+91-8668442535

Wearable Medical Devices Market By Type (Activity Monitors, Smart Watches, Smart Clothing and Patches), By Application (Diagnostic and Monitoring Devices and Therapeutic Devices) - Growth, Future Prospects & Competitive Analysis, 2017 – 2025

The scope of the report includes various types of wearable medical devices, such as monitoring devices, smart watches, smart clothing, and patches. Applications considered for the scope of the report comprise diagnostic and monitoring devices and therapeutic devices. Diagnostic and monitoring devices are further categorized as neuromonitoring devices, sleep monitoring devices, glucose monitoring devices, fetal monitoring devices, and obstetrics devices. Therapeutic devices are further classified as insulin pumps, pain management devices, respiratory therapy devices, and rehabilitation devices. A description of the market size and forecast is available for the above segment.

In the geography segment, cross-sectional information is provided in accordance with the countries covered under the regional segment, along with their market size and forecast.It is critical to comprehend the competitive environment that exists in the market for wearable medical devices. The competitive landscape provided useful insight into the current competition among key players in wearable medical devices. Porter’s five forces model has also been included in the scope of the report to understand market dynamics. Company profiles with useful information regarding the product portfolio have been considered for the scope of the report. The major players in the global wearable medical devices market are Corventis, Inc., Drägerwerk AG & Co. KGaA, Fitbit, Inc., Garmin Ltd., Jawbone, Inc., LifeWatch AG, Omron Corporation, Philips Healthcare, Polar Electro Oy, Withings SA (Nokia), and Zephyr Technology Corporation.

Based on type, the global wearable medical devices market is categorized into:

  • Activity Monitors
  • Smart Watches
  • Smart Clothing
  • Patches

The wearable medical devices market is driven by key factors such as the rising prevalence of chronic diseases such as cardiovascular complications, diabetes, asthma, and sleep apnea and rising public health awareness. Additionally, patients are opting for hand-held monitoring devices rather than hospital services due to their cost-effectiveness. Companies involved in the manufacturing of wearable medical devices are constantly striving to overcome device anomalies, such as device software being exposed to several malicious attacks and the low power capacity of wearable medical devices. At present, activity monitors hold the largest market share due to key drivers such as rising public health awareness and the fact that they provide important health parameters such as heart rate, blood glucose, blood oxygen levels, etc. Smartwatches predict tremendous growth as they give quick access to health-related notifications, and currently, smartwatches are becoming trendsetters among gadget lovers. The major players in the wearable medical devices market are Corventis, Inc., Drägerwerk AG & Co. KGaA, Fitbit, Inc., Garmin Ltd., Jawbone, Inc., LifeWatch AG, Omron Corporation, Philips Healthcare, Polar Electro Oy, Withings SA, and Zephyr Technology Corporation.

Based on application, the global wearable medical devices market is categorized into:

Diagnostic and Monitoring Devices

  • Glucose Monitoring Devices
  • Devices for Monitoring Sleep
  • Fetal Monitoring and Obstetric Devices
  • Neuromonitoring Devices 

Therapeutic Devices

  • Pain management devices
  • Rehabilitation Devices
  • Respiratory Therapy Devices
  • Insulin Pumps

Wearable medical devices are very useful in giving health statistics such as blood glucose, blood oxygen level, blood lipid profile, etc., within a few seconds in comparison to the tedious process followed by conventional diagnostic kits. Wearable medical devices include healthcare apps that provide useful information about the number of calories in various foods and exercises to burn calories, which is especially beneficial to fitness enthusiasts and the obese. Because of the increasing number of geriatric patients suffering from apnea, attention deficit disorders, hypertension, and type 2 diabetes, which necessitate frequent monitoring of blood glucose and electroencephalogram data, diagnostics and monitoring devices are considered the leading segment. Therapeutic devices are anticipated to be the fastest-growing market, primarily due to factors such as the rising prevalence of pain disorders such as fibromyalgia, rheumatoid arthritis, and ankylosing spondylitis; the rise in asthma and COPD prevalence; and the need for immediate medical intervention and pain management in terminally ill patients suffering from cancer.

For the purpose of this study, the global wearable medical devices market is categorized into the following regional and country-specific markets:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • Italy
    • U.K.
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • India
    • China
    • Japan
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

In 2016, North America was found to have the largest wearable medical device market. According to the Centers for Disease Control and Prevention, in 2015, approximately 50% of adults aged 18 years and older were recommended to perform the aerobic physical activity due to obesity and hypertension. Contributing factors to the dominance of the North American market are the rising prevalence of chronic diseases, government health agencies engaged in spreading awareness of healthy lifestyles, and the presence of major players pioneering the manufacture of wearable medical devices.

The market growth in Europe is mainly attributed to an increase in the geriatric population suffering from sleep apnea and attention deficit disorders, resulting in a demand for wake-up tools and alarm clock gadgets and a supportive regulatory environment for medical devices. Asia Pacific will register steadfast market growth due to the rising prevalence of hypertension and type 2 diabetes, a favorable evolutionary environment creating health awareness, and a flourishing e-retail channel. Moreover, factors such as health awareness campaigns and workshops conducted by medical device manufacturers and the establishment of retail outlets by major players in untapped markets are going to fuel the rapid growth of the wearable medical devices market in Latin America, the Middle East, and Africa in the near future.

Frequently Asked Questions:

The market for Wearable Medical Devices Market is expected to reach US$ 22,754.6 Mn by 2025.

The Wearable Medical Devices Market is expected to see significant CAGR growth over the coming years, at 17.9%.

The report is forecasted from 2017-2025.

The base year of this report is 2016.

Corventis, Inc., Drägerwerk AG & Co. KGaA, Fitbit, Inc., Garmin Ltd., Jawbone, Inc., LifeWatch AG, Omron Corporation, Philips Healthcare, Polar Electro Oy, Withings SA,. are some of the major players in the global market.

Choose License Type
Trusted By
Godaddy
Published Date:  Nov 2017
Category:  Medical Devices
Report ID:   58837
Report Format:   PDF
Pages:   120
Rating:    4.8 (80)
Delivery Time: 24 Hours to 48 Hours   
Connect With Us
+91-8668442535
24/7 Research Support