Wearable Medical Device Market Analysis include electronic devices, which consumers can wear, such as smartwatches and Fitbits, and are engineered to gather the data of users’ exercise and personal health. As per the reports by MRFR, the wearable medical device market was valued at USD 7859.4 Mn in 2017. The market is likely to reach a mark of USD 27,200 Mn by the end of 2023.
The global market for wearable medical devices has been witnessing massive growth due to the rise in lifestyle disorders, growing prevalence of sedentary or inactive lifestyles, and growing geriatric population. Additionally, factors such as the emergence of several new technologies, enhanced awareness, rising popularity of 5G, surging uptake of mobile platforms, and preference for remote monitoring are expected to positively impact market growth. However, the market growth is anticipated to be impeded by the distressing rise in cybercrime worldwide.
Regional Analysis
The regional appraisal of the wearable medical devices includes the Americas, Asia-Pacific, Europe, and the Middle East & Africa. The American regional market is expected to register the largest market share over the review timeframe. The growth of the regional market is mainly being driven by the rising cases of diabetes and obesity. The leading players in the region are famous for producing advanced wearable medical sensors that improve their demand among tech-savvy consumers, which is likely to boost the regional market’s growth over the forecasted era. Furthermore, factors like the growing geriatric population and the rising prevalence of cardiovascular disorders and cancer are expected to accelerate the regional market’s growth. The Asia-Pacific regional market for wearable medical devices is expected to register the highest growth rate and is rising to be a substantial market for wearable medical devices across the globe. Massive growth opportunities drive the regional market’s growth because of unmet medical requirements, the colossal population, and the increasing prevalence of lifestyle diseases such as cancer and cardiac disorders. The rapidly growing manufacturing units across China and India are flourishing the medical devices business across the globe.
Segment Analysis
The segmentation of the Wearable Technology in Healthcare is based on type, application, distribution channel, device type, and region. The global wearable medical devices market is split into smart clothing, patches, activity monitors, and smart watches by type. Based on the type of devices, the market for wearable medical devices is divided into diagnostic & monitoring devices and therapeutic devices. By application, the wearable medical devices market is bifurcated into sports academies and fitness, home healthcare, and remote patient monitoring. Based on distribution channels, the global market is divided into pharmacies, hypermarkets, and online channels.
Competitive Analysis
The launch of new and innovative products has managed to gain the most traction among market players worldwide. The list of leading players in the wearable medical devices market includes companies such as Philips, Motorola Solutions Inc., Medtronic PLC, Fitbit Inc., Qualcomm Inc., Apple Inc., Sony Corporation, LG Electronics Inc., NIKE INC., Honeywell International Inc., Omron Corporation, Honeywell International Inc., Boston Scientific Corporation, and many others.
Recent Developments
August 2021 RoddyMedical Inc., a Wauwatosa-based medical device manufacturer, raised USD600,000 to support the production and launch of the startup’s first wearable medical device. The device is named SecureMove-TLC and is a single-use medical device engineered to organize and secure various types of cords, IV lines, and medical tubes to improve IV medication safety and aid patient therapy efficiency.
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