Global Wearable Medical Device Market is anticipated to reach market valuation of US$ 25,101.5 Million by 2031 displaying reasonable CAGR of 18.29% over the forecast period (2022-2031). Wearable medical devices are deployed for the monitoring of patients at both personal as well as medical level. The technology revolves around the miniaturization of electronic devices in order to make them wearable and reliable. The market of wearable medical device market is anticipated to grow enormously owing to the factors such as rising old age population and old age-related diseases, increasing penetration of smartphones and growing number of smartphone-based healthcare apps compatible with wearable devices. Growing preference for wireless connectivity among healthcare providers and increasing focus on physical fitness would further derive the overall adoption of wearable medical device. However, high cost of wearable devices and lack of reimbursement and data security issues. Moreover, Incorporation of AI Wearable Medical Devices Market and Increasing demand for connected devices will act as the opportunity for further evolution of this industry.
“Smart Watches are projected to hold the largest market share and will dominate the Global wearable medical device market by 2031.”
Based on type of wearable medical device market is bifurcated into Smartwatches, Wristband, Smart Clothing, Footwear, Eyewear, Skin Patches and Others. Market of Smart watches is expected to grow tremendously and is projected to dominate the market in 2025 due to the high popularity of these devices.
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“Diagnostic & Monitoring Devices are expected to dominate the product type during the analyzed period.”
Wearable medical device market is segmented based on device into diagnostic & monitoring devices and therapeutic devices. The diagnostic & monitoring devices occupied the largest share and is expected to maintain its dominance throughout the forecast period 2022-2031. However, therapeutic devices are expected to show the highest growth.
“Amongst application, Home Healthcare holds the major share in Global wearable medical device market.”
Wearable device market holds a wide range of application in sports & fitness, remote patient monitoring and home healthcare. Rising incidence of lifestyle disease will escalate the market growth and Home Healthcare will hold the highest market share in this segment.
“Online mode of distribution is the prominent mode of distribution of wearable medical devices and is anticipated to dominate Global wearable medical device market by 2031.”
Pharmacies, online channel and hypermarkets are the major distribution channel of this technology. Online Channel are anticipated to dominate this segment in 2031. Rising smartphone penetration and people spending more time on internet is expected to boost the online mode of purchase and distribution of wearable medical devices majorly in the developed and developing countries.
“United States represents as one of the largest markets of wearable medical device market globally.”
For deep dive analysis of the overall adoption of wearable medical devices, through analysis was conducted for major region/country. Regional analysis of the technology is conducted for North America (United States, Canada), Europe (Germany, France, Italy, United Kingdom, Spain, Netherlands), Asia-Pacific (China, India, Japan, Australia, South Korea) and Rest of the world. United States is the largest adopter of technologically advanced products, hence dominate the market for wearable medical device globally.
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Competitive Landscape-Top 10 Market Players
Fitbit, Inc., Apple, Inc., Xiaomi Technology Co., Ltd, Garmin International, Huawei Technologies Co. Ltd, Philips Healthcare, Samsung Electronics Co., Ltd., Polar electro OY, Gentag Inc., Omron corporation are some of the prominent players operating in the Global wearable medical device market industry. These players are adopting several growth strategies including acquisition, product launches, partnership and business expansion to increase their market presence and benefit as first mover advantages. The industry has also witnessed the emergence of several start-ups in the respective domain, majorly in the European region.
Reasons to buy:
• Current and future market size from 2018 to 2025 in terms of value (US$)
• Combined analysis of deep dive secondary research and input from primary research through Key Opinion Leaders of the industry
• Country level details of the overall adoption of wearable medical device market and current and future health status of the country
• A quick review of overall industry performance at a glance
• An In-depth analysis of key industry players
• A detailed analysis of regulatory framework, drivers, restraints, key trends and opportunities prevailing in the industry
• Examination of industry attractiveness with the help of Porter’s Five Forces analysis and start ups
• The study comprehensively covers the market across different segments and sub-segments of the technology
• Region/country Covered: North America (United States, Canada), Europe (Germany, France, Italy, United Kingdom, Spain, Netherlands), Asia-Pacific (China, India, Japan, Australia, South Korea) and Rest of the world
UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients. The Global Wearable Medical Device Market can be customized to country level or any other market segment.
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