NEW YORK, June 17, 2022 /PRNewswire/ — The global wearable medical device market size stood at USD 18 billion in 2020. The market is expected to clock US$ ~132.5 billion by 2031 owing to increasing FDA-approved product launches, increasing adoption of AI and 5G, rising adoption of wearable devices among people for self-monitoring their health & fitness, increasing penetration of mobile platforms, and growing awareness and preference for home healthcare.
Technological innovations and modernization of healthcare are two major factors that are transforming the way healthcare services are delivered. Constantly developing medical technologies like AI and increasing penetration of 5G technology are expected to enhance the efficiency of medical services provided to patients. The trend of wearable devices aims to help a person self-monitor their health activities and vitals and ensure their health & fitness.
Fitness trackers, biosensors, smartwatches are rapidly being adopted by the population as they have the ability to improve patient outcomes. Multiple technology companies have launched new products that are FDA approved for helping a person improve clinical outcomes. For instance, in April 2020, Samsung received medical approval for its blood pressure monitoring sensor that was present in the Samsung Galaxy Watch Active 2 since its launch in Nov 2019.
The global wearable medical device market has been analyzed from five perspectives: Device Type, Product Type, Application, Grade, and Region.
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Excerpts from ‘By Device Type Segmentation’
Based on device type, the wearable medical device market has been segmented into:-
- Monitoring & Diagnostic Devices
- Therapeutic Devices
The monitoring & diagnostic devices segment is further sub-segmented into Vital Signs Monitoring Devices [ECG/Heart Rate Monitors, Pulse Oximeters & Oxygen Saturation (SpO2) Monitors, Blood Pressure Monitors, and Multi-parameter Monitors], Glucose Monitoring Devices, Sleep Monitoring Devices, Neuromonitoring Devices, and Fetal Monitoring & Premature Baby Monitoring Devices.
The therapeutic devices segment is further categorized into Pain Management Devices, Respiratory Therapy Devices, Rehabilitation Devices, Drug Delivery devices,s Hearing Aids, and Wearable Cardiac Defibrillators (WCDs). The monitoring & diagnostic devices segment held the largest market share in 2020.
Factors such as the increasing prevalence of lifestyle-related diseases, growing awareness about fitness and health among the population globally and increasing wearable monitoring product launches have played a key role in driving the segmental growth.
Excerpts from ‘By Region Segmentation’
Regionally, the global wearable medical device market has been segmented into
- North America
- Europe, Asia Pacific
- Rest of the World (RoW).
North America held the largest market share in the global wearable medical device market. The increasing prevalence of chronic disorders, growing awareness of self-health management, and raising awareness and willingness to adopt wearable device technologies among Americans are some of the factors driving the growth of the wearable device market in this region. Moreover, increasing penetration of 3G and 4G networks and newer product launches are anticipated to fuel the market growth during the forecast period
Excerpts from ‘Competitive Landscape’
Some of the prominent players operating in the global wearable medical device market include:
- Koninklijke Philips N.V
- Apple Inc
- Fitbit, Inc
- Omron Healthcare, Inc
- Garmin Ltd
- GE Healthcare
- Sotera Wireless, Inc
- BioTelemetry, Inc
- Dexcom, Inc
- Among others
2021 to 2031
Forecast Period 2021 to 2031 CAGR
2031 Market Value
USD 132.5 Billion
2018 and 2019
Number of pages
100 – 120
Type, Product Type, Application, Grade
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1.1. Market Ecosystem
1.2. Geographic Scope
1.3. Timeline Under Consideration
1.3.1. Historical Years – 2018 & 2019
1.3.2. Base Year – 2020
1.3.3. Forecasted Years – 2021 to 2031
1.4. 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 Estimation Approach
2.4.1. Bottom Up
2.4.2. Top Down
2.5. Market Forecasting Model
2.6. Limitations and Assumptions
3. PREMIUM INSIGHTS
3.1. Current Market Trend (COVID-19 Perspective)
3.2. Technological Advancements
4. MARKET DYNAMICS
5. GLOBAL WEARABLE MEDICAL DEVICE MARKET – ANALYSIS & FORECAST, BY DEVICE TYPE
5.1. Monitoring & Diagnostic Devices
5.1.1. Vital Sign Monitoring Devices
188.8.131.52. ECG/Heart Rate Monitors
184.108.40.206. Pulse Oximeters & Oxygen Saturation (SpO2) Monitors
220.127.116.11. Blood Pressure Monitors
18.104.22.168. Multi-parameter Monitors
5.1.2. Glucose Monitoring Devices
5.1.3. Sleep Monitoring Devices
5.1.4. Neuromonitoring Devices
5.1.5. Fetal monitoring & Premature Baby Monitoring Devices
5.2. Therapeutic Devices
5.2.1. Pain Management Devices
5.2.2. Respiratory Monitoring Devices
5.2.3. Rehabilitation Devices
5.2.4. Drug Delivery Devices
5.2.5. Hearing Aids
5.2.6. Wearable Cardiac Defibrillators (WCDs)
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