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Global Wearable Medical Device Market to 2027: Trends, Opportunities and Competitive Analysis

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    Report

  • 168 Pages
  • July 2022
  • Region: Global
  • Lucintel
  • ID: 5691954
The future of the global wearable medical device market looks promising with opportunities in home healthcare and remote patient monitoring. The global wearable medical device market is expected to reach an estimated $11.4 billion by 2027, and it is forecast to grow at a CAGR of 4.9% from 2022 to 2027. The major drivers of growth are increasing awareness and importance of fitness and healthy lifestyle, rising chronic diseases, and technological innovations.

Emerging Trends in the Wearable Medical Device Market

Emerging trends, which have a direct impact on the dynamics of the market, include the increasing usage of wearable biofeedback devices and increasing adoption of cloud technology for interconnected healthcare devices.

Wearable Medical Device Market by Segment

In this market, diagnostic wearable device segment is expected to show the highest growth and the remote patient monitoring segment is expected to show above average growth during the forecast period.
The study includes trends and forecast for the growth opportunities in the global wearable medical device market by end use, application, distribution channel, and region, as follows:

Wearable Medical Device Market by Application [Value ($ Million) from 2016 to 2027]:

  • Diagnostics
  • Vital Sign Monitoring
  • Neuromodulation
  • Fetal and Obstetric
  • Therapeutics
  • Pain Management Wearables
  • Diabetes
  • Rehabilitation
  • Respiratory

Wearable Medical Device Market by End Use [Value ($ Million) from 2016 to 2027]:

  • Healthcare and Medical
  • Remote Patient Monitoring

Wearable Medical Device Market by Distribution Channel [Value ($ Million) from 2016 to 2027]:

  • Pharmacies and Clinics
  • Others and Online

Wearable Medical Device Market by Region [Value ($ million) and Volume (million units) from 2016 to 2027]:

  • North America
  • US
  • Canada
  • Mexico
  • Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Italy
  • Asia Pacific
  • China
  • Japan
  • Australia
  • South Korea
  • The Rest of the World
  • Latin America
  • Middle East

List of Wearable Medical Device Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies, wearable medical device companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the wearable medical device companies profiled in this report include-
  • Medtronic Plc
  • Roche Holding AG
  • Animas Corporation (Johnson & Johnson)

Wearable Medical Device Market Insights

  • The analyst forecasts that the diagnostic wearable device segment is expected to show the highest growth during the forecast period.
  • Healthcare & medical and remote patient monitoring are the major end use segments of the global wearable medical device market. The remote patient monitoring segment is expected to show above average growth during the forecast period because its advanced wireless communication technologies share patient medical records and activity with doctors over a period of time.
  • North America is expected to remain the largest as well as the highest growth region due to high disposable income, rising chronic conditions, and acceptance of technologically advanced products in this region.

Features of the Wearable Medical Device Market

  • Market Size Estimates: Wearable medical device market size estimation in terms of value ($B).
  • Trend and Forecast Analysis: Market trends (2016-2021) and forecast (2022-2027) by various segments and regions.
  • Segmentation Analysis: Wearable medical device market size by various segments, such as end use, application, and distribution channel.
  • Regional Analysis: Wearable medical device market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
  • Growth Opportunities: Analysis on growth opportunities in different end uses, applications, distribution channels, and regions for wearable medical device market.
  • Strategic Analysis: This includes M&A and competitive landscape for the wearable medical device market.
  • Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

FAQS

Q1. What is the wearable medical device market size?
Answer: The global wearable medical device market is expected to reach an estimated $11.4 billion by 2027.
Q2. What is the growth forecast for wearable medical device market?
Answer: The wearable medical device market is expected to grow at a CAGR of ~6.4% from 2022 to 2027.
Q3. What are the major drivers influencing the growth of the wearable medical device market?
Answer: The major drivers for this market are increasing awareness and importance of fitness and healthy lifestyle, rising chronic diseases, and technological innovations.
Q4. What are the major applications or end use industries for wearable medical devices?
Answer: Healthcare & medical and remote patient monitoring are the major end use segments for wearable medical devices.
Q5. What are the emerging trends in wearable medical device market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, include the increasing usage of wearable biofeedback devices and increasing adoption of cloud technology for interconnected healthcare devices.
Q6. Who are the key wearable medical device companies?
Answer: Some of the key wearable medical device companies are as follows:
  • Medtronic Plc
  • Roche Holding AG
  • Animas Corporation (Johnson & Johnson)
Q7. Which will be the largest wearable medical device segment in the forecast period?
Answer: The analyst forecasts that .
Q8: In wearable medical device market, which region is expected to be the largest in the forecast period?
Answer: North America will remain the largest as well as the highest growing region over the forecast period.
Q9. Do we receive customization in this report?
Answer: Yes, the analyst provides 10% customization without any additional cost.

This report answers the following 11 key questions

Q.1. What are some of the most promising, high-growth opportunities for the global wearable medical device market by end use (healthcare & medical and remote patient monitoring), application (diagnostics and therapeutics), distribution channel (pharmacies/clinics, online, and others), and region (North America, Europe, APAC, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in the wearable medical device market?
Q.5. What are the business risks and competitive threats in the wearable medical device market?
Q.6. What are the emerging trends in the wearable medical device market and reasons behind them?
Q.7. What are some changing customer demands in the wearable medical device market?
Q.8. What are the new developments in the wearable medical device market? Which companies are leading these developments?
Q.9. Who are the major players in the wearable medical device market? What are the strategic initiatives of key players for business growth?
Q.10. What are some of the competing products and processes in the wearable medical device market and how big of a threat do they pose for loss of market share by material / product substitution?
Q.11. What M&A activity did take place in the last five years in the wearable medical device market?


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Table of Contents

1. Executive Summary
2. Global Wearable Medical Device Market Dynamics
2.1: Introduction, Background, and Classification
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2016 to 2027
3.1: Macroeconomic Trends and Forecast
3.2: Global Wearable Medical Device Market Trends and Forecast
3.3: Global Wearables Medical Device Market by End Use
3.3.1: Healthcare
3.3.2: Remote Patient Monitoring
3.4: Global Wearable Medical Device Market by Application
3.4.1: Wearable Diagnostic Market
3.4.1.1: Vital Sign Monitoring Market
3.4.1.1.1: Market by Device (Electro-cardiographs, Plus Oximeters, Spirometer Blood Pressure, and Others)
3.4.1.2: Neuromodulation Market
3.4.1.3: Fetal and Obstetric Market
3.4.2: Wearable Therapeutic Device Market
3.4.2.1: Wearable Pain Management Device Market
3.4.2.1.1: Market by Device (Neuro-Stimulation and Others)
3.4.2.2: Diabetic Wearable Market
3.4.2.2.1: Market by Device (Insulin Pump and Others)
3.4.2.3: Wearable Rehabilitation Device Market
3.4.2.3.1: Market by Device (Accelerometer, Sensing Device, Ultrasound Platforms, and Others)
3.4.2.4: Wearable Respiratory Device Market
3.4.2.4.1: Market by Device (Ventilators; Positive Airways Pressure Device, Portable Oxygen Concentrator, and Others)
3.5: Global Wearable Medical Devices by Distribution Channel Type (Pharmacy/ Clinic & Online and Other)
4. Market Trends and Forecast Analysis by Region
4.1: Global Wearable Medical Device Market by Region
4.2: North American Wearable Medical Device Market
4.2.1: Market by Application: Diagnostic and Therapeutic Wearable Devices
4.2.2: Market by End Use: Healthcare and Remote Patient Monitoring
4.2.3: The US Wearable Medical Device Market
4.2.4: Canadian Wearable Medical Device Market
4.2.5: Mexican Wearable Medical Device Market
4.3: European Wearable Medical Device Market
4.3.1: Market by Application: Diagnostic and Therapeutic Wearable Devices
4.3.2: Market by End Use: Healthcare and Remote Patient Monitoring
4.3.3: United Kingdom Wearable Medical Device Market
4.3.4: German Wearable Medical Device Market
4.3.5: French Wearable Medical Device Market
4.3.6: Spanish Wearable Medical Device Market
4.3.7: Italian Wearable Medical Device Market
4.4: APAC Wearable Medical Device Market
4.4.1: Market by Application: Diagnostic and Therapeutic Wearable Application
4.4.2: Market by End Use: Healthcare and Remote Patient Monitoring
4.4.3: Chinese Wearable Medical device Market
4.4.4: Japanese Wearable Medical Device Market
4.4.5: Australian Wearable Medical Device Market
4.4.6: South Korean Wearable Medical Device Market
4.4.7: ASEAN Wearable Medical Device Market
4.5: ROW Wearable Medical Device Market
4.5.1: Market by Application: Diagnostic Wearable Devices and Therapeutic Wearable Devices
4.5.2: Market by End Use: Healthcare and Remote Patient Monitoring
4.5.3: Latin American Wearable Medical Device Market
4.5.4: The Middle Eastern Wearable Medical Device Market
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Market Share Analysis
5.3: Operational Integration
5.4: Geographical Reach
5.5: Porter’s Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Wearable Medical Device Market by Application
6.1.2: Growth Opportunities for the Global Wearable Medical Device Market by End Use
6.1.3: Growth Opportunities for the Global Wearable Medical Device Market by Region
6.2: Emerging Trends in the Global Wearable Medical Device Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the Global Wearable Medical Device Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Wearable Medical Market
6.3.4: Certification and Licensing
6.3.5: Technology Development
7. Company Profiles of Leading Players
7.1: Johnson & Johnson
7.2: Smiths Medical Inc -Smiths Group Plc
7.3: Koninklijke Philips N.V.
7.4: Roche Holding AG
7.5: Medtronic plc

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Johnson & Johnson
  • Smiths Medical Inc -Smiths Group Plc
  • Koninklijke Philips N.V.
  • Roche Holding AG
  • Medtronic plc

Methodology

The analyst has been in the business of market research and management consulting since 2000 and has published over 600 market intelligence reports in various markets/applications and served over 1,000 clients worldwide. Each study is a culmination of four months of full-time effort performed by the analyst team. The analysts used the following sources for the creation and completion of this valuable report:

  • In-depth interviews of the major players in the market
  • Detailed secondary research from competitors’ financial statements and published data
  • Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
  • A compilation of the experiences, judgments, and insights of professionals, who have analyzed and tracked the market over the years.

Extensive research and interviews are conducted in the supply chain of the market to estimate market share, market size, trends, drivers, challenges and forecasts.

Thus, the analyst compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. The analyst then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process.

 

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