Wearable Medical Devices Market Size, Share & Trends Analysis Report By Product (Diagnostic, Therapeutic Devices), By Site, By Grade Type, By Distribution Channel, By Application, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the wearable medical device market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for wearable medical device market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of wearable medical device market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Wearable Medical Device Market Categorization:

The wearable medical device market was categorized into four segments, namely product (Diagnostic Devices, Therapeutic Devices), site (Handheld, Headband, Strap/Clip/Bracelet, Shoe Sensors), application (Sports And Fitness, Remote Patient Monitoring, Home Healthcare), regions (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).

Segment Market Methodology:

The wearable medical device market was segmented into product, site, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The wearable medical device market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, Middle East and Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-nine countries, namely, the U.S.; Canada; the UK; Germany; Italy; Spain; France; Sweden; Denmark; Norway; Russia; Netherlands; China; Japan; India; Australia; South Korea; Singapore; Thailand; Philippines; Malaysia; Brazil; Mexico; Argentina; Colombia; South Africa; Saudi Arabia; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Wearable medical device market companies & financials:

The wearable medical device market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Koninklijke Philips N.V. - Koninklijke Philips N.V. is a health technology company that operates in four segments—diagnosis & treatment, connected care, personal health business, & other segments. The diagnostic & treatment business includes image-guided therapy, enterprise diagnostic informatics, ultrasound, and diagnostic imaging. The connected care business comprises monitoring & analytics, sleep & respiratory care, therapeutic care, and connected care informatics & population health management. The personal health business consists of oral healthcare, mother & child care, personal care & domestic appliances. The other segment comprises innovation, IP royalties, central costs, & real estate. The company operates in three market groups including North America, Greater China, & international markets that consist of seven regions active in more than 100 countries worldwide.

• Medtronic - Medtronic is a global health solutions company engaged in development, manufacture, distribution, and commercialization of device-based medical therapies & services. It operates through four reporting segments: minimally invasive therapies, cardiac & vascular group, restorative therapies, and diabetes group. Its minimally invasive therapies segment includes products such as mesh fixation devices & hardware instruments; and surgical products including vessel sealing instruments, wound closure, stapling devices, electrosurgery products, & mesh implants. Its neurological segment offers infusion therapies, neurostimulation, and drug pump for chronic pain. Its brain therapy division markets an integrated portfolio of devices for the treatment of neurological disorders and surgical technologies designed to improve the workflow of neuro procedures. Its products include neurovascular stents, coils, and flow diversion products, as well as access & delivery products to support neuro procedures. The company has a global presence and operates from more than 370 locations in approximately 160 countries around the world. Its products are used mainly in surgery centers, hospitals, homecare, and long-term care facilities.

• Samsung - Samsung Electronics Co. Ltd is a company which is engaged in manufacturing & distribution of electronic products. The company functions in three segments. The Information Technology & Mobile Communications (IM), Device Solutions (DS), and Consume Electronics. The IM segment manufactures computers, handhold phones, digital camera, network system and others. The DS segment operates in semiconductors and display parts, whereas the CE segment provides monitors, televisions, and others. The Harman segment manufactures telematics, speaker, head units among others. The company distributes its products in 84 countries over 213 locations worldwide.

• Abbott - Abbott Laboratories is a global healthcare company focused on the development, manufacture, and commercialization of healthcare products around the world. The company operates through four segments: pharmaceutical products segment, diagnostic products segment, nutritional products segment, medical devices segment. Abbott pharmaceutical products segment offers generic medicines for pain, fever, pancreatic disorders, hypertension, cardiovascular and metabolic products, and vaccines. Wherein, the medical devices products segment portfolio of the company includes vascular, structural heart devices, electrophysiology, rhythm management, and heart failure devices for the treatment of cardiovascular diseases. Additionally, this segment offers neuromodulation devices for the management of movement disorders and chronic pain. The company also offers blood glucose, monitoring systems. The company has a global presence operating in more than 160 countries worldwide. St. Jude Medical operates as subsidiary of Abbott.

• Stryker Corporation - Stryker Corporation is engaged in the development and commercialization of medical technology-based products & services. It operates through three segments: MedSurg, orthopedics, and neurotechnology & spine. Its neurotechnology and spine segment offers products such as neurosurgical, neurovascular, and spinal implant devices. Stryker’s neurotechnology and spine segment has sales through owned distribution outlets in the U.S., China, Netherlands, Switzerland, and France, whereas leased outlets in Ireland & the U.S. MedSurg segment is the second-largest segment of the company, and it includes instruments, medical, endoscopy & sustainability solutions. The company’s orthopedic segment offers products such as implants for use in hip & knee joint replacements and trauma surgeries. Stryker sells its products in more than 80 countries through its branches, subsidiaries, distributors, and third-party dealers to doctors, hospitals, & other healthcare facilities.

• Sotera Wireless - Sotera Wireless is a privately held organization that manufactures medical devices. The company was renamed in 2009 from Triage Wireless to Sotera Wireless, post a settlement agreement with Inverness Medical Innovations, Inc. It deals in production, marketing, and distribution of various wearable vital sign monitoring devices equipped with latest technology to minimize invasiveness and allow early detection of chronic conditions.

• Zephyr Technology Corporation (Covidien) - Zephyr Technology Corporation manufactures remote physiological monitoring devices, advanced heart rate monitors, and wireless telehealth systems for remote monitoring of patients. It produces physical status monitoring solutions that are used in industries such as healthcare, defense, and research & training institutes. It was a privately held organization until 2014, then, Medtronic, a publicly held company, acquired it. Globally, the firm has distribution units in the U.S., the UK, Singapore, and Germany and about 31 distributors across 40 other countries.

• Omron Corporation - OMRON Corporation is a multinational company that provides services in four business segments: mechanical components, industrial automation, healthcare, and social systems. The company facilitates innovative medical technologies for monitoring and therapy as a key player in home monitoring healthcare segment. Digital blood pressure monitors, body fat monitors, respiratory therapy device digital thermometers, pain therapy devices, and other items possessing OMRON's Bio-information Sensing are among the products in its portfolio. The company was the first to introduce manual & digital blood pressure monitors to the leading home healthcare market, and it has the highest market share in the household digital blood pressure monitor category in India and globally. The company was listed in the Thomson Reuters list of top 100 global innovators in 2013. The company’s products and services are available in 120 countries.

• Everist Health - Everist Health is a private company that develops personalized medicines. It also develops and commercializes medically different technologies to help and improve medical outcomes, reducing total cost of care. The company has operating business units for diagnostics, therapeutics, and wellness. It manufactures devices such as Vascular Age Calculator to measure one’s vascular age to assess the risk of developing Cardiovascular Diseases (CVDs) and angino defender that predicts a patient’s risk of developing CVD. The company also offers Covid Age risk calculator as factors change with age and other health conditions. It has branch offices in Florida, South Dakota, and New York.

• Polar Electro - Polar Electro is a sports training computer manufacturer best known for developing the world's first wireless heart rate monitor. The company combines sports, physiology, and electronics expertise with consumer understanding. It develops heart rate monitors and fitness tracking devices for athletes. Heart rate monitors are developed for measuring heart activities in humans. Other core devices included in the company’s product portfolio are mobile apps, GPS watches, OEM technologies, sports sensors, consumer electronics, and group training solutions. The company distributes its products through a distribution channel with over 35,000 suppliers, and currently has 21 subsidiaries.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Wearable Medical Device Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Wearable Medical Device Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.