Wearable medical devices are “connected” devices, with features such as wireless data transmission, real-time feedback, alerting mechanism, and more. Data generated by wearable devices, enabled with analytics, is used by consumers for better health management, and by healthcare providers for better care that minimizes in-person consultation costs. Miniaturization of sensor technology and the development of wireless communication and computation technology have enabled the shift of clinical monitoring beyond hospitals to homes or outdoors. Wearable medical devices are also helpful to pharmaceutical companies for conducting efficient clinical trials to gather data remotely, and for insurers to provide outcome-based reimbursement.
The Global Wearable Medical Devices in Healthcare market was valued at $ XX Mn in 2018 and is forecast to grow at a strong XX% CAGR between 2018 and 2026, resulting in 2026 global sales of $ XX. The market is driven by owing to the growing need for effective management of chronic diseases, rising healthcare awareness, and launch of innovative health management devices. However, the high cost of wearable devices and lack of repayment are restraining the market growth. Moreover, raising awareness and preference for home healthcare is providing ample opportunities for the market.
Wearable Medical Devices Market depending on the application, sports segment is expected to account for the largest share of the wearable medical devices market. The progress of this segment can be attributed to the rising focus on physical fitness amongst people to improve the quality of life, coupled with the growing trend of tracking health progress.
The Global Wearable Medical Devices in Healthcare market is segmented on the basis of Device Diagnostic, Therapeutic, application, Type and Distribution Channel.
Based on the Device Diagnostic: Pulse, Heart, Sleep and BP.
Based on the Therapeutic: Insulin, Pain, Respiratory Therapy and Rehabilitation.
Based on the Application: Sport and RPM
Based on the Type: Smartwatch and Patch
Based on the Distribution Channel: Pharmacy and Online
Based on the region: North America, Asia-Pacific, Europe, and LAMEA. Among that North America held the largest share of the market, followed by Europe. The large share of North America in In the United States, against the backdrop of compliance to the Affordable Healthcare Act and the escalating cost of managing an aging population, health care providers are seeking ways to curb healthcare expenditure associated with chronic disease management. Wearables devices are expected to play a key role in the management of chronic illnesses, particularly diabetes. Wearable Continuous Glucose Monitoring Systems (CGMS) aid patients in effectively monitoring their blood sugar levels and wirelessly transmitting glucose readings in real time. ‘Smart’ ECG necklaces and wearable patches offer continuous heart rate monitoring and ECG recording, for better management of cardiac diseases.
The report covers in-depth analysis of Global Wearable Medical Devices in Healthcare Market. The report assesses the market products pipeline by stage of development (early development, pre-clinical, clinical and in approval), by application (Sport, RPM). In addition, the report includes key insights on other development activities, including (but not limited to) – licensing (In and Out), collaborations, acquisitions, reimbursement, patent, and regulatory designations.
The report includes in-depth company profiles of key players in Global Wearable Medical Devices in Healthcare Market. The company profile includes key information on the overview, financial highlights, product portfolio, business strategies, and key recent developments.
The report highlights information on emerging companies with potentially disruptive technologies and new market entrants.
Data Collation (Primary & Secondary)
In-house Estimation (Based on proprietary databases and Models)
Market-related information is assembled from both primary and secondary sources.
Primary sources involved participants from all global stakeholders such as experts from several related industries and suppliers that have been interviewed to obtain and verify critical information as well as to assess prospects of the market. The participants included are CXOs, VPs, and managers. Plus, our in-house industry experts having decades of industry experience contribute their consulting and advisory services.
Secondary sources include public sources such as regulatory frameworks, government IT spending, government demographic indicators, industry association statistics, and company publications annual reports press releases along with paid sources such as Factiva, OneSource, Bloomberg among others.
Top-down and bottom-up approaches: The overall market size was used in the top-down approach to estimate the sizes of other individual submarkets (mentioned in the market segmentation by product, type of manufacturing, and disease) through percentage splits from secondary and primary research. The bottom-up approach was also implemented (wherever applicable) for data extracted from secondary research to validate the market segment revenues obtained.