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Wearable Medical Devices Market and Factors Behind its Growing Landscape – Industry Analysis by Top Vendors, Size, Growth Factors and Forecast to 2027

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Global Wearable Medical Devices Market

Wearable medical devices consist of sensors attached to the body, which help detect and monitor changes in different parts and organs of the body. Surging awareness, health facilities, and innovations in technology and devices, are some of the integral factors propelling the global wearable medical devices market growth. Smart watches, wristbands, and smartphones are some of the most popular wearable medical devices used worldwide. The high demand for these wearable gadgets is triggered by their user-friendly approach, and moreover, these devices are said to significantly reduce hospital-based expenditure as well. In the near future, technology is expected to play a pivotal role in healthcare services. The wearable medical devices help pharmaceutical companies in conducting valuable clinical trials. Furthermore, these are available with a wide array of functions, such as an alerting mechanism, real-time feedback, and wireless data transmission.

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Wearable Medical Devices Market Taxonomy

On the basis of device type, the global wearable medical devices market is segmented into:

  • Diagnostic Medical Devices
  • Therapeutic Medical Devices

Based on the type of use, the global wearable medical devices market is segmented into:

  • Hand-held
  • Shoe Sensor
  • Headband
  • Wrist-worn

In terms of application, the global wearable medical devices market is segmented into:

  • Remote Patient Monitoring
  • Sports & Fitness

Technological innovations and increased health awareness to propel global market growth

Rapid advancements in technology, introduction of new products, growing health concerns, sedentary lifestyles, and rising awareness about health and fitness accelerate the development of the global wearable medical devices market. According to the United Nations Department of Economic and Social Affairs, the global geriatric population is expected to increase by around 56%, which is from 901 million to 1.4 billion over the period of 2015-2030. The major companies concentrate on the development of user-friendly wearable medical devices, with a plethora of features, such as Bluetooth, wireless connectivity, and a long battery life. With a tremendous increase in the prevalence of chronic diseases, such as diabetes and respiratory diseases, there has been a massive surge in the use of wearable medical devices around the globe. These devices are used to record the heart rate, temperature, steps taken by a patient, and glucose levels of the body. According to the Centers for Disease Control and Prevention (CDC), around 21 million people in the U.S. were diagnosed with diabetes in 2014.

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Developed regions across the globe are major growth engines for the global wearable medical devices market

North America leads the global wearable medical devices market. Furthermore, the Asia Pacific market is likely to witness rampant growth over the forecast period, owing to technological advancements, and expanding geriatric population, especially in the emerging countries of the region, such as India, China, and Japan. Increasing chronic diseases, mainly diabetes, augmented awareness of the significance of continuous glucose monitoring, and surmounting healthcare investments are the other integral factors leading to market growth in the region. According to the World Economic Forum, Asia Pacific’s geriatric population would potentially exceed 2 billion by 2050.

Key Players

Some of the major players operating in the global wearable medical devices market include Life Watch AG, Google Inc., Apple, Medtronic Plc., Omron Corporation, Philips Healthcare, and Polar Electro. These players are currently focused on product innovation and improvement.

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Last Updated: 19-Jan-2021