Wearable Medical Devices Market Size, Share & Growth


 Wearable Medical Devices Market

The Wearable Medical Devices Market is anticipated to grow at a remarkable CAGR during the forecast period (2020-2027).

The factors driving the growth of Wearable Medical Devices Market includes the growing demand for wearable medical devices in the home healthcare sector and increasing consumers consciousness towards healthy lifestyles. Moreover, the integration of advanced technology such as Artificial Intelligence and Internet of Things in wearable medical devices are further propelling the Wearable Medical Devices Market Size. Apple launched new application for its existing users, it records electrocardiograms (ECG) signals, which permits Artificial intelligence (AI) to identify left ventricular dysfunction, an asymptomatic heart disease. In addition, the increasing cases of Diabetes, childhood obesity, emerging need to monitor blood pressure levels and rising mortality rates around the world, are boosting the Global Wearable Medical Devices Market. The increasing production of smart watches, which helps in tracking the total steps walked, oxygens levels in the body and calories burned during the day, are enhancing the market growth.

The prominent players operating in the market are Garmin Ltd., Philips Healthcare, Polar Electro OY, Omron Corporation, Sotera Wireless, Inc, Drägerwerk AG & Co. KGaA, Withings SA, Jawbone Inc., Fitbit Inc. and Lifewatch AG among others.

Product: Segment Analysis

Based on the product, the therapeutic device segment is anticipated to grow at a significant CAGR over the forecast period. The growing demand for wearable pain reliever and asthma management devices, insulin monitoring devices and respiratory therapy devices, are supplementing the growth of the segment.

Site: Segment Analysis

Based on site, the strap/clip/bracelet segment is expected to lead the market during the forecast period. The growing demand for smartwatches equipped with Bluetooth and cloud connectivity, which helps in tracking pulse rate along with increasing number of applications which can be connected to wearable medical devices, are some of the factors augmenting the segment growth.

Regional: Segment Analysis

Based on the region, North America is anticipated to dominate the market over the forecast period due to growing penetration of smart phones, increasing investment by Government in the health care sector and high disposable income in the region. The National Healthcare Expenditure by the United States Government increased to 9.7% to $4.1 trillion in 2020, which will increase the growth of Wearable Medical Devices Market in the region.

Market Segmentation

Global Wearable Medical Devices Market by Product

  • Diagnostic Devices
    • Vital Sign Monitoring Devices
      • Heart Rate Monitors
      • Activity Monitors
      • Electrocardiographs
      • Pulse Oximeters
      • Spirometers
      • Blood Pressure Monitors
      • Others
    • Sleep Monitoring Devices
      • Sleep trackers
      • Wrist Actigraphs
      • Polysomnographs
      • Others
    • Electrocardiographs Fetal And Obstetric Devices
    • Neuromonitoring Devices
      • Electroencephalographs
      • Electromyographs
      • Others
    • Therapeutic Devices
      • Pain Management Devices
        • Neurostimulation Devices
        • Others
      • Insulin/Glucose Monitoring Devices
        • Insulin Pumps
        • Others
      • Rehabilitation Devices
        • Accelerometers
        • Sensing Devices
        • Ultrasound Platform
        • Others
      • Respiratory Therapy Devices
        • Ventilators
        • Positive Airway Pressure (PAP) Devices
        • Portable Oxygen Concentrators
        • Others

Global Wearable Medical Devices Market by Site

  • Handheld
  • Headband
  • Strap/Clip/Bracelet
  • Shoe Sensors
  • Others

Global Wearable Medical Devices Market by Application

  • Sports And Fitness
  • Remote Patient Monitoring
  • Home Healthcare

Global Wearable Medical Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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