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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

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

Wearable Medical Devices  | Coherent Market Insights

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.

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Wearable Medical Devices Market Report Coverage

Report Coverage Details
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
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, Rest of Middle East
  • Africa: South Africa, North Africa, Central Africa
Segments covered:
  • By Product Type:
    • Wearable Therapeutic Medical Device: Hearing Aids, Insulin Pump.
      • Respiratory Therapy Devices: Sleep Apnea Devices, Non-invasive Ventilation Device.
    • Wearable Monitoring and Diagnostic Device: Fetal and Obstetric Devices, Continuous Glucose Monitoring Devices
      • Cardiac Monitoring Devices: Wearable Heart Rate Monitors, Wearable Pulse Oximeters, Wearable Blood Pressure Monitors.
    • Health and Fitness Devices.
  • By Application: Patient Monitoring, Health & Fitness, Home Healthcare.
  • By End User: Clinics, Hospital Pharmacies, Online Channels, Hypermarkets, Individuals.
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.

Growth Drivers:
  • Technological advancement
  • Increasing use of mobile applications
Restraints & Challenges:
  • Inaccuracy of wearable devices
  • High Costs

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

Wearable Medical Devices  | Coherent Market Insights

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:

  • This report provides in-depth analysis of the global wearable medical devices market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2020–2027), considering 2019, as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global wearable medical devices market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments, strategies, and future plans
  • Key companies covered as a part of this study 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.
  • Insights from this report would allow marketers and the management authorities of companies to make informed decision regarding future product launches, technology up-gradation, market expansion, and marketing tactics
  • The global wearable medical devices market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the market.

Detailed Segmentation

  • Global Wearable Medical Devices Market, By Product Type:
    • Wearable Therapeutic Medical Device
      • Hearing Aids
      • Insulin Pump
      • Respiratory Therapy Devices
        • Sleep Apnea Devices
        • Non-invasive Ventilation Device
      • Wearable Monitoring and Diagnostic Device
        • Fetal and Obstetric Devices
        • Continuous Glucose Monitoring Devices
        • Cardiac Monitoring Devices
          • Wearable Heart Rate Monitors
          • Wearable Pulse Oximeters
          • Wearable Blood Pressure Monitors
        • Health and Fitness Devices
  • Global Wearable Medical Devices Market, By Application:
    • Patient Monitoring
    • Health & Fitness
    • Home Healthcare
  • Global Wearable Medical Devices Market, By End User:
    • Clinics
    • Hospital Pharmacies
    • Online Channels
    • Hypermarkets
    • Individuals
  • Global Wearable Medical Devices Market, By Geography:
    • North America
      • By Product Type
        • Wearable Therapeutic Medical Device
          • Hearing Aids
          • Insulin Pump
          • Respiratory Therapy Devices
            • Sleep Apnea Devices
            • Non-invasive Ventilation Device
          • Wearable Monitoring and Diagnostic Device
            • Fetal and Obstetric Devices
            • Continuous Glucose Monitoring Devices
            • Cardiac Monitoring Devices
              • Wearable Heart Rate Monitors
              • Wearable Pulse Oximeters
              • Wearable Blood Pressure Monitors
            • Health and Fitness Devices
      • By Application
        • Patient Monitoring
        • Health & Fitness
        • Home Healthcare
      • By End User
        • Clinics
        • Hospital Pharmacies
        • Online Channels
        • Hypermarkets
        • Individuals
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Product Type
        • Wearable Therapeutic Medical Device
          • Hearing Aids
          • Insulin Pump
          • Respiratory Therapy Devices
            • Sleep Apnea Devices
            • Non-invasive Ventilation Device
          • Wearable Monitoring and Diagnostic Device
            • Fetal and Obstetric Devices
            • Continuous Glucose Monitoring Devices
            • Cardiac Monitoring Devices
              • Wearable Heart Rate Monitors
              • Wearable Pulse Oximeters
              • Wearable Blood Pressure Monitors
            • Health and Fitness Devices
      • By Application
        • Patient Monitoring
        • Health & Fitness
        • Home Healthcare
      • By End User
        • Clinics
        • Hospital Pharmacies
        • Online Channels
        • Hypermarkets
        • Individuals
      • By Country:
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Product Type
        • Wearable Therapeutic Medical Device
          • Hearing Aids
          • Insulin Pump
          • Respiratory Therapy Devices
            • Sleep Apnea Devices
            • Non-invasive Ventilation Device
          • Wearable Monitoring and Diagnostic Device
            • Fetal and Obstetric Devices
            • Continuous Glucose Monitoring Devices
            • Cardiac Monitoring Devices
              • Wearable Heart Rate Monitors
              • Wearable Pulse Oximeters
              • Wearable Blood Pressure Monitors
            • Health and Fitness Devices
      • By Application
        • Patient Monitoring
        • Health & Fitness
        • Home Healthcare
      • By End User
        • Clinics
        • Hospital Pharmacies
        • Online Channels
        • Hypermarkets
        • Individuals
      • By Country:
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • By Product Type
        • Wearable Therapeutic Medical Device
          • Hearing Aids
          • Insulin Pump
          • Respiratory Therapy Devices
            • Sleep Apnea Devices
            • Non-invasive Ventilation Device
          • Wearable Monitoring and Diagnostic Device
            • Fetal and Obstetric Devices
            • Continuous Glucose Monitoring Devices
            • Cardiac Monitoring Devices
              • Wearable Heart Rate Monitors
              • Wearable Pulse Oximeters
              • Wearable Blood Pressure Monitors
            • Health and Fitness Devices
      • By Application
        • Patient Monitoring
        • Health & Fitness
        • Home Healthcare
      • By End User
        • Clinics
        • Hospital Pharmacies
        • Online Channels
        • Hypermarkets
        • Individuals
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East:
      • By Product Type
        • Wearable Therapeutic Medical Device
          • Hearing Aids
          • Insulin Pump
          • Respiratory Therapy Devices
            • Sleep Apnea Devices
            • Non-invasive Ventilation Device
          • Wearable Monitoring and Diagnostic Device
            • Fetal and Obstetric Devices
            • Continuous Glucose Monitoring Devices
            • Cardiac Monitoring Devices
              • Wearable Heart Rate Monitors
              • Wearable Pulse Oximeters
              • Wearable Blood Pressure Monitors
            • Health and Fitness Devices
      • By Application
        • Patient Monitoring
        • Health & Fitness
        • Home Healthcare
      • By End User
        • Clinics
        • Hospital Pharmacies
        • Online Channels
        • Hypermarkets
        • Individuals
      • By Country:
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Product Type
        • Wearable Therapeutic Medical Device
          • Hearing Aids
          • Insulin Pump
          • Respiratory Therapy Devices
            • Sleep Apnea Devices
            • Non-invasive Ventilation Device
          • Wearable Monitoring and Diagnostic Device
            • Fetal and Obstetric Devices
            • Continuous Glucose Monitoring Devices
            • Cardiac Monitoring Devices
              • Wearable Heart Rate Monitors
              • Wearable Pulse Oximeters
              • Wearable Blood Pressure Monitors
            • Health and Fitness Devices
      • By Application
        • Patient Monitoring
        • Health & Fitness
        • Home Healthcare
      • By End User
        • Clinics
        • Hospital Pharmacies
        • Online Channels
        • Hypermarkets
        • Individuals
      • By Country/Region:
        • Central Africa
        • South Africa
        • North Africa
  • Company Profiles
    • Current Health*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
    • 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
    • Panasonic Corporation

“*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objective and Assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Product Type
      • Market Snippet, By Application
      • Market Snippet, By End User
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Developments
    • Regulatory Scenario
    • PEST Analysis
    • COVID-19 Impact Analysis
  4. Global Wearable Medical Devices Market, By Product Type, 2019 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017–2027
      • Segment Trends
    • Wearable Therapeutic Medical Device
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
        • Hearing Aids
        • Insulin Pump
        • Respiratory Therapy Devices
          • Sleep Apnea Devices
          • Non-invasive Ventilation Device
    • Wearable Monitoring and Diagnostic Device
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
      • Segment Trends
        • Fetal and Obstetric Devices
        • Continuous Glucose Monitoring Devices
        • Cardiac Monitoring Devices
          • Wearable Heart Rate Monitors
          • Wearable Pulse Oximeters
          • Wearable Blood Pressure Monitor
      • Health and Fitness Devices
        • Introduction
        • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • Segment Trends
  5. Global Wearable Medical Devices Market, By Application, 2019 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017–2027
      • Segment Trends
    • Patient Monitoring
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Health & Fitness
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Home Healthcare
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
  6. Global Wearable Medical Devices Market, By End User, 2019 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017–2027
      • Segment Trends
    • Clinics
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Hospital Pharmacies
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Online Channels
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Hypermarkets
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Individuals
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)      
  7. Global Wearable Medical Devices Market, By Regions, 2019 – 2027 (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017–2027
      • Segment Trends
    • North America
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • U.S.
        • Canada
    • Europe
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • North Africa
        • Central Africa
        • South Africa
  8. Competitive Landscape
    • Company Profiles
      • Current Health
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Sorrel Medical
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Willow
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Aeroflow Breastpumps
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Medtronic plc
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Hoffmann-La Roche Ltd.
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Koninklijke Philips N.V.
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Smiths Medical
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Johnson and Johnson
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • OMRON Corporation
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Siemens AG
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Fitbit Inc.
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Sonova
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
      • Panasonic Corporation
        • Company Overview
        • Product Portfolio
        • Key Developments
        • Financial Performance
        • Strategies
  9. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 34 market data tables and 25 figures on “Wearable Medical Devices Market – Global forecast to 2027.

Frequently Asked Questions

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.
Major factor driving the growth of global wearable medical devices market during the forecast period include technological advancement, and increasing use of mobile applications and connected health.
Major factors hampering the growth of the wearable medical devices market during the forecast period constitutes of inaccuracy of wearable devices, and high costs.
Home healthcare held dominant position in the global wearable medical devices market in 2019.
North America Wearable Medical Devices market is expected to generate the highest revenue during the forecast period.
Some of the key players operating in the market are 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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