Wearable Medical Devices Market worth over $140bn by 2027
Published Date: June 14, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Wearable Medical Devices Market size is set to surpass USD 140 billion by 2027, according to a new research report by Global Market Insights, Inc.
Wearable medical devices market growth has witnessed huge adoption of smartwatches and fitness bands in the recent years; however, innovations have led to introduction of all-round diagnostic and monitoring solutions in various disease areas. Wearables have advanced tremendously to offer tools to patients and physicians in monitoring vital health parameters remotely. Speed, accuracy and convenience of use further augments its preference. Furthermore, wearable device manufacturers are targeting pediatric customers as well. For instance, in June 2021, GoQii announced about the introduction of Smart Vital Junior. The fitness band is intended for use in children and will aid to monitor changes in SpO2, heart rate and temperature in real-time. This special monitor is aimed to keep check on vital parameters, thereby assisting during the expected third wave of COVID-19.
COVID-19 pandemic has drastically boosted the medical wearables space. Along with transformation in patient care during the pandemic, wearable devices have offered advantage in remote patient monitoring. This has allowed safer delivery of care and real-time monitoring of critical health factors with minimal risk of infection transmission. In March 2021, Aura system received CE mark. This wearable device, offered by Empatica, helps in detection and warns patients about possible respiratory infections including COVID-19 at initial stage, even before appearance of evident symptoms. This smartwatch has the ability to alert the caregivers about variations in health through app and cloud-based portal.
Development of patch wearable devices to diagnose heart health parameters will drive the demand for cardiac monitors
Cardiac monitors segment in the wearable medical devices market accounted for USD 2 billion in 2020. Wearable cardiac monitors have experienced robust development recently with wide acceptance of digital health technology and increasing prevalence of chronic cardiac disorders. In cardiology space, wearable patch monitors have gained vast popularity due to simplicity of use, wide range of benefits and introduction of novel devices. Samsung Advanced Institute of Technology is focusing on development of a stretchable cardiac skin patch. This wearable device has robust technology that detects patients’ heart rate. Moreover, numerous new players are entering the market with their innovative cardiac monitoring solutions and will thus influence the segment growth during the forecast timeframe.
Browse key industry insights spread across 150 pages with 199 market data tables & 13 figures & charts from the report, “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”” in detail along with the table of contents:
Significant role of wearable sleep trackers in evaluating sleep cycle will foster its acceptance
Wearable medical devices market for sleep tracking application is predicted to expand at 24.4% growth rate through 2027. Growing prevalence of sleep disorders have created demand for sleep trackers. Wearable sleep trackers have the capacity to monitor physiological parameters of the wearer as well as create association between daily activities and sleep quality. This can assist sleep specialists in analyzing sleep patterns and assist with personalized solutions. In addition, growing awareness about various sleep disorders, their causative factors and availability of myriad of wearable sleep tracking devices will stimulate the segment revenue during the forecast timeline.
Growing usage of remote patient monitoring via wearable technology will spur the segment value
Remote patient monitoring segment held more than 28% of the wearable medical devices market share in 2020. Remote patient monitoring has gained significant recognition through emergence of connected health devices. Remote patient monitoring allows real-time monitoring and thereby reduces hospital visits and associated costs. Wearables, that enable remote monitoring, have played a crucial tool during the pandemic with increased need for social distancing and limitations on non-emergent procedures. Additionally, wearable medical devices also aid in clinical trials through remote monitoring and collection of patient data. Such associated advantages will help in the segment expansion in the coming years.
Entry of new market players with novel offerings in European region will provide attractive growth opportunities
Europe wearable medical devices market size was USD 7 billion in 2020 on account of the high adoption of digital health technologies, considerable purchasing power, presence of sophisticated infrastructure and internet penetration. The region is observing emergence of several start-up companies that are innovating in wearables industry. Moreover, availability of favorable funding for R&D will expand the market value potential in the region during the forecast timeframe.
Continuous advancements in wearable technology is driving the business performance of operating firms
The global wearable medical devices market has numerous companies operating at global and regional level. Few of the eminent players are Apple, FitBit, Xiaomi Corporation, BioTelemetry, Garmin, Ltd. VitalConnect and Samsung among several others. These leaders are actively involved in innovating products and their launch to sustain in the competitive industry.