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The global diagnostic wearable medical devices market size is estimated to grow by USD 7,333.3 million at a CAGR of 15.2% between 2022 and 2027.
With the invention of cutting-edge technologies, the health condition of an individual can be monitored just at the fingertips with the help of wearable diagnosis devices. Wearable diagnosis devices not only help to track an individual's vital signs such as calorie intake, fitness levels, and sleep patterns but also helps in the early diagnosis and prevent chronic conditions. These factors are driving the market growth. Wearable devices include biosensing clothing, vital signs monitors, neuromonitoring devices, sensor-embedded equipment, wristband devices for sports and fitness, and sleep rate monitoring devices.
For example, biosensing clothing products such as Heddoko and Hexoskin allow users to know exactly in which part of the body high pressure is being exerted.
Additionally, factors such as the adverse effects of a sedentary lifestyle, and demand for cost-effective diagnosis are also driving the market growth.
Technavio has divided the market into three segments that are application, device, and geography. These three segments have their own subsegments. The subsegments for three segments are:
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There are multiple factors influencing the market growth. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges.
The increased need for cost-effective diagnosis is driving the market growth. Early detection of diseases can significantly reduce the cost of treatment. Smart wearables can detect diseases in their early stages, leading to lower healthcare costs. The focus on value-based care is shifting towards rewarding providers based on individual outcomes rather than the number of tests, procedures, or visits performed. Wearable ECG devices are cost-effective for regular monitoring compared to traditional hospital-based ECGs. Cloud-based monitoring coupled with wearables can reduce healthcare costs. Regulatory boards worldwide are approving wearable technology, and cloud-based technologies will play an important role in the future of diagnostic wearables. As these devices become more popular and affordable, they may become part of individuals' fitness routines. Therefore, the demand for cost-effective diagnosis will drive the growth of the global diagnostic wearable medical devices market in the future.
The emergence of innovative diagnostic wearable medical devices is a major trend in the market. Companies in the global diagnostic wearable medical devices market are innovating to meet growing consumer needs, improving features, diagnosis, and outcomes. For example, Phillips launched a wearable diagnostic device for individuals with chronic obstructive pulmonary disease equipped with a digital biosensor that records biometric data and transmits it to the cloud-based HealthSuite Digital Platform. Other innovations include Samsung Fitness Tracker, Google Glass for fitness, Nike + Fuelband, and Misfit Shine. Fitbit received clearance to use its passive cardiac rhythm monitoring technology that periodically checks wearers' heart rhythms and alerts them if they show signs of atrial fibrillation. The emergence of such innovative devices will drive the market's growth during the forecast period.
Data privacy issues are a major concern hindering the market growth. Wearable medical devices that transfer an individual's health data to healthcare providers raise privacy concerns as they share a large amount of personal health and fitness data with an unknown audience. The small size of these devices increases the chances of data loss or misplacement. Additionally, location-based information retrieved by GPS can be saved and used by advertisers. Concerns over privacy have increased due to recent security breaches by companies such as Sony, Apple, and Home Depot. Effective encryption and clear permissions on data sharing must be established to secure and validate the data of wearables. Failure to do so may hinder the growth of the global diagnostic wearable medical devices market during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Diagnostic Wearable Medical Devices Market Customer Landscape
There is high competition in the diagnostic wearable medical devices market. Among several market players, the organization Activinsights stands out among the competitors due to technological innovation and the on-point marketing strategy.
Activinsights - The company offers medical wearable devices such as GENEActiv and Activinsights bands. Also, through this segment, the company offers a wrist-worn raw data accelerometer.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Technavio’s report consists of a holistic analysis of the key development Analysis, development stage, pipeline analysis, FDA approval, market players, their marketing strategies, and powerful innovations to help any client gain a competitive edge.
The application segment is fragmented into home healthcare, sports and fitness, and remote patient monitoring.
Home healthcare devices are used at an individual's home, avoiding the need to visit hospitals or diagnostic centers. The devices include vital signs monitors (such as heart rate monitors and respiratory monitors), activity monitors, and sleep monitors. The growing aged population and the rising prevalence of chronic diseases have resulted in high demand for home healthcare medical devices, such as blood pressure monitors, body temperature monitors, and sleep, and apnea monitors.
Diagnostic wearable medical devices are finding increased use in sports and fitness applications. Athletes need sensors that can be easily worn and can capture accurate measurements of motion. In fitness applications, these wearables serve muscle-building needs. Furthermore, these devices are being used by coaches and athletes to monitor their fitness requirements and improve their performance. These devices are used to increase the levels and the quality of exercise. Some examples of fitness wearables are Stretch Sense, Gym Watch, Atlas Wristband, Fitbit Blaze, and Basis Peak.
Innovative remote patient monitoring devices will enable physicians to analyze an individual's health condition by monitoring the vital signs, including respiratory rate, heart rate, skin temperature, and activity data. They allow healthcare practitioners to monitor and manage critical measures of the individual, thus ensuring better healthcare and safety. It will help healthcare practitioners remotely monitor individuals from hospitals, thus reducing hospital readmissions.
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The device segment is classified into vital signs monitors, sleep and activity monitors, fetal and obstetric monitoring devices, neuromonitoring devices, and ECG monitors.
Vital signs monitors are used to measuring the body temperature, heart rate, respiration rate, and blood pressure. Vital signs can be measured, monitored, and observed with the use of several diagnostic devices. Some of the vendors that are providing vital signs monitoring devices are Cleveland Medical, Omron Healthcare, Polar Electro, Fitbit, and Medtronic.
These monitors or devices are used to track fitness activity-related metrics such as distance walking or running, calorie consumption, quality of sleep, and heart rate of an individual. Some examples of diagnostic wearable activity monitors are Biopatch, HXM Smart, and Bioharness 3. Some examples of sleep rate monitoring wearables are Neuroon, ActiGraph, Withings Pulse Ox, and Beddit Smart sensor.
Diagnostic wearable fetal and obstetric monitoring devices will help pregnant women monitor the fetal heart rate. This gives important information about the fetus's health condition during pregnancy. Some examples of fetal and obstetric diagnostic wearable medical devices are PregSense, Monica Novii Wireless Patch System, and Belli.
Neuromonitoring involves the use of electrophysiological methods, including EEG and electromyography (EMG), to monitor the functional integrity of some neural structures during surgery. Vendors such as Emotiv and Neurosky manufacture disruptive devices that can be used by an individual with neurological disorders. The interpretation of results obtained through these devices is also user-friendly, which will fuel the demand for EEG and EMG devices in the market.
ECG monitors are used to tracking the health status of people with cardiovascular disorders. Continuous monitoring of heart health status is necessary for the management of cardiac disorders. Some of the vendors that are providing wearable ECG monitors are Quardio and Medtronic. Some examples of such devices are Biopatch Qardiocore and iHealth Rhythm.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America accounted for the highest share of the market, with the US being the largest revenue generator. The growth of the market in North America is likely to be fueled by factors such as an increase in the incidence of chronic diseases among people of all ages, the increased prevalence of heart and respiratory disorders, and a rise in the number of premature births. The increasing need for continuous diagnosis and the growing awareness among the general population will drive the growth of the market during the forecast period.
The COVID-19 pandemic severely affected countries in North America, such as the US, Canada, and Mexico, in 2020. However, in 2021, the initiation of large-scale vaccination drives led to the lifting of lockdowns, and business activities slowly resumed; Many consumer electronics companies started manufacturing diagnostic wearable medical devices at an increasing rate due to the huge demand for diagnostic wearable medical devices as people became more health conscious and aware. This has led to an increase in demand for healthcare and wearable devices, including diagnostic wearable medical devices. In addition, the increasing incidence of heart and lifestyle-related disorders, rising acceptance of wearable medical devices, and high per capita medical spending are expected to drive the growth of the regional market during the forecast period.
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Diagnostic Wearable Medical Devices Market Scope |
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Report Coverage |
Details |
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Page number |
173 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 15.2% |
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Market growth 2023-2027 |
USD 7,333.3 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
14.54 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 37% |
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Key countries |
US, Germany, UK, China, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Activinsights Ltd., AliveCor Inc., Alphabet Inc., BTS Bioengineering Corp., Cleveland Medical Devices Inc., Draegerwerk AG and Co. KGaA, Garmin Ltd, Intelesens Ltd., Koninklijke Philips NV, Medtronic Plc, OMRON Corp., Polar Electro Oy, ResMed Inc., Smart Solutions Technologies SL, VitalConnect Inc., Wellue Health, and World Global Network |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Device
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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