Wearable Medical Devices Market Size By Device (Activity/Fitness Monitors, Diabetes Devices, Cardiac Monitors, Neurological Monitors, Respiratory Monitors, Body & Temperature Monitors, Hearing Aids), By Application (Cardiac Health, Obesity Control, Diabetes Care, Fitness Monitoring, Sleep Tracking), By End-use (Home Healthcare, Remote Patient Monitoring, Fitness and Sports), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027

Published Date: Jun 2021  |  Report ID: GMI3509  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 150   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

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.
 

Wearable Medical Devices Market

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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.
 

Wearable Medical Devices Market Report Coverage
Report Coverage Details
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:
  • Increasing awareness about physical fitness and wearable devices among the population in developing countries
  • Growing prevalence of chronic diseases globally
  • Technological advancements in wearable devices
  • Rising disposable income and healthcare expenditure in emerging countries
Pitfalls & Challenges:
  • Issues related with data security
  • Cost-intensive nature of wearable devices

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Higher adoption of wearable devices as health management efficient tool during COVID-19 will foster market expansion

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.
 

Growing focus on fitness monitoring with changing lifestyle will spur the market revenue

Wearable Medical Devices Market

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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.
 

Early detection of abnormalities in heart rate with the use of wearables will propel the market statistics

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.
 

Minimized need for frequent hospital visits will simulate the demand for homecare devices

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.
 

Increasing health spending with high disease prevalence will create substantial opportunities North America market

North America Wearable Medical Devices Market

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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.
 

Product launch and advancements are the key strategies being adopted by prominent players to expand their customer base

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:

  • In September 2020, Apple announced the launch of Apple Watch Series 6 equipped with a revolutionary blood oxygen allowing user to track accurate details of overall wellness. This has broadened its portfolio as well as contributed to the company’s revenue growth.
     
  • In June 2019, Zoll Medical launched Zoll HFAMS, patch-based wearable heart management system. This has allowed business expansion of the company by extending its product offerings.
     

This market research report on wearable medical devices includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:

Market, By Device

  • Activity/ Fitness monitors
  • Diabetes devices
  • Cardiac monitors
  • Neurological monitors
  • Respiratory monitors
  • Body & temperature monitors
  • Hearing aids
  • Others

Market, By Application

  • Cardiac health
  • Obesity control
  • Diabetes care
  • Fitness monitoring
  • Sleep tracking
  • Others

Market, By End-use

  • Home healthcare
  • Remote patient monitoring
  • Fitness and sports

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Russia
    • Poland
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • UAE

 

Frequently Asked Questions (FAQ) :

Wearable medical devices market share surpassed USD 25 billion in 2020 and will expand at a CAGR of 22.9% between 2021 and 2027.
Activity/fitness monitors recorded 21% of the overall market value in 2020 and will witness growth as they help in the monitoring of daily activities comprising exercise, sleeping, and consumption of water.
Cardiac health devices accounted for USD 2.7 billion in 2020 and will grow due to the increasing disease prevalence and advancements in the management and diagnosis of cardiac diseases.
Home healthcare devices will register a CAGR of 23.3% between 2021 and 2027 owing to rising adoption in homecare settings, particularly among elderly people with chronic diseases.

Premium Report Details

  • Published Date: Jun 2021
  • Pages: 150
  • Tables: 199
  • Charts / Figures: 13
  • Companies covered: 12
  • Countries covered: 19

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