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Industry trends
Wearable Medical Devices Market size exceeded USD 25 billion in 2020 and is expected to grow at over 22.9% CAGR from 2021 to 2027. Numerous features, development in technology and wide applications of wearable devices in remote healthcare settings and home settings will increase its adoption in foreseeable future.
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Prevalence of several chronic diseases such as diabetes and cardiovascular conditions has driven demand for wearable medical devices. With increasing incidence of such diseases, adoption of continuous monitoring devices has also increased. Moreover, technological developments, facilitating the mobility and connectivity for users, have stimulated product sales over past few years. This has offered innovative solutions to healthcare industry for patient and disease management. Further, potential of wearable technologies in improving the quality of patient care while reducing the cost of care will foster the overall market growth.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | 25.3 Billion (USD) |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 22.9% |
2027 Value Projection: | 140.1 Billion (USD) |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 150 |
Tables, Charts & Figures: | 212 |
Segments covered: | Device, Application, End-use |
Growth Drivers: |
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Pitfalls & Challenges: |
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The wearable medical devices market has witnessed moderate positive impact during pandemic. The market is anticipated to foresee unprecedented growth with high usage of advanced technologies to cater to growing customer needs. Wearable technologies have assisted both, patients and professionals, to effectively manage health in remote settings. With increasing focus on health management during COVID-19, daily health tracking devices have experienced increased demand in home settings.
Moreover, during the period of restrictions on movement and high risk of infection in facilities, these devices have offered efficient real time monitoring solution to patients suffering from chronic diseases. Further, ability of fitness trackers, temperature monitors and respiratory monitors to track and monitor blood oxygen levels and body temperature has supported the market demand.
However, concerns regarding data sharing and security restrains the market growth to some extent.
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Activity/fitness monitors segment accounted for more than 21% of the wearable medical devices market share in 2020. Activity monitors allow customers to keep up with their fitness over long-term. They help to monitor daily activities including sleeping, exercise and consumption of water among many others that assist in managing healthy lifestyle. Growing focus on personal health and fitness with changing lifestyle will boost product demand.
Bluetooth connectivity with bands and watches allow access to personal health data on smartphones. Higher acceptance of such connected advanced devices including smart watches enabled with fitness trackers will stimulate the industry growth. Moreover, such fitness and activity trackers have been increasingly used in sports activities and training to enhance goal setting.
Cardiac health segment captured more than USD 2.7 billion in 2020. Uncertain risk of heart stroke with adoption of sedentary lifestyle has offered demand for cardiac health management tools. Along with increasing disease prevalence, advancement in diagnosis and management of cardiac diseases has provided immense growth opportunities.
Healthcare professionals are also adopting wearable technologies to remotely monitor patients’ heart health and offer on-time treatment with early detection of abnormalities. Additionally, development of novel devices including patches and wearable defibrillators among others allow continuous tracking of cardiac activities and critical care. For instance, a wearable necklace ECG monitor has been developed for detection of abnormal heart rhythm called atrial fibrillation.
Home healthcare application is forecast to observe 23.3% CAGR through 2027. Wearable devices are poised to foresee increasing adoption in home care settings specifically among elderly people suffering from chronic diseases.
Growing preference for home healthcare devices has minimized the need for facility visits. It enables early detection of abnormality with continuous tracking without need for frequent hospitals visits. Further, development in these devices has eased accessibility and offered convenience, thus boosting their use in homecare. Hence, increasing adoption by population in emerging markets will strengthen growth potential of wearables in home settings.
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North America wearable medical devices market held largest revenue share accounting for more than 33% in 2020 owing to high awareness regarding advanced technologies. Moreover, high spending ability of Americans on emerging devices offer growth opportunities to the industry. Rising disposable income further drives adoption of such devices.
Launch of new products with integrated advanced technologies will boost market demand. Additionally, according to the Centres for Disease Control and Prevention, nearly 655,000 Americans die due to heart disease each year.
The global wearable medical devices industry consists of numerous players; however, the market has notable players; few of which are Apple, Samsung, Fitbit, and Xiaomi among others. These competitors are adopting various business growth strategies to strengthen their market footprint.
Some of the recent industry developments:
Market, By Device
Market, By Application
Market, By End-use
The above information is provided for the following regions and countries: