Wearable Medical Devices Market Size, Analysis, Industry Trends (2018-23)
Wearable Medical Devices Market Size - Segmented by Product Type (Wearable Vital Sign Monitors, Wearable Fetal Monitors and Obstetric Devices, Neuro-monitoring Devices, Pain Management Wearable Medical Devices, Glucose/Insulin Monitoring Wearable Devices, Respiratory Therapy Wearable Devices), Application (Sports and Fitness, Remote Patient Monitoring, Home Healthcare), Device Type (Watch, Wristband, Clothing, Ear Wear), and Geography - Growth, Trends, and Forecast (2018 - 2023)

PUBLISHED

MAY 2018

Wearable Medical Devices Market Size - Segmented by Product Type (Wearable Vital Sign Monitors, Wearable Fetal Monitors and Obstetric Devices, Neuro-monitoring Devices, Pain Management Wearable Medical Devices, Glucose/Insulin Monitoring Wearable Devices, Respiratory Therapy Wearable Devices), Application (Sports and Fitness, Remote Patient Monitoring, Home Healthcare), Device Type (Watch, Wristband, Clothing, Ear Wear), and Geography - Growth, Trends, and Forecast (2018 - 2023)

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Wearable Medical Devices Market Overview

The wearable medical devices market was valued at USD 445.6 million in 2017, is expected to register a CAGR of about 17.0% during the forecast period, 2018-2023. 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 major 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.

Wearable Medical Devices Market

Increasing Per-Capita Income in Developing and Emerging Countries Drives the Wearable Medical Devices Market

The rise in GDP per-capita income levels is a major contributor toward the rise in consumer spending across various health technology products. The rise in GDP of emerging countries, coupled with an increased focus on healthcare expenditure has resulted in a significant boost in demand for wearable medical devices. As per data published, various global institutions, such as World Bank and IMF (International Monetary Fund), the developing and emerging nations are witnessing significant upward trend in their GDP growth rate over the past 3-4 years. The recovery of the global economic scenario, coupled with renewed growth prospects in terms of employment creation, industrial productivity, infrastructure development, cross-border trade are some of the major macroeconomic indicators indicating favorable growth prospects for various health-tech products, including wireless medical devices. The wearable medical device market is highly driven by the innovation contributed by the raw material manufacturers, system assemblers, software providers, battery manufactures, and electronic component suppliers.  A majority of the raw material providers for the medical device industry are located in the United States, EU-5 countries, China, India, Japan, South Korea, and Taiwan. Another major factor driving the med-tech industry is the growth of the healthcare expenditure as a percentage of GDP. The emerging economies, usually classified as “BRICS” Countries, have a very low contribution toward healthcare expenditure, when compared with the average percentage (%) of GDP expenditure by the United States, and EU-5 economies. However, over the past few years, countries, such as China, Brazil, India have made several amendments to their healthcare policies and long-term goals. For instance, to boost the domestic manufacturing of medical devices, India has launched several programs as part of its “Make in India Flagship Program”. The growing focus on increasing healthcare expenditure through government and private sector contribution in the emerging and developing nations is expected to open up several opportunities across the value chain of wearable medical devices over the forecast period.

High Cost of Wearable Devices Hinders the Wearable Medical Devices Market

The proliferation of technological advancements can be directly co-related with the success of the pricing strategy. Positioning the worth of the new product in the customers mind is a serious challenge and several companies fail to address the Price v/s Value proposition. As the adoption of new wearable gadgets is relatively slow in regions apart from the United States and European Union, it is imperative to design products, which can be pitched at an affordable cost to the consumer. For instance, the adoption of smartwatches by Apple, Samsung, Fitbit, and other manufacturers is higher in the developed regions. The high cost of wearable devices is also due to the fact that to achieve economies of scale and moderate the pricing, it would require the manufacturers to sell their products in very high volumes. The volume growth cannot be achieved as the pace of technology innovation is much higher than the market adoption. With the launch of every new product with improved features, typically the manufacturers tend to price their products at a premium, and further impacting the access to the new products. In general, the developing and emerging regions are supplied with low cost, or completely knocked down versions of the international products to improve market penetration. However, some manufacturers continue to use a uniform product and pricing strategy across the world, where prices are moderated relatively by currency fluctuations and local assembling capacity. The decline in prices of ECG wireless products is a classic example where, due to higher adoption of these devices, the average prices have moderated over the years. The development of cost-effective wireless ECG began in 2006 and it was implemented by digitizing the measured ECG signal and then transmitting it wirelessly, for displaying results on the computer screen. Earlier, the average cost of wireless ECG was around USD 4,000 and such high cost was affecting the market penetration in developing and emerging regions. However, as these products are now available at an average price point of USD 500-1500, there has been a significant boost in the usage of wireless ECG among the population. Furthermore, with the current rate of innovation the prices are set to decline further for the single-lead and 12- lead ECGs and Holter monitors, which are most widely preferred.

Wearable Medical Devices Market

Market Segmentation Insights for the Wearable Medical Devices Market

On the basis of product, the market is segmented into wearable vital sign monitors, wearable fetal monitors and obstetric devices, neuro-monitoring devices, pain management wearable medical devices, glucose/insulin monitoring wearable devices and respiratory therapy wearable devices. The wearable vital sign dominated the market which is about 34% due to the rising adoption of crucial technologies in the healthcare sector. Also, rising R&D and speedy approval of the wearable device are some of the factors that boost the growth of the market. However, glucose/insulin monitoring wearable devices segment is expected to have the highest CAGR at 19.35%. According to the guidelines published by WHO and American Diabetes Association, diabetes patients need to maintain glucose level on a daily basis. The wearable vital sign monitors include wearable heart rate monitors, wearable activity monitors, wearable electrocardiographs and wearable sleep monitors. Wearable heart rate monitors are dominating the market due to the increasing incidence of heart diseases, heart strokes, and hypertension that has led to an increase in the demand for wearable heart rate monitors in the market. Wearable Electrocardiographs has the highest CAGR which is 19.20% due to the increasing awareness of people as they are focusing on prevention rather than cure. By neuro-monitoring devices, Electromyographs are dominating the market that is about 58% as they are convenient and more accessible. Further, innovation is also augmenting the market. For instance, Athos, gym clothes lined with sensors that can sense the activity inside the muscle fibers, and track exactly how hard and how well the body is working.

Insights on the application segment it is further segmented into sports and fitness, remote patient monitoring and home healthcare. The home healthcare is dominating the market as most of the patients prefer home healthcare, owing to its cost-effectiveness, privacy, and convenience. However, Remote Patient Monitoring is growing with the highest CAGR during the forecast period.

Insights on the device type it is further segmented into watch, wristband, clothing, ear wear, and others. Watch has the largest share in the market that is about 42% in 2017 as many companies specialized themselves in research and technology related to medical smartwatch like CamNtech, Apple, and Sotera Wireless, who are transforming the patient monitoring basis, globally. However, ear wear has the highest CAGR in the market during the forecast period.

North America to Dominate the Wearable Medical Devices Market

In 2017, North America is expected to dominate the market. The largest share of this segment is due to early adoption of wearable medical technology and high prevalence of cardiovascular and lifestyle diseases, along with high per capita medical expenditure. According to CMS, healthcare expenditure is expected to reach USD 5.7 trillion by 2026. High healthcare expenditure, coupled with high technology adoption rate, itself creates a favorable environment for the future market growth.

Wearable Medical Devices Market share

Key Developments in the Wearable Medical Devices Market

  • Febr 2018: Fitbit acquired, a small Boston-based software startup called, Twine Health.
  • Apr  2018: Garmin Ltd introduced the Forerunner 225, the first Garmin GPS running watch with wrist-based heart rate from Mio, developers of industry-leading optical heart rate technology.

The major companies include Garmin Ltd, Apple Inc., Fitbit, Lifesense, LifeWatch AG, Philips Electronics, Samsung, Sotera Wireless and Xiaomi Inc. among others.

Wearable Medical Devices Market Segmentation

  • By Product Type
    • Wearable Vital Sign Monitors
      • Wearable Heart Rate Monitors
      • Wearable Activity Monitors
      • Wearable Electrocardiographs
      • Wearable Sleep Monitors
    • Wearable Fetal Monitors and Obstetric Devices
    • Neuro-monitoring Devices
      • Electroencephalographs
      • Electromyographs
  • Pain Management Wearable Medical Devices
  • Glucose/Insulin Monitoring Wearable Devices
  • Respiratory Therapy Wearable Devices
  • By Application
    • Sports and Fitness
    • Remote Patient Monitoring
    • Home Healthcare
  • By Device Type
    • Watch
    • Wristband
    • Clothing
    • Ear Wear
    • Others
  • By Geography
    • North America
      • US
      • Canada
      • Mexico
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Spain
    • Asia Pacific        
      • Japan
      • China
      • India
      • Australia
      • South Korea
    • Middle East and Africa  
      • GCC
      • South Africa
    • South America
      • Brazil
      • Argentina

Country-Level Data Points Coverage and Deliverables for Wearable Medical Devices Market

Wearable Medical Devices Market Report Summary

Metrics

Details

Industry

Wearable Medical Devices Market

Study Period

(2015 – 2023)

Growth Rate

18.51%

Segmentation Scope

As per the study scope, the market is segment by product type (wearable vital sign monitors, wearable fetal monitors and obstetric devices, neuro-monitoring devices, pain management, glucose monitoring, and respiratory therapy), by application  (sports, remote patient monitoring, home healthcare), and by device type (watch, wristband, clothing, ear-wear, other device types).

Regional Scope

North America (US, Canada, Mexico), Europe (UK, Germany, France, Italy Spain, Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), Middle East & Africa (GCC, South Africa and Rest of MEA) and South America (Brazil, Argentina and Rest of South America)

Key Developments

Apr 2018: Garmin Ltd introduced the Forerunner 225, the first Garmin GPS running watch with wrist-based heart rate from Mio, developers of industry-leading optical heart rate technology.

Companies Covered

Garmin Ltd, Apple Inc., Fitbit, Lifesense, LifeWatch AG, Philips Electronics, Samsung, Sotera Wireless and Xiaomi Inc. among others.

Report Offerings

Wearable Medical Devices Market offers latest trends, growth prospects, industry competitiveness, major players, regional share of market and forecast to 2023.

Reasons to Purchase the Wearable Medical Devices Market Report

  • Current and future of wearable medical devices market outlook in the developed and emerging markets
  • Analysis of various perspectives of the market with the help of Porter’s five forces analysis
  • The segment that is expected to dominate the market
  • Regions that are expected to witness the fastest growth during the forecast period
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3-month analyst support, along with the market estimate sheet (in Excel)

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1. Introduction

                1.1 Market Definition

2. Research Methodology

3. Executive Summary

4. Key Inferences

5. Wearable Medical Devices Market Overview

                5.1 Current Market Scenario

                5.2 Porter's Five Forces Analysis

                                5.2.1 Bargaining Power of Suppliers

                                5.2.2 Bargaining Power of Consumers

                                5.2.3 Threat of New Entrants

                                5.2.4 Threat of Substitute Product and Services

                                5.2.5 Competitive Rivalry Within the Industry

6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)

                6.1 Wearable Medical Devices Market Drivers

                                6.1.1 Increasing Technological Advancements and Innovations

                                6.1.2 Increasing per-capita Income in developing countries

                                6.1.3 Ease-of-use and Interpretation of Medical Devices

                6.2 Wearable Medical Devices Market Restraints

                                6.2.1 High Cost of Wearable Devices

                                6.2.2 Unfavorable Reimbursement Issues

                                6.2.3 Current Lack of Awareness in Some Regions

                6.3 Wearable Medical Devices Market Opportunities

                6.4 Wearable Medical Devices Market Key Challenges

                                6.4.1 Lack of Data Privacy and Safety

7. Market Segmentation

                7.1 Wearable Medical Devices Market By Product Type

                                7.1.1 Wearable Vital Sign Monitors

                                                7.1.1.1 Wearable Heart Rate Monitors

                                                7.1.1.2 Wearable Activity Monitors

                                                7.1.1.3 Wearable Electrocardiographs

                                                7.1.1.4 Wearable Sleep Monitors

                                7.1.2 Wearable Fetal Monitors and Obstetric Devices

                                7.1.3 Neuro-monitoring Devices

                                                7.1.3.1 Electroencephalographs

                                                7.1.3.2 Electromyographs

                                7.1.4 Pain Management Wearable Medical Devices

                                7.1.5 Glucose/Insulin Monitoring Wearable Devices

                                7.1.6 Respiratory Therapy Wearable Devices

                7.2 Wearable Medical Devices Market By Application

                                7.2.1 Sports and Fitness

                                7.2.2 Remote Patient Monitoring

                                7.2.3 Home Healthcare

                7.3 Wearable Medical Devices Market By Device Type

                                7.3.1 Watch

                                7.3.2 Wristband

                                7.3.3 Clothing

                                7.3.4 Ear Wear

                                7.3.5 Others

                7.4 Wearable Medical Devices Market By Geography

                                7.4.1 North America Wearable Medical Devices Market Size (2018-2023)

                                                7.4.1.1 United States Wearable Medical Devices Market Size (2018-2023)

                                                7.4.1.2 Canada Wearable Medical Devices Market Size (2018-2023)

                                                7.4.1.3 Mexico Wearable Medical Devices Market Size (2018-2023)

                                7.4.2 Europe Wearable Medical Devices Market Size (2018-2023)

                                                7.4.2.1 France Wearable Medical Devices Market Size (2018-2023)

                                                7.4.2.2 United Kingdom Wearable Medical Devices Market Size (2018-2023)

                                                7.4.2.3 Germany Wearable Medical Devices Market Size (2018-2023)

                                                7.4.2.4 Italy Wearable Medical Devices Market Size (2018-2023)

                                                7.4.2.5 Spain Wearable Medical Devices Market Size (2018-2023)

                                                7.4.2.6 Rest of Europe

                                7.4.3 Asia-Pacific Wearable Medical Devices Market Size (2018-2023)

                                                7.4.3.1 India Wearable Medical Devices Market Size (2018-2023)

                                                7.4.3.2 China Wearable Medical Devices Market Size (2018-2023)

                                                7.4.3.3 Japan Wearable Medical Devices Market Size (2018-2023)

                                                7.4.3.4 Australia Wearable Medical Devices Market Size (2018-2023)

                                                7.4.3.5 South Korea Wearable Medical Devices Market Size (2018-2023)

                                                7.4.3.6 Rest of Asia-Pacific

                                7.4.4 Middle East & Africa Wearable Medical Devices Market Size (2018-2023)

                                                7.4.4.1 GCC Wearable Medical Devices Market Size (2018-2023)

                                                7.4.4.2 South Africa Wearable Medical Devices Market Size (2018-2023)

                                                7.4.4.3 Rest of Middle East & Africa

                                7.4.5 South America Wearable Medical Devices Market Size (2018-2023)

                                                7.4.5.1 Brazil Wearable Medical Devices Market Size (2018-2023)

                                                7.4.5.2 Argentina Wearable Medical Devices Market Size (2018-2023)

                                                7.4.5.3 Rest of South America

8. Wearable Medical Devices Market Competitive Landscape

                8.1 Mergers and Acquisition Analysis

                8.2 Agreements, Collaborations, and Partnerships

                8.3 New Products Launches

9. Wearable Medical Devices Market Key Players

                9.1 Apple

                9.2 Fitbit

                9.3 Lifesense

                9.4 LifeWatch AG

                9.5 Philips Electronics

                9.6 Samsung

                9.7 Sotera Wireless

                9.8 Xiaomi Inc.

                9.9 Garmin

                *List Not Exhaustive

10. Future of the Wearable Medical Devices Market

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