Wearable Medical Device Market
Wearable medical devices are more advanced and relatively costlier compared to other product segments in the medical devices market due to the digital technology used in the devices.
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
Approval and launch of wearable devices is expected to propel growth of the global wearable medical devices market over the forecast period. For instance, in April 2019, VivaQuant, a digital health company, received the U.S. FDA clearance for its RX-1 wearable device that can operate as a Holter monitor
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, in October 2019, researchers at Electronics and Telecommunications Research Institute, South Korea, reported use of two kinds of first-order derivative filters and a max filter for an efficient real-time and QRS detection method to analyze ECG signals measured from wearable ECG devices in real-time.
Global Wearable Medical Devices Market: Restraints
Availability of viable treatment options for certain diseases may hamper wearable devices demand, thereby hindering growth of the global wearable medical devices market.
Key Takeaways:
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.
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. Increasing product launches is expected to support growth of the segment over the forecast period.
Market Trends
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 March 2019, VivaLNK, a connected healthcare solutions provider, launched its IoT-enabled medical wearable Sensor Platform that enables internet of health things (IoHT) solution partners to easily capture streams of patient data such as temperature and ECG rhythms
Major players in the market are also focused on adopting various marketing strategies to enhance their market share. For instance, in June 2020, SMi Group announced that AstraZeneca will lead a pre-conference workshop at Wearable Injectors and Connected Devices Conference 2020 on 6th October in London.
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 production expansion to enhance their market share. For instance, in July 2020, Sorrel Medical, a developer and manufacturer of wearable drug delivery devices, started a new manufacturing facility with state-of-the-art cleanroom facilities to accommodate manufacturing scalability of its wearable drug delivery devices.
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in May 2020, Aeroflow Breastpumps, a durable medical equipment provider and subsidiary of Aeroflow Healthcare, launched Willow Wearable Breast Pump, a quiet all-in-one, in-bra pump.
Segmentation
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