Wearable Medical Device Market Size, Trends Device Type (Diagnostic & Monitoring Devices, Therapeutic Devices), By Type (Activity Monitors, Smart Watches, Smart Clothing, Patches), Application (Sports Academies and Fitness, Remote Patient Monitoring, Home Healthcare), Distribution Channel (Pharmacies, Online Channel, Hypermarkets) - Forecast 2027

ID: VPR/CO/1109 Publishing Year: January 2022 Pages: 103 Format:   


Wearable Medical Device Market Overview:

The Wearable Medical Devices Industry has been growing at a rapid pace, with applications in a variety of therapeutic categories. In chronic, lifestyle-related diseases, significant progress has been made. Furthermore, market expansion has been aided by significantly faster regulatory clearances.

Growing levels of consumer health awareness, as well as increasing interest in sporting and fitness activities, have been advantageous, producing profitable sales prospects for market players, since the commencement of the coronavirus epidemic.

Key Players:

  • Sony Corporation
  • Boston Scientific Corporation
  • Apple Inc.
  • Honeywell International Inc.
  • Qualcomm Inc.
  • Omron Corporation
  • Fitbit Inc.
  • Honeywell International Inc.
  • Medtronic PLC
  • NIKE INC.
  • Motorola Solutions Inc.
  • LG Electronics Inc.
  • Philips

Market Drivers:

Given the rising incidence of sedentary or inactive lifestyles, as well as the resulting rise in lifestyle illnesses like as hypertension and diabetes, the Wearable Medical Devices Market is expected to grow rapidly in the coming years. Physiological indicators such as blood pressure and blood sugar levels must be tracked and monitored on a regular basis in order to treat these conditions. This feature encourages the integration of healthcare data with medical equipment, which clinicians may access in real time with fewer errors.

Opportunities:

The growing volume and complexity of data in the Healthcare Business has encouraged research into building feasible AI (Artificial Intelligence) solutions for Wearable Medical Devices Market. The growing popularity of mobile platforms, as well as increased awareness and preference for remote monitoring at home, are driving up demand for AI and other cutting-edge technology.

Market Segmentation:

In terms of distribution channel, pharmacists had the greatest market share in the Wearable Healthcare Devices Market in 2019. The growing popularity of self-monitoring and non-invasive monitoring and diagnosis has resulted in a significant growth in the supply of Wearable Devices in pharmacies. Customers are adopting Wearable Devices as a result of having simple access to a variety of wearable devices offered by a variety of companies. Furthermore, pharmacies are typically regarded as selling genuine and trustworthy goods, which has contributed significantly to consumer preference for this distribution channel.

Regional Analysis:

Because of the rising frequency of cardiovascular illnesses, diabetes, and cancer in this area, North America dominated the market and held the greatest revenue share of 38.1 percent in 2020. Furthermore, the rise in chronic diseases that require regular monitoring, as well as the development of modern healthcare infrastructure, are expected to fuel market expansion throughout the projection period. Over the projection period, the market in Asia Pacific is expected to increase at an exponential rate. Favorable government measures for the usage of such Wearable Medical Tools, an increasing senior population base, and rising healthcare expenditure in this region are all driving market expansion.

Covid-19 Impact:

The COVID-19 epidemic has increased the importance of Wearable Medical Devices in the healthcare industry. Various firms working on Wearable Medical Products from across the world are joining the market, where Wearable Medical Equipment can detect early warning symptoms of viral infection. The Ava Bracelet, which was originally designed as a fertility tracker, is now being utilised to aid in the fight against the coronavirus. This bracelet monitors heart rate variability, breathing rate, and skin temperature, and can be used to follow virus symptoms. During this pandemic, this presents a once-in-a-lifetime opportunity. As a result of this, the demand for wearables is expected to rise.

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