The global wearable medical device market size was valued at USD 10.3 billion in 2018 and is expected to witness a CAGR of 26.1% over the forecast period. Growth of industries such as home healthcare and remote patient monitoring devices is anticipated to drive the growth. In addition, rising focus on fitness and healthy living are also expected to drive the market.
High prevalence of lifestyle-associated disorders, such as diabetes and hypertension, due to sedentary lifestyle, requires continuous monitoring of several physiological parameters, for instance, blood sugar levels and blood pressure. This allows amalgamation of healthcare data with portable devices, which can be forwarded to physicians for real-time access to data and minimal errors. Moreover, rising mortality rate due to non-communicable diseases is the major concern demanding more focus on personalized monitoring and care. This is ultimately anticipated to further boost the product demand.
Rising prevalence of chronic diseases along with increasing mortality rates are major concerns among people as well as government organizations. Thus, healthcare providers offer personalized care including continuous and remote patient monitoring. Also, these can be worn for 24 hours without affecting the routine life. Considering various advantages, their demand is projected to witness steady rise over the forecast period.
Growing awareness regarding fitness is high-impact rendering market driver. Increasing obesity and awareness about physical fitness is encouraging people to work out and adopt other fitness-related activities. Wearables such as smart bands and smartwatches help monitor fitness parameters including calories burned, footstep count, and walking distance. Moreover, manufacturers offer guidance from expert dieticians or nutritionists. Hence, this business model is generating hefty demand for these products.
On the basis of product, the market is classified into diagnostics and therapeutics. Therapeutic segment is anticipated to register the fastest CAGR throughout the forecast period owing to increasing influx of these devices. Moreover, a strong pipeline of therapeutic devices such as intelligent asthma management, wearable pain reliever, and insulin management devices is anticipated to impel growth. Therapeutic segment includes pain management, insulin monitoring, rehabilitation, and respiratory therapy device. Insulin monitoring is anticipated to remain dominant over the forecast period owing to the rising prevalence of diabetes.
Neuromonitoring device was the largest diagnostic segment in 2018, attributed to increasing prevalence of neurological disorders. In addition, increasing awareness regarding the ability of neurological wearables to assess cognitive capabilities of individuals continuously during everyday activities, is also expected to drive the growth.
Based on site, the global wearable medical device market is segregated into headband, handheld, shoe sensors, strap/clip/bracelet, and others. The strap/clip/bracelet segment led the market in 2018 and is likely to remain dominant throughout the forecast period. Products like smart watches allow monitoring several parameters such as physical activity, respiratory rate, and pulse rate and they are available with Bluetooth and cloud connectivity. This factor is anticipated to propel segment growth over the forecast period.
Advancements in wrist worn products, for instance, the Healthpatch by Vital Connect in March 2014, for monitoring multiple parameters such as heart tare, skin temperature, and activities like steps count is anticipated to drive the growth. Also, major players like Samsung and Apple have introduced compatible mobile apps, which enables data recording and digital display. Such apps are attracting people towards routine health monitoring, thereby impelling the market growth.
On the basis of application, the market is bifurcated into sports and fitness, remote patient monitoring, and home healthcare. Home healthcare led in 2018 due to the increasing geriatric population triggering prevalence of target diseases and growing need to curb healthcare expenditure as an economically viable initiative.
Remote patient monitoring is anticipated to witness the fastest CAGR over the forecast period.Globally rising geriatric population and incidence of chronic conditions are expected to be the high impact rendering drivers for the growth of remote patient monitoring devices market over the forecast period.
North America was the largest segment in 2018 owing to high prevalence of cardiovascular disorders, diabetes, and cancer.In addition, rise in chronic diseases that need routine monitoring and presence of sophisticated healthcare infrastructure are further likely to drive regional growth over the forecast period.
Asia Pacific is expected to witness exponential growth over the forecast period. Major factors boosting the growth are favorable government initiatives for the use of such medical devices, increasing geriatric population base, and high healthcare expenditure.
Some of the key players operating in the market are Covidien Plc; Fitbit Inc.; Philips Electronics; Polar Electro; LifeWatch AG; Garmin; Withings; Jawbone; Everist Genomics; Sotera Wireless; Pebble Technology Corp.; Omron Corp.; Basis Science Inc.; Intelesens Ltd.; and Vital Connect.
Attribute |
Details |
Base year for estimation |
2018 |
Actual estimates/Historical data |
2015 - 2017 |
Forecast period |
2019 - 2026 |
Market representation |
Revenue in USD Million and CAGR from 2019 to 2026 |
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Country scope |
U.S., Canada, U.K., Germany, Italy, Spain, France, China, Japan, India, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE |
Report coverage |
Revenue forecast, competitive landscape, growth factors and trends |
15% free customization scope (equivalent to 5 analyst working days) |
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, Grand View Research, Inc. has segmented the global wearable medical device market report on the basis of product, site, application, and region:
Product Outlook (Revenue, USD Million, 2015 - 2026)
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
Others
Insulin/Glucose Monitoring Devices
Insulin Pumps
Others
Rehabilitation Devices
Accelometers
Sensing Devices
Ultrasound Platform
Others
Respiratory Therapy Devices
Ventilators
Positive Airway Pressure (PAP)
Portable Oxygen Concentrators
Others
Site Outlook (USD Million, 2015 - 2026)
Handheld
Headband
Strap/Clip/Bracelet
Shoe Sensors
Others
Application Outlook (USD Million, 2015 - 2026)
Sports and Fitness
Remote Patient Monitoring
Home Healthcare
Regional Outlook (USD Million, 2015 - 2026)
North America
U.S.
Canada
Europe
U.K.
Germany
Italy
Spain
France
Asia Pacific
Japan
China
India
Australia
South Korea
Latin America
Brazil
Mexico
Argentina
Middle East and Africa (MEA)
South Africa
Saudi Arabia
UAE
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