$38.9 Billion Wearable Medical Devices Industry - Global Market Trajectory & Analytics to 2026 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Wearable Medical Devices - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Wearable Medical Devices Market to Reach US$38.9 Billion by the Year 2026
The global market for Wearable Medical Devices estimated at US$18.1 Billion in the year 2021, is projected to reach a revised size of US$38.9 Billion by 2026, growing at a CAGR of 15.8% over the analysis period.
The numerous benefits of wearable electronics are contributing to their increasing use in an expanding range of applications in the areas of health & fitness, consumer, entertainment, medical and industrial sectors. Some of the most common types of electronics devices include smart watches, AR/VR glasses, head mounted computers, fitness trackers and smart clothing among others.
Diagnostic Devices, one of the segments analyzed in the report, is projected to grow at a 13.4% CAGR to reach US$22.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Therapeutic Devices segment is readjusted to a revised 19.7% CAGR for the next 7-year period. This segment currently accounts for a 34% share of the global Wearable Medical Devices market.
The medical wearables space is exploding and poised to support the healthcare system with new and compelling approaches to improve patient care while bringing down healthcare costs. These devices are enjoying extensive uptake among patients and medical professionals for catering to the patient population in real-time. Available as wearable sensors, patches, watches, footwear and devices, the medical wearable technology is exuding immense potential to change the entire healthcare landscape in a helpful manner.
Wearable sensors are significantly impacting medicine and healthcare by facilitating health monitoring in non-clinical settings and prediction of various conditions in time. Medical wearables hold critical relevance for a comprehensive spectrum of medical applications such as gastrointestinal, cardiovascular and metabolic monitoring along with mental health, neurology, sleep and movement disorders. In addition to holding potential to transform pre- & neo-natal and maternal care, these devices are poised to support interventions related to pulmonary health and diabetes management.
Receiving a notable impetus from advances in digital and mobile health, medical wearables are finding broader acceptance among a large number of medical practitioners for continuous health monitoring outside the clinical setting. The wearable revolution also encompasses sophisticated algorithms to facilitate automated prediction, prevention, and intervention.
The increasing availability of advanced wearable-centric analytic tools is bound to transform access to and quality of healthcare. These devices are leading to compelling advancements such as enhanced ICU alarms and continuous arrhythmia detection in non-clinical settings along with neo-natal temperature monitoring in rural settings. Wearable healthcare devices are anticipated to allow effective use of health data for R&D and innovation while aiding healthcare services and intervention in the coming years.
The U.S. Market is Estimated at $6.6 Billion in 2021, While China is Forecast to Reach $4.1 Billion by 2026
The Wearable Medical Devices market in the U.S. is estimated at US$6.6 Billion in the year 2021. The country currently accounts for a 36.6% share in the global market.
China, the world second largest economy, is forecast to reach an estimated market size of US$4.1 Billion in the year 2026 trailing a CAGR of 21% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 13.2% and 15.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 14.3% CAGR while Rest of European market (as defined in the study) will reach US$4.9 Billion by the close of the analysis period.
Against the background of the concerted push towards personalized/precision medicines and healthcare, medical wearables are gaining increased attention, attracting interest from patients and healthcare professionals alike. The aspects of personalized healthcare, in terms of its participatory form and its data-centeredness, are combined in wearable sensors, self-tracking devices, and mobile apps for providing users with the ability of collecting, measuring, and displaying data related to any type of behavioral activity or bodily action.
Leading companies such as Apple and Fitbit are working aggressively on AI-powered devices that are poised to transform healthcare and improve patient experience. In addition, various players are exploiting AI and sophisticated algorithms built on deep learning for innovative use cases.
The combination of AI technology and medical wearables holds notable long-term potential to dramatically revolutionize the healthcare industry. Suunto Spartan, Polar OH1, Xiaomi Mi Band 2S, Google smart lenses, iTBra, health patch MD, and Cloud DX vitaliti are some of the currently trending wearable medical and activity tracker devices.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Digitalization of Healthcare Provides the Foundation for the Rise of Medical Wearables
- The World Prepares for the Digital Health Revolution
- Supported by the Migration to Digital Health, Healthcare IT Investments Spiral to Unprecedented Levels
- Piggybacking on Healthcare Digitalization, the Wearable Healthcare Revolution Has Arrived!
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 137 Featured)
- Apple Inc.
- Everist Health Inc.
- Fitbit, Inc.
- Garmin Ltd.
- Intelesens Ltd.
- Koninklijke Philips N.V.
- Omron Corporation
- Polar Electro Oy
- Samsung Electronics Co., Ltd,
- Sotera Wireless, Inc.
- Vital Connect, Inc.
- Withings SA
- Xiaomi Inc.
3. MARKET TRENDS & DRIVERS
- Personalized Medicine Gets a Boost from the Rise of Medical Device Wearables
- Real-time, Personalized Medicine through Medical Wearable Becomes a Reality
- Emerging Role of Wearables in Precision Medicine
- Rising Healthcare Costs Drives Focus on Wearables for Their Ability to Reduce Cost of Healthcare
- Here's How Medical Wearables Can Reduce Healthcare Costs
- Rise in Chronic Diseases, Increase in Demand for Medical Services, the Need for Equity in Healthcare & the Ensuing Focus on Democratizing Healthcare to Benefit Medical Wearables
- COVID-19 Induced Consumer Engagement With Health & Wellbeing Technologies Drives Demand for Personal Health Monitoring & Fitness Wearables
- Global Diabetes Epidemic Provides Opportunities On a Platter for Medical Wearables
- Medical Wearables Brings the Promise of Revolutionizing the Effectiveness of Long-Term Diabetes Care & Treatment Outcomes
- Big Data Analytics Remains Vital for Shaping the Future of Wearable Technology & Realizing Complete Benefits of Medical Wearables
- Mining Healthcare Big Data Becomes Big Businesses & Wearable Medical Devices Will Add to this Data Boom
- Integrating Cloud With Medical Wearables, A Major Trend
- AI Emerges to Revolutionize Wearable Medical Devices
- Rapidly Aging World Population, COVID-19 Induced Re-Focus on Aging-In-Place & Rise in Demand for Remote Patient Monitoring to Benefit Growth of Medical Wearables
- Rapidly Aging Population & Escalation in Demand for Geriatric Healthcare Highlights the Need for Medical Emergency Wearables
- Expanding Opportunity for PERS Will Encourage Increased Use of Medical Wearables
- The Stage is Now Set for Remote Patient Monitoring
- Aging Population, Rise of PERS & Migration of Healthcare to Alternate Sites Drive the Need for Remote Patient Monitoring Wherein Wearables Play a Major Role
- Role of Wearables in Remote Patient Monitoring
- Integration of Wearables into Telemedicine Explodes Into a Major Trend
- Wearables Emerge Into the Spotlight as Telemedicine Gains Momentum
- Role of Wearables in Telemedicine
- Increasing Obesity Levels Underpins Strong Potential for Wearable Pedometers & Heart Rate Monitors
- Wearables for Cancer Breaks the Surface
- Here's How Wearables Will Help Revolutionize Cancer Care, Treatment & Outcomes
- Medical Wearables Brings Massive Benefits for Clinical Trials
- Innovations in Medical Wearables Rushes on Full-Steam to Sustain Long-Term Growth in the Market
- Battery Power Being Vital for Wearable Technology is a Major Area Identified for Innovation & R&D
- Privacy & Data Issues Continue to Plague the Market
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
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