Wearable Medical Devices Market Size, Share & Trends Analysis Report By Type (Diagnostic, Therapeutic), By Site (Handheld, Headband, Strap, Shoe Sensors), By Application, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global wearable medical devices market size was valued at USD 16.6 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 26.8% from 2021 to 2028. The growth of industries such as home healthcare and remote patient monitoring devices is anticipated to influence market growth. In addition, increasing focus on fitness and a healthy lifestyle orientation are also expected to impact the market.

Also, due to the sedentary routine, the incidence and prevalence of lifestyle-associated disorders, such as diabetes and hypertension, is projected to increase over the forecast period. Some of these diseases demand continuous monitoring of several physiological parameters, for instance, blood sugar levels and blood pressure. This allows amalgamation of healthcare data with portable medical devices, which can then be forwarded to physicians so as to have real-time access to data and minimize errors. Moreover, the rising mortality rate due to non-communicable diseases is the major reason for concern demanding more focus on personalized monitoring and care. This is ultimately anticipated to further increase the demand for wearable medical products.

The outburst of the COVID-19 pandemic has extended the role of wearable medical devices in the healthcare trade. Various companies working globally in wearable medical products are entering the landscape, where the early warning signs of viral infection can be detected with the help of wearable medical devices. For example, Ava Bracelet, which is primarily used as a fertility tracker, is now being leveraged to help in combating the coronavirus. This bracelet tracks heart rate variability, breathing rate, and skin temperature making it useful in tracking symptoms of the virus. This offers a unique opportunity during this pandemic. Hence due to this reason, the demand for wearables is seen to be increasing.

The rising prevalence of chronic diseases along with increasing mortality rates is a major area of concern among people as well as government organizations. Thus, healthcare providers are offering personalized care including continuous and remote patient monitoring. Also, these can be worn for 24 hours without affecting routine life. Hence, considering the various advantages that it offers, the demand for wearable medical devices is projected to boost over the forecast period.

COVID19 impact: Smartwatches witnessed a 1.5% increase in total shipments from October to December 2020 compared to the same period in 2019 with Apple alone accounting for 40% of the overall share

Increasing attention on fitness is a high-impact rendering driver for the market.  Various wearable medical products and software have been developed for the management of weight and for monitoring fitness. Usually, wristbands are connected with cell phones that display real-time tracking of activities such as steps walked, calories burned, calorie intake, miles a person ran, etc. By compiling all the data together, vital information such as the body mass index is obtained. The regular study of these statistics helps in providing a good health plan to individuals as well as healthcare professionals. Also, the fitness club count is seen increasing in recent years. According to the 2019 IHRSA Global Report, there are around 183 million users of fitness clubs globally.

Product Insights

The diagnostic devices segment dominated the market and accounted for the largest revenue share of 62.5% in 2020. Among diagnostic, the neuromonitoring devices segment was the largest in 2020. The growing prevalence of neurological disorders is the prime factor affecting the growth of the segment. For example, as per the survey “A Global Burden of Disease Study” in 2020, migraine was most the prevalent neurological disorder in the U.S. Around 95.0% of people are suffering from migraine in the U.S. In this case, neuromodulation devices are most widely used to diagnose/treat migraine. In addition, increasing awareness of the population regarding the ability of neurological wearables to assess cognitive capabilities of individuals continuously during everyday activities is also expected to drive the segment.

The therapeutic device segment is anticipated to witness the fastest CAGR throughout the forecast period owing to the increasing influx of therapeutic devices. Moreover, a strong pipeline of therapeutic devices such as intelligent asthma management products, wearable pain reliever devices, and insulin management devices is anticipated to assist market growth. The therapeutic device segment is further bifurcated into pain management devices, insulin monitoring devices, rehabilitation device, and respiratory therapy devices. The insulin monitoring device was dominant in 2020 and is anticipated to remain dominant over the forecast period owing to the large population suffering from diabetes.

Site Insights

The strap/clip/bracelet segment dominated the wearable medical devices market and accounted for the largest revenue share of 51.2% in 2020 and is likely to remain dominant throughout the forecast period. Products like smartwatches allow monitoring of several parameters such as mobility, respiratory rate, and pulse rate coupled with Bluetooth and cloud connectivity are anticipated to propel growth this segment over the forecast period.

Advancements in the wrist-worn products such as Healthpatch by Vital Connect in March 2014, for monitoring multiple parameters such as heart tare, skin temperature, and activities like steps count are anticipated to drive the segment. Also, major players like Samsung and Apple have introduced mobile apps, which are compatible with wearable medical instruments and enables data recording and digital display. Such apps are attracting people towards routine health monitoring, thereby impelling the market growth.

Application Insights

The home healthcare segment dominated the market and accounted for the largest revenue share of 53.5% in 2020 due to the increasing geriatric population triggering prevalence rates of target diseases and the growing need to curb healthcare expenditure as an economically viable initiative are some of the factors responsible for market growth.

The remote patient monitoring is anticipated to witness the fastest CAGR over the forecast period. Globally rising geriatric population base and rising incidences of chronic conditions are expected to be high impact rendering drivers for the growth of remote patient monitoring instruments over the forecast period.

Regional Insights

North America dominated the market and accounted for the largest revenue share of 38.1% in 2020 owing to the growing prevalence of cardiovascular disorders, diabetes, and cancer within this region. In addition, the rise in chronic diseases that need routine monitoring and the presence of sophisticated healthcare infrastructure are further likely to drive market growth over the forecast period. In the Asia Pacific, the market is expected to witness exponential growth over the forecast period. Major factors boosting market growth are favorable government initiatives for use of such wearable medical instruments, increasing geriatric population base, and increasing healthcare expenditure in this region.

Key Companies & Market Share Insights

The key players are focusing on adopting various growth strategies, such as partnership, merger, and acquisitions, and expansion of product portfolio to retain their market position. For example, In November 2020, Royal Philips and African Union announced a partnership to strengthen healthcare infrastructure and enhance access to care in African Union Member States by improving access to medical equipment. Through Africa Medical Supplies Platform (AMSP), the African Union and Philips will provide medical equipment, comprising patient-monitoring equipment, ventilators, ultrasound scanners to healthcare facilities, and COVID-19 patients. Also in November 2020, the company announced the introduction of Philips Ventilator BiPAP A40 EFL.  This initiative would help the company in expanding its home healthcare portfolio for COPD patients. Some of the prominent players in the wearable medical devices market include:

• Philips Electronics

• Fitbit

• Basis Science

• Garmin

• Covidien

• Omron Corp.

• Withings

• Vital Connect

• Polar Electro

• Intelesens

• Everist Genomics

• Sotera Wireless

Wearable Medical Devices Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research, Inc. has segmented the global wearable medical devices market report on the basis of product, site, application, and region:

• Product Outlook (Revenue, USD Billion, 2016 - 2028)

  • 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

    • Neuromonitoring Devices

      • Electroencephalographs

      • Electromyographs

      • Others

  • Therapeutic Devices

    • Pain Management Devices

      • Neurostimulation Devices

      • Others

    • Insulin/Glucose Monitoring Devices

      • Insulin Pumps

      • Others

    • Rehabilitation Devices

      • Accelerometers

      • Sensing Devices

      • Ultrasound Platform

      • Others

    • Respiratory Therapy Devices

      • Ventilators

      • Positive Airway Pressure (PAP) Devices

      • Portable Oxygen Concentrators

      • Others

• Site Outlook (Revenue, USD Billion, 2016 - 2028)

  • Handheld

  • Headband

  • Strap/Clip/Bracelet

  • Shoe Sensors

  • Others

• Application Outlook (Revenue, USD Billion, 2016 - 2028)

  • Sports And Fitness

  • Remote Patient Monitoring

  • Home Healthcare

• Regional Outlook (Revenue, USD Billion, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • Italy

    • Spain

    • France

    • Sweden

    • Russia

    • Netherlands

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Singapore

    • Thailand

    • Philippines

    • Malaysia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE