Wearable Medical Device Market is Expected to Grow with a CAGR of 28% over the Forecast Period: Grand View Research Inc.

San Francisco, 15 November 2018: According to a report by Grand View Research, Inc., global wearable medical devices is anticipated to value USD 27.8 billion by 2022. Growing requirement for remote health monitoring and home healthcare is anticipated to propel demand for wearable medical devices. These devices are likely to offer advanced features making healthcare monitoring easy for users.

Rising cases of chronic diseases such as hypertension, diabetes, and obesity are expected to boost demand for round-the-clock wearable monitoring devices. Shifting consumer preference from traditional to advanced wearable medical devices owing to digitization can influence growth of market. Continual technological advancements in health monitoring devices and rising competition can fuel growth of market. Introduction of advanced products such as wrist watches, fitness bands, and smart watches can augment market growth. Rising integration of healthcare data with portable devices to provide physicians with real-time access of essential data to analyze and reduce errors can spur market growth during the forecast period (2012 to 2022).    

The wearable medical devices market can be segregated on the basis of product, medical, site, and region. Based on product, the market can be bifurcated into therapeutic and domestic. In 2014, domestic segment dominated the market and accounted for largest market share. The segment can include sleep monitoring, vital sign monitoring, electrocardiographs, fetal & obstetric, and neuromonitoring devices. Increasing applications of monitoring and diagnostic products in remote monitoring and home healthcare can fuel growth of market.

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However, therapeutic segment expected to witness lucrative growth during the forecast period. High demand from increasing number of patients is likely to fuel growth. The segment can include insulin monitoring, pain management, rehabilitation and respiratory therapy devices. In 2014, insulin monitoring devices accounted for substantial market share and is likely to grow at similar pace over the forecast period. In addition, rising R&D and speedy approval of wearable devices can stimulate growth of segment.

Based on application, the market can be classified into remote patient monitoring, sports & fitness, and home healthcare. In 2014, Home healthcare segment dominated the market and accounted for largest market share. It is likely to grow at similar pace over the forecast period. Continual technological advancements in medical devices to offer high accuracy and easier use by individuals without professional assistance can fuel market growth.   

Based on site, the market can be categorized into headband, handheld, shoe sensors, strap, clip, bracelet and watches, and others.  

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Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2015, North America dominated the market and accounted for largest market share during the forecast period. Rising cases of chronic diseases such as cardiovascular disorder, diabetes, and obesity can influence growth of market. In addition, high demand for remote patient monitoring and home care for purpose of continuous, regular, and long-term monitoring of patients is likely to stimulate growth of market. Moreover, growing need to reduce frequent visits of patient to hospitals can augment growth of market in the region.

In Asia Pacific, the market is expected to witness significant growth during the forecast period. Frequent introduction of technologically advanced systems in the region can fuel market growth.

In addition, favorable initiatives from local governments regarding use of such medical products is likely to impel market growth. Moreover, increasing healthcare expenditure attributed to rising number of geriatric population can stimulate growth of market over the forecast period. Japan is expected to be largest contributor to growth of market in the region attributed to rising R&D and high healthcare expenditure. However, China and India are likely to grow at fast over the forecast period owing to rising cases of chronic diseases among geriatric population.

In Europe, the market is likely to grow well during the forecast period owing to increase in geriatric population in countries such as United Kingdom and Germany. This, in turn, is expected to surge demand for round the clock monitoring. Total healthcare expenditure of Germany is 11.1% of country’s GDP. However, in United Kingdom 9.9% of country’s GDP is likely to be spend on healthcare.    

Some of the leading companies offering wearable medical devices are Vital Connect; Fitbit Inc.; Garmin; Omron Corp.; and Sotera Wireless.

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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