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The Wearable Medical Devices Market size is estimated to grow by USD 15.54 billion at a CAGR of 17.82% between 2022 and 2027.
There is a growing demand for cost-effective and user-friendly medical devices across the globe. The cost of treatment can significantly be lowered if it is diagnosed at an early stage. There is increasing adoption of smart wearables as they facilitate the detection of diseases at the early phase of their development, which in turn lowers the overall cost of treatment. The increasing emphasis on value-based care is transforming financial incentives to a model in which providers are compensated based on how their individuals fare rather than by the number of tests, procedures, or visits performed. In addition, wearable devices along with cloud-based monitoring technologies facilitate a reduction in hospital charges and healthcare costs. Hence, such factors are positively impacting the market growth.
Technavio has segmented the market into Product, Application, and Geography
It also includes an in-depth analysis of drivers, market trends and analysis, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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The diagnostic and monitoring devices segment is estimated to witness significant growth during the forecast period. Wearable diagnostic and monitoring medical devices can be referred to as devices with sensors that are worn by a person. The main advantage of these devices is that they facilitate the detection and monitoring of changes in body signatures of various areas and organs. This segment essentially comprises wearable vital signs and activity monitoring devices, wearable fetal and obstetric monitoring devices, wearable neuromonitoring devices, and wearable electrocardiogram (ECG) monitoring devices.
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The diagnostic and monitoring devices segment was the largest segment and was valued at USD 3.96 billion in 2017. Several factors such as the increasing focus on early diagnosis and preventive medicine, increasing awareness about chronic diseases, increasing popularity of telemedicine and home healthcare, and the increasing prevalence of CVD, cardiac diseases, sleep disorders, neurological disorders, and high-risk pregnancies are significantly contributing to the growth of this segment. In addition, other factors such as the increasing health consciousness among end-users, the launch of low-cost wearable vital signs and activity monitoring devices, and technological advancements are also positively impacting the growth of this segment. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The home healthcare segment has significantly contributed to the market share of the market. The main applications in home healthcare include remote patient monitoring (RPM), hearing disorders, respiratory diseases, and insulin administration. The increasing prevalence of chronic diseases and the rise in the geriatric population is significantly fuelling the growth of this segment. There is an increasing demand for wearable devices as people with chronic diseases such as diabetes and hypertension require continuous monitoring for efficient management of the disease and these devices facilitate early diagnosis, prevention, and management of chronic diseases. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Fitness wearables can be referred to as internet-connected devices that are worn on the body. This segment leverages a multitude of sensors to monitor fitness and health-related data such as step count, heart rate, and sleep patterns. Activity trackers or fitness trackers are the most common forms of fitness wearables. Some of the prominent market players of this segment are Fitbit and Garmin. Factors such as the growing health consciousness among people and technological advancements are expected to fuel the growth of this segment. There is an increasing adoption of wearable activity monitors in sports and fitness as it enables coaches and athletes to monitor fitness requirements and improve performance. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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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 will shape the market during the forecast period. Some of the main factors that are significantly contributing to the growth of the market in North America include the growing prevalence of chronic diseases, high prevalence of hearing impairment, increasing adoption of technologically advanced, increasing GDP, increasing healthcare spending, new product launches, and strong market presence of leading companies.
One of the main countries in North America that is significantly contributing to the market growth in the region is the US due to factors such as the strong presence of major key vendors such as Garmin and Fitbit, growing focus on early diagnosis and prevention, rising demand for home healthcare, favorable reimbursement scenarios such as insulin pumps and hearing aids, CVDs and obesity, and high adoption. Hence, such factors are expected to drive the market growth in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, market growth analysis, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Abbott Laboratories: The company offers as biowearable FreeStyle Libre devices.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
One of the key factors driving the market growth is the integration of smartphone applications. There is a significant generation of health data by wearable devices. There is an increase in the scope of remote monitoring with the emergence of smart wearables. The main advantage of wearable patient-monitoring equipment is that it captures different vital signs of an individual, including the heart rate, respiratory rate, skin temperature, and glucose levels.
Moreover, there is a significant generation of this data by these devices which can be analyzed using smartphones. Some of the prominent companies that have launched wearable devices that are compatible with smartphones include Fitbit and Garmin. These devices enable the monitoring of heart rhythms, sleep, and calories. Hence, such factors are positively impacting the market. therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the market growth is the rise in the development of miniature wearable medical devices. There has been a significant increase in the development of miniature across the globe. The miniaturization is at a primary stage but emerging trend in the market. There is an increasing focus by several market players on developing products that are smaller, more reliable, and more energy-efficient than those of previous generations.
Moreover, there is significant growth in the market for portable/mini devices due to the miniaturization of electronic components. For instance, Proteus Digital Health has developed a new miniature ingestible tablet that is equipped with a sensor. Hence, such developments are positively impacting the market. therefore, it is expected to drive the market growth and trends during the forecast period.
The high cost of wearable medical devices is one of the key challenges hindering market growth. The wearable devices are very expensive and their price depends on the type of function and diagnosis. For example, insulin pumps, on average, cost USD 4,500-USD 6,500. There is a significant increase in cost associated with wearable devices considering the high device cost, along with maintenance charges.
Moreover, there is a major cost associated with including pulse oximeters, insulin pumps, and activity trackers as they need frequent battery changes, recharging, and maintenance. In addition, branded wearable devices are very expensive. For example, the cost of activity trackers like Vivosmart HR+ from Garmin costs USD 179.99 (in the US). Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
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The market growth and forecasting 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, market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their Market forecasting and growth strategies.
Global Market Customer Landscape
The market is witnessing significant advancements with devices like the Apple Watch incorporating EKG (Electrocardiogram) and glucose monitoring systems. Artificial intelligence (AI) plays a crucial role in enhancing the capabilities of wearables for monitoring health metrics. Companies like Respira Labs, Medicalgorithmics, and Lifesense contribute to innovations in blood pressure monitoring. Collaborations with organizations like the British Heart Foundation and regulatory approvals from the FDA (Food and Drug Administration) ensure the reliability of these wearables. Notable products such as Qpatch by Lifesense and Omron Corporation's offerings contribute to the growing cardiovascular and lifestyle-related diseases.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Wearable Medical Devices Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 17.82% |
Market growth 2023-2027 |
USD 15.54 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
17.26 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 37% |
Key countries |
US, UK, Germany, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
3L Labs Co. Ltd., Abbott Laboratories, Alphabet Inc., Apple Inc., Biotricity Inc., Boston Scientific Corp., Daifuku Co. Ltd., Dexcom Inc., Garmin Ltd., General Electric Co., Huawei Technologies Co. Ltd., Johari Digital India Ltd., Koninklijke Philips N.V., Medtronic Plc, OMRON Corp., Oura Health Oy, Polar Electro Oy, Samsung Electronics Co. Ltd., The Sotera Wireless Inc., and ten3T Healthcare |
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, and Market condition analysis for the forecast period. |
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 Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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