Wearable Medical Devices Market

SKU: DMMD212 | Last Updated On: Oct 15 2022 | Available Formats

> Wearable Medical Devices Market Expected to reach a high CAGR of 8.4% By 2029

Wearable Medical Devices Market is segmented By Device Type (Diagnostic Devices and Therapeutic Devices), By End-user(Hospitals, Clinics, Home Healthcare, Sports and Fitness, and Others) By Product Type(Watch, Headband, Wristband, Ear Wear and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

[180 Pages Report] Wearable medical devices market size was worth US$ billion in 2022 and is estimated to reach US$ billion by 2029, growing at a CAGR of 8.4% during the forecast period (2022-2029).

Wearable medical devices market - Strategic Insights

Metrics

Details

Market CAGR

8.4%

Segments Covered

 By Device Type, By End-user, By Product Type, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Wearable medical devices are autonomous devices capable of diagnosing or monitoring medical conditions, combined with digital health information, typically worn over the body. These devices possess noninvasive physiological sensors, data processing modules, medical feedback, and wireless data transmission capabilities.

The Wearable medical devices market study analysis offers an in-depth outlook on the market containing both quantitative, and qualitative data. It gives an outlook and forecast of the global Wearable medical devices market based on the market segmentation by device type, application, and end user. It also provides Wearable medical devices market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global Wearable medical devices market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.

Wearable Medical Devices Market Segmentation Analysis

The diagnostic devices segment is expected to hold the largest share in this market segment.

The diagnostic devices segment accounts for the largest market share, owing to the uncertain risk of heart stroke with a sedentary lifestyle that has offered demand for wearable medical devices. Along with increasing disease prevalence, cardiac disease diagnosis and management advancements have provided immense growth opportunities. Healthcare professionals are also adopting wearable technologies to remotely monitor patients’ heart health and offer on-time treatment for early abnormalities. Developing novel devices, including patches and wearable defibrillators, also allows continuous cardiac activities and critical care tracking. For instance, a wearable necklace ECG monitor has been developed to detect abnormal heart rhythm called atrial fibrillation.

Moreover, vital sign devices are wearable devices that can continuously collect vital signs such as body temperature, blood pressure, and heart rate over an extended period. While these wearable monitoring devices cannot transmit data to receivers, healthcare professionals can analyze the collected biometric data for treatment effectiveness; hence wearable vital sign monitors are primarily used in hospitals. The wearable type monitor includes a flexible thermometer strip, an inflatable bladder on a wearable cuff, or a pulse oximeter sensor that measures the patient’s oxygen levels by focusing on skin color changes. ​ 

The hospital's segment is expected to hold the largest share in this market segment.

The hospitals held the largest share in the wearable medical devices market. This is mainly owing to the increasing number of patients suffering from conditions treated in hospitals equipped with advanced infrastructure and adequate facilities. The growing prevalence of neurological disorders is the prime factor affecting the segment's growth. For example, as per the survey "A Global Burden of Disease Study" in 2020, migraine was the most prevalent neurological disorder in the U.S. Around 95.0% of people suffer from migraines in the U.S. In this case, neuromodulation devices are most widely used to diagnose/treat migraines. For instance, on September 8, 2020, Theranica was granted a CE mark for its Nerivio device for acute treatment of migraine, a little more than a year after receiving FDA clearance in the United States. In addition, increasing awareness of the population regarding the ability of neurological wearables to assess individuals' cognitive capabilities during everyday activities continuously is also expected to drive the segment. The increase in the number of people with chronic disorders and the rising elderly population are the major factors boosting the growth of hospital services across the globe.

Furthermore, wearable technology can also improve patient management efficiency in hospitals. Researchers hope to use wearable technology for the early detection of health imbalances. Wireless communication in wearable techniques enables researchers to design a new breed of point-of-care (POC) diagnostic devices. For instance, garments integrated with wearable solutions, such as commercial portable sensors and devices in the emergency medical services (EMS), emergency room (ER), or intensive care unit (ICU) environments, have facilitated the continuous monitoring of risks that endanger patient lives. The system enables the detection of patient health-state parameters (heart rate, breathing rate, body temperature, blood oxygen saturation, position, activity, and posture) and environmental variables (external temperature, presence of toxic gases, and heat flux passing through the garments) to process data and remotely transmit useful information to healthcare providers.

The watch segment is expected to hold the largest share in this market segment.

Wearable technology, an emerging trend, integrates electronics into daily activities and addresses the changing lifestyles with the ability to be worn on any part of the body. Wearables have gained significant traction, owing to the boom in the fitness trend across consumers. Moreover, research indicates that the wearables market would develop significantly, with a 19 percent CAGR from 2020 to 2030, suggesting a potential economic worth of $0.5-$1.8 trillion by 2030. This expansion encompasses consumer, industrial, and medical applications. Nonetheless, market activity suggests tremendous promise (and movement) in the healthcare space. In addition, the smartwatch category is experiencing a rise, owing to additional features, like the brand that suits the everyday lifestyle. For instance, Embrace2 of Empatica is the first wrist-worn wearable in the field of epilepsy to be cleared as a medical device for detecting patterns associated with convulsive seizures in children & adults. In September 2020, Apple announced the launch of the Apple Watch Series 6, equipped with revolutionary blood oxygen allowing users to track accurate details of overall wellness. This has broadened its portfolio and contributed to the company’s revenue growth.

Wearable Medical Devices Market Growth Drivers

The global wearable medical devices market growth is driven by the numerous features, development in technology, and wide applications of wearable devices in remote healthcare settings and home settings will increase its adoption in the foreseeable future. The prevalence of chronic diseases such as diabetes and cardiovascular conditions has driven the demand for wearable medical devices. With the increasing incidence of such diseases, the adoption of continuous monitoring devices has also increased. Moreover, technological developments facilitating mobility and connectivity for users have stimulated product sales over the past few years. This has offered innovative solutions to the healthcare industry for patient and disease management.

Effective product launches by the market players are expected to drive market growth.

PolarSeal developed sophisticated in-house converting capabilities for adhesive tapes and medical grade materials on April 25, 2022, to co-design and manufacture wearable medical devices in the United States and supply new stick-to-skin solutions. PolarSeal guarantees that adhesives and product components are skin-friendly, absorbent, repositionable, and sterile. Breathable or non-breathable structures guarantee that things are both practical and comfortable. Quality, cost-efficient wearable medical devices provide better diagnosis and treatment of persons with or at risk of diabetes by combining advanced technology with stick-to-skin adhesives for effective patient monitoring. They save and transmit data used by other medical devices or for analysis by medical specialists.

Moreover, Enovis launched its wearable Arvis, which stands for augmented reality visualization and information system, the device for orthopedic navigation, on July 20, 2022. Earlier this month, the company's subsidiary DJO Global finalized the acquisition of Insight Medical and its FDA-cleared augmented reality platform, Arvis, built specifically for hip and knee replacement surgery demands. According to the company, the device is the first patented, real-time, hands-free augmented reality (AR) technology developed to provide orthopedic surgeons with precision guiding visuals while doing hip and knee surgery. It is a self-contained surgical guidance system operated by the surgeon and has been created with a hands-free view of the surgery, ensuring surgeons can focus on their patients.

Rising technological innovations and advancements are expected to drive market growth.

The wearable medical devices market is growing faster due to the rising technological innovations and advancements, as they can improve the lifestyle of the general and patient populations. Wearable technologies proffer a convenient mode of monitoring physiological symptoms, featuring many medical solutions. These devices are easy for consumer use and offer real-time data for physicians to analyze. From the Apple Watch’s EKG capabilities to new continuous glucose monitoring systems, wearable medical technologies have a broad range of potential applications in the healthcare industry.

Also, Current Health’s artificial intelligence (AI) wearable device that measures multiple vital signs has recently received FDA clearance for patients to use at home. In February 2020, the Edinburgh, Scotland-based company received clearance for the AI-enabled device to monitor patients in the hospital. Still, this recent approval means it can now be used between doctor visits at home.

Data privacy risks and high maintenance costs are expected to hinder the market growth.

However, wearable medical devices come with certain drawbacks, such as biometric data security concerns and difficulties in information analysis due to wearable medical device data collection and transmission constraints. Despite the important developments in the technologies and designs of wearable medical devices, few factors limit the adoption of these devices. Among them is the overall high cost of these devices. These devices are often associated with batteries, chips, sensors, and other accessories, leading to a significantly higher cost of ownership. These factors, along with limited reimbursement policies for these devices, have been responsible for the comparatively limited adoption of the wearable type of medical devices in developed and emerging countries.

Industry Analysis

The wearable medical devices market provides in-depth analysis of the market based on various industry factors such as unmet needs, pricing analysis, supply chain and regulatory analysis etc.

COVID-19 Impact Analysis

Wearable devices play an important role in predicting certain disorders by integrating essential vital signs with clinical symptomology. The use of wearable devices to combat COVID-19 has therefore been ramped up. Research has recently expanded on whether the extensive data that wearable devices collect can predict the onset of the virus or not. For instance, in 2020, researchers at Rockefeller Neuroscience Institute in the United States reported that data from the Oura ring, a wearable sleep and activity tracker, can be combined with an app that measures vital signs that predict in advance if an individual is likely to develop COVID-19 symptoms. The device successfully predicted that an individual would experience shortness of breath, cough, and fever up to three days before they manifested. In 2020, Philips launched a next-generation wearable biosensor for early patient deterioration detection, including clinical surveillance for COVID-19 in the United States.

Geographical Analysis

North America region holds the largest market share of the global wearable medical devices market.

North America dominated the wearable medical devices market, with the United States emerging as the major contributor. The United States holds the largest share in the wearable medical devices market owing to the high prevalence of cardiovascular and lifestyle-related diseases, the rising adoption of wearable medical technology and high per capita medical expenditure. Combined with the rising incidence of diseases in the region, the market for wearable medical devices is expected to grow moderately over the forecast period.

Additionally, most major players such as Garmin Ltd, Fitbit Inc., and Biotelemetry Inc. are concentrated in the United States. They have been investing in the research and development of innovative wearables. For instance, in October 2020, Garmin Ltd launched Vivofit jr, three kids fitness tracker watch, which would help kids be motivated to meet their activity goals to see what happens next in the app adventure. This has allowed the business expansion of the company by extending its product offerings.

Competitive Landscape

Major key players in the wearable medical devices market are Vital Connect, Apple Inc, Fitbit Inc, Philips Electronics, Garmin Ltd, Fossil Group, Google Inc, Covidien, Omron Corp, Proteus, TomTom International BV, Xiaomi Technology Co. Ltd and Huawei Technologies Co., Ltd. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the global market growth. Start-ups like Overlap, Royal Philips, Vivify Health, Validic, and Doximity Dialer are developing technology to enhance wearable health technology and enable EHR integration for health systems. This has made the market very competitive. For instance, In August 2020, Fitbit Inc. launched Fitbit Sense, an advanced health smartwatch that helps detect the body’s responses to stressors by measuring electrodermal activity responses.

Vital Connect:

Overview:

VitalConnect is a wireless hospital and remote patient monitoring wearable biosensor technology. VitalConnect draws on substantial experience in biomedical engineering, data analytics, chip design, and mobile and cloud software to develop technology that enables decision-making paradigms that result in better health and economic results. The products of VitalConnect are intended for usage in a variety of inpatient and outpatient settings, including hospital monitoring, post-discharge care, cardiac monitoring, and pharmaceutical solutions. The Vista Solution provides continuous and uninterrupted access to patient health via an online portal, monitoring 11 distinct vital signs and giving predictive analytics. A single-lead EKG, heart rate variability, respiration rate, body or skin temperature, body posture, fall detection, and activity [steps] are all measured by the VitalPatch biosensor. Vista Solution 2.0 with the VitalPatch biosensor creates an elegant, best-in-class solution that improves patient mobility and comfort while reducing caregiver burden and improving patient outcomes. Vista Solution also allows doctors to optimize treatment for their patients by delivering a predicted, comprehensive picture of their patients via the integrated National Early Warning Score (NEWS) standard.

­Product Portfolio:

VitalPatch RTM: VitalPatch RTM monitors 21 cardiac arrhythmias through a unique AI-based ECG analysis solution. It captures data on four key vital signs, providing a complete view of a patient’s condition. Patient data is collected continuously, in real-time, and stored on the secure VitalCloud, where physicians can view the patient’s status at any time; a unique capability for an extended Holter monitor.

Key Development:

On November 23, 2020, VitalConnect, Inc. announced its VitalPatch RTM cardiac monitoring solution for patients who require extended Holter monitoring. VitalPatch RTM monitors for 21 cardiac arrhythmias through a unique AI-based ECG analysis solution and captures data on four key vital signs, providing a complete view of a patient’s condition.

The global wearable medical devices market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.

FAQ

What is the Wearable medical devices market growth?

The market is growing at a CAGR of 8.4%.

What is Wearable medical devices market size in 2021

The Wearable medical devices market size was valued at USD YY million in 2021.

Who are the key players in Wearable medical devices market?

Garmin Ltd, Fossil Group, Google Inc, Covidien, Omron Corp, Proteus, TomTom International BV, Xiaomi Technology Co. Ltd

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