Global Wearable Medical Devices Market
Posted by Arslan on February 1st, 2018
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Wearable medical devices are attached, worn or handheld devices that monitor and analyse the metabolic changes in the body and record the data. These devices are portable, user-friendly and non-invasive. Wearable medical devices are used to monitor blood sugar level, sleep apnea disease, blood pressure level, heart rate, sleep patterns, skin temperature, etc., generating results in a few seconds. Wearable devices are equipped with smart sensors, which help in monitoring metabolic changes. The global wearable medical devices market has been segmented on the basis of product segment, test type, distribution channels, and region.
Market Value and Forecast
The global wearable medical devices market has been estimated to be valued at US$ 22,891.5 Mn in 2015, and is expected to expand at a 6.9% CAGR over the forecast period (2016–2026).
Growth of the global wearable medical device market is mainly driven by rising demand for user-friendly and self-monitoring devices, increasing health awareness, increasing prevalence of conditions such as diabetes, hypertension, and cardiovascular disease and associated morbidity and mortality rates. Technological advancements and attractive product features, such as smartphone app connectivity are also driving adoption of wearable medical devices.
However, reluctance to shift from conventional devices to wearable devices, lack of awareness among general population, device related issues such as accuracy, memory problem etc. can impede growth of the market.
Premier players in this market are manufacturing innovative and next-generation products that are smartphone compatible to consolidate their position in the market. Foray into new markets is another key strategy of players operating in the global wearable medical devices market.
Market Segmentation by Product
Based on product segments, the market has been segmented into wearable therapeutic medical device, (further sub-segmented into hearing aid, insulin pump and respiratory therapy devices (respiratory therapy devices is further sub segmented into sleep apnea devices and non-invasive ventilation)), wearable monitoring and diagnostic devices, (further sub-segmented into fetal and obstetric devices (fetal and obstetric devices is further sub-segmented into wearable fetal monitors and infant motion sensing monitors)), continuous glucose monitoring devices and cardiac monitoring devices (cardiac monitoring devices is further sub-segmented into wearable heart rate monitors, wearable pulse oximeters, wearable blood pressure monitors) and health and fitness devices. In terms of value, wearable therapeutic medical device segment is projected to account for more than 51.2% market share in global wearable medical devices market by 2026 end.
Market Segmentation by Application Type
On the basis of application type, the market has been segmented into patient monitoring, home healthcare and sports and health and fitness. Home healthcare application segment accounted for highest market share of 64.0% in 2015 and is expected to gain the market share over the forecast period. Increasing demand for home healthcare devices is attributed to rising prevalence of lifestyle related diseases across the globe.
Market Segmentation by Distribution Channels
On the basis of distribution channels, the market has been segmented into hospital pharmacies, clinics, online channels and hypermarkets. Clinics followed by hospital pharmacies are the most preferred medium for distribution of wearable medical devices owing to the recommendation and prescription given by physician.
The global wearable medical devices market has been segmented into seven major regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East & Africa (MEA). In terms of value, the North America market has been estimated to dominate the global wearable medical devices market in 2016, and is expected to witness highest CAGR of 7.4% over the forecast period. APEJ, Western Europe and Japan are estimated to be the fastest growing markets among regional markets. APEJ market is expected to expand at a CAGR of 7.0% over the forecast period. In North America, wearable monitoring and diagnostic device segment is expected to grow at faster rate to reach the value US$ 6,920.2 Mn by 2026 end. Market in MEA is expected to exhibit subdued market growth owing to lower adoption of wearable devices in the region.
Some of the key players in the global wearable medical devices market include Medtronic plc, Siemens AG, Fitbit Inc., Bayer AG, Panasonic Corporation, Animas Corporation- Johnson and Johnson, Smiths Medical - A Smiths Group Company, Koninklijke Philips N.V., Owlet Baby Care, OMRON Corporation, Hoffmann-La Roche Ltd and Rest Devices Inc.
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About the AuthorArslan
Joined: December 18th, 2017
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