Wearable Medical Devices Market Size By Device (Activity/Fitness Monitors, Blood Glucose Monitors, 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), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025

Industry Trends

Wearable Medical Devices Market size was valued at over USD 9 billion in 2018 and is expected to witness 39.4% CAGR from 2019 to 2025. Growing awareness initiatives and implementation of fitness programs globally, especially in emerging nations will accelerate the adoption of wearable medical devices to manage physical activities.
 

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Growing customer preference for fitness wearables, majorly among the youth will aid in market growth. Additionally, rising obese population, leading to greater adoption of physical activities, will strengthen the demand for wearable medical devices such as Fitbit and smart watches in the upcoming period.
 

Technological advancements in these devices will augment the market demand in the future years. Instantaneous and precise delivery of results coupled with conspicuous nature of these devices due to advancements, escalate the customer preference and adoption rate of such devices. The Xiaomi Mi Band 4 offers enhanced display along with better fitness tracking features and is available at a relatively lesser cost. Thus, innovations leading to superior product characteristics and cost-effectivity will spur global market expansion.
 

However, threats including data hacking and theft that hampers personal data security will act as a barrier for wearable medical devices industry growth over the forecast years.
 

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Wearable Medical Devices Market, By Device

Activity/fitness monitors market accounted for more than 26% industry share in 2018. Activity/fitness monitors help in accurate and real-time measurement of parameters necessary for managing physical fitness. New market players manufacturing superior fitness monitors offer lucrative opportunities for market size expansion. For instance, players such as Noise, are focusing on providing cost-effective wearable medical devices to gain significant market share especially in emerging markets such as India. High affordability favours customer preference and adoption leading to activity/fitness monitors market growth.
 

Body & temperature monitors held USD 587.4 million market size in 2018. Innovations in wearable body temperature monitors will drive the segmental growth over the coming years. For instance, TempTraq, is the only soft-patch wearable intelligent thermometer operating on Bluetooth and offered by Blue Spark Technologies. This device monitors body temperature for long time duration and is convenient option for working women. Additionally, growing incidence of infectious diseases, requiring precise monitoring of body temperature and other parameters will spur the body & temperature monitors business size.
 

Analysis By Application

Diabetes care wearable medical devices industry accounted for over 20% revenue share in 2018 and is poised to foresee momentous growth over the estimation period. The global patient number of diabetes has increased four-fold since 1980. With increasing prevalence of diabetes mellitus, the need for effective monitoring and control will escalate in the forthcoming years. Wearable diabetes care devices such as continuous glucose monitors available as patches, and wearable pumps offer better management of the disease. Furthermore, ongoing research efforts on product such as smart contact lenses, that measure glucose levels in tears will offer promising opportunities for diabetes care wearable medical devices market growth in the future years.
 

Sleep tracking wearable medical devices will witness substantial growth at 39.6% CAGR over the forecast timeframe. Sleep tracking wearable devices offer features such as auto sleep tracking, alarms, reminders as well as provides insights about sleep stages. Such features help the customers to gain better knowledge about their sleep patterns and benefits at each stage of sleep, enabling higher customer acceptance of the product. With large patient population suffering from sleep disorders, the demand for sleep tracking wearable medical devices will grow at robust pace.
 

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By End-use

Home healthcare wearable medical devices market size accounted for about USD 3 billion in 2018 and is estimated to grow lucratively during the analysis period. Increasing preference for home healthcare devices will boost the segmental growth. Home healthcare devices provide convenience to the patients and reduces the need to visit healthcare facilities. Cost-effectiveness of remote monitoring of medical parameters at home will further boost the market demand.
 

Fitness and sports market will progress at robust pace over the projected years. Sports wearable devices such as waistbands or skin patches are used by athletes that are linked to Bluetooth and GPS technology providing real time data to coaches for recording, analysing and responding to information. New monitoring devices for early signs detection of soft tissue injuries have reduced injuries such as damaged tendons, exhaustion and concussion during practice. Thus, with increasing inclination towards sports and exercise, the segment will witness rapid expansion in the forthcoming years.
 

By Region

The U.S. wearable medical devices market share accounted for more than 32% of the overall industry in 2018. Increasing incidence of chronic conditions among population will drive demand for monitoring devices in the country. According to the Center for Disease Control and Prevention, 6 in 10 adults suffer from chronic disease in the U.S. In addition, technological advancements leading to launch of superior products, growing pervasiveness of obesity and diabetes will escalate the demand for wearable medical devices across the U.S.
 

Indian market is forecast to progress at over 46% CAGR in the forthcoming years. Increasing adoption of fitness activities and sports among young population is boosting the demand for wearable medical devices in India. Introduction of cost-effective products further escalates the product demand. In addition, launch of initiatives such as Digital India, that expands the availability and adoption of digital health solutions will further positively influence India wearable medical devices business growth.
 

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Competitive Market Share

Some of the leading players operating in the wearable medical devices market share include Apple, Samsung, Fitbit, and Xiaomi among others. These companies are adopting strategies such as new product development and other inorganic strategies such as acquisitions to enhance profitability of the firm.
 

Wearable Medical Devices Industry Background

The commencement of wearable devices industry can be traced back to the 13^th century when eyeglasses were introduced. Wearables such as hearing aids were launched in the 1980s. Later, between the years 2006 and 2013, smart watch technology as well as Google glasses were launched, booming the wearable devices market in the healthcare field. This was followed by numerous other wearable medical devices such as continuous glucose monitoring systems, sleep trackers and neurological monitors among various other products. In the foreseeable future, wearable technology comprising of smart lens, smart textiles, smart rings, skin patches and other innovative technology holds immense growth potential, thus offering business opportunities for emerging market players.