ID: MRFR/MED/0397-CRR | July, 2018 | Region: Global | 115 pages | Cooked Research Reports
Global Wearable Medical Device Market: Type (Activity Monitors, Smart Watches, Smart Clothing, Patches), Device Type (Diagnostic & Monitoring Devices, Therapeutic Devices), Application (Sports Academies and Fitness, Remote Patient Monitoring, Home Healthcare), Distribution Channel (Pharmacies, Online Channel, Hypermarkets) – Forecast till 2023
The global wearable medical device market is expected to increase from USD 7859.4 Mn in 2017 to more than USD 27,200 Mn. Continuous technological innovation in the healthcare has led to development of wearable medical devices that can perform various medical functions. In recent years, such devices have gained significant of popularity, especially in advanced countries where healthcare expenditure is comparatively high. Moreover, increased patient awareness regarding new healthcare technologies has reflected favorably on the global demand for wearable medical device. These devices assist in managing chronic medical conditions such as asthma, diabetes, and heart diseases by tracking vital signs such as respiration, heart rate, blood oxygen level, and body fat. Factors such as the continuous increase in lifestyle disease, the cost-effectiveness of the devices, and increasingly connected healthcare applications have also fueled the market growth. However, increased incidences of cybercrime and patient data theft is creating severe concerns for the device developers.
This report offers a detailed analysis of the wearable medical devices on a global level. The report discusses all the parameters that are likely to influence the market. The report users will gain access to drivers, restrains and opportunities that are expected to govern the market during the forecast period. The market has been assessed under type, device type, application, and distribution channel. By type, wearable medical devices such as activity monitors, smart watches, smart clothing, and patches were considered for market sizing. The scope of the discussion also covers therapeutic devices and diagnostic & monitoring devices. The report also highlights key application areas of wearable medical devices, which include sports academies and fitness, remote patient monitoring, and home healthcare. The major distribution channels for wearable medical devices discussed in the report include pharmacies, online channel, and hypermarkets.
Value, Market Share, Player Analysis, value chain analysis, Porter's five forces model, country level break down for type, device type, application, distribution channel, and region.
Medtronic PLC, Boston Scientific Corporation, Omron Corporation, Fitbit Inc., Philips, Apple Inc., Qualcomm Inc., Honeywell International Inc., LG Electronics Inc., NIKE INC., Motorola Solutions Inc., and Sony Corporation
The report offers insights on leading market players and evaluates their current market share. Details on company information concerning revenue share, segmental share, geographical income, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives are available in the report
The research methodologies employed by Market Research Future are aimed at systemically examining and offering solutions for deep-rooted problems pertaining to industries and markets as well as enabling our clients to understand the viability of entering or further investing in a particular market. Our research analysts rely on carefully chosen methods that deliver the highest level of accuracy related to market conditions on a consistent basis. The use of primary and secondary research approach in a powerful blend leads to the creation of reports that are highly intuitive in terms of the findings that are uncovered. Moreover, the sampling and data collection method carried out by our analysts delivers in depth information about current market scenarios, future trends and up to date strategies followed by market contenders. The engaging of top-down and bottom-up approaches ensure the comprehensiveness of the report while furthering the mandate of high quality market research.
For the scope of the research, MRFR’s report offers a comprehensive segmental analysis of the global market for wearable medical device
The global wearable medical devices market has a highly promising future and is expected to witness a notable CAGR of 23% during the assessment period. Projections for the market are highly positive and indicate a strong growth pattern over the review period. In 2017, the market valued USD 7.85 billion and is expected to reach an estimated USD 27.25 billion by the end of 2023. The increase in lifestyle diseases and the convenience of wearable medical devices combined with the proliferation of smartphones are some important drivers for the growth of the global wearable medical devices market.
The integration of IT and telemedicine is widely recognized for its potential to revolutionize the healthcare sector and offer improved quality of healthcare without compromising on cost. Wearable medical devices have a wide range of applications in the medical care sector but are expected to greatly improve the monitoring and treatment of diabetes and other chronic diseases. Use of connected healthcare solutions is expected to offer savings as they cut down on the actual visits required to a medical professional. Furthermore, wearable medical devices provide real-time information, convenient, user-friendly interfaces, and reduced transportation costs. Wearable medical devices allow patients to avail medical benefits in the comfort of their own homes, regardless of barriers such as age, class, and country. The penetration of smartphones across the globe has greatly assisted in the expansion of the wearable medical devices market. Healthcare apps use push notifications or use automated phone calls to remind patients to take their medication and attend appointments, which is useful in effective treatment. As a result, patients are more involved as they can track prescriptions, drug usage details and monitor their own vitals to maintain their health.
A major concern with any IT integrated platform regards privacy. Medical problems are often sensitive, and patients value their privacy with regards to the same. As a result, there is concern regarding deliberate cyber-attacks and wariness of the growing sophistication of the same. In order to meet the FDA standard, many healthcare apps are on standby as a result. Faulty application and problems with transmission of critical health data are some other factors that pose a challenge to market growth and may restrain market growth. However, companies are adopting a partnership strategy, and this strategy is expected to be conducive to the entry of newcomers. Collaborations between market leaders are leading to the development of well-rounded healthcare apps that plays to complementary strengths of both collaborators.
The global wearable medical devices market is segmented on the basis of type, device type, application, distribution channel, and region. By type, the market is segmented into a wearable medical device includes activity monitors, smart watches, smart clothing, and patches. Activity monitors have the largest share of the total market due to their extensive use to monitor lifestyle diseases such as diabetes. However, the smart clothing segment is expected to witness the highest CAGR as the awareness regarding fitness trackers for sports and fitness related tracking needs.
By device type, the market is segmented into diagnostic & monitoring devices, and therapeutic devices. Further sub-segmentation is available in the report. The diagnostic and monitoring devices segment has the largest share of the global market due to the growing use of such devices and the increasing prevalence of lifestyle diseases. These devices are widely available and are extensively used, and vital sign monitoring devices are the sub-segment to watch during the forecast period. Meanwhile, therapeutic devices are gaining traction due to the growing demand for effective treatment options. Pain management devices presently account for the largest sub-segment under therapeutic devices.
By application, the market is segmented into sports academies and fitness, remote patient monitoring and home healthcare. The sports & fitness segment accounts for the most significant share of the total market. Home healthcare is expected to grow rapidly during the forecast period due to the increasing use of wearables by the geriatric population in homecare settings.
By distribution channel, the market is segmented into, pharmacies, online channel, and hypermarkets. Pharmacies are the leading segment in the market. However, the online distribution channel is expected to grow rapidly during the forecast period and witness a CAGR of 23.7%. The increasing popularity of e-commerce offers a global platform for the sales of wearable medical devices allowing consumers to choose from a wide range.
The Americas, led by the US, account for the most significant regional market segment due to the presence of a massive obese and diabetic population. Moreover, there is a high concentration of market players in the region, and high adoption of the latest in healthcare technology are some other factors that have propelled the market into a leading position in the global market.
The Asia-Pacific is expected to be the fastest growing regional market in the global wearable medical devices market. The presence of a huge population base and significant opportunities for development of the market in the region due to vastly unrealized potential are key drivers of growth for the region. Moreover, rapid urbanization of the region has resulted in a gradual rise in incidences of lifestyle diseases and chronic diseases, thus increasing the demand for wearable medical devices.
Based on the market review, the key players identified includes Fitbit Inc, Philips, Apple Inc., Qualcomm Inc., Honeywell International Inc., Omron Corporation, Boston Scientific Corporation, and Medtronic PLC. Other prominent players in the market include Nike Inc., Motorola Solutions Inc., Sony Corporation and LG Electronics. Collaborations, the filing of patents, and the development of innovative products are some of the market strategies employed by the players mentioned above.
Global Wearable Medical Device Market: Competitive Landscape
Fit bit Inc., Omron Corporation, Philips collectively accounted for more than 28% of the market share of the global wearable medical device market in 2016. These companies continue to retain their strong global presence through expansion, merger & acquisition, and extensive product portfolio.
Fit bit Inc. is an American company known for its wireless products which include wireless-enabled wearable technology devices that are used especially for activity tracking, that measure data such as heart rate, quality of sleep, and other personal metrics involved in fitness. The first product released was the Fit bit Tracker. The company was formerly known as Healthy Metrics Research, Inc. until 2007.
Koninklijke Philips N.V. accounted for the second market share for the global wearable medical device market owing to the high demand for healthcare devices across the globe. The company operates through personal health, diagnostic devices, connected care, health tech, health informatics, and other fields. The firm is a leading medical device-based company that develops, manufactures and sells medical devices such as POCT, imaging and therapy devices. Moreover, this company has a strong sales and distribution network as well as they provide after-sales services and support, which play a major role in the customers’ satisfaction. For instance, in June 2016, Philips launched CarePoint 5.0 which is an intuitive wireless health technology solution to enhance resident safety and response in senior living communities. It is a powerful, integrated, intuitive resident safety and wanders management system used by thousands of senior living communities across the U.S. and Canada to help keep their residents safe.
Omron Corporation manufactures & distributes healthcare and personal wellness products. The company holds the third position in terms of market share in 2017. The company offers blood pressure monitors, including wrist blood pressure monitors, & blood pressure accessories; fitness devices, such as pedometers and activity trackers, scales, body composition monitors, and fitness accessories; and various products used for healthcare professionals. The company offers its products online, as well as through authorized distributors and retailers, and various online retailers.
Medtronic, Inc. manufactures and sells device-based medical therapies. The company manufactures image-guided surgery and intra-operative imaging systems. Its products include electrophysiology catheters, and implantable neurostimulation therapies; and drug delivery systems for the treatment of chronic pain, and other disorders.
Stryker Corporation has a significant product portfolio for bone grafts including the products like Vitoss, HydroSet, and Cortoss, etc. The company has a wide geographic presence and also a strong sales & distribution network which has helped the company gain its position in the market. For instance, the Stryker Corporation, to enhance its business, acquired companies such as Novadaq Technologies Inc. in 2017, Physio-Control International Inc., in 2016; and some other companies in the recent past.
The global wearable medical device market is a steady market and involves the manufacturing of the various types of fitness trackers, wearable patch, and clothes. Hence, the market is not completely dominated by any one or two players but fairly divided among the top fitness devices & wearable device manufacturing companies. Many leading players are focusing on the Americas and European markets owing to well-established markets, huge patient population, and high healthcare expenditures. These players have expanded their market in other regions as well. Major companies have a huge brand identity and product portfolio. These companies have adopted the organic strategy of product launches and acquisitions to gain the market. These strategies implied by the players in this market is continuous innovation and development of the new and better products to beat the opponents and strive in this big market.