FEB 2019

Wearable Medical Devices Market - Growth, Trends, and Forecast (2019 - 2024)

The Wearable Devices Market is segmented by Product Type, Application, Device Type (Watch, Wristband, Clothing, Ear Wear), and Geography

Market Snapshot

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Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

Key Players:

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Market Overview

The growth of the global wearable medical devices market is due to the increasing technological advancements and innovations, as it can improve the lifestyle of patients, as well as the general population. Currently, these devices are gaining immense popularity, due to improved technologies that are being introduced every day by key market players. 

Additionally, ease-of-use and interpretation of medical devices and increasing per-capita income in developing countries are the other important factors responsible for the growth of the market.

Less attractive reimbursement for wearable devices and lack of awareness among people are hindering the growth of the market. Additionally, the cost of wearable devices is one of the major challenges for the growth prospects of the market. 

Scope of the Report

Wearable medical devices are capable of diagnosing or monitoring medical conditions, combined with digital health information, typically worn over the body. The demand for wearable medical devices and remote patient monitoring are continuously increasing in the global market, where technological advancements, innovations, and rising disposable income, along with healthcare expenditure and better healthcare management using medical devices are among the major drivers. Some of the significant barriers of growth in this market include the high cost of wearable devices that varies as per the application, reimbursement issues, and lack of awareness in low- and middle-income countries.

Product Type
Wearable Vital Sign Monitor
Wearable Heart Rate Monitor
Wearable Activity Monitor
Wearable Electrocardiograph
Wearable Sleep Monitor
Wearable Fetal Monitor and Obstetric Device
Neuro-monitoring Device
Electroencephalograph
Electromyograph
Pain Management Wearable Medical Device
Glucose/Insulin Monitoring Wearable Device
Respiratory Therapy Wearable Device
Application
Sports and Fitness
Remote Patient Monitoring
Home Healthcare
Device Type
Watch
Wristband
Clothing
Ear Wear
Other Device Types
Geography
North America
United States
Canada
Mexico
Europe
United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Remote patient monitoring is expected to exhibit fastest growth rate over the forecast period

The rise in the number of people with chronic medical conditions and increase in geriatric population are the major factors driving the growth of remote patient monitoring (RPM) services all over the world. The RPM also called homecare telehealth, is a process in which patients can use a mobile medical device to perform a routine test and send this data to healthcare professionals in real time.

Implementation of RPM can improve the management of chronic diseases by measuring critical risk indicators, such as glucose, blood pressure, etc. RPM has various benefits for end users and hospitals, such as low cost of healthcare, reduction in extended hospitalization, and fewer doctor appointments, among others. This can also help to reduce the cost associated with the treatment of chronic diseases.

Picture 2

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North America captured the largest market share and is expected to retain its dominance

North America dominated the overall wearable medical devices market, with the United States emerging as the major contributor to the market. The United States holds the largest share in the global wearable medical devices market, primarily attributed to the early adoption of wearable medical technology and high prevalence of cardiovascular and lifestyle-related diseases, along with high per capita medical expenditure. Apart from these factors, the presence of a large pool of mid- and large-sized device manufacturers also supplements the large market share. Favorable laws for setting up a business and robust intellectual property rights environment acted as catalysts for the growth for many wearable medical device startups, many of which are now global players.

Picture 3

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Competitive Landscape

Rising number of market players is intensifying the competition. Players, such as Fitbit, Lifesense, Apple, Garmin, and Samsung, among others, are disrupting the market by launching several new products. The rate of technological advancements in this market is very high, and therefore, competitors are continuously investing heavily in R&D activities. Moreover, the competitor activity is very high across both the online and retail channels.

Major Players

  1. Fitbit
  2. Lifesense
  3. Apple
  4. Garmin
  5. Samsung

* Complete list of players covered available in the table of contents below

Picture 4

Download the market shares of key players in this industry.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

      1. 4.3.1 Increasing Technological Advancements and Innovations

      2. 4.3.2 Increasing Per-capita Income in Developing Countries

      3. 4.3.3 Ease-of-use and Interpretation of Medical Devices

    4. 4.4 Market Restraints

      1. 4.4.1 High Cost of Wearable Devices

      2. 4.4.2 Unfavorable Reimbursement Issues

      3. 4.4.3 Current Lack of Awareness in Some Regions

    5. 4.5 Industry Attractiveness- Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Wearable Vital Sign Monitor

        1. 5.1.1.1 Wearable Heart Rate Monitor

        2. 5.1.1.2 Wearable Activity Monitor

        3. 5.1.1.3 Wearable Electrocardiograph

        4. 5.1.1.4 Wearable Sleep Monitor

      2. 5.1.2 Wearable Fetal Monitor and Obstetric Device

      3. 5.1.3 Neuro-monitoring Device

        1. 5.1.3.1 Electroencephalograph

        2. 5.1.3.2 Electromyograph

        3. 5.1.3.3 Pain Management Wearable Medical Device

        4. 5.1.3.4 Glucose/Insulin Monitoring Wearable Device

        5. 5.1.3.5 Respiratory Therapy Wearable Device

    2. 5.2 Application

      1. 5.2.1 Sports and Fitness

      2. 5.2.2 Remote Patient Monitoring

      3. 5.2.3 Home Healthcare

    3. 5.3 Device Type

      1. 5.3.1 Watch

      2. 5.3.2 Wristband

      3. 5.3.3 Clothing

      4. 5.3.4 Ear Wear

      5. 5.3.5 Other Device Types

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 United Kingdom

        2. 5.4.2.2 Germany

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle East & Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle East & Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Garmin Ltd

      2. 6.1.2 Apple Inc.

      3. 6.1.3 Fitbit

      4. 6.1.4 Lifesense

      5. 6.1.5 LifeWatch AG

      6. 6.1.6 Philips Electronics

      7. 6.1.7 Samsung

      8. 6.1.8 Sotera Wireless

      9. 6.1.9 Xiaomi Inc.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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