The global wearable medical device market size is expected to reach USD 93.19 billion by 2027. It is projected to progress at a CAGR of 27.9% during the forecast period. Rising demand for advanced and continuous health monitoring products is fueling the growth.
Increasing prevalence of obesity coupled with rising awareness about physical fitness is encouraging people to adopt fitness-related activities. Wearable devices, such as smart bands and smartwatches help monitor fitness parameters including calories burned, footstep count, and distance covered while walking or running. Wearable devices companies also offer guidance of certified dieticians and nutritionists, further generating the demand for wearable medical devices.
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Companies, such as Google, Fitbit, Apple, and Nike are working toward launching new innovative products, which is anticipated to boost the wearable medical devices market growth over the forecast period. Smart watches and wristbands are the current focal point of product development and innovation, leading to abundant availability of such products. For instance, HealthPatch, a product of Vital Connect, was launched in March 2014. The product is an adhesive patch that can be placed anywhere on the chest and is used for regulating biometrics such as heart rate, skin temperature, body posture, and activities like steps walked.
Further key findings from the report suggest:
- The diagnostic devices segment dominated the market in 2019 owing to the increasing disposable income and awareness along with higher healthcare spending
- The straps, clip, and bracelets is the largest and fastest growing segment in the wearable medical device market
- Home healthcare held a significant market share in 2019 owing to the rise in geriatric population triggering incidence rate of target diseases
- North America is projected to command for a cumulative market share in 2019 due to the increasing application of home care and remote patient monitoring for the purpose of regular, continuous, and long-term monitoring of patients
- Asia Pacific is expected to witness the fastest growth over the forecast period, attributed to the rising incidence of chronic disease along with growing awareness and disposable income of the consumers
- Some of the companies present in the market are Philips Electronics, Fitbit, Basis Science, Garmin, Covidien, Omron Corp., Withings, Vital Connect, Polar Electro, Intelesens, Everist Genomics, Intelesens, and Sotera Wireless
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