Global Wearable Medical Devices Market Report – Future Demand and Market Prospect Forecast (2022-2031)

 Kenneth Research, in its repository of market research reports, has recently added a report titled Global Wearable Medical Devices Market market, that emphasizes on the recent market trends and opportunities available for the growth of the market for the forecast period 2022-2031. The growth of the Global Wearable Medical Devices Market market can be attributed to the increasing health spending by nations across the globe, and for the rapid innovations observed in the medical sector. According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Wearable Medical Devices Market products.

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Be it smart cities, connected cars, smart farming, connected health or smart wearables among other connected applications, IoT promises cutting-edge solutions that are not just easy to use but are also reliable in urgent situations. Smart wearables or wearable gadgets that consist of sensors to track activities in real-time are a perfect fusion of nanotechnology and wearable electronics that offer wide range of applications in various sectors. One such sector that is significantly driven by these technological advancements is healthcare.

For health tracking, both at personal as well as medical level, the wearable medical devices in healthcare help the patients and caregivers to continuously monitor the health status. The devices offer a convenient way to analyze physiological parameters of an individual and help the clinicians to monitor and diagnose by providing important information pertaining to various diseases. According to our study, the global wearable medical devices market garnered a soaring revenue of USD 8,292.60 million in the year 2018. With ongoing IoT transformations and growing preference for real time monitoring, the market is estimated to grow at a compound annual growth rate (CAGR) of 25.78% over the forecast period of 2020-2027 and is projected to touch USD 60,406.14 Million in revenue by 2027.

Our report on the global wearable medical devices market is segmented into device, connectivity, product, application and distribution channel. Among these segments, the application segment is further segmented into home healthcare, remote patient monitoring, and sports & fitness, out of which, the home healthcare segment is anticipated to be a leading revenue generating segment that is estimated to bring in USD 24,061.36 Million in the year 2027. This growth is closely trailed by the sports & fitness segment that is estimated to grow with highest CAGR, i.e., 26.77% during the forecast period. There are various fitness devices that help runners to run faster, longer, and safer. For instance, ARION helps people via cutting edge training techniques by providing them real-time feedback, helping them to achieve personal goals while avoiding their risk of getting injuries.

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In the device segment comprising wristband, earwear, clothing, patch (single-use and reusable) and others, the wristband segment is the highest growing segment that is estimated to attain revenue of USD 36,479.23 Million in 2027 owing to the diverse range of features (anomaly detection, medical prediction and diagnosis) provided by wristbands that make them a popular choice among consumers. The wristbands are generally used for monitoring physiologic parameters such as, heart rate, blood pressure, and respiratory rate among other parameters. The other segments with detailed sub-segments include connectivity [wired and wireless], product [therapeutic device (insulin, pain management and respiratory therapy) and diagnostic & monitoring device (vital sign monitoring, sleep monitoring, neuromonitoring and fetal monitoring & obstetric device)], and distribution channel [online and offline].

The ever-evolving facets of IoT in the healthcare sector is one of the major growth indicators that hold great potential in improving the lifestyle of the patients. The healthcare industry is estimated to witness notable transformation as majority of the healthcare providers are projected to undergo IoT deployment (in any form) in upcoming years. Additionally, increasing prevalence of chronic disorders, growing utilization of mobile phones and rise in consumer awareness towards their health improvement and leading a healthy lifestyle, is anticipated to raise the interest of consumers towards medical wearables, which is further estimated to increase the adoption of these devices in years to come.

The growing technological advancements in the healthcare sector is driving numerous key players to significantly invest in research and development activities to gain a competitive edge over their opponents. Some of the players mentioned in our report on global wearable medical devices market are Fitbit Inc., Omron Healthcare Inc., Apple Inc., Garmin ltd., Koninklijke Philips N.V., Samsung, Motorola Mobility LLC., BioTelemetry Inc., Medtronic and Withings. Recently, MC10 launched a wearable biosensor, named BioStamp which can be applied anywhere on the body for targeted data collection. Similarly, Philips also created a wearable biosensor, which was launched in 2016. It is a self-adhesive patch that collects the patient’s data such as heart rate, temperature, respiratory function while allowing the patients to do their routine tasks.

The involvement of notable players in the development of innovative and technologically advanced products that are more desirable, and easy to use for the consumers is projected to increase in upcoming years, which is further anticipated to boost the growth of the global wearable medical devices market throughout the forecast period.

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