Wearable Medical Devices Market by Application and Geography - Forecast and Analysis 2020-2024

The wearable medical devices market size has the potential to grow by $10.24 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.

This report provides a detailed analysis of the market by application (therapeutic medical devices, and diagnostic and monitoring medical devices) and geography (Asia, Europe, North America, and ROW). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Alphabet Inc., Apple Inc., BioTelemetry Inc., Demant AS, Garmin Ltd., General Electric Co., Koninklijke Philips NV, Medtronic Plc, OMRON Corp., and Sonova Group.

Market Overview

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Market Competitive Analysis

The wearable medical devices market is concentrated. The key vendors in the market are engaged in the research and development (R&D) of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases. General Electric Co., Koninklijke Philips NV, Medtronic Plc, OMRON Corp., and Sonova Group are some of the major market participants. Although the increasing prevalence of chronic diseases will offer immense growth opportunities, limitations and complications associated with wearable medical devices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this wearable medical devices market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this wearable medical devices market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

• Alphabet Inc.
• Apple Inc.
• BioTelemetry Inc.
• Demant AS
• Garmin Ltd.
• General Electric Co.
• Koninklijke Philips NV
• Medtronic Plc
• OMRON Corp.
• Sonova Group

Wearable Medical Devices Market: Segmentation by Region

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North America accounted for the largest wearable medical devices market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The growing prevalence of chronic diseases, high prevalence of hearing impairment, and increasing adoption of technologically advanced wearable medical devices will significantly influence wearable medical devices market growth in this region.

35% of the market’s growth will originate from North America during the forecast period. The US is one of the critical markets for wearable medical devices in North America. Market growth in this region will be slower than the growth of the market in other regions.

Wearable Medical Devices Market: Segmentation by Application

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Wearable therapeutic medical devices aid people in dealing with physical illnesses. They are used for the delivery of medications or to assist a patient in their daily activities. Moreover, the increasing prevalence of diabetes, chronic pain, respiratory disorders and hearing disorders, increasing geriatric population, rising awareness about therapeutic wearable medical devices, technological advancements, and the increasing popularity of home healthcare will increase the demand of this segment, thereby contributing to the growth of the market in focus.

Market growth in this segment will be slower than the growth of the market in the diagnostic and monitoring medical devices segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the wearable medical devices market size.

Wearable Medical Devices Market: Key Drivers and Trends

The rising prevalence of chronic diseases is one of the critical factors driving wearable medical devices market growth. Patients with chronic diseases such as diabetes, asthma, CVD, and others require constant monitoring which mandates the adoption of wearable medical devices. The use of wearable medical technology reduces costs and eliminates the need for frequent hospital visits. Chronic diseases are expected to become much more prevalent over the forecast period due to several environmental and lifestyle changes. This will lead to a higher demand for wearable medical devices, leading to wearable medical devices market growth.

The emergence of innovative wearable medical devices is one of the critical wearable medical devices market trends that will further stimulate market growth. With manufacturers focusing on designing improved wearable monitoring devices, the market is witnessing a rapid increase in innovative products. Technological innovations such as system-on-chip (SoC) and chip-scale package (CSP) enable manufacturers to develop compact, light and ergonomic medical devices. Moreover, the adoption of technologies like 32-bit ARM architecture and wireless technologies like ANT+ and Bluetooth low energy (BLE) also facilitates the development of medical devices that consume low power and have longer battery life. The wearable medical devices market forecast report predicts the market to grow at a CAGR of almost 10% during the forecast period.

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Wearable Medical Devices Market: Key Highlights of the Report for the Forecast Period 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive wearable medical devices market growth during the next five years
• Precise estimation of the wearable medical devices market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the wearable medical devices market industry across Asia, Europe, North America, and ROW
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of wearable medical devices market vendors

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