Pune, India, Nov. 08, 2021 (GLOBE NEWSWIRE) -- The global wearable medical devices market size is expected to showcase considerable growth by reaching USD 195.57 billion by 2027 while exhibiting an astounding CAGR of 26.4% between 2020 and 2027. This is ascribable to factors such as the increasing prevalence of chronic diseases and the growing awareness regarding fitness and wellness amongst the people that is driving the adoption of innovative wearable type of medical devices globally.
Fortune Business Insights, in its latest report, titled, “Wearable Medical Devices Market Size, Share & COVID-19 Impact Analysis, By Product (Diagnostic & Patient Monitoring Wearable Medical devices, and Therapeutic Wearable Medical Devices); By Application (Remote Patient Monitoring & Home Healthcare, and Sports & Fitness); By Distribution Channel (Retail Pharmacies, Online Distribution and Hypermarkets & Others), and Regional Forecast, 2020-2027.”, observes that the market stood at USD 29.76 billion in 2019 and is likely to gain momentum in the forthcoming years.
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COVID-19 Impact: Surge in Sales of Wearables Owing to Increasing Awareness Regarding Fitness
The COVID-19 pandemic has led the people to look after their health regime more than before. The growing consumption of healthy diet and the increasing focus on maintaining proper sleep patterns is driving the sales of advanced wearable type of medical devices among people across the globe. This is likely to favor the market growth amid the widespread effects of the novel coronavirus. Additionally, the convenience of online shopping platforms has further led to the positive sales of the wearable devices globally.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 26.4% |
| 2027 Value Projection | USD 195.57 billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 29.76 billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 133 |
| Segments covered | By Product, By Application, By Distribution Channel, Retail Pharmacies |
| Growth Drivers | Increasing Prevalence of Chronic Diseases to Accelerate Growth |
| Diagnostic & Patient Monitoring Segment to Hold Dominant Position | |
| North America to Remain at Forefront; Key Players Launching Innovative Wearable Devices to Aid Growth |
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A wearable medical device is a noninvasive, autonomous device that performs the function of tracking and monitoring the overall health function of the wearer. The wearable technology consists of healthcare devices that the person can wear on his body such as Fitbits and smartwatches. They efficiently collect the personal health data of the consumer to track his fitness regime.
What does the Report Provide?
The market report provided a qualitative and quantitative analysis of several factors such as the key drivers and restraints that will have an impact on the market. Furthermore, the report includes significant insights into the regional insights that include different regions, which are contributing to the market growth between 2020 and 2027. It includes the competitive landscape involving the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, collaborate, and acquire other companies that will contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PESTEL analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
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DRIVING FACTORS
Increasing Prevalence of Chronic Diseases to Accelerate Growth
The sedentary lifestyle of people is likely to pave the way for the increasing prevalence of chronic diseases such as diabetes, heart disease, and others. According to the International Diabetes Federation, around 463 million adults aged between 20 to 79 suffer from diabetes. Additionally, by 2045, this number is expected to rise to about 700 million. The surging demand for innovative wearable type of medical devices owing to the growing awareness regarding the importance of fitness is expected to bode well for the global wearable medical devices market growth in the forthcoming years.
SEGMENTATION:
Diagnostic & Patient Monitoring Segment to Hold Dominant Position
The diagnostic & patient monitoring segment, based on product, is expected to showcase substantial growth owing to the high disposable income of the young population that is propelling the sales of innovative wearable medical devices to monitor their overall health and fitness data.
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REGIONAL INSIGHTS
North America to Remain at Forefront; Key Players Launching Innovative Wearable Devices to Aid Growth
Among all the regions, North America is expected to gain momentum and hold the highest position in the global market in the forthcoming years. This is attributable to the presence of established manufacturers that are introducing innovative devices to cater to the growing number of fitness enthusiasts in the region.
On the other hand, Europe is expected to hold the second position in the market in the forthcoming years. This is ascribable to factors such as the increasing prevalence of chronic diseases among the elderly population that is likely to boost the adoption of innovative wearable medical devices in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Strong Product Offering by Prominent Companies to Strengthen Their Market Positions
The global wearable medical devices market is consolidated by the presence of key players that are focusing on maintaining a stronghold by offering this innovative devices to the growing demand among fitness enthusiasts across the globe. Moreover, the adoption of organic and inorganic strategies to maintain their presence by other key players will favor the market growth.
Industry Development:
- March 2020 - Widex unveiled WIDEX MOMENT, the world’s first natural hearing aid. The device is manufactured using Widex’s patented ZeroDelay Technology platform that benefits people with hearing disability.
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List of the Companies Profiled in the Global Market:
- BD (New Jersey, United States)
- Ypsomed (Burgdorf, Switzerland)
- Fitbit, Inc. (San Francisco, United States)
- Apple Inc. (Cupertino, United States)
- Sonova (Stäfa, Switzerland)
- NeuroMetrix, Inc. (Waltham, United States)
- SAMSUNG (Suwon-si, South Korea)
- Omron Healthcare, Inc. (Kyoto, Japan)
- AiQ Smart Clothing (Taipei, Taiwan)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Other Prominent Player
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Recent Industry Developments- Partnerships, Mergers, and Acquisitions
- Key Industry Trends
- New Product Launch by Key Players
- Technological Advancements in Wearable Medical Devices Market
- Impact of COVID-19 on the Market
- Global Wearable Medical Devices Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Diagnostic & Patient Monitoring Wearable Medical Devices
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- Activity Monitors/Trackers
- Smartwatches
- Smart-clothing
- Others (Biosensors, Blood Pressure Monitors, Glucose Monitoring Systems)
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- Therapeutic Wearable Medical Devices
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-
-
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- Wearable Defibrillators
- Drug Delivery Devices (Injectors, Patches)
- Pain Management Devices (TENS, EMS)
- Hearing Aids
- Others
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- North America Wearable Medical Devices Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Diagnostic & Patient Monitoring Wearable Medical Devices
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- Market Analysis, Insights and Forecast – By Application
- Remote Patient Monitoring & Home Healthcare
- Sports and Fitness
- Market Analysis, Insights and Forecast – By End User
- Retail Pharmacies
- Online Pharmacies
- Hypermarkets & Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
- Market Analysis, Insights and Forecast – By Application
-
-
-
- Activity Monitors/Trackers
- Smartwatches
- Smart-clothing
- Others (Biosensors, Blood Pressure Monitors, Glucose Monitoring Systems)
-
-
-
-
- Therapeutic Wearable Medical Devices
-
-
-
-
- Wearable Defibrillators
- Drug Delivery Devices (Injectors, Patches)
- Pain Management Devices (TENS, EMS)
- Hearing Aids
- Others
-
-
- Europe Wearable Medical Devices Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Diagnostic & Patient Monitoring Wearable Medical Devices
-
- Market Analysis, Insights and Forecast – By Application
- Remote Patient Monitoring & Home Healthcare
- Sports and Fitness
- Market Analysis, Insights and Forecast – By End User
- Retail Pharmacies
- Online Pharmacies
- Hypermarkets & Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Market Analysis, Insights and Forecast – By Application
-
-
-
- Activity Monitors/Trackers
- Smartwatches
- Smart-clothing
- Others (Biosensors, Blood Pressure Monitors, Glucose Monitoring Systems)
-
-
-
-
- Therapeutic Wearable Medical Device
-
-
-
-
- Wearable Defibrillators
- Drug Delivery Devices (Injectors, Patches)
- Pain Management Devices (TENS, EMS)
- Hearing Aids
- Others
-
-
-
- Market Analysis, Insights and Forecast – By Application
- Remote Patient Monitoring & Home Healthcare
- Sports and Fitness
- Market Analysis, Insights and Forecast – By End User
- Retail Pharmacies
- Online Pharmacies
- Hypermarkets & Others
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
- Market Analysis, Insights and Forecast – By Application
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