Tech advances in wearable devices and the rising consumer demand for health and fitness solutions are positively influencing manufacturers in the healthcare industry to develop smart devices such as biosensors, insulin pumps and more. According to Future Market Insights (FMI), the demand for wearable medical devices will rise owing to the growing global incidences of chronic ailments. The market is anticipated to reflect a promising rate of growth with approximately 7% CAGR through the end of the forecast period in 2031.
Health and fitness applications are projected to display a relatively high rate of growth. Increasing expenditure by adults on leisure and sports activities are bolstering the demand for product such as the Fitbit. Advances in GPS tracking and Internet of Things will prove beneficial to market players.
Efforts by governments and private health organizations to spread health awareness has resulted in increased focus towards solutions for early diagnostics for underlying conditions. Consequently, advances in wearables allows for real time data collection and analysis. This trend will aid in the expansion of product portfolios, while consolidating market position.
The covid-19 pandemic has brought increased focus on healthcare, and market players are leveraging the crisis to promote their products to aid in analyzing potential patients. In addition, the growing importance of clinical mobility through smart watch devices is expected to gain traction with improvements to biosensor products.
On the other hand, market players will face challenges in the near future, affecting market expansion. High costs of purchasing wearable medical devices limits adoption rates. In addition, concerns over data security remains a challenge for manufacturers that will affect long term growth.
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Key Companies Profiled:
- Medtronic plc
- Siemens AG
- Fitbit Inc.
- Bayer AG
- Panasonic Corporation
- Animas Corporation – Johnson and Johnson
- Smiths Medical – A Smiths Group Company
- Koninklijke Philips N.V.
- Owlet Baby Care
- OMRON Corporation
- Hoffmann-La Roche Ltd and Rest Devices Inc. (indicative list)
Key Takeaways from Wearable Medical Devices Market Study
- The global demand for wearable medical devices is expected to rise strongly, enabling the market to exhibit a CAGR of nearly 7% in the forecast period from 2021 to 2031.
- Therapeutic wearables will account for more than 50% of the market share owing to rising incidences of diabetes and respiratory disorders.
- Backed by rapidly increasing expenditure on the healthcare sector, the United States will account for major global market share.
- Increasingly favorable setups for reimbursement policies will play a key role in the growth of the U.K. market for wearables through 2021 and beyond.
- Germany will reflect high growth potential on the back of improvements to healthcare infrastructure, fueling demand for wearable medical devices.
- In the Asia Pacific excluding Japan region South Korea and China will emerge as lucrative markets supported by a large potential patient base.
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Wearable Medical Devices Market – Key Segments
- Wearable Monitoring and Diagnostic Devices
- Fetal and Obstetric Devices
- Wearable Fetal Monitors
- Infant Motion Sensing Monitors
- Continuous Glucose Monitoring Devices
- Cardiac Monitoring Devices
- Wearable Heart Rate Monitors
- Wearable Pulse Oximeters
- Wearable Blood Pressure Monitors
- Wearable Therapeutic Medical Device
- Hearing Aid
- Insulin Pump
- Respiratory Therapy Devices
- Sleep Apnea Devices
- Non-invasive Ventilation
- Health and Fitness Devices
- Patient Monitoring
- Home Healthcare
- Health and Fitness
- Hospital Pharmacies
- Online Channels
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- North America (U.S. & Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru, & Rest of LATAM)
- Western Europe (Germany, U.K., France, Italy, Spain, BENELUX, Nordic, & Rest of W. Europe)
- Eastern Europe (Russia, Poland, CIS Countries and Rest of E. Europe)
- Middle East and Africa (GCC Countries, Turkey, South Africa, Israel, & Rest of MEA)
- Asia Pacific excluding Japan (China, India, ASEAN, South Korea, Australia, & Rest of APEJ)