintaining health. This has led to an increasing adoption of self-monitoring of vital organs. Additionally, activity monitors/trackers are cost effective, and easy to use, etc. Also, the presence of large number of companies manufacturing activity trackers/monitors worldwide is expected to drive the segmental growth over the next five years. Based on distribution channel, the market can be bifurcated into non-store-based and store-based. The non-store-based segment dominated the market in 2020 with a market share of around 69.87%. This can be ascribed to the growing internet proliferation and emergence of several e-commerce platforms selling wearable medical devices online.
Regionally, the wearable medical devices market has been segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Among these regions, North America is expected to dominate the market in 2020 with 37.45% share owing to the increasing smartphones and internet proliferation. Additionally, growing consumer demand for wearable devices with which they can monitor their health especially fitness is expected to spur the market growth significantly in the region over the forecast period.
Major players operating in the Global Wearable Medical Devices Market include Apple, Inc.
Abbott Laboratories, Inc., Dexcom Inc., Fitbit Inc., LG Electronics Inc. and others. The companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions. For instance, in 2020, Fitbit Inc., launched an activity tracker, Fitbit Charge 4. Fitbit charge 4 makes every minute count and helps the users reach their goals with deeper understanding of their body and activity. It has an inbuilt GPS system with up to 7-days battery life. The device provides workout intensity map, sleep quality analysis, and personalized heart rate zones, among others.
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
Objective of the Study:
- To analyze the historical growth in the market size of the Global Wearable Medical Devices Market from 2016 to 2020.
- To estimate and forecast the market size of the Global Wearable Medical Devices Market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast the Global Wearable Medical Devices Market based on product type, type, purpose, site, application, distribution channel, business segment, company and regional distribution.
- To identify dominant region or segment in the Global Wearable Medical Devices Market.
- To identify drivers and challenges for the Global Wearable Medical Devices Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global Wearable Medical Devices Market.
- To identify and analyze the profile of leading players operating in the Global Wearable Medical Devices Market.
- To identify key sustainable strategies adopted by market players in the Global Wearable Medical Devices Market.
The publisher performed both primary as well as exhaustive secondary research for this study. Initially, the publisher sourced a list of manufacturers across the globe. Subsequently, the publisher conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, the publisher could include the manufacturers which could not be identified due to the limitations of secondary research. The publisher analyzed the manufacturers, distribution channels and presence of all major players across the globe.
The publisher calculated the market size of the Global Wearable Medical Devices Market by using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. The publisher sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied.
Key Target Audience:
- Wearable medical devices manufacturers, suppliers, distributors and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to wearable medical devices
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers, partners, end-users, etc., besides allowing them in strategizing investments and capitalizing on the market opportunities.
Report Scope:
In this report, the Global Wearable Medical Devices Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Global Wearable Medical Devices Market, By Product Type:
- Activity Monitors/Trackers
- Smartwatches
- Patches
- Smart Clothing
Global Wearable Medical Devices Market, By Type:
- Diagnostic Devices
- Therapeutic Devices
Global Wearable Medical Devices Market, By Purpose:
- Heart Rate
- Physical Activities
- Blood Oxygen Saturation
- Blood Pressure
- Hearing Aids
- Body Temperature
- Posture
- Others
Global Wearable Medical Devices Market, By Site:
- Strap/Clip/Bracelet
- Handheld
- Headband
- Shoe Sensors
- Others
Global Wearable Medical Devices Market, By Application:
- General Health & Fitness
- Remote Patient Monitoring
- Home Healthcare
Global Wearable Medical Devices Market, By Distribution Channel:
- Non-Store-Based
- Store-Based
Global Wearable Medical Devices Market, By Business Segment:
- B2C
- B2B
Global Wearable Medical Devices Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
Competitive Landscape
- Company Profiles: Detailed analysis of the major companies present in the Global Wearable Medical Devices Market.
Available Customizations:
With the given market data, the publisher offers customizations according to a client’s specific needs.
Frequently Asked Questions about the Global Wearable Medical Devices Market
What is the estimated value of the Global Wearable Medical Devices Market?
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What is the forecasted size of the Global Wearable Medical Devices Market?
Who are the key companies in the Global Wearable Medical Devices Market?
Report Attribute | Details |
---|---|
Published | June 2021 |
Forecast Period | 2016 - 2026 |
Estimated Market Value ( USD
| USD 10.7 Billion |
Forecasted Market Value ( USD
| USD 48.89 Billion |
Compound Annual Growth Rate | 16.4% |
Regions Covered | Global |
Table of Contents
1. Product Overview2. Research Methodology3. Impact of COVID-19 on Global Wearable Medical Devices Market4. Executive Summary13. Market Trends & Developments15. Strategic Recommendations16. About the Publisher & Disclaimer
5. Voice of Customer
6. Global Wearable Medical Devices Market Outlook
7. North America Wearable Medical Devices Market Outlook
8. Europe Wearable Medical Devices Market Outlook
9. Asia-Pacific Wearable Medical Devices Market Outlook
10. South America Wearable Medical Devices Market Outlook
11. Middle East and Africa Wearable Medical Devices Market Outlook
12. Market Dynamics
14. Competitive Landscape
List of Figures
Companies Mentioned
A selection of companies mentioned in this report includes:
- Apple, Inc.
- Abbott Laboratories, Inc.
- Dexcom Inc.
- Fitbit Inc.
- LG Electronics Inc.
- Omron Corporation
- IRhythm Technologies inc.
- Boston Scientific Corporation
- Medtronic plc.
- Koninklijke Philips N.V.