DUBLIN, March 14, 2022 /PRNewswire/ — The “Wearable Medical Devices – Global Market Trajectory and Analysis” report has been added to from ResearchAndMarkets.com offer.
Global Wearable Medical Devices Market to Reach US$38.9 billion by 2026
The global wearable medical device market estimated at US$18.1 billion in 2021, is expected to reach a revised size of US$38.9 billion by 2026, growing at a CAGR of 15.8% over the analysis period.
The many benefits of wearable electronics contribute to their growing use in a growing range of applications in health and fitness, consumer, entertainment, medical and industrial. Some of the most common types of electronic devices include smartwatches, AR/VR glasses, head-mounted computers, fitness trackers, and smart wearables, among others.
Diagnostic Devices, one of the segments analyzed in the report, is expected to grow at a CAGR of 13.4% to reach US$22.7 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, the growth of the therapeutic devices segment is readjusted to a revised CAGR of 19.7% for the next 7-year period. This segment currently accounts for a 34% share of the global wearable medical device market.
The wearable medical device space is exploding and poised to support the healthcare system with compelling new approaches to improve patient care while lowering healthcare costs. These devices are widely used by patients and medical professionals to meet the needs of the patient population in real time. Available in the form of wearable sensors, patches, watches, shoes, and devices, wearable medical technology holds immense potential to change the entire healthcare landscape in useful ways.
Wearable sensors are having a significant impact on medicine and healthcare by facilitating health monitoring in non-clinical settings and predicting various conditions over time. Wearable medical devices are critically important for a wide range of medical applications such as gastrointestinal, cardiovascular and metabolic monitoring, as well as mental health, neurology, sleep and movement disorders. In addition to having the potential to transform prenatal, neonatal and maternal care, these devices are poised to support interventions related to lung health and diabetes management.
Receiving a noticeable boost from advances in digital and mobile health, wearable medical devices are gaining acceptance by a large number of medical practitioners for continuous health monitoring outside of the clinical setting. The wearable revolution also encompasses sophisticated algorithms to facilitate automated prediction, prevention and response.
The growing availability of advanced analytical tools centered on wearable devices is set to transform healthcare access and quality. These devices lead to compelling advances such as improved critical care alarms and continuous arrhythmia detection in non-clinical settings, as well as neonatal temperature monitoring in rural settings. Wearable health devices are expected to enable effective use of health data for R&D and innovation while supporting health services and interventions in years to come.
The US market is estimated at $6.6 billion in 2021, when China is expected to reach $4.1 billion by 2026
The wearable medical device market in the United States is estimated at US$6.6 billion in 2021. The country currently accounts for a 36.6% share of the global market.
Chinaworld’s second largest economy, is expected to reach an estimated market size of US$4.1 billion in 2026 with a CAGR of 21% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 13.2% and 15.4% respectively over the analysis period. In Europe, Germany is expected to grow at around 14.3% CAGR while the rest of the European market (as defined in the study) will reach US$4.9 billion at the end of the analysis period.
Against the backdrop of the concerted push towards personalized/precision medicine and healthcare, medical apparel is gaining more and more attention, sparking interest from patients and healthcare professionals alike. Aspects of personalized healthcare, in terms of participatory form and data centrality, are combined in wearable sensors, self-tracking devices and mobile applications to provide users with the ability to collect, measure and display data related to any type of behavioral activity or bodily action.
Leading companies like Apple and Fitbit are aggressively working on AI-powered devices that are poised to transform healthcare and improve patient experiences. Additionally, various players are leveraging AI and sophisticated algorithms based on deep learning for innovative use cases.
The combination of AI technology and wearable medical devices holds notable long-term potential to radically revolutionize the healthcare industry. Suunto Spartan, Polar OH1, Xiaomi Mi Band 2S, Google Smart Lenses, iTBra, Health Patch MD and Cloud DX Vitaliti are some of the trending wearable medical and activity tracking devices right now.
Main topics covered:
1. MARKET OVERVIEW
- Digitization of healthcare lays the groundwork for the rise of wearable medical devices
- The world is preparing for the digital health revolution
- Supported by digital health migration, investments in health informatics are reaching unprecedented levels
- Building on the digitization of healthcare, the wearable healthcare revolution is here!
- Recent market activity
2. FOCUS ON CERTAIN PLAYERS (Total 137 featured)
- Apple Inc.
- Everist Health Inc.
- Fitbit, Inc.
- Garmin Ltd.
- Intelesens Ltd.
- Koninklijke Philips NV
- Omron Company
- Polar Electro Oy
- Samsung Electronics Co.,Ltd,
- Sotera Wireless, Inc.
- VitalConnect, Inc.
- Withings SA
- Xiaomi Inc.
3. MARKET TRENDS AND DRIVERS
- Personalized medicine benefits from the rise of wearables for medical devices
- Real-time personalized medicine through wearable medical devices is becoming a reality
- Emerging role of wearable devices in precision medicine
- Rising healthcare costs prompt focus on wearable devices for their ability to reduce healthcare costs
- Here’s how wearable medical devices can reduce healthcare costs
- Rise in chronic diseases, rise in demand for medical services, need for equity in healthcare and subsequent focus on democratizing healthcare in favor of wearable medical devices
- COVID-19-induced consumer engagement with health and wellness technologies is driving demand for personal health monitoring and fitness wearables
- The global diabetes epidemic offers a plateau of opportunities for wearable medical devices
- Wearable medical devices promise to revolutionize the effectiveness of long-term diabetes care and treatment
- Big data analytics remains key to shaping the future of wearable technology and realizing the full benefits of wearable medical devices
- Mining Healthcare Big Data is becoming big business and wearable medical devices will add to this data boom
- Cloud integration into wearable medical devices, a major trend
- AI emerges to revolutionize wearable medical devices
- Rapidly aging global population, COVID-19-induced refocus on aging-in-place, and increased demand for remote patient monitoring to benefit from wearable medical device growth
- Rapidly aging population and escalating demand for geriatric healthcare highlights the need for wearable medical emergency devices
- Expanding opportunities for PERS will encourage increased use of wearable medical devices
- The scene is now ready for remote patient monitoring
- Aging population, increasing PERS and migration of healthcare to other locations are driving the need for remote patient monitoring in which wearable devices play a major role
- Role of Wearable Devices in Remote Patient Monitoring
- The integration of wearable devices in telemedicine is exploding in a Major trend
- Wearable devices emerge into the spotlight as telemedicine gains momentum
- Role of wearable devices in telemedicine
- Rising obesity levels underpin strong potential for wearable pedometers and heart rate monitors
- Wearables for Cancer Breaks the Surface
- How wearable devices will help revolutionize cancer care, treatment and outcomes
- Medical Wearables Bring Massive Benefits to Clinical Trials
- Innovations in wearable medical devices are rushing at full speed to support the long-term growth of the market
- Battery power being vital to wearable technology is an identified major area for innovation and R&D
- Privacy and data issues continue to plague the market
4. GLOBAL MARKET OUTLOOK
III. REGIONAL MARKET ANALYSIS
For more information on this report, visit https://www.researchandmarkets.com/r/317if3
Research and Markets
For EST office hours, call +1-917-300-0470
For USA/CAN call toll free +1-800-526-8630
For GMT office hours call +353-1-416-8900
US Fax: 646-607-1907
Fax (outside the US): +353-1-481-1716
SOURCE Research and Markets