Wearable Medical Devices Market
Wearable medical devices comprise of three major segments namely wearable therapeutic devices, wearable monitoring and diagnostic devices, and health and fitness devices. These wearable medical devices are used with or without doctor consultation and are home healthcare products.
Statistics:
The global wearable medical devices market is estimated to account for US$ 29,834.5 Mn in terms of value and is expected to reach US$ 50,898.5 Mn by the end of 2027.
Global Wearable Medical Devices Market: Drivers
High prevalence of chronic diseases is expected to propel growth of the global wearable medical devices market over the forecast period. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.
Moreover, increasing geriatric population is also expected to boost demand for wearable medical devices. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Statistics:
Home healthcare held dominant position in the global wearable medical devices market in 2019, accounting for 63.3% share in terms of value, followed by patient monitoring and health and fitness, respectively.
Figure 1. Global Wearable Medical Devices Market Share (%), by Value, by Application, 2019
Global Wearable Medical Devices Market: Restraints
Inaccuracy of wearable devices is expected to hinder growth of the global wearable medical devices market. For instance, according to a research published in April 2019 by the Harvard Medical School, 30% of wearable devices yield inaccurate results.
Moreover, high cost of wearable devices is also expected to limit the market growth.
| Report Coverage | Details | ||
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| Base Year: | 2019 | Market Size in 2019: | US$ 28,096.4 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 7.9% | 2027 Value Projection: | US$ 50,898.5 Mn |
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| Companies covered: |
Current Health, Sorrel Medical, Willow, Aeroflow Breastpumps, Medtronic plc, Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Smiths Medical, Johnson and Johnson, OMRON Corporation, Siemens AG, Fitbit Inc., Sonova, and Panasonic Corporation. |
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Global Wearable Medical Devices Market: Opportunities
R&D in wearables is expected to offer lucrative growth opportunities growth opportunities for players in the global wearable medical devices market. For instance, July 2018, researchers from Wyss Institute for Biologically Inspired Engineering at Harvard reported development of a wearable soft exosuit that helps users to save energy and walk over difficult terrain.
Moreover, increasing investment in wearable medical devices is also expected to aid in growth of the market. For instance, in July 2018, Current Health, a developer of AI-powered wearable monitoring devices, raised US$ 8 million in seed funding.
The global wearable medical devices market was valued at US$ 28,096.4 Mn in 2019 and is forecast to reach a value of US$ 50,898.5 Mn by 2027 at a CAGR of 7.9% between 2020 and 2027.
Figure 2. Global Wearable Medical Devices Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027
Market Trends/Key Takeaways
Major global wearable medical devices market in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in January 2020, VivaLNK, a China-based provider of connected healthcare solutions for in-patient and remote patient monitoring, received the U.S. FDA clearance for its Continuous ECG platform comprising of reusable wearable ECG sensors and associated software development kit.
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in October 2019, AliveCor partnered with Huami Corporation, a manufacturer of biometric, data-driven wearables, to integrate the technologies of each company to develop a new generation of medical functionality to wearable devices.
Global Wearable Medical Devices Market: Competitive Landscape
Major players operating in the global wearable medical devices market include, Current Health, Sorrel Medical, Willow, Aeroflow Breastpumps, Medtronic plc, Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Smiths Medical, Johnson and Johnson, OMRON Corporation, Siemens AG, Fitbit Inc., Sonova, and Panasonic Corporation.
Global Wearable Medical Devices Market: Key Developments
Major players in the global wearable medical devices market are focused on approval and launch of new products to expand their product portfolio. For instance, in April 2019, the U.S. Food and Drug Administration (FDA) granted Class II clearance for Current Health (a healthcare company)’s Artificial Intelligence (AI)-based wearable remote patient monitoring platform (RPM), for post-acute care in hospital and home care setting.
Similarly, in July 2018, LifeSignals Group Inc. received the U.S. FDA clearance for its wireless LP1100 Life Signal Patch, a wearable ECG patch
Wearable medical devices consist of sensors attached to the body, which detects and monitor changes in different parts of body and organ. Increase in awareness and health facilities and advancement in technology and innovation in the devices, are some of the factors propelling the wearable medical devices market growth. Smart watch, wristband, and smartphones are some of the wearable medical devices which are targeted by the companies. This is owing to factors such as their high demand and user friendly approach, and it also reduces hospital based expenditure. In near future technology is expected to play a major role in healthcare services. These devices help pharmaceutical companies in conducting valuable clinical trials. Wearable medical devices are available in wide range having different functions such as alerting mechanism, real-time feedback, and wireless data transmission.
Restraints of the Global Wearable Medical Devices Market
Major factors hampering the growth of the wearable medical devices market during the forecast period constitutes of inaccuracy of wearable devices, and high costs.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
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