Wearable Medical Devices market : Segmented by Products (Activity Monitors/Trackers, Smartwatches, Patches, Smart Clothing); By Grade Type (Consumer-grade, Clinical-grade); By Application (General Health & Fitness, Remote Patient Monitoring, Home Healthcare); By Distribution Channel (Pharmacies, Online Channel, Hypermarkets) and Region – Global Analysis of Market Size, Share & Trends for 2019–2020 and Forecasts to 2030
July 2021
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About the Report
About the Report
176+ Pages Research Report Wearable Medical Devices market to surpass USD 167.10 billion by 2030 from USD 20.1 billion in 2020 at a CAGR of 23.59% in the coming years, i.e., 2021-30.
Product Overview
Wearable solutions that include biomedical technology are becoming increasingly popular. Improvements in terms of convenience and ease of use help people with chronic diseases to better regulate and monitor their illnesses, decrease symptoms and the risk of cardiac arrest. New wearable medical gadgets are also being integrated with iOS and Android platforms for usage with smartphones, allowing healthcare practitioners to monitor and diagnose patient outcomes more easily and effectively. The advances in virtual medicine and telemedicine, particularly in the aftermath of the Covid-19 crisis for remote healthcare and illness management, are fostering the market growth.
Market Highlights
Wearable Medical Devices market is expected to project a notable CAGR of 23.59% in 2030
Wearable medical devices are in high demand due to the prevalence of many chronic illnesses such as diabetes and cardiovascular disorders. Furthermore, technology advancements that allow consumers to be more mobile and connected have boosted product sales in recent years. This has provided the healthcare industry with innovative patient and illness management options. Furthermore, the ability of wearable technology to improve patient care quality while lowering costs will fuel overall market growth.
Recent highlights in the Wearable Medical Devices Market
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In September 2020, Apple has announced the release of the Apple Watch Series 6, which has a new blood oxygen sensor that allows users to track precise data regarding their overall health. This has extended the company's portfolio while also contributing to revenue growth.
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In June 2019, The Zoll HFAMS, a patch-based wearable heart management system, was released by Zoll Medical. The company has been able to expand its product offerings as a result of this.
Wearable Medical Devices Market: Segments
segment to grow with the highest CAGR during 2020-30
Wearable Medical Devices market is segmented by Product into Activity, Monitors/Trackers, Smartwatches, Patches, and Smart Clothing. Among these the Monitors/Trackers category dominated the market in 2019, accounting for the bulk of global sales. The increased incidence of unhealthy lifestyles, the cheap cost of activity trackers, and the existence of a large number of manufacturers with multi-functionality devices are all contributing to the growth of this market segment.
Pharmacies segment to grow with the highest CAGR during 2020-30
Wearable Medical Devices market is segmented by Distribution channel into Pharmacies, Online channels, and Hypermarkets. Among these the Pharmacies category dominated the market in 2019, accounting for the bulk of global sales. The increasing popularity of self-monitoring and non-invasive monitoring and diagnosis has resulted in significant growth in the availability of wearable devices in pharmacies. Customers are adopting wearable devices as a result of having simple access to a variety of wearable devices supplied by a variety of firms. Furthermore, pharmacies are usually regarded as providing genuine and trustworthy goods, which has contributed significantly to consumer preference for this distribution channel.
Market Dynamics
Drivers
Increasing incidence of chronic diseases
The increased prevalence of chronic illnesses, as well as rising death rates, is a major source of concern for both individuals and government agencies. As a result, healthcare professionals may deliver personalized care that includes ongoing and remote patient monitoring. These can also be worn for up to 24 hours without interfering with daily activities. As a result of the numerous benefits it provides, demand for wearable medical devices is expected to increase throughout the forecast period.
Increasing demand for wearable devices during COVID 19 pandemic
During the pandemic, the market for wearable medical devices saw a moderately favorable influence. With the increased use of innovative technologies to meet rising client requirements, the industry is expected to see unprecedented growth. Wearable technology has made it easier for patients and professionals to maintain their health in remote areas. Daily health tracking devices have seen growing demand in home settings as the focus on health management has risen during COVID-19. Furthermore, during a time when there were limits on movement and significant danger of infection in institutions, these devices provided an effective real-time monitoring option for chronic illness patients.
Restraint
Privacy concerns
To some extent, market growth is restrained by concerns about data sharing and security.
Wearable Medical Devices: Key Players
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Philips Electronics
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- Fitbit
- Basis Science
- Garmin
- Covidien
- Omron Corp.
- Withings
- Vital Connect
- Polar Electro
- Intelesens
Wearable Medical Devices Market: Regions
Wearable Medical Devices market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. In the forecast period, the Wearable Medical Devices market is expected to be dominated by Asia Pacific. The presence of a large patient population, growing smartphone penetration, increasing disposable income, improving the standard of living and economic conditions, and the presence of several low-cost device manufacturers in the Asia Pacific region are all factors contributing to the region's rapid growth.
Wearable Medical Devices Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – China, Japan, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Wearable Medical Devices Market report also contains analysis on:
Wearable Medical Devices Market Segments:
- By-Products
- Activity Monitors/Trackers
- Smartwatches
- Patches
- Smart Clothing
- By Grade Type
- Consumer-grade
- Clinical-grade
- By Application
- General Health & Fitness
- Remote Patient Monitoring
- Home Healthcare
- By Distribution Channel
- Pharmacies
- Online Channel
- Hypermarkets
- Wearable Medical Devices Market Dynamics
- Wearable Medical Devices Market Size
- Supply & Demand
- Current Market Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Wearable Medical Devices Market Report Scope and Segmentation
Report Attribute | Details |
Market size value in 2021 | USD 24.82 billion |
Revenue forecast in 2030 | USD 167.10 billion |
Growth Rate | CAGR of 23.59% from 2021 to 2030 |
Base year for estimation | 2020 |
Quantitative units | Revenue in USD billion and CAGR from 2021 to 2030 |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered | Products, Grade Type, Application, Distribution Channel, and Region |
Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA) |
Key companies profiled | Philips Electronics, Fitbit, Basis Science, Garmin, Covidien, Omron Corp., Withings, Vital Connect, Polar Electro, Intelesens, and Other Prominent Players. |
Frequently Asked Questions
- How big is the Wearable Medical Devices market?
- What is the Wearable Medical Devices market growth?
- Which segment accounted for the largest Wearable Medical Devices market share?
- Who are the key players in the Wearable Medical Devices market?
- What are the factors driving the Wearable Medical Devices market?
Products
Table of Contents
Table of Contents
Contents
- Executive Summary
- Wearable Medical Devices Market
- Product Overview
- Market Definition
- Segmentation
- Assumptions and Acronyms
- Research Methodology
- Research Objectives
- Primary Research
- Secondary Research
- Forecast Model
- Market Size Estimation
- Average Pricing Analysis
- Macro-Economic Indicators
- Market Dynamics
- Growth Drivers
- Restraints
- Opportunity
- Trends
- Correlation & Regression Analysis
- Correlation Matrix
- Regression Matrix
- Recent Development, Policies & Regulatory Landscape
- Risk Analysis
- Demand Risk Analysis
- Supply Risk Analysis
- Wearable Medical Devices Market Analysis
- Porters Five Forces
- Threat of New Entrants
- Bargaining Power of Suppliers
- Threat of Substitutes
- Rivalry
- PEST Analysis
- Political
- Economic
- Social
- Technological
- Porters Five Forces
- Wearable Medical Devices Market
- Market Size & forecast, 2020A-2030F
- By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- By Volume (Million Units) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- Market Size & forecast, 2020A-2030F
- Wearable Medical Devices Market: Market Segmentation
- By Regions
- North America:(U.S. and Canada), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- Europe: (Germany, UK, France, Italy, Spain, and Rest of Europe), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- Asia-Pacific: (China, India, Japan, Australia and Rest of Asia Pacific), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- Latin America: (Brazil, Mexico, Rest of Latin America), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- Middle East and Africa, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- By Products: Market Share (2020-2030F)
- Activity Monitors/Trackers, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- Smartwatches, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- Patches, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- Smart Clothing, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- By Grade Type: Market Share (2020-2030F)
- Consumer-grade, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- Clinical-grade, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- By Application: Market Share (2020-2030F)
- General Health & Fitness, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- Remote Patient Monitoring, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- Home Healthcare, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- By Distribution Channel: Market Share (2020-2030F)
- Pharmacies, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- Online Channel, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- Hypermarkets, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
- By Regions
Company Profile
- Philips Electronics
- Company Overview
- Company Total Revenue (Financials)
- Market Potential
- Global Presence
- Key Performance Indicators
- SWOT Analysis
- Product Launch
- Fitbit
- Basis Science
- Garmin
- Covidien
- Omron Corp.
- Withings
- Vital Connect
- Polar Electro
- Intelesens
Consultant Recommendation
**The above-given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.
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