Global Wearable Medical Devices Market to Grow at a CAGR of 18.82% During the Forecast Period
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.
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Wearable Medical Devices Market"
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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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