Global wearable medical devices market is projected to grow at a CAGR of 18% during the forecast period. The wearable medical device referred to as an autonomous device that provides medical monitoring of patient and support during treatment over a prolonged period. These can be worn as an accessory or embedded into clothing. These devices generally comprise data processing modules, medical feedback, wireless data transmission capabilities, and non-invasive physiological sensors. The technological developments in the wearable technology such as altering mechanism, real-time feedback, wireless access of information and medical decision support the adoption of wearable devices in healthcare applications. These wearable medical devices offer various benefits in healthcare such as supporting hardware for providing point-of-care services, assisting in the inaccessible management of medical conditions for assimilating patients and others. Moreover, rising awareness towards physical fitness, growing adoption of wireless connectivity among healthcare providers are the other factor that propels the global wearable medical devices market during the forecast period.      

Segmental Outlook  

The global wearable medical devices market is segmented on the basis of device type. Based on the device type the market is further classified into diagnostics & monitoring devices and therapeutic devices. On the basis of application, the market for wearable medical devices is segregated into sports and fitness, remote patient monitoring and homecare. Among Applications, remote patient monitoring segment is projected to have significant market share during the forecast period. The market is estimated to grow due to the growing adoption of wireless devices for monitoring of the patient by healthcare providers.  

Global Wearable Medical Devices Market Share by Device Type, 2018 (%)  

Global wearable medical devices market to be driven by diagnostics and monitoring devices

Diagnostics and monitoring devices segment are projected to have a significant market share during the forecast period. The market is growing due to the increasing prevalence of chronic diseases such as cardiovascular diseases (CVDs) and others across the globe. The growing application of wearable medical devices in the diagnosis of chronic diseases propels the growth of the market. The Physiological measures for health monitoring include heart rate, electroencephalogram (EEG), body temperature, respiration rate, electrocardiogram (ECG), blood pressure (BP), blood oxygen saturation (SpO2), blood glucose, electromyography (EMG) and muscle activity. 

Sports and Fitness segment significantly contributing to the growth of the market

Among application, the sports and fitness segment are anticipated to grow at a significant market growth during the forecast period. The market is mainly driven due to growing trend towards physical fitness and rising sports activities. In sports and fitness, the wearable devices are used for the tracking of the- health progress. The wearable health devices and sensors are gaining more popularity among the general population and athletic teams. Advances in technology have allowed individual endurance athletes, sports teams, and physicians to monitor functional movements, workloads, and biometric markers to maximize performance and minimize injury.  

Regional Outlook 

Moreover, the global wearable medical devices market is further classified based on geography including North America, Europe, Asia-Pacific and Rest of the World. Technological advances in wearable devices, rising application of smartphones-based health applications and the growing trend towards physical fitness apps and devices in these regions further propel the market growth. 

Global Wearable medical Devices Market Growth, by Region 2019-2025 

North America has a significant share in the wearable medical devices market

Geographically, North America is estimated to have a significant market share in the global wearable medical devices market during the forecast period. The US is the largest contributor in the market owing to high adoption of wearable technologies, high prevalence of CVDs and lifestyle related diseases coupled with high healthcare spending in the country. Moreover, government policies and initiatives towards digital healthcare system propel the market growth in the region. Moreover, Asia-Pacific is estimated to have significant market growth during the forecast period owing to rising awareness towards physical fitness applications coupled high penetration of smart phone in emerging economies such as China, India, and others. 

Market Players Outlook

The major players that contribute to the growth of the global wearable medical devices market include Apple Inc., BioTelemetry, Inc., Fitbit Inc., Garmin Ltd., Koninklijke Philips N.V., Medtronic PLC, Samsung Electronics Co., Ltd., Activinsights Ltd., VitalConnect, Inc., and many others. The players operating in the market adopt various strategies such as technology developent, product launch, merger and acquitions for gaining the sustainable position in the market that further propels the growth of the market. For instance, in June 2019, Fitbit launched for new products including Fitbit Ace 2, Fitbit Versa Lite Edition, Fitbit Inspire HR, and Fitbit Inspire. These products are designed to provide health and fitness features at an affordable cost to the consumers across the globe that will further increase the market cap of the company mainly in emerging economies. 

Recent Developments

• In June 2019, Fitbit Inc. and Solera Health expand their partnership to decrease the risk of type 2 diabetes by using the Fitbit platform through Solera Health’s innovative model to encourage positive behavior changes, such as increased physical activity and weight loss. With this collaboration the company would able to sustain strong position in the market. 

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global wearable medical devices market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.