Global Wearable Medical Devices Market Size Worth Over USD 85.6 Billion By 2027, with 24.8% CAGR Growth: Polaris Market Research

NEW YORK, March 23, 2022 /PRNewswire/ -- Polaris Market Research recently published a research report on "Wearable Medical Devices Market Share, Size, Trends, Industry Analysis Report, By Device Type (Diagnostic Devices, Sleep Monitoring Devices, Neuro-monitoring Devices, Therapeutic Devices, Glucose Monitoring Devices, Respiratory Therapy Devices); By Site; By Application (Sports and Fitness, Remote Patient Monitoring, and Home Healthcare); By Regions; Segment Forecast, 2020 –2027" in its research database.

According to research report published by Polaris Market Research, the global Wearable Medical Devices Market size expected to reach to USD 85.6 Billion By 2027 from USD 14.6 Billion in 2019 in 2019, at a compound annual growth rate (CAGR) of 24.8% during forecast period 2020 to 2027.

What is Wearable Medical Devices? How Big is Wearable Medical Devices Market?

• Report Overview

Wearable devices in healthcare allow consumers to collect information about their personal health and exercise by wearing electronic devices such as Fitbits and smartwatches. These devices provide continuous monitoring of several physiological parameters, such as blood sugar levels and blood pressure. This data can then be sent to physicians so as to have real-time access to their health data and minimize problems. Continuing evolution in wearable technology is opening the way for the development of advanced devices in the healthcare sector.

Wearable medical technology is gaining widespread popularity as it's easy to use and flexible. The demand for wearable medical devices is majorly driven by the incidence and prevalence of several chronic diseases such as diabetes and cardiovascular conditions. Moreover, technological developments to enable mobility and connectivity for users have increased sales of wearable medical devices. Technology advancements in wearable devices have offered innovative solutions to patient and disease management in the healthcare industry.

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Frequently Asked Questions about the wearable medical device market:

• What is the estimated value of the global wearable medical device market?
• What is the growth rate?
• What is the forecasted size of the global wearable medical device market?
• Which are the dominant players?
• What will be the size of the global wearable medical device market in the coming years?
• Which segment will lead the market?
• How will the market development trends change in the forecast period?

Top Market Players Are:

• Medtronic plc
• OMRON Corp.
• Biotelemetry Inc.
• Apple Inc.
• Koninklijke Philips
• Dexcom Inc.
• Abbott Laboratories
• Verily Life Sciences
• GE Healthcare
• Bio-Beat Technologies
• Masimo Corporation
• iRhythm Technologies Inc.
• Preventice Solutions Inc.
• CONTEC Medical Systems Co. Ltd
• VitalConnect
• Minttihealth
• Biotricity Inc.
• Cyrcadia Asia Limited.
• Garmin Ltd
• Xiaomi Technologies
• ten3T healthcare
• Fitbit Inc.
• Huawei Corporation

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Wearable Medical Device Market: Growth Drivers

The recent technological advancements in wearable devices the increasing demand for wearable devices among the population is driving the global wearable devices market growth. Several key market players are in the healthcare industry are developing more smart devices. This factor is creating lucrative opportunities in the market. The growing mortality rate due to non-communicable diseases is also expected to further increase the demand for wearable medical products. Moreover, rising awareness on fitness growing development of various wearable medical products and software for the management of weight and monitoring fitness are some of the major factors boosting the market growth. In addition, the rising prevalence of several chronic diseases and lifestyle-related disorders is anticipated to fuel the growth of the wearable medical device market.

Global Wearable Medical Device Market: Report Scope

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Wearable Medical Device Market: Market Segmentation

• Insight by Device Type

Based on the device type, the global market is segmented into diagnostic and therapeutic devices.  The diagnostic device is categorized into vital sign monitoring, sleep monitoring, electrocardiographs, fetal and obstetric, and neuro-monitoring devices. Vital sign monitoring is divided into heart rate monitoring devices, electrocardiographs, activity monitors, blood pressure monitors, pulse oximeters, spirometers, and others. The sleep monitoring sub-segment is categorized by sleep trackers, polysomnographs, wrist actigraphs, and others. The neuro-monitoring devices segment is sub-segmented into electroencephalographs, electro-myographs, and others. Therapeutic devices are bifurcated into pain management, insulin/glucose monitoring, rehabilitation, and respiratory therapy devices. Rehabilitation devices are categorized into accelerometers sensing, ultrasounds, and others. Respiratory therapy devices are segmented into positive airway pressure (PAP) devices, ventilators, portable oxygen concentrators, and others. The therapeutic segment is expected to witness the highest growth rate during the forecast period.

• Insight by Site

On the basis of site, the market is categorized into a handheld, strap/clip/bracelet, shoe sensors, headband, and others. The strap/bracelet segment dominated the market in 2019 with the largest share and is expected to continue its dominance over the study period. The factors supporting this dominance include technological advancements in the worn products with Bluetooth and cloud connectivity exhibiting real-time analysis.

• Insight by Application

Based on application, the global market is bifurcated into sports and fitness, remote patient monitoring, and home healthcare. In 2019, the home healthcare segment witnessed the largest market share owing to the failure of current healthcare systems, which has fewer beds per population, particularly in low-income countries, and the increase of geriatrics seeking home-based medical attention. The remote patient monitoring is expected to witness the fastest CAGR over the forecast period. The high impact factors favoring this growth are the growing geriatric population base and increasing incidences of chronic conditions.

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Wearable Medical Device Market: Geographical Overview

North America dominated the market and accounted for the largest revenue share. The region is anticipated to gain momentum and hold the highest position in the global market in the forthcoming years. This growth can be attributed to the presence of leading manufacturers that are producing innovative devices for fitness enthusiasts in the region. Moreover, the surge in chronic diseases is expected to boost the market growth over the projected period. In the Asia Pacific, the market is expected to generate exponential growth over the forecast period owing to favorable government initiatives for use of such wearable medical instruments, a rising geriatric population base, and growing healthcare expenditure in this region. Technology companies in China are taking initiatives to enter the high potential market and deliver local medical needs.

Browse the Detail Report "Wearable Medical Devices Market Share, Size, Trends, Industry Analysis Report, By Device Type (Diagnostic Devices, Sleep Monitoring Devices, Neuro-monitoring Devices, Therapeutic Devices, Glucose Monitoring Devices, Respiratory Therapy Devices); By Site; By Application (Sports and Fitness, Remote Patient Monitoring, and Home Healthcare); By Regions; Segment Forecast, 2020 –2027" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/wearable-medical-devices-market

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Key Benefits of Buying The Report:

• Comprehensive coverage and analysis of the global wearable medical device market
• Competitive landscape of major players and their developments in the global wearable medical device market
• Identifying high-potential opportunities
• Identifying and targeting high-growth application segments
• Potential & niche segments and regions exhibiting promising growth
• Recent industry trends and developments

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The wearable medical device market is primarily segmented on the basis of Device Type, By Site, By Application, and by region.

Wearable Medical Device Market: By Device Type

• 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
• Neuro-monitoring Devices
• Electroencephalographs
• Electromyographs
• Others
• Therapeutic Devices
• Pain Management Devices
• Neurostimulation Devices
• Others
• Insulin/Glucose Monitoring Devices
• Insulin Pumps
• Others
• Rehabilitation Devices
• Accelometers
• Sensing Devices
• Ultrasound Platform
• Others
• Respiratory Therapy Devices
• Ventilators
• Positive Airway Pressure (PAP) Devices
• Portable Oxygen Concentrators
• Others

Wearable Medical Device Market: By Site

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

Wearable Medical Device Market: By Application

• Sports and Fitness
• Remote Patient Monitoring
• Home Healthcare

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.

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SOURCE Polaris Market Research