The global wearable medical devices market has witnessed a substantial growth in recent years. The rise in the demand for technologically advanced wearable medical devices, growing usage of smartphone healthcare apps as well as increased awareness pertaining to health among consumers are the key factors fuelling the growth of the global wearable medical devices market. The growing trend of home healthcare will further propel the growth of the wearable medical devices during the forecast period.

The diagnostic and monitoring devices application segment is estimated to dominate the wearable medical devices market in 2016. The rise in prevalence of chronic diseases has pushed the usage diagnostic and monitoring devices on more regular basis among the consumers globally. Also, activity monitors type segment is estimated to account for the largest market share in 2016 owing to the increased awareness about health and fitness among consumers.

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North America region is estimated to dominate the wearable medical devices market in 2016. On the other hand, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to factors such as growing usage of healthcare applications on smartphones. The high disposable income of people coupled with rising health concerns among consumers of emerging economies of the Asia-Pacific such as China and India will further propel the growth of wearable medical devices in the region.

This research report on wearable medical devices market provides in-depth analysis of the global wearable medical devices market based on type, application and major geographies for the period from 2016 to 2021. The report highlights the major market drivers pushing the growth and challenges faced by market participants. The research report provides market size and forecast for wearable medical devices market. The report also analyses the competitive landscape and the major player and their strategies in 2016. The competitive landscape section of the report also captures and highlights the recent development in the market.

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Key questions this research would answer:

1. Is the wearable medical devices market growing? How long will it continue to grow and at what rate?
2. What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3. What are the regional revenue and forecast breakdowns? What are the regional hotspots for growth in the wearable medical devices market?
4. What are the various application areas and how they are poised to grow?

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 27 May 2019, The global wearable medical devices market is estimated to develop at a CAGR of 9.82% for the duration of the prediction. Growing demand for technically innovative wearable medical devices, growing alertness about physical appropriateness, arrival of new-fangled smartphone linked healthcare applications, and increasing demand for wireless connectivity in the healthcare business are the important reasons boosting the general business. Additionally, continuous development of home-based healthcare and checking of patients at distance are projected clearly inspire the wearable medical devices market.

The market on the source of Type of Application could span Home-based Healthcare, Remote Patient Monitoring, and Sports & Fitness. The subdivision of Home-based Healthcare ruled the application division and is projected to preserve its supremacy above the prediction period due to growing technical progression in therapeutic merchandises to pervade greater precision and stress-free practice by persons deprived of specialized help.

The wearable medical devices market on the source of Type of Position could span Shoe Sensors, Headband, Strap, Handheld, Bracelet, Strap and Clip. The subdivision of Strap, Handheld, Bracelet, Strap, Clip devices is estimated to hold around 40.0% stake of the income in the market.

The market on the source of Type of Product could span Therapeutic Devices, Diagnostic. The subdivision of Diagnostic ruled the product section during the year 2014. This is credited to the growing uses of diagnostic and monitoring products in remote patient monitoring and home-based healthcare. Yet, the subdivision of therapeutic is expected to display profitable development above the prediction period, due to growing demand with increasing patient.

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The market on the source of Area with respect to Trades in terms of intake, Profits, Market stake, and Development percentage in these areas, for the duration of the prediction could span North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

By the source of geography, North America held the biggest stake of the international market during the year 2015. The issues for example increasing occurrence of long-lasting sicknesses for example fatness, cardiac sickness and diabetes, could be credited to the area’s biggest stake of the market. Furthermore, growing use of remote patient observing and home-based care for the determination of consistent, nonstop, and long-standing observing of patients together with the necessity for dropping the incidence of hospital appointments, projected to power the progress of this market above the prediction period.

The Asia Pacific is estimated to be the profitable market above the prediction period due to the speedy outline of technically progressive arrangements. Most important reasons driving the development of the market are promising government inventiveness for usage of such therapeutic merchandises, growing elderly inhabitants, and growing expenses on healthcare in this area.

Japan is the leading contributor to the market in the Asia Pacific, due to the greater spending on healthcare and increasing R&D. However, China and India are estimated to progress with speedy development percentage above the prediction period. Due to the increasing elderly and sick residents together with the necessity for the fitness administration of the residents, by this means increasing spending on healthcare.

In contrast, Europe is projected to be motivated owing to the escalation in elderly residents, in the nations like the U.K. and Germany. This is, eventually, estimated to witness greater acceptance of continuous monitoring. The overall expenditure incurred on healthcare by the European nations is refining the healthcare arrangement in the area.

The statement revises Trades in terms of intake of wearable medical devices in the market; particularly in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. It concentrates on the topmost companies operating in these regions. Some of the important companies operating in the field are Everist Genomics, Polar Electro, Covidien Plc, Withings, Pebble Technology Corp., Sot era Wireless, Vital Connect, Fitbit Inc., Philips Electronics, Life Watch AG, Intelesens Ltd, Basis Science Inc., Jawbone, Omron Corp., and Garmin.

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Wearable medical devices consist of sensors attached to the body, which detects and monitor changes in different parts of body and organ. Increase in awareness and health facilities and advancement in technology and innovation in the devices, are some of the factors propelling the wearable medical devices market growth. Smart watch, wristband, and smartphones are some of the wearable medical devices which are targeted by the companies. This is owing to factors such as their high demand and user friendly approach, and it also reduces hospital based expenditure. In near future technology is expected to play a major role in healthcare services. These devices help pharmaceutical companies in conducting valuable clinical trials. Wearable medical devices are available in wide range having different functions such as alerting mechanism, real-time feedback, and wireless data transmission.

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Innovation in technology and increase in healthcare awareness is driving market growth

Rapid advancement in technology leads to innovation in existing product and introduction of new products. Increase in health concerns, sedentary lifestyle, and rise in awareness regarding health and fitness drives the wearable medical devices market growth. Furthermore, increase in geriatric population and constant increase in lifestyle disease fuels the market. According to the United Nations Department of Economic and Social Affairs, the global geriatric population is expected to increase by 56%, from 901 million to 1.4 billion over the period of 2015-2030. Major companies concentrate on user friendly wearable medical device with various features such as Bluetooth, wireless connectivity, and long battery life. There is tremendous increase in chronic diseases such as diabetes and respiratory diseases, which has increased the use of wearable medical devices. These devices are used to record heart rate, temperature, steps taken by the patient, and glucose level of the body.

Developed regions are major growth engines of the wearable medical device market

Regional segmentation of wearable medical devices market by Coherent Market Insights comprises North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America dominates in the wearable medical devices market. Asia Pacific is expected to drive growth of wearable medical devices market over the forecast period, owing to technological advancement and increase in geriatric population in emerging countries such as India, China, and Japan. According to World Economic Forum, it is expected that geriatric population of Asia Pacific will exceed 2 billion by 2050. This is owing to factors such as rise in chronic diseases especially diabetes, increased awareness regarding the use of continuous glucose monitor, and increasing healthcare investments.

Key players to support the growth of wearable medical devices market

Various players present across the globe which are running into the competition of innovation, improved product, and user-friendly approach. Some of the major players operating in the wearable medical devices market include Life Watch AG, Google Inc., Apple, Medtronic Plc., Omron Corporation, Philips Healthcare, and Polar Electro.

Wearable medical devices market taxonomy

On the basis of application, the global wearable medical devices market is segmented into:

Remote Patient Monitoring

Sports and Fitness

On the basis of type, the global wearable medical devices market is segmented into:

Diagnostic Medical Devices

Therapeutic Medical Devices

On the basis of site of use, the global wearable medical devices market is segmented into:

Handheld

Shoe Sensor

Headband

Wrist Worn

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