Wearable Medical Device Market by Device Type (Monitoring & Diagnostic Device and Therapeutic Devices), Product Type (Smart Watches, Smart Patches and Bandages, and Smart Clothing), Application (Remote Patient Monitoring, Fitness & General Health, and Home Healthcare), Grade (Medical-grade Device and Consumer-grade Device) – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global wearable medical device market was pegged at ~US$ 18 billion in 2020. The market is expected to witness a CAGR of ~19.9% from 2021 to 2031.
Newer product launches, increasing focus of companies in developing advanced devices, increasing penetration of AI in healthcare, rising prevalence of chronic diseases and sedentary lifestyle are among the major factors driving the wearable medical device market. However, higher costs of management of wearable devices and security concerns are likely to hinder the market growth to a certain extent.
Changing lifestyle patterns and routines has increased the prevalence of lifestyle-related diseases. Increasing incidences of diseases such as diabetes, cardiac diseases, respiratory disease, and rising awareness among people for self-monitoring has triggered increasing adoption of wearable medical devices. As wearable’s aid in monitoring, and diagnosis of various parameters, there has been increasing use of these wearable medical devices.
Wearable medical devices can also be used for remote patient monitoring and help improve patient satisfaction and care. These devices help patients adhere to the prescribed medication, help patients track and monitor their health, including signs & symptoms that may trigger the need for medical care. Researching findings suggest that remote patient monitoring might save nearly US$200 billion across all conditions over the next 25 years, mainly by managing chronic care in the U.S.
Moreover, technological advancements of wearbles and rising demand by consumers to take control of their health and fitness have perked interest among technology companies to develop devices such as smartwatches, patches, and other devices. Companies are also trying to receive FDA approvals for these medical devices. For instance, in Feb 2019, Scotland-based Current Health, formerly known as snap40 received FDA clearance for clinical use of its artificial intelligence (AI) enabled device and platform for remote patient monitoring in the hospital. In Jan 2019, AWAK Technologies announced that the US FDA granted Breakthrough Device designation to its AWAK Peritoneal Dialysis (AWAK PD) device, a wearable and ultra-portable PD system that incorporates AWAK’s patented sorbent technology.
Security is one of the major concerns related to wearable medical devices. Data privacy and data security are always at forefront of people’s minds and as cyber-attacks have increased, it has acted as one of the biggest hurdles for wearable device market growth. Companies have increased focus on fool-proofing these wearable devices by meeting security standards and getting FDA approvals for these devices. Higher cost of these devices is another factor that is likely to hampter the market growth to a certain extent.
Regionally, Asia-Pacific is anticipated to witness highest CAGR during the forecast period. Factors attributing to the growth in this region include rising geriatric population, increasing incidence of chronic diseases, and growing adoption of home monitoring. Moreover, the presence of companies that manufacture devices at lower costs and rapidly launched FDA-approved products in this region by regional companies is boosting the growth of the wearable medical device market. For instance, in Jan 2021, OnePlus, a global mobile technology company, launched OnePlus Band in India as the company’s first wearable device. This band comes with an AMOLED display that supports touch inputs. OnePlus Band also supports blood oxygen saturation (SpO2) and heart rate monitoring.
Some of the prominent players operating in the global wearable medical device market include Koninklijke Philips N.V., Apple Inc., Fitbit, Inc., Omron Healthcare, Inc., Medtronic, Garmin Ltd., GE Healthcare, Sotera Wireless, Inc., BioTelemetry, Inc., Dexcom, Inc., among others.