Wearable medical devices are electronic devices that are designed to collect the data of users' personal health and exercise. It offers a convenient means of monitoring many physiological features, presenting a multitude of medical solutions. It offers real-time data for physicians to analyze and diagnose the health condition. It can provide doctors and patients powerful insights related to physiological parameters raging from monitoring blood pressure & heart rate to detecting COVID-19 symptoms, thereby complementing the ability of doctors to provide the most accurate diagnostics and care.
Market - Headwinds & Tailwinds
The global wearable medical devices market is mainly driven by growing awareness for healthy lifestyle amid COVID-19 outbreak, rising prevalence of various chronic diseases coupled with increasing geriatric population and rising demand for home healthcare. Furthermore, rapid adoption of innovative & advanced technologies such as AI, 5G, sensors, etc., has also played a pivotal role in contributing to the growth of the market globally. However, safety, security and privacy concerns related to wearable medical devices are likely to hinder the growth of the market to a certain extent.
Market Segmentation & Insights
The global wearable medical devices market has been analyzed from four main perspectives: Type, Device Type, Application and Region.
Wearable Medical Devices Market, By Type
Based on type, the wearable medical devices market has been segmented into diagnostic & monitoring devices and therapeutic devices. The diagnostic & monitoring devices segment holds the largest share in the market. Wearable medical devices offer efficient real time monitoring solution to patients suffering from chronic diseases. The adoption of wearable medical devices has increased particularly during COVID-19 pandemic owing to increasing awareness to monitor personal health information and early diagnosis of disease.
Wearable Medical Devices Market, By Device Type
Based on device type, the wearable medical devices market has been segmented into smartwatch, wristband, ear wear and others (head-mounted display, smart clothing, smart patches, etc.). The smartwatch segment holds the largest share in the market. The growth of the segment can be mainly attributed to its wide usage for tracking and monitoring physical fitness. Prominent players are also launching technologically advanced smartwatches with blood oxygen (Sp02) sensors, ECG monitors, built-in thermometers and other sensors, which is expected to boost the adoption of smartwatches to monitor and improve health.
Wearable Medical Devices Market, By Application
Based on application, the wearable medical devices market has been segmented into healthcare & medical and fitness & wellness. The fitness & wellness holds the largest share in the market. The growth of the segment can be mainly attributed to rising health awareness, launch of new technologically advanced products and its rising application in establishing a healthy lifestyle, managing chronic diseases, increasing efficiency of exercise and improving the quality of life.
Wearable Medical Devices Market, By Region
Based on region, the global wearable medical devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the wearable medical devices market, followed by Asia Pacific. The large share of North America in the global market can be largely attributed to rising prevalence of various chronic diseases & lifestyle-related diseases that need routine monitoring, growing launch & adoption of advanced wearable medical technology, developed healthcare infrastructure and presence of key prominent players.
The wearable medical devices market is marked by presence of prominent players such as Medtronic, General Electric Company, Koninklijke Philips N.V., Abbott, Apple Inc., VitalConnect, Huawei Device Co., Ltd., Omron Healthcare, Inc., Masimo and BD. Other players operating in the market are CONTEC MEDICAL SYSTEMS CO. LTD, Preventice Solutions (Acquired by Boston Scientific), Inc., Bio-Beat, iRhythm Technologies, Inc, among others.
Snapshot: Industry Developments
• In Sept 2021, B-Secur launched an ECG hardware and software development kit which can help technology companies fast-track the development of their ECG devices
• In May 2021, CardieX Limited announced launch of CONNEQT, a new consumer health company that will focus on home vital signs monitors, wearables, and consumer health apps
• In Apr 2021, Janssen Pharmaceuticals entered into partnership with US-based physIQ for its regulated wearable biosensors and digital biomarkers initiatives. This partnership will allow Janssen to gain license for physIQ’s accelerate IQ platform and scale the use of biosensors to support its initiatives across both research and development (R&D) and commercial strategies
• In Jan 2021, Boston Scientific acquired Preventice Solutions, the maker of various wearable cardiac sensors for remote patient monitoring
• In Jan 2021, Google completed its acquisition of Fitbit, a company known for its fitness bands and smartwatches
• In Dec 2020, GOQii, the smart-tech-enabled preventive tech platform received medical device registration from the Central Drugs Standard Control Organization (CDSCO) under the Ministry of Health and Family Welfare for their three wearables - GOQii Smart Vital, Vital 3.0 and Vital ECG
• In Dec 2020, Philips acquired BioTelemetry, a company specialized in remote cardiac diagnostics and monitoring, with portfolios in wearable heart monitors and AI-based data analytics and services. The acquisition was aimed to grow Philips' remote monitoring business
• In Nov 2020, WearOptimo entered into partnership with Aspen Medical for the development and distribution of particular Microwearable sensors in key markets
• In Nov 2020, MedAcuity entered into partnership with Loft with an aim to focus on designing hardware and software that acts in harmony in a single diagnostic or wearable medical device or system
• In Sept 2020, Fitbit’s Sense smartwatch received FDA clearance for EKG app. The app can track heart rhythms and look for signs of atrial fibrillation, the most common type of irregular heartbeat
• In Oct 2019, Sony launched its B-to-B wearable and mobile health technology platform, mSafety that combines a connected wearable device, a wristwatch, with a cloud-based backend solution to provide payers, health systems, and app developers a ready-made platform to build remote health monitoring and mobile health applications
Key Insights Captured in the Report
• Quantitative (market size and forecasts) and qualitative insights of the market across years - historical years, current year and forecasted years
• Deep-rooted insights on headwinds, tailwinds and opportunities prevailing in the market
• Quantitative (market size and forecasts) and qualitative insights at segment and sub-segment level
• Comprehensive quantitative (market size and forecasts) and qualitative insights on geographic, regional and country level markets
• Granular insights on the competitive landscape prevailing in the market
• Competitive mapping of strategic developments
Scope of the Wearable Medical Devices Market Report
|Market Size Period||2018-2031|
|Market Segments||Asessment of Wearable Medical Devices Market By:
• Device Type
|Geographic Scope||• North America
◦ Rest of Europe (RoE)
• Asia Pacific
◦ Rest of Asia Pacific (RoAPAC)
• Rest of the World
◦ Latin America
◦ Middle East & Africa
|Companies Covered||Medtronic, General Electric Company, Koninklijke Philips N.V., Abbott, Apple Inc., VitalConnect, Huawei Device Co., Ltd., Omron Healthcare, Inc., Masimo and BD. Other players operating in the market are CONTEC MEDICAL SYSTEMS CO. LTD, Preventice Solutions (Acquired by Boston Scientific), Inc., Bio-Beat, iRhythm Technologies, Inc, among others.|
1 RESEARCH ENVELOPE
1.1 Market Classification
1.2 Scope of the Study
1.2.1 Timeline Considered for Market Study
• Historic Years – 2018 & 2019
• Base Year – 2020
• Projected Years – 2021 to 2031
1.3 Currency Used in the Report
2 RESEARCH METHODOLOGY
2.1 Research Approach
2.2 Data Collection Methodology
2.3 Data Sources
2.3.1 Secondary Sources
2.3.2 Primary Sources
2.4 Market Crackdown Methodology
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Data Forecasting Model
2.6 Limitations and Assumptions for Study
3 HEADWINDS & TAILWINDS ASSESSMENT
4 MARKET OPPORTUNITIES ASSESSMENT
5 PREMIUM INSIGHTS
5.1 Key Market Trends
5.2 Key Players & Their Competitive Positioning (2020)
5.3 COVID-19 Impact Assessment
6 GLOBAL WEARABLE MEDICAL DEVICES MARKET - ANALYSIS & FORECAST, BY TYPE
6.1 Diagnostic & Monitoring Devices
6.1.1 Vital Signs Monitoring Devices
6.1.2 Neuromonitoring Devices
6.1.3 Glucose Monitoring Devices
6.1.4 Sleep Monitoring Devices
6.1.5 Fetal Monitoring & Obstetric Devices
6.2 Therapeutic Devices
6.2.1 Pain Management Devices
6.2.2 Respiratory Therapy Devices
6.2.3 Insulin Pumps
6.2.4 Rehabilitation Devices
7 GLOBAL WEARABLE MEDICAL DEVICES MARKET - ANALYSIS & FORECAST, BY DEVICE TYPE
7.3 Ear Wear
7.4 Others (Head-Mounted Display, Smart Clothing, Smart Patches, Etc.)
8 GLOBAL WEARABLE MEDICAL DEVICES MARKET - ANALYSIS & FORECAST, BY APPLICATION
8.1 Healthcare & Medical
8.2 Fitness & Wellness
9 GLOBAL WEARABLE MEDICAL DEVICES MARKET - ANALYSIS & FORECAST, BY REGION
9.1 North America Wearable Medical Devices Market
9.1.1 North America Wearable Medical Devices Market, By Country
9.1.2 North America Wearable Medical Devices Market, By Type
9.1.3 North America Wearable Medical Devices Market, By Device Type
9.1.4 North America Wearable Medical Devices Market, By Application
9.2 Europe Wearable Medical Devices Market
9.2.1 Europe Wearable Medical Devices Market, By Country/Region
188.8.131.52 Rest of Europe (ROE)
9.2.2 Europe Wearable Medical Devices Market, By Type
9.2.3 Europe Wearable Medical Devices Market, By Device Type
9.2.4 Europe Wearable Medical Devices Market, By Application
9.3 Asia Pacific Wearable Medical Devices Market
9.3.1 Asia Pacific Wearable Medical Devices Market, By Country/Region
184.108.40.206 Rest of Asia Pacific (RoAPAC)
9.3.2 Asia Pacific Wearable Medical Devices Market, By Type
9.3.3 Asia Pacific Wearable Medical Devices Market, By Device Type
9.3.4 Asia Pacific Wearable Medical Devices Market, By Application
9.4 Rest of the World (RoW) Wearable Medical Devices Market
9.4.1 Rest of the World Wearable Medical Devices Market, By Region
220.127.116.11 Latin America
18.104.22.168 Middle East & Africa
9.4.2 Rest of the World Wearable Medical Devices Market, By Type
9.4.3 Rest of the World Wearable Medical Devices Market, By Device Type
9.4.4 Rest of the World Wearable Medical Devices Market, By Application
10 COMPANY PROFILES
10.1.1 Business Overview
10.1.2 Financial Metrics*
10.1.3 Product Portfolio
10.1.4 Key Developments
10.2 General Electric Company
10.3 Koninklijke Philips N.V.
10.5 Apple Inc.
10.7 Huawei Device Co., Ltd.
10.8 Omron Healthcare, Inc.
10.11 Other Players
*Insights on financial metrics is subject to availability of information in the public domain
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