A $38.9 Billion Global Opportunity for Wearable Medical Devices by 2026 - New Research from StrategyR

SAN FRANCISCO, May 31, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Wearable Medical Devices - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 20; Released: May 2022
Executive Pool: 31059
Companies: 134 - Players covered include Apple Inc.; Covidien; Everist Health Inc.; Fitbit, Inc.; Garmin Ltd.; Intelesens Ltd.; Koninklijke Philips N.V.; Omron Corporation; Polar Electro Oy; Samsung Electronics Co., Ltd,; Sotera Wireless, Inc.; Vital Connect, Inc.; Withings SA; Xiaomi Inc. and Others.
Coverage: All major geographies and key segments
Segments: Product (Diagnostic Devices, Therapeutic Devices); Site (Strap / Clip / Bracelet, Handheld, Headband, Shoe Sensors, Other Sites); End-Use (Home Healthcare, Sports & Fitness, Remote Patient Monitoring)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Amid the COVID-19 crisis, the global market for Wearable Medical Devices estimated at US$20.7 Billion in the year 2022, is projected to reach a revised size of US$38.9 Billion by 2026, growing at a CAGR of 15.8% over the analysis period. Diagnostic Devices, one of the segments analyzed in the report, is projected to grow at a 13.4% CAGR, while growth in the Therapeutic Devices segment is readjusted to a revised 19.7% CAGR. Though wearable products have been around for the past four decades, the emergence of smartphones and wireless technology has brought in a new era for connected or smart wearable electronics, thus making science fiction into a reality. Wearable technology primarily involves sensor-integrated textiles and devices. By efficiently using Internet connectivity, sensor and tracking technology and other advanced communication technologies, wearable electronics can be used to develop highly intelligent devices that help in improving efficiency and productivity of routine and professional activities. The numerous benefits of wearable electronics are contributing to their increasing use in an expanding range of applications in the areas of health & fitness, consumer, entertainment, medical and industrial sectors. Some of the most common types of electronics devices include smart watches, AR/VR glasses, head mounted computers, fitness trackers and smart clothing among others.

The medical wearables space is exploding and poised to support the healthcare system with new and compelling approaches to improve patient care while bringing down healthcare costs. These devices are enjoying extensive uptake among patients and medical professionals for catering to the patient population in real-time. Available as wearable sensors, patches, watches, footwear and devices, the medical wearable technology is exuding immense potential to change the entire healthcare landscape in a helpful manner. Wearable sensors are significantly impacting medicine and healthcare by facilitating health monitoring in non-clinical settings and prediction of various conditions in time. Medical wearables hold critical relevance for a comprehensive spectrum of medical applications such as gastrointestinal, cardiovascular and metabolic monitoring along with mental health, neurology, sleep and movement disorders. In addition to holding potential to transform pre- & neo-natal and maternal care, these devices are poised to support interventions related to pulmonary health and diabetes management.

Receiving a notable impetus from advances in digital and mobile health, medical wearables are finding broader acceptance among a large number of medical practitioners for continuous health monitoring outside the clinical setting. The wearable revolution also encompasses sophisticated algorithms to facilitate automated prediction, prevention, and intervention. The increasing availability of advanced wearable-centric analytic tools is bound to transform access to and quality of healthcare. These devices are leading to compelling advancements such as enhanced ICU alarms and continuous arrhythmia detection in non-clinical settings along with neo-natal temperature monitoring in rural settings. Wearable healthcare devices are anticipated to allow effective use of health data for R&D and innovation while aiding healthcare services and intervention in the coming years.

Against the background of the concerted push towards personalized/precision medicines and healthcare, medical wearables are gaining increased attention, attracting interest from patients and healthcare professionals alike. The aspects of personalized healthcare, in terms of its participatory form and its data-centeredness, are combined in wearable sensors, self-tracking devices, and mobile apps for providing users with the ability of collecting, measuring, and displaying data related to any type of behavioral activity or bodily action. Wearables have evolved significantly over the years from being simple wristbands with basic functionality used by professional athletes and fitness enthusiasts to devices offering a wider range of functional capabilities to help wearers in managing their health and wellbeing. In recent years, wearables are rapidly emerging as promising tools in precision medicine. Wearable sensors are capable of measuring biological signs using optical, acoustic, thermal, and electrical components. Some of the most common biological signs that these sensors can measure include vital signs, including blood oxygen saturation levels, temperature, heart rate, and blood pressure, as well as brain activity, gait analysis, cardiac functioning, muscle mass and body fat measurement, and emotional assessment. In addition, there are biochemical sensors that have the capability of converting a chemical or biological analyte into an electrical signal, thereby allowing the measurement of parameters, such as pH, electrolyte, glucose, and alcohol levels. Owing to their ability in continuously monitoring health, wearable devices offer a significant potential in enhancing existing initiatives related to precision medicine.

In the past few years, several new wearable devices, including wearable sensors, smartwatches, wristbands, and smartphone apps have been developed for enabling users in monitoring their mood, blood sugar levels, exercise routines, food intake patterns, sleep cycles, and other physiological patterns and states, promising the delivery of more optimal, more efficient, and more cost-effective healthcare. Through a combination of multiple devices, clinical-grade as well as consumer-facing, decision makers and researchers can create connected networks with comprehensive insights about each patient across the care delivery cycle. Providing early diagnosis, personalized healthcare, and timely updates of treatment plans, wearable devices can help healthcare professionals in improving patient outcomes on an individual basis. For the patients, the capability of these devices in providing greater insights into their health status and associated changes at the time of treatment can help them participate more actively in the care delivery cycle. Having more awareness regarding their specific biological signals and wellness would help patients in more actively participating in their treatment plans.

Leading companies such as Apple and Fitbit are working aggressively on AI-powered devices that are poised to transform healthcare and improve patient experience. In addition, various players are exploiting AI and sophisticated algorithms built on deep learning for innovative use cases. The combination of AI technology and medical wearables holds notable long-term potential to dramatically revolutionize the healthcare industry. Suunto Spartan, Polar OH1, Xiaomi Mi Band 2S, Google smart lenses, iTBra, health patch MD, and Cloud DX vitaliti are some of the currently trending wearable medical and activity tracker devices. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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