The Global Wearable Medical Devices Market- Growth, Trends, COVID-19 impact and Forecast (2021-2025)
The Wearable Medical Devices Market is segmented by Product type (Diagnostic and Patient Monitoring, Therapeutic Wearable Medical Device); Application (Home Healthcare, Sports and Fitness, Remote Patient Monitoring); Geography (North America, Europe, APAC and ROW).
Introduction
Wearables in healthcare includes medical devices that customer wear such as activity trackers, smart watches. They are specially designed to collect the data of user’s health and fitness.
Wearables are adopted and utilized in an extensive range of end use applications. However, wearables find immense opportunity in the healthcare and are able to address the burden of chronic disease, aging population.
The major factors that contribute toward the growth of the wearable medical devices market include growing adoption of mobile health apps, increasing penetration of 3G/4G networks, technological innovations, and rising focus on patient-centric healthcare delivery.
The COVID-19 pandemic has severely impacted healthcare industry. But the demand for wearable medical devices market is likely to increase during this pandemic period. These technologies are mainly helpful in safely tracking the COVID-19 patients and suspected cases.
Table of Contents
Market Overview
The global wearable medical devices market is expected to grow to $54.70 billion by 2025
Growth momentum is expected to accelerate during the forecast period with a 26.04% CAGR.
The growing adoption of mobile platforms, increasing adoption of AI and 5G, and the growing awareness and preference for home healthcare are boosting the market growth.
North America is dominating due to factors such as high healthcare expenditure, the incidence of chronic diseases, a rise in geriatric population, and improved network infrastructure.
Key Trends
Remote monitoring and growing focus on consumer-centric mobility solutions
Growing adoption of AI and 5G is expected to drive the market in the future
Increasing focus of consumers on health and fitness has led to efforts toward leading a healthy lifestyle are anticipated to fuel growth of the market
Key Market Players
Some of the key players in the market are Apple, Fitbit, Medtronic, Philips Electronics, Omron Corporation, Garmin.
The market is highly competitive owing to the rise in demand for activity trackers, smart watchers and health monitoring services coupled with technological advancements, which is likely to boost the entry of new companies. Mergers & acquisitions, strategic alliances, and extensive R&D in the area of wearable devices technologies are some of the initiatives being undertaken by key companies to increase their market shares.
Growth Drivers and Challenges
Evolving industrialization in growing economies are resulting in the prevalence and early onset of chronic diseases. To overcome this situation, increasing utilization of wearable connected devices for the management of chronic diseases
Significant cost savings in healthcare delivery is another crucial driving factor.
Robust penetration of 3G and 4G networks for uninterrupted healthcare services.
Increasing penetration of smartphones and the growing number of smartphone-based healthcare apps
Data security and privacy concerns are some of the factors that may hinder the adoption of wearable device platforms, thereby limiting the market growth. Data breaches, configuration changes, or accessibility issues to sensitive information are impeding the growth of the market