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Wearable Medical Devices Market (Type - Activity Monitors, Patches, Smart Watches, and Smart Clothing; Application - Sports & Fitness, Remote Patient Monitoring, and Home Healthcare; Distribution Channel - Pharmacies, Online Channel, and Hypermarkets): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : October, 2021

  • Rep Id : HC08719

  • Category : Healthcare & Medical Devices

  • Status : Published

A recent report published by Infinium Global Research on the wearable medical devices market provides an in-depth analysis of segments and sub-segments in the global as well as regional wearable medical devices market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional wearable medical devices market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global wearable medical devices market. According to the report, the global wearable medical devices market is projected to grow at a CAGR of 29.83% over the forecast period of 2021-2027.


Wearable Medical Devices Market

 

Market Insight

The wearable medical devices market was valued at USD 48.8 billion in 2021 and is expected to reach USD 233.9 billion in 2027, with a CAGR of 29.83% during the forecast period. Wearable devices primarily consist of one or more sensors and have computational capability. They are inserted into devices that attach to the body, such as an individual’s head, feet, arm8s, wrists, and waist. They can resemble a watch, eyeglasses, clothing, contact lenses, shoes, etc. Wearable devices either capture data or present data and the types of data collected could be as simple as the number of steps taken in a day or as complex as ECG.

 

The wearable medical devices market has grown significantly over the past few years as innovations and advancements in electronics, material sciences, and sensor technologies have allowed various startups to introduce relatively inexpensive and fashionable devices into the market. In addition, consumer interest in personal health, growing awareness about wearable devices among the population, rise in geriatric population, increasing benefits from wearable devices, and rise in disposable income, are the factors that have helped to propel this market forward. Clinicians are finding that wearable technology in healthcare has the most benefit when applied to healthy lifestyle decisions to prevent diseases. Furthermore, increasing focus on innovations by tech start-ups and favorable government policies are also driving the market in the coming years. Along with these above-mentioned driving factors, there are some restraints that are expected to hinder market growth in the coming years. Unaddressed regulatory issues, technical difficulties, and the high cost of these products are some of the restraining factors, which could hinder the market. Moreover, growing awareness and preference for home healthcare is expected to provide growth opportunities to the market players. The potential of wearable health devices has become increasingly apparent during the coronavirus disease 2019 (COVID-19) pandemic. The COVID-19 pandemic has highlighted the potential of wearable electronic devices in healthcare. With continued innovation and development, the next generation of wearable sensors and their ability to continuously monitor both physical parameters and biochemical markers could play a key role in fighting the next pandemic.

 

Geographically, North America is the leading contributor to the wearable medical devices market and is expected to retain its position during the forecast period due to high awareness, better product availability, a well-connected distribution network, and a large base population with greater affordability to purchase and use wearable devices. Further, Asia Pacific is anticipated to be the fastest-growing region owing to increasing internet mobility and the high penetration of smartphones in countries such as China and India. These factors positively support the growth of this market in the Asia Pacific region.

 

Segment Covered

The report on the global wearable medical devices market covers segments such as type, application, and distribution channel. On the basis of type, the sub-markets include activity monitors, patches, smart watches, and smart clothing. On the basis of application, the sub-markets include sports & fitness, remote patient monitoring, and home healthcare. On the basis of distribution channel, the sub-markets include pharmacies, online channel, and hypermarkets.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Jawbone, Vitalconnect, Lifewatch, Nokia Technologies, Activeinsights, Monica Healthcare, Philips, Omron, Polar Electro, and Xiaomi.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the wearable medical devices market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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