The global industry trends suggest that the Wearable Medical Device Market Size is projected to reach USD 30.1 billion by 2028 from USD 16.2 billion in 2021, at a CAGR of 13.2%. The global market growth is driven by investments, funds, and grants and a growing preference for wireless connectivity among healthcare providers.
Drivers and Constraints Impacting the Market
With the advancement in the healthcare sector along with progressive innovation in the technology sector, the global market for wearable medical devices has propelled during the assessment period. Growing awareness among the patients regarding healthcare technologies is further boosting the market across the globe. Factors such as cost-effectiveness of the devices, continuous increase in the lifestyle diseases, and growing connected healthcare applications have spurred the growth of the market. Moreover, increasing penetration of smartphones and growing use of smartphone-based applications are projected to encourage the market growth.
On the flip side, patient data theft and growing incidences of cybercrime are some of the major factors considered to impede the market growth in the coming years. Moreover, wearable medical devices are facing challenges in offering cost-effective monitoring to patients suffering from chronic diseases such as blood diseases and cancer.
Global Wearable Medical Device Market: Segmental Analysis
The Wearable Technology in Healthcare has been segmented on the basis of type, device type, application, distribution channel, and region.
By mode of type, the global wearable medical device market has been segmented into smart clothing, patches, smart watches, activity monitors, and others. Among these, the activity monitors segment is presumed to account for the largest market share owing to the increasing adoption of sedentary and unhealthy lifestyles, growing awareness of health and fitness, and growing prevalence of lifestyle diseases.
By mode of device type, the global wearable medical device market has been segmented into therapeutic devices and diagnostic monitoring devices.
By mode of application, the global wearable medical device market has been segmented into sports academies and fitness, home health care, remote patient monitoring, and others. Among these, the sports and fitness segment is presumed to register the highest CAGR during the review period owing to the growing focus on physical fitness among people to improve the quality of life and rising trend of tracking health progress.
By mode of distribution channel, the global wearable medical device market has been segmented into online channel, pharmacies, hypermarkets, and others.
In 2020, the North American region had accounted for the largest share of the global wearable medical devices market. North America’s regional market growth can be attributed to emerging reasons like the increasing penetration of smartphones and the growing number of smartphone-based healthcare devices, and growing investments, funds, and grants.
Some of the prominent players in the wearable medical device market are Apple Inc. (US), and others like Koninklijke Philips N.V. (Netherlands), Fitbit Inc. (US), followed by OMRON Corporation (Japan), and Medtronic PLC (Ireland).
October 23, 2018: A pioneering medical technology company, AWAK Technologies, had focused on dialysis by using regeneration technology for end-stage renal disease. It has announced positive preliminary results from a Phase I study investigating the safety of AWAK PD in dialysis treatment for patients with End Stage Renal Disease which was led by the Singapore General Hospital.
The major players operating the global market are Motorola Solutions Inc., Medtronic PLC, Omron Corporation, Qualcomm Inc., Fitbit Inc., Honeywell International Inc., LG Electronics Inc., Boston Scientific Corporation, Apple Inc., Sony Corporation, Philips, NIKE INC., and others.
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