Growing trend of self-health management is expected to drive the growth of global wearable medical devices market
According to TechSci Research report, “Global Wearable Medical Devices Market By Product Type (Activity Monitors/Trackers, Smartwatches, Patches, Smart Clothing), By Type (Diagnostic Devices v/s Therapeutic Devices), By Purpose (Heart rate, Physical Activities, Blood oxygen saturation, Blood Pressure, Hearing Aids, Body Temperature, Posture, Others), By Site (Strap/Clip/Bracelet, Handheld, Headband, Shoe Sensors, Others), By Application (General Health & Fitness, Remote Patient Monitoring, Home Healthcare), By Distribution Channel (Non-Store-Based v/s Store-Based), By Business Segment (B2C Vs B2B), By Region, Forecast & Opportunities, 2026”, the global wearable medical devices market stood at USD17.31 billion in 2020 and is expected to grow at a robust rate of 18.82% during the forecast period. This can be attributed to the growing internet penetration and smart phones proliferation across the globe. Additionally, the widespread usage of health tracking apps and physical activity monitoring apps is further expected to foster the market growth during the forecast period. Besides, growing awareness pertaining to health and diseases and maintaining a healthy lifestyle is expected to positively influence the market growth. Also, growing popularity of remote patient monitoring and home healthcare is further expected to spur the market growth over the next five years. Furthermore, the widespread adoption of telemedicine and telehealth services is expected to create lucrative opportunities for the market growth through 2026. However, issues related cybersecurity and data protection while using certain wearable medical devices can restrict the market growth during the forecast period. Additionally, cost constraints and affordability concerns especially in the emerging countries might further restrict the market growth. Furthermore, lack of awareness pertaining to these devices is expected to hinder the market growth during the forecast period. Besides, unfavorable reimbursement policies might further impede the market growth.
Browse market data 155 Figures spread through 110 Pages and an in-depth TOC on“ Global Wearable Medical Devices Market”
The global wearable medical devices market is segmented based on product type, type, purpose, site, application, distribution channel, business segment, company and region. Based on type, the market can be split into diagnostic devices and therapeutic devices. The diagnostic devices segment is expected to dominate the market in 2020 with 69.29% shares owing to the growing prevalence of chronic and lifestyle associated diseases. Additionally, these devices are easy to handle, easy to wear, highly accurate and help in improving patient’s health. However, the therapeutic devices segment is expected to grow significantly on account of the growing influx of these devices. Based on purpose, the market can be fragmented into heart rate, physical activities, blood oxygen saturation, blood pressure, hearing aids, body temperature, posture and others. Among these, the heart rate segment is expected to dominate the market in 2020 with 29.11% owing to the rising prevalence cardiovascular diseases. Additionally, the changing lifestyle patterns has increased the prevalence of sedentary lifestyle diseases such as diabetes, hypertension, among others. This in turn is expected to drive the segmental growth through 2026. Additionally, the sudden outbreak and spread of COVID-19 across the globe in 2020 has drastically increased the demand for monitoring blood oxygen saturation levels since in COVID-19 patients, the fall in oxygen saturation levels can lead to fatality, this in turn is expected to drive the growth of blood oxygen saturation segment. Based on application, the market can be categorized into general health & fitness, remote patient monitoring and home healthcare. Out of these, the general health & fitness segment is expected to dominate the 2020 market with 49.72% share on account of the growing awareness pertaining to physical fitness among the population. However, the home healthcare segment is expected to grow significantly in the market on account of the increasing healthcare costs as it is an economically viable solution. Based on business segment, the market is bifurcated into B2C and B2B, the B2C segment is expected to dominate the market in 2020 with an overall market share of around 61.29% owing to the rise in number of purchases by consumers over health concerns.
Apple, Inc., Abbott Laboratories, Inc., Dexcom Inc., Fitbit Inc., LG Electronics Inc., Omron Corporation, IRhythm Technologies inc., Boston Scientific Corporation, Medtronic plc., Koninklijke Philips N.V. and others are some of the leading players operating in global wearable medical devices market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. Furthermore, companies are investing in technological advances such as internet of things (IoT)-integrated smartwatches, patches, and smart garments help ensure reliable tracking and control of patient information both on-site and remotely, which is expected to boost business growth.
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“The wearable medical devices market is expected to witness robust growth during the forecast period owing to the growing awareness related to maintaining a healthy lifestyle among the population worldwide. Additionally, various companies operating in the market are increasing their investments on research and development activities and launching new products according to the requirements of the customers, thereby positively influencing the market growth through 2026.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Wearable Medical Devices Market By Product Type (Activity Monitors/Trackers, Smartwatches, Patches, Smart Clothing), By Type (Diagnostic Devices v/s Therapeutic Devices), By Purpose (Heart rate, Physical Activities, Blood oxygen saturation, Blood Pressure, Hearing Aids, Body Temperature, Posture, Others), By Site (Strap/Clip/Bracelet, Handheld, Headband, Shoe Sensors, Others), By Application (General Health & Fitness, Remote Patient Monitoring, Home Healthcare), By Distribution Channel (Non-Store-Based v/s Store-Based), By Business Segment (B2C Vs B2B), By Region, Forecast & Opportunities, 2026”, has evaluated the future growth potential of global wearable medical devices market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global wearable medical devices market.
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