Wearable Medical Devices: Technologies and Global Markets

Report Scope:
The current report offers a detailed picture of wearable medical devices.

This report highlights the current and future market potential for wearable medical devices and provides a detailed analysis of the competitive environment, regulatory scenario, drivers, restraints, opportunities, and trends in the market. This report also covers market projections through 2026, as well as key market players.

The report details market shares for wearable medical devices.By geography, the market has been segregated b North America, Europe, the Asia-Pacific region, the Middle East and Africa, and South America.

North America includes the U.S., Canada and Mexico, while Europe includes Germany, the U.K., France, Italy, Spain, and Rest of Europe. The Asia-Pacific region includes China, India, Japan, Australia, New Zealand, and the Rest of Asia-Pacific.

Report Includes:
- 59 tables
- An up-to-date review and analysis of the global markets for wearable medical device technologies
- Analyses of the global market trends, with historic data from 2019 to 2020, estimates for 2021 and projections of compound annual growth rates (CAGRs) through 2026
- Review, analysis and forecast key wearable medical device technologies used for diagnosis, monitoring, treatment and prevention of various diseases and disorders
- Evaluation and forecast the overall market size, forecasted growth trends, and corresponding market share analysis by application, end user and geographic region
- Highlights of the upcoming market potential and areas of focus to forecast this market into various segments and sub-segments
- In-depth information (facts and figures) concerning market drivers, market deterrents and other demographic and economic factors that will drive future demand for medical devices
- Identification of promising new wearable medical devices and technologies still in the development and testing stage and assess the probability that they will be commercialized successfully in the next five years
- Insight into recent structure of the medical device and diagnostics industry, competitive landscape, R&D activities, company revenue share analysis, and key M&A deals and collaboration agreements in the global wearable medical devices market
- Descriptive company profiles of the major global players, including Abbott, General Electric Co., Medtronic PLC, Siemens Healthineers AG, Thync Inc. and VivoSensMedical GmbH

Summary:
The global market for wearable medical deviceswas valued at REDACTED in 2020. The market is expected to grow at a compound annual growth rate (CAGR) of REDACTED to reach approximately REDACTED by 2026.

The emergence of wearable technology has disrupted the healthcare industry in recent years, leading to increasing adoption and market growth for wearable medical devices.These devices have an impact far beyond typical consumer uses like fitness and activity tracking and have penetrated the area of medical applications like diagnosis, monitoring and, to a certain extent, the treatment of chronic diseases.

The convergence of wearables like smartwatches and activity trackers with medical-grade products has fostered the growth of smart technology in healthcare.

A wide range of wearable medical devices is being developed to address a broad range of ailments. Although these wearable devices are not yet a mainstay in the healthcare industry, many medical device manufacturers have started adding wearable components to their product lines to address unmet needs in-home healthcare and remote monitoring-two areas that are showing exponential growth.

Medical device companies, both industry giants and startups, are investing significantly in research and development (R&D) to develop innovative wearables that can manage a host of medical conditions ranging from obesity and sleep apnea to diabetes, chronic obstructive pulmonary disease (COPD), asthma and cardiac diseases, and even disability rehabilitation and the monitoring of progressive nervous system disorders like Parkinson’s disease.

The increasing prevalence of diseases requiring round-the-clock monitoring is an important driver of the wearable medical device market and is expected to significantly contribute to the double -digit growth of the industry, especially considering the global increase in the geriatric population.Specifically, real-time activity and health tracking, remote patient monitoring, the convenience of home healthcare and a booming fitness trend are key factors behind this exponential growth.

Technological advancements and attractive product features such as smartphone connectivity are also promoting the adoption of medical wearables.

Concerns such as data privacy, security, an uncertain regulatory landscape, and the high cost of wearable medical devices may act as growth barriers, but market penetration and growth are predicted to continue during the forecast period due to the constant introduction of innovative devices to address healthcare needs and the continuous evolution of the industry to keep pace with the demand for effective and personalized wearable healthcare devices.

The wearable medical device industry is now in a stage of innovation to develop medical-grade devices that can easily be worn and integrated into everyday life by leveraging newer advancements in technology, making them smaller, lighter, and less invasive. Continuous glucose monitoring devices and wearable insulin delivery systems have revolutionized diabetes management and are already rivaling traditional blood glucose monitoring and insulin delivery.