The global wearable medical device market was valued at US$ 14.44 billion in 2019 and expected to reach US$ 89.45 billion by 2027, with at a compound annual growth rate (CAGR) of 25.6% during the forecast period 2020 to 2027.
Rising demand for remote patient monitoring devices along with home healthcare solutions anticipated to positively influence the market growth for wearable medical devices. In addition, rising consumer focus towards fitness as well as effort for leading a healthy lifestyle expected to be the other main factor that fuels the product demand.
Rise in data and their complexity in healthcare industry have increased significantly over the recent past because of the introduction of advanced data collection and analysis tools in the industry. On-going research to develop a viable solution by integrating Artificial Intelligence (AI) and machine learning in wearable medical devices anticipated to further boost the size of data generation from the industry. This amalgamation of technologies will assist physicians to detect any changes in the heart functioning at its early stage and to initiate the required interventions that could prevent the re-hospitalization as well as reduces the heart failure rate.
The therapeutic device anticipated to exhibit the fastest growth rate among product segment throughout the analysis period due to the rising influx of these products over the recent time. Moreover, a strong product pipeline of therapeutic devices for example wearable pain reliever devices, intelligent asthma management devices, and insulin management devices estimated to assist the market growth.
Within the therapeutic segment, insulin monitoring device emerged as a market leader in 2019 and predicted to continue the same trend over the upcoming years because of increasing prevalence of diabetes.
Besides this, Neuromonitoring captured the largest value share in the diagnostic device segment in 2019. Rising prevalence of neurological disorders attributed as the major factor that positively affects the growth of the segment. Additionally, growing awareness among consumers related to the ability of neurological wearable devices in order to continuously assess the cognitive capabilities of a person during their everyday activities estimated to be a prime factor that drives the market.
Home healthcare dominated the global wearable medical devices market in the year 2019 owing to the rising geriatric population that triggers the prevalence of chronic diseases coupled with the increasing need to curb the rising healthcare expenditure as home healthcare is an economically viable initiative.
The remote patient monitoring application anticipated to grow at the fastest rate over the forecast timeframe. Globally increasing geriatric population coupled with the prevalence of chronic diseases projected as few high impact rendering drivers for the growth of the segment over the analysis time period.
North America led the global wearable medical devices market in 2019 because of the increasing prevalence of diabetes, cardiovascular disorders, and cancer within this region. In addition to this, significant rise in the chronic diseases that require routine and continuous monitoring along with the presence of well-established healthcare infrastructure are further expected to propel the market growth during the upcoming period.
The Asia Pacific however witnesses an exponential growth rate over the analysis period owing to favorable government initiatives for the adoption of such devices, rising geriatric population, and increase in healthcare expenditure within the region. Apart from this, the region offer immense opportunity for the infrastructure development related to construction and healthcare for upgrading the medical research & services in the region.
Key Companies & Market Share Insights
The global wearable medical device market faces intense competition among the market players owing to significant spending in Research & Development (R&D) sector to upgrade and enhance the product continuously to cater the rapid changing consumer demand and need. Further, these industry participants are also largely adopting inorganic growth strategies such as merger & acquisition, partnership, and collaboration to retain their competitive edge in the global market. For instance, in 2020, Fitbit Inc. introduced Fitbit Charge 4 to continuously track the activities of the user and provide relevant information in real-time.
Some of the prominent players in the wearable medical device market include:
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of site, product, application, and region:
By Regional Outlook
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