The Global Wearable Medical Devices market is growing at a significant rate over the forecast period starting from 2020 till 2027. As per the GMI Research forecast, the strong demand for remote patient monitoring devices, particularly due to the outbreak of the COVID-19 and the changing lifestyle of the consumers, are the two major factors that are surging the market growth over the coming years.
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Wearable medical devices are autonomous devices that are worn by a person and are mainly used for medical monitoring and support for a long period of time. These types of devices are specially designed to avoid diseases and monitor overall health, such as weight control and physical activity monitoring. Wearable medical devices are often used for patient management and disease management.
The continuous expansion of the healthcare sector, along with the strong demand for remote patient monitoring devices across the globe, are the significant factors surging the growth of the wearable medical devices market. In addition to this, the drastic shift in the consumer's preference towards fitness and a healthy lifestyle is encouraging them to opt for wearable medical devices to analyze the health condition on a regular basis. Various studies have been conducted to develop a viable solution that will integrate Artificial Intelligence (AI) in wearable medical devices. All these factors are boosting the wearable medical devices market growth over the coming years.
With the increasing adoption of a sedentary lifestyle, there has been an increase in the incidences and prevalence of lifestyle-associated disorders, which in turn, is accelerating the growth of the wearable medical devices market size over the forecast period. The various disease requires regular monitoring of parameters such as blood sugar level and blood pressure level. This factor has enabled the amalgamation of healthcare data with a smartphone to have real-time access to data and to eliminate the chances of errors. Additionally, the increasing prevalence of chronic diseases along with the mortality rates, is motivating the healthcare providers to offer personalized care devices for 24*7 monitoring. The rising cases of obesity and the increasing awareness related to physical fitness is motivating the consumers to participate in physical activities. Various wearable devices such as smartwatches and smart bands are widely used in monitoring fitness parameters such as calories burned, total distance walked, and footstep count. These factors are contributing to the growth of the market during the forecast period.
As per the global wearable medical devices market forecast, with the outbreak of the COVID-19 pandemic, there has been an upsurge in the demand of the market. The coronavirus pandemic has forced individuals to opt for self-monitoring wearable medical devices to regularly monitor their health condition rather than physically visiting hospitals or healthcare centers. Based on the wearable medical devices market by application, the market has been segmented into Sports And Fitness, Remote Patient Monitoring, and Home Healthcare.
Key Players of the Global Wearable Medical Devices Market:
• Lifewatch AG
• Polar Electro OY
• Omron Corporation
• Withings SA
• Jawbone Inc.
• Garmin Ltd.
• Philips Healthcare
• Fitbit Inc.
• Sotera Wireless, Inc
• Drägerwerk AG & Co. KGaA,
Market Segmentation:
Global Wearable Medical Devices Market Report Segment by Product:
• Diagnostic Devices
o Vital Sign Monitoring Devices
Heart Rate Monitors
Activity Monitors
Electrocardiographs
Pulse Oximeters
Spirometers
Blood Pressure Monitors
Others
o Sleep Monitoring Devices
Sleep trackers
Wrist Actigraphs
Polysomnographs
Others
o Electrocardiographs Fetal And Obstetric Devices
o Neuromonitoring Devices
Electroencephalographs
Electromyographs
Others
• Therapeutic Devices
o Pain Management Devices
Neurostimulation Devices
Others
o Insulin/Glucose Monitoring Devices
Insulin Pumps
Others
o Rehabilitation Devices
Accelerometers
Sensing Devices
Ultrasound Platform
Others
o Respiratory Therapy Devices
Ventilators
Positive Airway Pressure (PAP) Devices
Portable Oxygen Concentrators
Others
Global Wearable Medical Devices Market Report Segment by Site:
• Handheld
• Headband
• Strap/Clip/Bracelet
• Shoe Sensors
• Others
Global Wearable Medical Devices Market Report Segment by Application:
• Sports And Fitness
• Remote Patient Monitoring
• Home Healthcare
Global Wearable Medical Devices Market Report Segment by Region:
• North America
o United States of America
o Canada
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
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