ID: MRFR/MED/0397-CR | 115 Pages | Author: Rahul Gotadki | February 2021
Wearable Medical Device Market is anticipated to grow at CAGR of 27.1% to reach USD 174.48 billion during the forecast period of 2022-2030
Wearable Medical Device Market is anticipated to reach USD 174.48 Billion by 2030 at 27.1% CAGR during the forecast period (2022-2030), suggests MRFR (Market Research Future). Wearable medical device market forecast has been presented in the report, with MRFR experts keeping a tab on all the latest developments and trends that can impact the growth scope.In October 2022, Theranica, a company specializing in digital therapeutics for the treatment of pain, has just announced a partnership with Point32Health, the parent company of Harvard Pilgrim Health Care and Tufts Health Plan, to run a 12-month pilot program to treat commercial members of Point32Health who suffer from episodic and chronic migraine. Members of Harvard pilgrim health care and tufts health plan will have access to Theranica's evidence-based wearable technology, Nerivio, a smartphone-controlled, drug-free wearable device for the treatment of episodic and chronic migraine.
With the COVID-19 outbreak and the pandemic escalating globally, there has been a considerable shortage of essential medical devices as well as supplies. The novel coronavirus is taking up most of the healthcare’s attention and the rising SARS-CoV-2 cases, as well as the consequent lockdown, are proving to be a huge challenge.
The pandemic has boosted the demand for digital health wearables with remote monitoring and telehealth emerging as the best ways to deal with the lockdown and travel bans. Wearable medical device companies are also focusing on accelerating the manufacturing process to develop an extensive range of wearable therapeutic devices. The medical device market research companies have also boosted their efforts in terms of R&D activities and are now more focused on strengthening their supply chains across the world.
Rise in Lifestyle Diseases to Induce Growth
Taking into account the growing prevalence of inactive or sedentary lifestyles and the resultant rise in lifestyle disorders, like hypertension and diabetes, the wearable medical devices market size is bound to witness striking growth in the following years. These ailments generally require continuous tracking and monitoring of physiological parameters like blood pressure and blood sugar levels. This factor is encouraging the integration of healthcare data with medical devices, which the physicians are able to access in real-time with reduced scope of errors.
AI to Emerge as a Significant Opportunity for Players
The increase and complexity of data in the healthcare industry have prompted studies, which focus on developing viable solutions to integrate AI (Artificial Intelligence) in wearable medical devices. The surging uptake of mobile platforms, rising popularity of 5G, and the enhanced awareness as well as preference for remote monitoring at home are leading to higher demand for AI and other latest technologies.
Alarming Growth in Cybercrimes to Emerge as a Key Restraint
Alarming rise in cybercrime, as well as theft of patient data, has led to mounting concerns among device manufacturers. The digital world is notorious for the high rate of cyber-attacks and threats, endangering confidential data of the patients. With the rising superiority of cyber criminals along with the surging use of smartphones and latest software can be a huge growth restraint for the global market.
Low Awareness in Developing Countries to Challenge Global Market
A major challenge faced by the global industry in the years ahead can be the lack of awareness level among the mass in developing or non-developed regions. Low access to smart phones and other advanced technologies in these regions can also challenge the global wearable medical devices market.
Cumulative Growth Analysis
Global Market to Record an Impressive CAGR
The robust growth rate will be the result of the escalating fitbit market share and the soaring need for wearable asthma monitoring in view of the rising pollution levels and expanding geriatric populace.In October 2022, The commercialization agreement for mjn-SERAS, a wearable medical device that aims to predict the risk of having an epileptic seizure, has been signed by Neuraxpharm Group, a leading European specialty pharmaceutical company focused on the central nervous system (CNS), and mjn-neuro, a start-up that designs, manufactures, and markets medical devices. By entering the market for non-medication epilepsy treatments, Neuraxpharm has expanded its comprehensive offering to patients. In the long run, this will help the company break into the digital health and wearable medical devices industries.
Smart Watches to Capture the Top Spot
The types of wearable medical devices include smart watches, activity monitors, patches and smart clothing. Smartwatches are used for monitoring several fitness parameters such as footstep count, distance walked and calories burned. Therefore, with the mounting number of people focusing on fitness and well-being, the demand for smart watches is also growing significantly in the global wearable medical devices market.In October 2022, the Swedish-born, London-based health software business Doccla has concluded a £15 million (USD 17 million) Series A fundraising round, just a year after earning a USD 3.3 million seed round. The startup's platform enables hospital clinical staff to remotely monitor patients' vital signs (on a continuous or intermittent basis), freeing up hospital beds for new patients to be admitted through early discharge via at-home monitoring.
In October 2022, Continuous Metabolite Monitoring (CMM) device pioneer Indigo Diabetes N.V. announced the formation of its wholly owned subsidiary in the United States, Indigo Medical US Inc. The Company is expanding its operations into the United States, a promising market for its CMM products. With the CMM sensor placed subcutaneously, persons with diabetes no longer need to carry around an external monitoring gadget. It has made to help those with diabetes and those caring for them get the augmented metabolic information they need right away to make better therapeutic decisions and better control their diabetes.
Therapeutic Devices to Maintain the Lead during Evaluation Period
Devices types covered are therapeutic devices as well as diagnostic & monitoring devices. The growth of the therapeutic device segment will be quite significant in the coming years, given the rising influx of the same in the worldwide industry. A robust pipeline of advanced therapeutic devices including intelligent asthma management devices or wearable asthma monitoring devices, insulin management devices and wearable pain reliever devices ensure further wearable medical devices market growth.
Remote Patient Monitoring to be the Leading Application Area
Primary application areas of wearable medical devices are remote patient monitoring, home healthcare and sports academies and fitness. Wearable medical devices market research companies are increasingly providing personalized care such as remote patient monitoring devices that can be worn throughout the day without compromising the user’s routine. Thus, it is anticipated that applications of wearable medical devices will be highly extensive in remote patient monitoring.
Online Channels Gain Traction as Consumers become Tech-Savvy
Major distribution channels in the wearable medical device market are online channel, hypermarkets and pharmacies. Online channels are picking up speed, given the rising consumption of electronic devices like smart phones and tablets along with the expanding tech-savvy consumers around the world.
The American Market to Maintain Winning Streak
America is the highest revenue generating for wearable medical devices market, given the escalating cases of obesity and diabetes. The US and Canada are the top performing markets in the region, in line with the consistent growth in the fitbit market share. World renowned manufacturers in the region are known for developing advanced wearable medical sensors, which enhances their appeal among the tech-savvy consumers. The high prevalence of cancer and cardiovascular disorders that require routine monitoring and the presence of highly developed healthcare industry also foster substantial wearable medical devices market growth.
APAC Advances at the Fastest Rate
Asia Pacific is making progress at the fastest pace and has emerged as one of the most promising markets for wearable medical devices market. The colossal population, huge growth opportunities in view of unmet medical needs and the rising occurrence of lifestyle diseases such as cardiac disorders are some of the top growth inducers in the Asia Pacific market. The fast improving manufacturing facilities across India and China are bolstering the medical devices business, which adds to the market strength. Supportive government initiatives promoting wearable medical devices such as smart watches and fitbits, expanding geriatric pool, and the surge in healthcare spending also propels the wearable medical devices market demand in the region.
The Australian government is investing in cutting-edge research to create and test the next generation of wearable health monitoring technologies. Through the Primary Health Care Research program of the Medical Research Future Fund, a total of USD 7.5 million will be allocated to four research projects aimed at improving health monitoring and access to diagnostic testing. The study will test three "wearables," or gadgets that can be concealed in garments or worn as accessories. These gadgets will track vitals for those with hypertension, assist children with cerebral palsy who are unable to walk, and keep Type 2 diabetics on track with things like exercise and proper eating.
Launch of Innovative Products to Remain the Go-To Strategy among Players
Most of the firms are implementing growth strategies such as new product launches, acquisitions and partnerships to gain the upper hand in the global wearable medical devices market. A few more strategies taken up by these players include product innovations and manufacturing capacity expansion, to remain competitive in the intensely competitive industry.
Nike is one of the most popular brands in the global industry, known for producing and selling fitness accessories, apparels and shoes. In the wearable medical device market, Nike has emerged as a leader in wrist-worn devices that boast of multiple functionalities, from standard activity tracking to sleep and heart rate monitoring. Nike’s Nike+ platform is known for creating engaging and exciting fitness experiences, with the assistance of a number of cutting-edge technologies.
Scope of the Report
The MRFR report has thrown light on the key boosters, opportunities, challenges and restraints in the global wearable health device market. The COVID-19 impact on the global wearable medical device market is also covered, along with its progress rate, government’s role in healthcare industry’s growth, surging chronic disorder cases and the regions that could emerge as the top consumers of wearable medical devices.
|Market Size||USD 174.48 billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Device Type, Application, Distribution|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Sony Corporation, Boston Scientific Corporation, Apple Inc., Honeywell International Inc., Qualcomm Inc., Omron Corporation, Fitbit Inc., Honeywell International Inc., Medtronic PLC, NIKE INC., Motorola Solutions Inc., LG Electronics Inc., Philips|
|Key Market Opportunities||AI to Emerge as a Significant Opportunity for Players|
|Key Market Drivers||Rise in Lifestyle Diseases to Induce Growth|
Wearable Medical Device Market is expected to touch a value of USD 174.48 billion by 2030.
Wearable Medical Device Market is expected to exhibit a CAGR of 27.1% from 2022 to 2030.
Management of chronic diseases is the major growth driver of the Wearable Medical Device Market.
Theft of patient data and a sharp rise in cybercrimes are challenges of the players in the Wearable Medical Device Market.
Activity monitors is the best sub-segment under the ‘type’ segment in the Wearable Medical Device Market.
Diagnostic & monitoring devices sub-segment has the largest share of the Wearable Medical Device Market.
Pharmacies is the best distribution channel for the Global Wearable Medical Device Market.
Americas is projected to be highly lucrative for the Global Wearable Medical Device Market.
Omron Corporation, Sony Corporation, LG Electronics Inc., Boston Scientific Corporation, Apple Inc., Philips, NIKE INC., Honeywell International Inc., Fitbit Inc., Qualcomm Inc., Medtronic PLC, and Motorola Solutions Inc. are main players of the Global Wearable Medical Device Market.
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