Wearable Medical Devices Market Analysis - Global Industry Size, Share, Trends and Forecast, 2014 - 2024

Category : Healthcare and Pharmaceuticals | Delivery Format : PDF | Status: Forthcoming | Report ID : ARC264

The worldwide market for wearable medical devices was estimated to be around $3 billion in 2014 and is expected to reach over $13 billion by 2022, growing at a CAGR of over 20% during the forecast period from 2017 to 2022. Wearable technology devices form a major part of Internet-of-Things (IoT), and are predicted to create significant impact on fitness, medicine, disabilities, education, transportation, gaming and entertainment sectors. The increasing demand for remote patient monitoring devices and home healthcare is expected to propel the growth of wearable medical devices. Further, increasing focus on fitness, growing health awareness among population, rise in aging population, and a healthy lifestyle orientation are also expected to drive the global wearable medical devices market.
 
Wearable devices are small electronic products, primarily consisting of one or more sensors and have computational capability. These sensors are inserted into devices that are attached to the human body, such as an individual’s head, feet, arms, wrists and waist. These devices can resemble a watch, eyeglasses, clothing, contact lenses, shoes, etc. Wearable devices capture the data and evaluate it. The type of data collected could be as simple as the number of steps taken in a day or as complex as ECG. The wearable medical devices market has grown significantly over the past few years as innovations and advancements in electronics, material science and sensor technology has allowed various startups to introduce relatively inexpensive and fashionable devices into the market. 
 
In addition, consumer interest in personal health, growing awareness towards the use of wearable devices, rise in aging population, increasing benefits from wearable devices and rise in disposable income, are the factors that have helped to propel this market forward. Furthermore, increasing focus on innovations by tech start-ups and favorable government policies are also expected to drive the market in coming years. Privacy concerns, unaddressed regulatory issues, non-fashionable products, technical difficulties and cost of these products are some of the restraining factors, which could hinder the market growth.
 
Based on the type of devices, the market for wearable medical devices is segmented into diagnostic and therapeutic devices. Among these, diagnostic devices further divided into vital sign monitors, sleep and activity monitors, fetal and obstetric monitors, neuro-monitoring devices, and ECG monitors. Therapeutics devices segment is further divided into pain management devices, insulin monitoring devices, respiratory therapy devices, and rehabilitation devices. Based on the area of application, the market is categorized into headband, handheld, shoe sensors, strap, and others. Based on region, the market is divided into the North America, Europe, Middles East and Africa, Latin America, and Asia-Pacific. Asia-Pacific is anticipated to display fast paced growth during the forecast period from 2017 to 2024 in the wearable medical devices market. Growing awareness among the population, increasing disposable income, and rising incidences of chronic diseases are few factors promoting growth in this region. Whereas, the North America is projected to lead the market and maintain its dominant share throughout the forecast period, owing to the presence of large number of players, immediate acceptance of innovative products by consumers and increasing demand for wearable devices.
 
Market Segmentation
 
Market by Device Type
 
  Diagnostic
 
    o  Vital sign monitors 
    o  Sleep and activity monitors 
    o  Fetal and obstetric monitors 
    o  Neuro-monitoring devices 
    o  ECG monitors 
 
  Therapeutic devices
 
    o  Pain management devices 
    o  Insulin monitoring devices 
    o  Respiratory therapy devices 
    o  Rehabilitation devices
 
Market by Application
 
  Handheld 
  Headband 
  Strap 
  Shoe sensors 
  Others
 
Market by Geography
 
  North America
    o  US
    o  Canada 
 
  Europe
    o  UK
    o  Germany
    o  France
    o  Italy
    o  Rest of Europe 
 
  Asia-Pacific
    o  China
    o  Japan
    o  India
    o  Australia
    o  Rest of Asia-Pacific
 
  Middles East and Africa (MEA)
    o  South Africa
    o  Saudi Arabia
    o  UAE
    o  Rest of MEA 
 
  Latin America 
    o  Brazil
    o  Mexico
    o  Rest of Latin America
 
Some of the key players profiled in the report include Philips Electronics, Omron Corporation, Zephyr Technology Corporation, Fitbit Inc., Johnson and Johnson, The Boston Scientific Corporation, and LifeWatch AG.
 


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