Global Wearable Medical Devices Market - Competition Forecast & Opportunities, 2026
- June 2021 •
- 114 pages •
- Report ID: 6089449 •
- Format: PDF
Global Wearable Medical Devices Market By Product Type (Activity Monitors/Trackers, Smartwatches, Patches, Smart Clothing), By Type (Diagnostic Devices v/s Therapeutic Devices), By Purpose (Heart rate, Physical Activities, Blood oxygen saturation, Blood Pressure, Hearing Aids, Body Temperature, Posture, Others), By Site (Strap/Clip/Bracelet, Handheld, Headband, Shoe Sensors, Others), By Application (General Health & Fitness, Remote Patient Monitoring, Home Healthcare), By Distribution Channel (Non-Store-Based v/s Store-Based), By Business Segment (B2C Vs B2B), By Region, Competition Forecast & Opportunities, 2026
Global wearable medical devices market stood at USD17.31 billion in 2020 and is expected to grow at a robust rate of 18.82% during the forecast period. The global wearable medical devices market is driven by the growing geriatric population which is susceptible to various chronic diseases such as diabetes, cardiovascular diseases, cancer, among others. This has drastically increased the patient pool requiring diagnosis, treatment and monitoring of their health conditions. This in turn is expected to increase the demand for various wearable medical devices used for health monitoring and diagnosis thereby positively influencing the market growth over the next few years. Besides, technological advancements and adoption of AI, IoT, cloud computing, among others in medical devices and healthcare is expected to bring about innovations in wearable medical devices segment thereby propelling the market growth over the next few years. Furthermore, advancements in telecommunication industry such as 3G, 4G and 5G services is expected to fuel the market growth. Also, growing supportive government policies for promoting digital health is expected to spur the market growth during the forecast period.
The global wearable medical devices market is segmented based on product type, type, purpose, site, application, distribution channel, business segment, company and region.Based on product type, the market can be fragmented into activity monitors/trackers, smartwatches, patches, and smart clothing.
Among these, the activity monitors/trackers type dominated the overall market in 2020 with a share of around 54.25% on account of the growing prevalence of chronic diseases and lifestyle associated diseases. Furthermore, the growth in this market segment can also be attributed to the growing awareness among the population worldwide pertaining to maintaining health. This has led to an increasing adoption of self-monitoring of vital organs. Additionally, activity monitors/trackers are cost effective, and easy to use, etc. Also, the presence of large number of companies manufacturing activity trackers/monitors worldwide is expected to drive the segmental growth over the next five years. Based on distribution channel, the market can be bifurcated into non-store-based and store-based. The non-store-based segment dominated the market in 2020 with a market share of around 69.87%. This can be ascribed to the growing internet proliferation and emergence of several e-commerce platforms selling wearable medical devices online.
Regionally, the wearable medical devices market has been segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Among these regions, North America is expected to dominate the market in 2020 with 37.45% share owing to the increasing smartphones and internet proliferation. Additionally, growing consumer demand for wearable devices with which they can monitor their health especially fitness is expected to spur the market growth significantly in the region over the forecast period.
Major players operating in the global wearable medical devices market include Apple, Inc.
Abbott Laboratories, Inc., Dexcom Inc., Fitbit Inc., LG Electronics Inc. and others. The companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions. For instance, in 2020, Fitbit Inc., launched an activity tracker, Fitbit Charge 4. Fitbit charge 4 makes every minute count and helps the users reach their goals with deeper understanding of their body and activity. It has an inbuilt GPS system with up to 7-days battery life. The device provides workout intensity map, sleep quality analysis, and personalized heart rate zones, among others.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
• To analyze the historical growth in the market size of global wearable medical devices market from 2016 to 2020.
• To estimate and forecast the market size of global wearable medical devices market from 2021 to 2026 and growth rate until 2026.
• To classify and forecast global wearable medical devices market based on product type, type, purpose, site, application, distribution channel, business segment, company and regional distribution.
• To identify dominant region or segment in the global wearable medical devices market.
• To identify drivers and challenges for global wearable medical devices market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global wearable medical devices market.
• To identify and analyze the profile of leading players operating in global wearable medical devices market.
• To identify key sustainable strategies adopted by market players in global wearable medical devices market.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of manufacturers across the globe.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst could include the manufacturers which could not be identified due to the limitations of secondary research. The analyst examined the manufacturers, distribution channels and presence of all major players across the globe.
The analyst calculated the market size of global wearable medical devices market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
• Wearable medical devices manufacturers, suppliers, distributors and other stakeholders
• Government bodies such as regulating authorities and policy makers
• Organizations, forums and alliances related to wearable medical devices
• Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global wearable medical devices market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Global Wearable Medical Devices Market, By Product Type:
o Activity Monitors/Trackers
o Smart Clothing
• Global Wearable Medical Devices Market, By Type:
o Diagnostic Devices
o Therapeutic Devices
• Global Wearable Medical Devices Market, By Purpose:
o Heart Rate
o Physical Activities
o Blood Oxygen Saturation
o Blood Pressure
o Hearing Aids
o Body Temperature
• Global Wearable Medical Devices Market, By Site:
o Shoe Sensors
• Global Wearable Medical Devices Market, By Application:
o General Health & Fitness
o Remote Patient Monitoring
o Home Healthcare
• Global Wearable Medical Devices Market, By Distribution Channel:
• Global Wearable Medical Devices Market, By Business Segment:
• Global Wearable Medical Devices Market, By Region:
o North America
o South America
o Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in global wearable medical devices market.
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).