The global Wearable Medical Device Marketis expected to grow at the highest CAGR of 25.6% from 2020 – 2027 and the market is projected to generate $ 89.45 billion by 2027.
Growth Factors
Increasing awareness regarding health-oriented lifestyle and fitness has significantly propelled the market growth for smart wearable devices. These devices are largely beneficial to track and monitor the health and activity of the user and provide real-time data regarding their health performance. Hence, such devices are significantly helpful for the physicians to prior diagnose the health related issues and provide proper medication in time that further prevent the loss of life. Apart from this, rising prevalence of chronic disease along with increasing penetration of smartphones and internet in almost every part of the world expected to further thrive the market growth.
Get the Sample Pages of Report@ https://www.precedenceresearch.com/sample/1131
In addition to this, rise in the sedentary lifestyle has prominently propelled the prevalence of lifestyle-related disorders, such as hypertension and diabetes that is again predicted to boom over the forecast timeframe. Some of these disorders demand continuous monitoring, for instance, blood pressure levels and blood sugar that in turn estimated to uplift the demand for wearable medical devices. Thus, increase in the mortality rate because of non-communicable diseases is a major concern that demands increased focus towards personalized care and monitoring. Hence, this shifting focus towards personalized care eventually anticipated to prosper the product demand.
However, rising concern for data security along with increasing incidences of data breach has prominently surged the user concern for such devices this in turn is likely to restrict the market growth in the upcoming years. Nonetheless, integration of advanced technologies such as Internet of Things (IoT) and Artificial Intelligence (AI) together growing preference for smart devices anticipated to create alluring opportunities in the market.
Report Highlights
- North America led the global wearable medical devices market in 2019 because of the increasing prevalence of diabetes, cardiovascular disorders, and cancer in the region
- The Asia Pacific however witnesses an exponential growth rate over the analysis period owing to favorable government initiatives for the adoption of such devices
- The therapeutic device anticipated to exhibit the fastest growth rate among product segment throughout the analysis period due to the rising influx of these products over the recent time
- Neuromonitoring captured the largest value share in the diagnostic device segment in 2019 because of rising prevalence of neurological disorders among the people
- Home healthcare dominated the global wearable medical devices market in the year 2019 owing to the rising geriatric population that triggers the prevalence of chronic diseases
- The remote patient monitoring application anticipated to grow at the fastest rate over the forecast timeframe owing to the increasing prevalence of chronic diseases most commonly among the geriatric population
Regional Snapshots
North America captured maximum revenue share in the global wearable medical devices market in 2019, with the U.S. as the major value contributor to the region. The U.S. holds the major market share in the wearable medical devices attributed to the high prevalence of cardiovascular &lifestyle-oriented diseases and the early adoption of the technology, along with significant medical expenditure per head. As per a report published by Yoram Wurmser in 2019, the penetration rate of the wearable devices in adult in the U.S. was around 15.5% in the year 2016 that increased to 20.3% in 2018, and further expected to rise to 25.3% by the end of 2022. Subsequently, increasing prevalence of chronic disease in the region expected to be the major factor that propels the market growth at a moderate rate in the region during the upcoming years.
However, the Asia Pacific anticipated being the most lucrative region in the market owing to increasing healthcare spending particularly for infrastructure development along with favorable government support for the adoption of such devices.
Related Reports
- Medical Devices Market - The global market was valued at US$ 447.63 Billion in 2019 and expected to reach US$ 671.49 billion by 2027, with at a compound annual growth rate (CAGR) of 5.2% during the forecast period 2020 to 2027.
- Portable Medical Devices Market - The global market size was valued at USD 52.08 Billion in 2019 and expected to reach USD 100.02 Billion by 2027 and poised to grow at a compound annual growth rate (CAGR) of 8.5% during the forecast period from 2020 to 2027.
- Medical Device Outsourcing Market - The global market size was valued at USD 102.3 billion in 2019 and predicted to reach USD 231.0 billion by 2027 with register a compound annual growth rate (CAGR) of around 9.98% during period 2020 to 2027.
Key Players & Strategies
The wearable medical device industry is highly vulnerable to new market entrants owing to significant integration of upcoming technologies with the wearable devices in order to enhance its feature and user experience. Hence, the competition has risen significantly among the market players to offer advanced devices with attractive features and in the wake of same they are investing prominently in the research & development (R&D) sector. For instance, in 2019, Apple Inc. introduced Apple Watch Series 5 with advanced functions.
Some of the key players operating in the market are Koninklijke Philips N.V., Medtronic Plc, Sotera Wireless, Omron Corporation, Polar Electro, Everist Health, Intelesens Ltd, Fitbit Inc., Withings, Vital Connect, and Garmin Ltd. among others.
Market Segmentation
By Site
- Headband
- Handheld
- Shoe Sensors
- Strap/Clip/Bracelet
- Others
By Product
- Therapeutic Devices
- Insulin/Glucose Monitoring Devices
- Insulin Pumps
- Others
- Pain Management Devices
- Neurostimulation Devices
- Others
- Respiratory Therapy Devices
- Portable Oxygen Concentrators
- Positive Airway Pressure (PAP) Devices
- Ventilators
- Others
- Rehabilitation Devices
- Sensing Devices
- Accelerometers
- Ultrasound Platform
- Others
- Diagnostic Devices
- Sleep Monitoring Devices
- Polysomnographs
- Wrist Actigraphs
- Sleep Trackers
- Others
- Vital Sign Monitoring Devices
- Activity Monitors
- Heart Rate Monitors
- Electrocardiographs
- Spirometers
- Pulse Oximeters
- Blood Pressure Monitors
- Others
- Neuromonitoring Devices
- Electromyographs
- Electroencephalographs
- Others
- Electrocardiographs Fetal & Obstetric Devices
- Sleep Monitoring Devices
- Insulin/Glucose Monitoring Devices
By Application
- Remote Patient Monitoring
- Sports & Fitness
- Home Healthcare
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Wearable Medical Device Market, By Product
7.1. Wearable Medical Device Market, by Product Type, 2020-2027
7.1.1. Therapeutic Devices (Insulin/Glucose Monitoring Devices, Pain Management Devices, Respiratory Therapy Devices, Rehabilitation Devices)
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. Diagnostic Devices (Sleep Monitoring Devices, Vital Sign Monitoring Devices, Neuromonitoring Devices, Electrocardiographs Fetal & Obstetric Devices)
7.1.2.1. Market Revenue and Forecast (2016-2027)
Chapter 8. Global Wearable Medical Device Market, By Application
8.1. Wearable Medical Device Market, by Application, 2020-2027
8.1.1. Remote Patient Monitoring
8.1.1.1. Market Revenue and Forecast (2016-2027)
8.1.2. Sports & Fitness
8.1.2.1. Market Revenue and Forecast (2016-2027)
8.1.3. Home Healthcare
8.1.3.1. Market Revenue and Forecast (2016-2027)
Chapter 9. Global Wearable Medical Device Market, By Site
9.1. Wearable Medical Device Market, by Site, 2020-2027
9.1.1. Headband
9.1.1.1. Market Revenue and Forecast (2016-2027)
9.1.2. Handheld
9.1.2.1. Market Revenue and Forecast (2016-2027)
9.1.3. Shoe Sensors
9.1.3.1. Market Revenue and Forecast (2016-2027)
9.1.4. Strap/Clip/Bracelet
9.1.4.1. Market Revenue and Forecast (2016-2027)
9.1.5. Others
9.1.5.1. Market Revenue and Forecast (2016-2027)
Chapter 10. Global Wearable Medical Device Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2016-2027)
10.1.2. Market Revenue and Forecast, by Application (2016-2027)
10.1.3. Market Revenue and Forecast, by Site (2016-2027)
10.1.4. U.S.
10.1.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.1.4.2. Market Revenue and Forecast, by Application (2016-2027)
10.1.4.3. Market Revenue and Forecast, by Site (2016-2027)
10.1.5. Rest of North America
10.1.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.1.5.2. Market Revenue and Forecast, by Application (2016-2027)
10.1.5.3. Market Revenue and Forecast, by Site (2016-2027)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.2. Market Revenue and Forecast, by Application (2016-2027)
10.2.3. Market Revenue and Forecast, by Site (2016-2027)
10.2.4. UK
10.2.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.4.2. Market Revenue and Forecast, by Application (2016-2027)
10.2.4.3. Market Revenue and Forecast, by Site (2016-2027)
10.2.5. Germany
10.2.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.5.2. Market Revenue and Forecast, by Application (2016-2027)
10.2.5.3. Market Revenue and Forecast, by Site (2016-2027)
10.2.6. France
10.2.6.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.6.2. Market Revenue and Forecast, by Application (2016-2027)
10.2.6.3. Market Revenue and Forecast, by Site (2016-2027)
10.2.7. Rest of Europe
10.2.7.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.7.2. Market Revenue and Forecast, by Application (2016-2027)
10.2.7.3. Market Revenue and Forecast, by Site (2016-2027)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.2. Market Revenue and Forecast, by Application (2016-2027)
10.3.3. Market Revenue and Forecast, by Site (2016-2027)
10.3.4. India
10.3.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.4.2. Market Revenue and Forecast, by Application (2016-2027)
10.3.4.3. Market Revenue and Forecast, by Site (2016-2027)
10.3.5. China
10.3.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.5.2. Market Revenue and Forecast, by Application (2016-2027)
10.3.5.3. Market Revenue and Forecast, by Site (2016-2027)
10.3.6. Japan
10.3.6.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.6.2. Market Revenue and Forecast, by Application (2016-2027)
10.3.6.3. Market Revenue and Forecast, by Site (2016-2027)
10.3.7. Rest of APAC
10.3.7.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.7.2. Market Revenue and Forecast, by Application (2016-2027)
10.3.7.3. Market Revenue and Forecast, by Site (2016-2027)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.2. Market Revenue and Forecast, by Application (2016-2027)
10.4.3. Market Revenue and Forecast, by Site (2016-2027)
10.4.4. GCC
10.4.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.4.2. Market Revenue and Forecast, by Application (2016-2027)
10.4.4.3. Market Revenue and Forecast, by Site (2016-2027)
10.4.5. North Africa
10.4.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.5.2. Market Revenue and Forecast, by Application (2016-2027)
10.4.5.3. Market Revenue and Forecast, by Site (2016-2027)
10.4.6. South Africa
10.4.6.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.6.2. Market Revenue and Forecast, by Application (2016-2027)
10.4.6.3. Market Revenue and Forecast, by Site (2016-2027)
10.4.7. Rest of MEA
10.4.7.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.7.2. Market Revenue and Forecast, by Application (2016-2027)
10.4.7.3. Market Revenue and Forecast, by Site (2016-2027)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.5.2. Market Revenue and Forecast, by Application (2016-2027)
10.5.3. Market Revenue and Forecast, by Site (2016-2027)
10.5.4. Brazil
10.5.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.5.4.2. Market Revenue and Forecast, by Application (2016-2027)
10.5.4.3. Market Revenue and Forecast, by Site (2016-2027)
10.5.5. Rest of LATAM
10.5.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.5.5.2. Market Revenue and Forecast, by Application (2016-2027)
10.5.5.3. Market Revenue and Forecast, by Site (2016-2027)
Chapter 11. Company Profiles
11.1. Koninklijke Philips N.V.
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Medtronic Plc
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Sotera Wireless
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Omron Corporation
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Polar Electro
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Everist Health
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Intelesens Ltd
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Fitbit Inc.
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Withings
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Vital Connect
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
11.11. Garmin Ltd.
11.11.1. Company Overview
11.11.2. Product Offerings
11.11.3. Financial Performance
11.11.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1131
Precedence Research, Recently Published Report on “Wearable Medical Device Market Size, Share, Growth, Trends, Segment Forecasts, Regional Outlook 2020 - 2027”. The report offers an up-to-date analysis regarding the current market scenario, latest trends, key drivers, potential challenges, profitability graph and the overall market environment.
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 774 402 6168
Contact Us:
Precedence Research
Apt 1408 1785 Riverside Drive Ottawa, ON, K1G 3T7, Canada
Call: +1 774 402 6168
Email: sales@precedenceresearch.com
0 Comments