Is the Need of People to Track Their Healthy Activities Boosting the Wearable Medical Devices Market?

  • Published Date : Nov 2021

Developing mindfulness about wellbeing, expanding interest for innovative products & gadgets to gather regular everyday information about one’s heath without having any impact on the day to day life and developing enthusiasm of buyers to record their own health activities is driving the Medical wearable market. In the recent times there has been a lot of dependence on the Artificial Intelligence and people are wanting to know the data. This spark has given rise to a lot of segments in the healthcare industry and wearable medical devices is one of them. People are often interested in tracking their glucose, blood pressure and heart health and the wearable medical devices industry makes it possible.

The global wearable medical devices market size was valued at USD 25 billion in 2020 and is expected to witness a CAGR of 22.9% over the forecast period 2021-2027.

wearable medical devices Market Key Players:

  • Medtronic plc. (Ireland)
  • Koninklijke Philips N.V. (Netherlands)
  • OMRON Corporation (Japan)
  • Biotelemetry Inc. (US)
  • Apple, Inc. (US)
  • Dexcom Inc. (US)
  • Abbott Laboratories (US)
  • Masimo Corporation (US)
  • Bio-Beat Technologies (Israel)
  • iRhythm Technologies, Inc. (US)
  • VitalConnect (US)
  • Minttihealth (US)
  • Preventice Solutions, Inc. (US)
  • CONTEC Medical Systems Co. Ltd (China)
  • Biotricity Inc. (US)
  • Verily Life Sciences. (US)
  • Cyrcadia Asia Limited (Hong Kong)
  • ten3T healthcare (India)
  • Fitbit, Inc. (US)
  • Garmin Ltd (Switzerland)
  • Xiaomi Technologies (China)
  • Huawei Corporation (China)

wearable medical devices??????? Market Dynamics:

Rising Factors:

  • The increasing technological advancements and innovations.
  • Ease-of-use and interpretation of medical devices.
  • Increasing per-capita income in developing countries.

Threat:

  • The high cost of wearable devices and the lack of good awareness about the availability of some wearable devices

Opportunity:

  • The increasing needs of people to record their healthcare related activities.

There were times when people used to go the doctors to get their blood pressure or glucose tested. But in modern times people have switched to investing in these machines for themselves instead of going to doctor once in a while. This has brought some ease in their lives and they are moving towards more investments. People have switched to smartwatches to keep a track on their health. This completely tells that how people are becoming more aware about the technology and their interests in recording their daily activities has grown. This is something which will push the wearable medical devices market.

wearable medical devices??????? Market Segmentation:

By Device Type:

  • Diagnostic & Monitoring Devices
    • Vital Signs Monitoring Devices
      • Multiparameter Trackers
      •  ECG/Heart Rate Monitors
      • Pulse Oximeters
      • Blood Pressure Monitors
    • Glucose Monitoring Devices
    • Sleep Monitoring Devices
    • Fetal Monitoring & Obstetric Devices
    • Neuromonitoring Devices
  • Therapeutic Devices
    • Pain Management Devices
    • Rehabilitation Devices
    • Respiratory Therapy Devices
    • Insulin Pumps

By Products:

  • Activity Monitors/Trackers
  • Smartwatches
  • Patches
  • Smart Clothing

By Grade Type:

  • Consumer-grade
  • Clinical-grade

By Application:

  • General Health & Fitness
  • Remote Patient Monitoring
  • Home Healthcare

By Distribution Channel:

  • Pharmacies
  • Online Channel
  • Hypermarkets

wearable medical devices??????? Market Regional Anlysis:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

North America to be soon succeeded by the Asia pacific region.

North America and Europe are dominating the wearable devices industry because they are already developed and the new advancements are being seen to emerge there first as compared to others regions. But one growth factor is also the no. Of patients increasing. Asia pacific region population is more exposed to the diseases related to glucose and high blood pressure. Therefore, they can also be seen in the emerging markets. Addition to this these regions are also in the developing stages where they would definitely like to invest in the healthcare market and wearable medical devices industry being the recent one could hope for greater investments from these regions.

Conclusion:

The development of the worldwide wearable medical devices market is because of the expanding technological progressions and advancements, as it can improve the way of life of patients, just as everyone. As of now, these gadgets are getting a lot of fame, because of improved technologies that are being presented consistently by key market players, which shows the high rivalry in this market.

Moreover, usability of clinical gadgets and expanding per-capita salary in creating nations are the other significant components answerable for the development of the market. Therefore, this industry is definitely experiencing a growth because of the increasing technology and interest of people.

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