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(Health-NewsWire.Net, November 21, 2021 ) Wearable Medical Device Market size is estimated to reach $52.2 billion by 2026, growing at a CAGR of 26.8% during the forecast period 2021-2026. Wearable medical device is a noninvasive and performs a medical function such as monitoring and support for various activities of the patients over a prolonged period. These devices are used to continuously track the health condition of the patients. Wearable medical devices are increasingly being adopted to monitor medical issues owing to the rise in the prevalence of lifestyle diseases, such as hypertension and obesity. The rise in the adoption of advanced activity monitors to track the overall health, growing demand for smart watches among sports and fitness enthusiasts, increase in the demand for remote patient monitoring devices to send communication between providers and patients, and rising demand for therapeutic devices in developed nations are the factors that are set to drive the growth of the Wearable Medical Device Market for the period 2021-2026.
Wearable Medical Device Market Segment Analysis-By Type
The Wearable Medical Device Market based on the Type can be further segmented into Activity Monitors, Smart Watches, Smart Clothing, and Patches. The Activity Monitors segment held the largest share in 2020 owing to the factors such as the growing demand for advanced activity monitors to track the overall health and rise in the research and development activities by key players. The rise in the adoption of fitness trackers to monitor heart rate is driving the growth of the Wearable Medical Device Market. The Smart Watches segment is estimated to be the fastest growing segment with a CAGR of 34.2% over the period 2021-2026. This growth is owing to the factors such as the growing adoption of smart watches among sports and fitness enthusiasts and the rise in the product launches by key players.
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Wearable Medical Device Market Segment Analysis-By Application
The Wearable Medical Device Market based on the Application can be further segmented into Sports and Fitness, Remote Patient Monitoring, Home Healthcare, and Others. The Home Healthcare segment held the largest share in 2020 owing to the factors such as increase in the adoption of activity trackers in home healthcare in developed nations and rise in the investment by the key players to develop advanced devices for home healthcare. The growing need for home healthcare to curb healthcare expenditure is driving the growth of the Wearable Medical Device Market. The Remote Patient Monitoring segment is estimated to be the fastest growing segment with a CAGR of 31.5% over the period 2021-2026. This growth is owing to the factors such as the growing adoption of remote patient monitoring devices to send communication between providers and patients and increase in the demand for advanced smart watches among the young population in developed nations.
Wearable Medical Device Market Segment Analysis-By Geography
The Wearable Medical Device Market based on the Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. North America held the largest share with 33% of the overall market in 2020. The growth in this segment is owing to the factors such as the rise in the adoption of advanced activity monitors to track the overall health and the growing demand for therapeutic devices in developed nations. The increase in the demand for smart watches among sports and fitness enthusiasts is driving the growth of the Wearable Medical Device Market. Asia-Pacific segment is estimated to be the fastest growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as growing demand for remote patient monitoring devices to send communication between providers and patients and rise in the investment by the key players to develop advanced wearable medical devices.
Wearable Medical Device Market Drivers
Increase in the Adoption of Fitness Trackers.
The rise in health consciousness among individuals has propelled the demand for fitness and activity trackers owing to their ability to generate detailed info graphics and reports. These trackers have built in screens, vibrating alarms, and history tracking that makes it easy for customers to check their progress without interrupting any workout sessions, which is one of the major factors driving the growth of the Wearable Medical Device Market.
Rise in the Demand for Remote Patient Monitoring Devices.
Remote patient monitoring devices are increasingly being adopted in developed nations owing to their ability to take the stress out of healthcare for a wide range of patients. Remote patient monitoring devices help all kinds of specialists in doing their job more efficiently by sending communication between providers and patients. The growing demand for advanced smart watches among the young population in developed nations is further propelling the growth of the Wearable Medical Device Market.
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Wearable Medical Device Market Challenges
High Cost of Wearable Medical Devices.
The key players in the market are collaborating with other players to carry out various research and development activities for launching advanced products for monitoring various activities. However, the high cost of wearable medical devices is one of the major factors that is estimated to reduce the growth of the Wearable Medical Device Market.
Wearable Medical Device Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by wearable medical device manufacturers along with improving wearable medical device technologies in the Wearable Medical Device Market. Key companies of this market are Koninklijke Philips N.V., Zephyr Technology Corporation, Fitbit, Omron Healthcare, Polar Electro, LifeWatch AG, Sotera Wireless, Intelesens Ltd, Withings, and Vital Connect among others.
Acquisitions/Product Launches:
In August 2020, Fitbit has launched three new wearable’s to manage health by unlocking more information about bodies to take better control of health and wellness and to take care of both mental health and wellbeing.
In May 2020, Philips has launched next-generation wearable biosensor for the detection of patient deterioration to enhance the portfolio of devices and services for identifying patients and to help in improving patient safety and also preserve valuable personal equipment.
In January 2019, Omron Healthcare has launched its first wearable blood pressure monitor to advance its mission of going for zero heart strokes with new heart health technology offerings and to offer a greater range of products to keep a closer watch on heart health.
Key Takeaways
Geographically, North America Wearable Medical Device Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the growing demand for smart watches among sports and fitness enthusiasts.
The rise in the adoption of activity trackers in home healthcare in developed nations is driving the Home Healthcare segment. However, the high cost of wearable medical devices is one of the major factors that is said to reduce the growth of the Wearable Medical Device Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Wearable Medical Device Market report.
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