The Wearable Medical Devices Market Report by Device, Application, Product, Distribution Channel, and Regions; added by Stratview Research is an in-depth analysis of the present and upcoming trends, market size, status, present scenario, and upcoming technologies, market drivers, challenges, regulatory policies, with key company profiles and growth strategies of major players. The present report provides a market introduction, Wearable Medical Devices Market definition, mergers & acquisitions, key financial data, regional market scope, sales and revenue by region, Industrial supply Chain, market size forecast, related tables, pie charts, graphs, figures, etc.
Market Highlights
The wearable medical devices market was estimated at USD 21.5 billion in 2021 and is likely to grow at a CAGR of 23.7% during 2022-2028 to reach USD 95.4 billion in 2028.
What are wearable medical devices?
Wearable medical devices are defined as electronic devices that can be worn by consumers which include activity monitors, smart watches, smart clothing, and patches. These devices are used to collect data on people’s exercise and monitor personal health. It has been widely used by consumers for fitness purposes.
COVID-19 IMPACT
The covid-19 outbreak impacted the growth of the market positively. The demand for home healthcare devices increased significantly to monitor individual health at home as only essential services were allowed amid the covid-19 outbreak. The number of hospital visits except for coronavirus infection declined due to fear of the virus infection.
Top players in the market
- Koninklijke Philips N.V. (Netherlands),
- Zephyr Technology Corporation (The U.S),
- Omron Corporation (Japan),
- Sotera Wireless, Inc. (The U.S),
- Everist Health (The U.S),
- LifeWatch AG (Switzerland),
- Withings (France),
- Polar Electro Oy (Finland),
- Intelesens Ltd (UK),
- Fitbit, Inc. (The U.S),
- Vital Connect, Inc. (The U.S), and
- Garmin Ltd. (The U.S).
Market Dynamics
The growth of the market is primarily driven by increasing demand for remote patient monitoring devices and home healthcare.
- Increasing fitness consciousness among consumers particularly the young generation is expected to propel the market growth significantly.
- The rising prevalence of chronic lifestyle diseases due to stress and unhealthy eating habits is expected to boost product demand further.
- Moreover, a growing emphasis on new innovative product development is likely to create lucrative opportunities for the players operating in the market during the review period.
Segment-wise Analysis:
To broaden the understanding, researchers have studied the Wearable Medical Devices Market minutely. The report consists of segment-wise details such as application type, platform type, etc. It also covers the regional analysis, considering the potential regions and countries. Such segment-wise analysis will further assist the users in making suitable decisions for better growth opportunities.
Based on application, the market has been segmented into sports and fitness, remote patient monitoring, and home healthcare.
- The home healthcare segment accounted for the largest market share of >50% in 2021.
- Expanding geriatric population and prevalence of chronic diseases have resulted in increased demand for devices to monitor health continuously at home and reduce the number of frequent hospital visits and thus, curb healthcare expenditure.
Based on the device, the market has been segmented into diagnostic devices and therapeutic devices. The diagnostic devices segment accounted for a revenue share of nearly 65% in 2021.
Geographically, the market in North America accounted for the largest market share of nearly 40% in 2021 owing to expanding geriatric population and an increasing number of people having non-communicable diseases due to changing lifestyles.
- Additionally, the high adoption rate of technologically advanced healthcare products coupled with high purchasing power is another important factor propelling the market growth.
- The market in the Asia-Pacific region is projected to register the fastest growth during the review period on account of the increasing usage of fitness devices coupled with rising per capita disposable income.
Critical Questions Answered in the Report
- What are the key trends in the market?
- How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
- What is the impact of COVID-19 on the market?
- What are the key strategies adopted by the major vendors to lead in the market?
- What is the market share of the top vendors?
Custom Research:
Stratview Research delivers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]. Or connect with our experts at +1-313-307-4176
About Us
Stratview Research is a global market research firm helping its users tract the ever-evolving market scenarios through its top-notch market reports. It offers the most detailed market segmentation across all the industries.
Comments