About the Report
Innovations in biomedical technologies through wearable offerings are increasingly becoming mainstream. Improvements in terms of convenience and ease of use, allow chronic disease patients to control and monitor their conditions, preventing pain, and potential incidences of cardiac arrest.
New wearable medical devices are also being integrated with iOS and Android platforms for use with smartphones, which can be used by healthcare professionals to efficiently and effectively monitor and diagnose patient outcomes. The advances in virtual medicine and telehealth, especially following the covid-19 crisis for remote healthcare and disease management is creating a conducive environment for market growth.
ESOMAR-certified market analysis and consulting company Future Market Insights (FMI) delivers insights into key factors providing impetus to the wearable medical devices market in its latest report. Furthermore, an evaluation of the effect of the COVID-19 pandemic on the wearable medical devices market, and an analysis of sales in 20+ high-growth markets and end-use applications has been provided in the report.
How Does Historical Data Compare with Future Outlook?
As per the FMI report, the wearable medical devices market has been going through a strong growth rate with applications across multiple segments in therapeutics. Major gains have been made in chronic, lifestyle-based ailments. In addition, relatively faster regulatory approvals have been aiding market growth.
With the onset of the coronavirus pandemic, growing levels of consumer health awareness, and increased interest in sporting and fitness activities have proven beneficial, generating lucrative sales opportunities for market players.
In the coming decade through 2031, the wearable medical devices market is expected to display major gains reflecting a CAGR of approximately 7%. Long term prospects are expected to remain positive with advances in artificial intelligence, internet of things, and data analytics.
How are Wearable Devices Changing Healthcare Monitoring?
Until recently, the healthcare sector was largely focused on doctors, with consultations largely arising with obvious health issues. Improvements in electronic technologies and integration with the healthcare sector has resulted in a patient-centric transition. With access to wearable devices, patients have more options to monitor essential health parameters in real time. This allows the detection of anomalies earlier, preventing serious problems and permanent damage.
In addition, the diabetes treatment sector has witnessed a recent, major transition from blood glucose monitoring systems, to continuous glucose monitoring, with the aid of wearable sensing technologies, with some devices even integrating automated insulin pumps, removing the burden of compliance from the patient. This will prove especially popular for elderly patients, who require frequent attention, while reducing the need for human intervention.
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What are the major challenges faced my wearable medical device manufacturers?
The wearable medical device market in recent years has gained from developments in designs and technologies. However, certain factors continue to challenge adoption rates in the industry. Firstly, wearables are often cost-prohibitive to purchase and maintain. Frequent needs to replace or repair parts including sensors, batteries, and chips hurt adoption.
Also, a number of countries do not provide users with adequate reimbursement options in terms of wearables in the medical sector. This will also hold back growth of sales in wearable medical devices in both developed and developing countries.
How are Wearable Medical Devices Set to Fare in the United States?
FMI has estimated North America to remain a highly lucrative market for wearable medical devices through the forecast period. A key factor driving expansion of the industry here is the high levels of healthcare spending, particularly in the United States. According to a report by the CMS, healthcare spending accounts for more than 17.5% of the country’s GDP.
Also, according to a Select USA report, the United States market of medical devices will account for US$ 208 billion by 2023. These sales figures are projected to continue growing throughout the forecast period, creating key lucrative opportunities for market players. In addition, favorable healthcare and reimbursement policies and the presence of leading technology companies in the United states are generating a conducive environment for market growth.
How are German Market Players Contributing to Growth?
According to a report by the Federal Statistical Office, the overall healthcare spending of Germany increased by nearly 5% in 2019 as compared to 2018, surpassing a valuation of US$ 410 billion euros, also accounting for nearly 12% of the country’s GDP. Furthermore, Germany is home to numerous major healthcare device manufacturers, creating a favorable environment for market growth.
According to a report by GFU Consumer & Home Electronics GmbH, wearable sales rose by 20% in Germany in 2020, accounting for approximately 5 million units. In addition, it is compulsory for German residents to have health insurance, through either government or private sources. As a result, improvements to reimbursement policies are a major driving factor for demand, generating key opportunities for growth for players within the industry.
What Factors Influence Sales Prospects in China?
In recent years, China has benefited from new medical reform policies, investments into new technologies including artificial intelligence, analytics, and internet-of-things. Also, the country is witnessing the entrance of insurance companies and medical device manufacturers are leveraging the growing penetration of the internet here.
Also, the digital transformation of the Chinese healthcare industries in recent years in addition to efforts by manufacturers of home medical devices, wearable devices, and smart medicine dispensers are focusing on old-age care and chronic disease management.
Strategic collaborations with insurance companies and pharmaceutical companies to collect and analyze data on patient behavior, medications, and disease management improve the patient compliance in terms of medication dosages, while promoting chronic disease health insurance, which will ensure positive, long-term prospects.
What are the Prospects of Wearable Medical Device Sales in Japan?
Like all other consumer electronics segments, the sales of wearable electronics slumped during the covid-19 crisis in 2020. Issues associated with distribution and supplies in addition to changes in consumer spending patterns in terms of discretionary expenditure hurt short-term growth prospects.
Approximately half of the population in Japan have displayed interest in wearable devices ranging from smart watches to mainstream fitness trackers. Products such as the Nike Fuelband SE and the numerous Fitbit models are some of the more popular products in the country.
Also, a third of the Japanese population will be classified into the demographic of elderly people by 2036. This is expected to generate important opportunities for the application of wearable medical devices especially in terms of monitoring applications.
What wearable medical devices are key to revenue growth?
Wearable medical devices are available in a wide range of products based on application including therapeutics, monitoring and diagnostics, fetal and obstetric monitoring, cardiac monitoring, and glucose monitoring among others. Of these wearable therapeutic medical devices are projected to hold the lead.
As per the FMI report, wearable therapeutic medical devices will account for more than 50% of the global market share. This can be attributed to the high prevalence of lifestyle-associated disorders including respiratory ailments, diabetes, and hearing loss among others. The trend is unlikely to change through the assessment period.
How are home healthcare applications set to fare?
In terms of application, wearable medical devices can be used for health & fitness, patient monitoring, and home healthcare settings. Of these devices for home healthcare are expected to display dominance through the assessment period.
Home healthcare wearable devices will account for more than 60% of the market share, and is expected to continue growing through the forecast period. This growth can be largely attributed to the high costs of hospitalization, and advances in home care for chronic diseases. However, increasing consumer awareness is providing the health and fitness segment with a relatively faster rate of growth.
Why are clinics gaining attention for product distribution?
Most wearable medical devices are sold through hospital pharmacies, clinics, online channels and hypermarkets. According to the FMI reports, sales through clinics, followed by those from hospital pharmacies will account for significant revenue share.
The growth of sales through clinics and hospital pharmacies can be attributed to the requirement of physician prescription for the use of many wearable medical products. However, online channels of sales are anticipated to display a faster rate of growth, especially after the onset of the covid-19 pandemic and the associated lockdown restrictions.
Wearable Medical Devices – Competitive Landscape
Leading players in the moderately consolidated wearable medical devices market are focused largely product development and strategic launches with the objective of improving on product differentiation, in addition to collaborations and acquisition in the industry for expertise and technology sharing processes.
In April 2021, Alvalux Medical, a Belgium based MedTech wearables producer announced the receipt of a second patent from the United States Patent and Trademark Office for its new ocular insert device, which is designed to provide users with home-based photo-biomodulation (PBM) therapy for the treatment of retinal ailments.
Also, 3M has announced the development of a new silicone adhesive material aimed towards application in wearable medical devices for improved comfort, with conformable and breathable characteristics, while also minimizing skin removal.
In March 2021, EOFlow a wearable drug delivery solution company announced the launch of a new smartphone application for integration with wearable insulin delivery devices, which has also received medical device approval for sales in South Korea.
Future Market Insights has also analyzed the following players in the wearable medical devices market in its detailed report*:
- Siemens AG
- Medtronic plc
- Bayer AG
- Fitbit Inc.
- Animas Corporation
- Panasonic Corporation
- Smiths Medical
- Johnson and Johnson
- A Smiths Group Company
- Owlet Baby Care
- Koninklijke Philips N.V.
- Hoffmann-La Roche Ltd.
- OMRON Corporation
- Rest Devices Inc.
*This list is indicative - full details about the wearable medical devices market players are available upon request.
Wearable Medical Devices Market- Report Scope
Historical Data Available for
USD Million for Value, Units for Volume
Key Regions Covered
North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific Excluding Japan, and Middle East & Africa
Key Countries Covered
US, Canada, Brazil, Mexico, Argentina, Chile, Peru, Germany, U.K., France, Italy, Spain, BENELUX, Nordic, Russia, Poland, CIS Countries, China, Japan, South Korea, India, ASEAN, Australia, GCC Countries, Turkey, Israel, and South Africa
Key Segments Covered
Product, Application, Distribution Channel, and Region
Key Companies Profiled
Market Overview, Key Market Trends, COVID-19’s Impact, Demand Analysis, Market Background, Segmental Analysis, Regional Profiling, Market Structure Analysis and Competition Analysis
Customization & Pricing
Key questions answered in the report
How will the wearable medical devices market expand through 2031?
According to Future Market Insights (FMI), the global wearable medical devices market is expected to gain impetus from investments into the therapeutics and health & fitness sectors, expanding steadily at a CAGR of close to 7% through 2031.
Which is the dominant wearable medical devices market?
North America is currently the leading regional market for wearable medical devices, accounting for major market share through the end of the forecast period. Growth in this region is largely attributed to major technology and healthcare players in the United States.
How is COVID-19 impacting the wearable medical devices growth projections?
The COVID-19 pandemic has had a significant impact on the prospects of wearable medical devices uses in the short term. Increasing consumer consciousness among consumers during the covid-19 crisis and the demand for home care-based health and fitness solutions are driving the demand for wearable medical devices. Moreover, the advances in IoT and analytics during the crisis will generate lucrative opportunities.
Which are the prominent wearable medical devices market players?
Prominent Wearable medical devices market players 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.
Enquiry before Buying
- Is the wearable medical devices market research conducted by FMI?
Yes, the global wearable medical devices research report has been compiled by expert analysts of FMI through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to research analyst.
- What research methodology is followed by FMI?
FMI follows a methodology that encompasses demand side assessment of the market, and triangulates the same through supply side analysis. This methodology is based on use of standard market structure, methods and definitions. Request detailed methodology.
- Who are the respondents for primary research?
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- What are the sources of secondary research?
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- Wearable Monitoring and Diagnostic Devices
- Fetal and Obstetric Devices
- Wearable Fetal Monitors
- Infant Motion Sensing Monitors
- Continuous Glucose Monitoring Devices
- Cardiac Monitoring Devices
- Wearable Heart Rate Monitors
- Wearable Pulse Oximeters
- Wearable Blood Pressure Monitors
- Wearable Therapeutic Medical Device
- Hearing Aid
- Insulin Pump
- Respiratory Therapy Devices
- Sleep Apnea Devices
- Non-invasive Ventilation
- Health and Fitness Devices
- Patient Monitoring
- Home Healthcare
- Health and Fitness
- Hospital Pharmacies
- Online Channels
- North America (U.S. & Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru, & Rest of LATAM)
- Western Europe (Germany, U.K., France, Italy, Spain, BENELUX, Nordic, & Rest of W. Europe)
- Eastern Europe (Russia, Poland, CIS Countries and Rest of E. Europe)
- Middle East and Africa (GCC Countries, Turkey, South Africa, Israel, & Rest of MEA)
- Asia Pacific excluding Japan (China, India, ASEAN, South Korea, Australia, & Rest of APEJ)