Wearable Medical Devices Market to grow US$ 76,479.8 Mn by end of 2028, Says Coherent Market Insights

SEATTLE, Oct. 20, 2021 /PRNewswire/ -- There are many wearable medical devices to choose from if you have diabetes. The insulin pump, diabetic hearing aids, ECG, blood glucose monitors and other such devices are available, and are often considered wearable medical devices as well.

If you have diabetes and plan on keeping up with your treatment and monitoring through wearable medical devices, you need to take some time and think about the type of monitor that you will be most comfortable with. If you plan on doing some personal monitoring on your own, but want to be able to talk with your doctors via a remote control, then there are some monitors that allow you to do so.

The global wearable medical devices market is estimated to account for 76,479.8 Mn in terms of value by the end of 2028.

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Market Drivers:

Development and launch of new products is expected to propel growth of the global wearable medical devices market over the forecast period. For instance, in February 2021, Phillips-Medisize, a Molex company, collaborated with Subject, a developer of device platforms, for research and development of wearable bolus injector.

Launch of products with LTE connectivity is also expected to aid in growth of the market. For instance, in June 2021, Garmin International, Inc. launched the Forerunner 945 LTE, a GPS running and triathlon smart watch with LTE connectivity.

Market Opportunities

Increasing investment in launch of wearables is expected to offer lucrative growth opportunities for players in the global wearable medical devices market. In April 2021, CeQur, a maker of insulin delivery devices, raised US$ 115 million to launch CeQur Simplicity, its wearable insulin injector licensed from Johnson & Johnson in 2018.

Moreover, R&D in wireless charging is also expected to aid in growth of the market. For instance, in October 2021, NuCurrent, a wireless power technology company, surpassed the NFC WLC specification for wireless power and data transfer in a product. The product, developed in partnership with WHOOP, the human performance company, delivers 2.4x the power and 4x the data transfer rates of the NFC WLC Wireless Charging specification.

Market Trends                        

Major players operating in the global wearable medical devices market are focused on R&D to expand their product portfolio. For instance, in February 2020, Becton, Dickinson and Company announced the completion of a 50-subject human clinical trial with the BD Libertas Wearable Injector. The injector is a subcutaneous drug delivery system designed to require no patient assembly and deliver biologics with viscosities up to 50 cP in 2-5 mL and 5-10 mL configurations.

Major players operating in the market are also focused on approval and launch of new products to expand their product portfolio. For instance, in March 2021, EOFlow, a provider of wearable drug delivery solutions, obtained medical device approval for a smartphone application for wearable insulin delivery in South Korea.

Competitive Landscape:

Major players operating in the global wearable medical devices market include, Aeroflow Breastpumps, Apple, Inc., Ava, Current Health, Fitbit Inc., Garmin, GymWatch, Hoffmann-La Roche Ltd., Johnson and Johnson, Koninklijke Philips N.V., KardiaMobile, Motiv, Medtronic plc, My Skin Track UV, OMRON Corporation, Panasonic Corporation, Smiths Medical, Siemens AG, Sonova, Sorrel Medical, and Willow.

Major players operating in the global wearable medical devices market are focused on approval and launch of new products to expand their product portfolio For instance, in October 2021, Garmin International, Inc. launched the Dexcom Connect IQ apps, providing people with Type 1 and Type 2 diabetes who use the Dexcom G6 CGM System with a way to quickly see their glucose levels.

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Market Segmentation:

• By Product Type
• Wearable Therapeutic Medical Device
• Hearing Aids
• Insulin Pump
• Respiratory Therapy Devices
• Sleep Apnea Devices
• Non-invasive Ventilation Device
• Wearable Monitoring and Diagnostic Device
• Fetal and Obstetric Devices
• Continuous Glucose Monitoring Devices
• Cardiac Monitoring Devices
• Wearable Heart Rate Monitors
• Wearable Pulse Oximeters
• Wearable Blood Pressure Monitors
• Health and Fitness Devices
• By Application
• Patient Monitoring
• Health & Fitness
• Home Healthcare
• By End User
• Clinics
• Hospital Pharmacies
• Online Channels
• Hypermarkets
• Individuals
• By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East
• Africa

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