The global medical wearable devices market was worth more than USD 3.2 billion in revenue in 2015 and is expected to cross USD 7.9 billion in 2020, growing at a healthy CAGR of 19.8% during the forecast period.
Wearable medical devices are defined as devices with sensors attached to the body that detect and monitor changes in body signatures of various areas and organs. The growth of the global wearable device is driven by several factors, the most important being the technological innovation.
Global Wearable Devices Market- Market Dynamics
At present, the potential socio-economic benefits of wearable devices are large for multiple sectors. For instance, with fitness wearable devices driving the users to exercise, wearable technology can significantly reduce healthcare costs. Investors have started investing in projects ranging from apps to various sensors. The manufacturers are incorporating advanced sensors and as the size and cost of these sensors decrease, they are incorporated more and more, expanding the range of wearable devices.
The study lists several factors driving the global wearable devices market towards growth. Some of these are listed below.
- Technological innovations and advancements leading to introduction of new products
- Increasing incidences of chronic diseases and diabetes patients
- Ease of use and interpretation of medical devices
- Market penetration of smartphones and smart watches(The worldwide smart watches shipments are expected to reach 25 million units in 2015)
Some of the factors restraining the market are:
- Reimbursement issues
- High cost of the devices
The report segments the market into global diagnostic wearable devices market and global therapeutic wearable devices market. Both the above segments are further divided based on applications and geography. The product type segment has been further categorized into various types of diagnostic and surgical devices, along with vision care products. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. Asia-Pacific shows potential due to increasing technological innovations and rising per capita income and a growing economy.
Companies are exploiting the nascent interests and are focusing on creating affordable products offering greater value to both users and their healthcare partners.
Some of the key players in the market are:
- Fitbit Inc.
- Intelesens Ltd.
- Lifewatch AG
- Omron Corporation
- Polar Electro
- Philips Electronics
- Withings SAS
Key Deliverables in the Study:
- Market analysis for the wearable medical devices market, with region-specific assessments and competition analysis on the global and regional scale.
- Market definition along with the identification of key drivers and restraints.
- Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
- Extensively researched competitive landscape section with profiles of major companies along with their market share.
- Identification and analysis of the macro and micro factors that affect the global wearable medical devices market on both global and regional scale.
- A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
- A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
- Insights on the major countries/regions where this industry is blooming and to also identify the regions that are still untapped.
Table of Contents
- 1.1 Study Deliverables
- 1.2 Market Definition
- 1.3 Sizing Units
- 1.4 Base Currency
- 1.5 Review and Forecast Period
- 1.6 General Study Assumptions
2. Research Methodology
- 2.1 Introduction
- 2.2 Analysis Methodology
- 2.3 Econometric Forecast Model
- 2.4 Research Assumptions
3. Executive Summary
4. Key Inferences
5. Market Characterization
- 5.1 Current Market Scenario
- 5.2 Market Overview
- 5.3 Drivers, Restraints, Opportunities, and Challenges (DROC) Analysis
- 5.3.1 Market Drivers
- 18.104.22.168 RISE IN THE NUMBER OF INNOVATIONS AND NEW TECHNOLOGIES
- 22.214.171.124 GREATER INCIDENCE OF CHRONIC DISEASES
- 126.96.36.199 EMERGING ECONOMIES AND INCREASING PER CAPITA INCOME
- 188.8.131.52 EASE OF USE AND INTERPRETATION OF MEDICAL DEVICES
- 5.3.2 Market Restraints
- 184.108.40.206 HIGH COST OF DEVICES
- 220.127.116.11 REIMBURSEMENT ISSUES
- 5.3.3 Market Challenges
- 18.104.22.168 Lack of data privacy and safety
- 5.3.4 Market Opportunities
- 22.214.171.124 LARGER POPULATION OF DIABETIC PATIENTS IN ASIA-PACIFIC
- 5.4 Market Segmentation
- 5.4.1 GLOBAL DIAGNOSTIC WEARABLE MEDICAL DEVICE MARKET, BY SEGMENT
- 126.96.36.199 WEARABLE VITAL SIGNS MONITORS
- 188.8.131.52.1 WEARABLE HEART RATE MONITORS
- 184.108.40.206.2 WEARABLE ACTIVITY MONITORS
- 220.127.116.11.3 WEARABLE ELECTROCARDIOGRAPHS
- 18.104.22.168.4 OTHERS
- 22.214.171.124 GLOBAL WEARABLE FETAL MONITORS AND OBSTETRIC DEVICES
- 126.96.36.199 GLOBAL NEUROMONITORING DEVICES
- 188.8.131.52.1 ELECTROENCEPHALOGRAPHS
- 184.108.40.206.2 ELECTROMYOGRAPHS
- 5.4.2 GLOBAL THERAPEUTIC WEARABLE DEVICE MARKET, BY SEGMENT
- 220.127.116.11 GLOBAL WEARABLE PAIN MANAGEMENT MEDICAL DEVICES
- 18.104.22.168 GLUCOSE/INSULIN MONITORING DEVICES
- 22.214.171.124 WEARABLE RESPIRATORY THERAPY DEVICES
- 5.4.3 GLOBAL WEARABLE DEVICE MARKET, BY APPLICATIONS
- 126.96.36.199 SPORTS AND FITNESS
- 188.8.131.52 REMOTE PATIENT MONITORING
- 184.108.40.206 HOME HEALTHCARE
- 5.4.4 By Geography
- 220.127.116.11 North America (NA)
- 18.104.22.168.1 United States
- 22.214.171.124.2 Canada
- 126.96.36.199.3 Mexico
- 188.8.131.52.3 Rest of NA
- 184.108.40.206 Europe
- 220.127.116.11.1 Germany
- 18.104.22.168.2 UK
- 22.214.171.124.3 France
- 126.96.36.199.4 Italy
- 188.8.131.52.5 Spain & Portugal
- 184.108.40.206.6 Scandinavia
- 220.127.116.11.7 BENELUX
- 18.104.22.168 Asia-Pacific (APAC)
- 22.214.171.124.1 China
- 126.96.36.199.2 Japan
- 188.8.131.52.3 India
- 184.108.40.206.4 Australia & New Zealand
- 220.127.116.11.5 South Korea
- 18.104.22.168.6 Rest of APAC
- 22.214.171.124 Middle East and Africa (MEA)
- 126.96.36.199.1 GCC
- 188.8.131.52.2 South Africa
- 184.108.40.206.3 Rest of MEA
- 220.127.116.11 Latin America
- 18.104.22.168.1 Brazil
- 22.214.171.124.2 Argentina
- 126.96.36.199.3 Rest of LA
6. Industry Analysis
- 6.1 PorterFive Forces
- 6.1.1 Bargaining Power of Suppliers
- 6.1.2 Bargaining Power of Consumers
- 6.1.3 Threat of New Entrants
- 6.1.4 Threat of Substitute Products and Services
- 6.1.5 Competitive Rivalry within the Industry
7. Competitive Landscape
- 7.1 Key Market Players
- 7.1.1 DRIaGER
- 7.1.2 FITBIT INC.
- 7.1.3 INTELESENS LTD.
- 7.1.4 INTEL CORPORATION
- 7.1.5 LIFEWATCH AG
- 7.1.6 MEDTRONIC
- 7.1.7 NUUBO
- 7.1.8 OMRON Corporation
- 7.1.9 PHILIPS ELECTRONICS
- 7.1.10 POLAR ELECTRO, INC.
- 7.1.11 WITHINGS SAS
- 7.1.12 GARMIN LTD.
- 7.2 Merger and Acquisition Analysis
- 7.3 New Product Launches
- 7.4 Agreements, Collaborations & Partnerships
8. Analyst Outlook for Investment Opportunities
9. Future Outlook of the Market
List of Tables
- Table 1: Global wearable devices Market (USD million) (2017 - 2022)
- Table 2: Global wearable devices Market-by Wearable Vital Signs Monitors (USD million) (2017 - 2022)
- Table 3: Global wearable devices Market-by Wearable Heart Rate Monitors (USD million) (2017 - 2022)
- Table 4: Global wearable devices Market-by Wearable Activity Monitors (USD million) (2017 - 2022)
- Table 6: Global wearable devices Market-by Wearable Fetal Monitors and Obstetric Devices (USD million) (2017 - 2022)
- Table 7: Global wearable devices Market-by Wearable Neuromonitoring Devices (USD million) (2017 - 2022)
- Table 8: Global wearable devices Market-by Wearable Electroencephalographs (USD million) (2017 - 2022)
- Table 9: Global wearable devices Market-by Wearable Electromyographs (USD million) (2017 - 2022)
- Table 10: Global wearable devices Market-by Therapeutic Wearable Device Market (USD million) (2017 - 2022)
- Table 11: Global wearable devices Market-by Wearable Pain Management Medical Devices (USD million) (2017 - 2022)
- Table 12: Global wearable devices Market-by Glucose/Insulin Monitoring Devices (USD million) (2017 - 2022)
- Table 13: Global wearable devices Market-by Wearable Respiratory Therapy Devices (USD million) (2017 - 2022)
- Table 14: Global wearable devices Market-By Applications (USD million) (2017 - 2022)
- Table 15: Global wearable devices Market-by Sports and Fitness (USD million) (2017 - 2022)
- Table 16: Global wearable devices Market-by Remote Patient Monitoring (USD million) (2017 - 2022)
- Table 17: Global wearable devices Market-by Home Healthcare (USD million) (2017 - 2022)
- Table 18: North America wearable devices Market (USD million) (2017 - 2022)
- Table 19: North America wearable devices Market-by Wearable Vital Signs Monitors (USD million) (2017 - 2022)
- Table 20: North America wearable devices Market-by Wearable Heart Rate Monitors (USD million) (2017 - 2022)
- Table 21: North America wearable devices Market-by Wearable Activity Monitors (USD million) (2017 - 2022)
- Table 22: North America wearable devices Market-by Wearable Electrocardiographs (USD million) (2017 - 2022)
- Table 23: North America wearable devices Market-by Wearable Fetal Monitors and Obstetric Devices (USD million) (2017 - 2022)
- Table 24: North America wearable devices Market-by Wearable Neuromonitoring Dev