Wearable Medical Devices Market Growth, Trends, and Forecast 2018 - 2026

Wearable Medical Devices Market - Snapshot

A wearable medical device refers to an equipment that is noninvasive, autonomous, and performs certain medical functions such as providing support or monitoring over a long period of time. Trend toward use of wearable medical devices are rising, amongst both the healthcare professionals and consumers, which is predicted to widen the scope of application for the global wearable medical devices market in the years to come.

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Wearables are adopted and utilized in an extensive range of end use applications. However, wearables find immense opportunity in the healthcare and are able to address the burden of chronic disease, aging population, and spiraling cost of healthcare services.

Consumers who opt for wearables remain aware of their health conditions and can know about their heart rate, level of glucose, and blood pressure through a smartphone app. Such utilities of these devices are likely to drive the growth of the global wearable medical devices market in the near future.

These Devices to Observe Growth in the Rising Urge to Lead a Fit and Healthy Life

Wearable medical devices come with multiple benefits, some of which are

Benefits of employers and healthcare providers
Encourages proactive healthcare
Performs many functions
Keeps patients engaged
Monitors vulnerable patients
The rapid growth of various industries such as remote patient monitoring devices and home healthcare are predicted to influence the global wearable medical devices market positively over the period of assessment. In addition to that, a growing focus of consumers on health and fitness has led to efforts toward leading a healthy lifestyle are anticipated to fuel growth of the market in the years to come.

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There has been a rise in the healthcare-related data and associated complexities in data processing and extraction in the last few years. Research has been done to come up with a feasible solution that would incorporate artificial intelligence in wearable medical devices. Such technological innovations are predicted to drive the demand for wearable medical devices.

Global Wearable Medical Devices Market - Snapshot

The global wearable medical devices market was valued at approximately US$ 6.8 Bn in 2017 and is anticipated to reach a value of approximately US$ 29.6 Bn by 2026, expanding at a CAGR of 17.7% from 2018 to 2026. The global wearable medical devices market is driven by the rise in prevalence of chronic pain, increase in diabetic population, increase in the geriatric population, and a surge in the rate of adoption of technologically advanced wearable medical products. Furthermore, a rise in patient awareness and healthcare expenditure and technological advancements are expected to drive the market during the forecast period.

The global wearable medical devices market has been segmented based on device, product type, application, distribution channel, and region. In terms of device, the global market has been classified into diagnostic and monitoring devices and therapeutic devices. The diagnostic and monitoring devices segment has been further sub-segmented into vital signs monitoring devices, glucose monitoring devices, sleep monitoring devices, fetal monitoring & obstetric devices, and neuromonitoring devices. The therapeutic devices segment has been further sub-segmented into pain management devices, rehabilitation devices, insulin pumps, and respiratory therapy devices.

Based on product type, the wearable medical devices market has been categorized into smart watches, activity monitors, patches, and smart clothing. The application segment has been bifurcated into sports & fitness, home healthcare, and remote patient monitoring. Based on distribution channel, the market has been classified into online channels, pharmacies, and hypermarkets. Based on region, the global market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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In terms of device, the diagnostic and monitoring devices segment is anticipated to dominate the global wearable medical devices market, owing to high usage of wearable medical devices for diagnosing medical health and fitness.

Furthermore, increase in chronic diseases, such as cardiovascular and neurological disorders, is expected to drive the market during the forecast period. In terms of product type, the activity monitors segment dominated the market in 2017. It is expected to maintain its dominant position in the market during the forecast period. Based on application, the sports and fitness segment accounted for a prominent share of the market in 2017. It is expected to dominate the market during the forecast period. Increase in patient population, advancements in lifestyle, and improvement in health care infrastructure are expected to drive the segment during the forecast period.

North America held a significant share of the global market in 2017. This is due to development of innovative products and increase in demand for products among the population. The U.S. held a major share of the market in North America as well as globally. The region is a major hub for innovation, where the world's leading companies in the segment conduct research and development. According to the CDC, 29.1 million people in the U.S. have diabetes. Hence, demand for wearable glucose monitors, heart monitors, and activity monitors is rising constantly.
Europe is a mature market for wearable medical devices.

Therefore, the market in the region has been expanding at a sluggish pace due to a well-established network of major market players, which offers relatively fewer opportunities to new market entrants.

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However, a rise in the geriatric population and favorable health care reimbursement regulations are likely to drive the market in the region during the forecast period. Asia Pacific is an emerging market, offering significant potential. Expansion of the market in the region can be ascribed to the emergence of strong local manufacturers offering technologically advanced products at lower prices and increasing awareness among people about early diagnosis of chronic wounds.

Major players operating in the global wearable medical devices market include Xiaomi Technology Co., Ltd, Samsung Electronics Co. Ltd., Fitbit, Inc., Garmin Corporation, Apple Inc., Huawei Technologies Co., Ltd., Polar Electro, OMRON Corporation, Activinsights Ltd., and VitalConnect. Increase in mergers & acquisitions, new product development, and strategic collaborations between major companies and governing authorities are expected to drive the global market during the forecast period.

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