How Wearable Medical Devices are transforming Healthcare Industry

Wearable medical devices are autonomous, non-invasive devices that perform a specific medical function such as monitoring or support over a prolonged period of time. These devices are used in the treatment of various chronic illnesses such as asthma, diabetes, and heart disease. The main function of these devices is to collect information about the patient’s health condition. The growth of the global wearable medical device market can be attributed to technological advancements, an increasing number of smartphone-based healthcare apps compatible with wearable devices, and rising awareness about physical fitness.  

Global Wearable Medical Device Market 2023

As the wearable health technology market continues to grow it can be hard to distinguish the trendy consumer devices from those with useful medical applications. From the debate over smart watches to the latest wearable MRI scanner. Many of them are pointing the way to the future of patient care.

In the ever growing wearable health technology market, Fitbit is arguably the most well-known brand. Extremely popular with consumers, fitness tracking Fitbit watches are not a favorite among medical professionals due to claims that the patient data collected is not accurate enough for medical assertions to be made. However, Fitbit remains determined to break into the healthcare market and partnered with Google earlier this year to improve the ability of its devices to share data with medical professionals. The fitness wearable company has adopted Google Cloud for Healthcare application programming interfaces (APIs) in a bid to make data sharing more secure.

The more medically trusted smart watches include the FDA-approved Empatica smartwatch, called Embrace, which is designed to monitor seizures. The AI-powered device uses advanced machine learning to check for grand mal or generalised tonic-clonic seizures and can send instant alerts to caregivers.

These types of wearable scanners are so new that further research and development is needed before their future and relevance in the healthcare industry can be fully determined.

The global wearable medical device market is expected to reach a market value of USD 27,255.6 million by 2023 from USD 7,859.4 million in 2017 at a CAGR of 23.0% during the forecast period of 2018 to 2023.

In 2017, the Americas held the largest share of the market at 33.3%, followed by Europe and Asia-Pacific with shares of 27.2% and 24.4 %, respectively.

Market Segmentation

The global wearable medical device market has been segmented based on type, device type, application, distribution channel, and region.

By type, the global wearable medical device market has been classified as activity monitors, smart watches, smart clothing, and patches.
Based on device type, the global wearable medical device market has been categorized as diagnostic and monitoring devices and therapeutic devices. The diagnostic and monitoring devices segment has been further sub-segmented into vital sign monitoring devices, glucose monitoring devices, neuromonitoring devices, sleep monitoring devices, and fetal monitoring and obstetric devices. The therapeutic devices segment has been divided into pain management devices, rehabilitation devices, respiratory therapy devices, and insulin pumps.

The various application segments of the global wearable medical device market are sports academics and fitness, remote patient monitoring, and home healthcare.
By distribution channel, the global wearable medical device market has been segmented into hospitals and clinics, diagnostic centers, and ambulatory surgical centers.

Key Players: The key players in the global wearable medical device market are

Apple Inc. (US)
Fitbit Inc. (US)
Honeywell International Inc. (US)
Koninklijke Philips NV (Netherlands)
LG Electronics Inc. (South Korea)
NIKE Inc. (US)
Motorola Solutions Inc. (US)
Qualcomm Inc. (US)
Sony Corporation (Japan)
Omron Corporation (Japan)
Boston Scientific Corporation (US)
and Medtronic PLC (Ireland)

The Objective of the Study

• To provide a detailed analysis of the market structure along with a forecast of various segments and sub-segments of the global wearable medical device market.
• To provide insights into factors influencing and affecting market growth.
• To provide historical and forecast revenue of market segments and sub-segments with respect to countries.
• To provide strategic profiling of key players in the market and comprehensively analyzing their market shares and core competencies, and drawing a competitive landscape for the market.
• To provide economic factors that influence the global wearable medical device market.
• To provide a detailed analysis of the value chain and supply chain of the global wearable medical device market.

Key Findings

• The global wearable medical device market is expected to reach USD 27,255.6 million by 2023 at a CAGR of 23.0 % from 2018 to 2023.
• On the basis of type, the activity monitors segment accounted for the largest market share at a CAGR of 22.4 % in 2017.
• The market in the Americas is expected to register a CAGR of 22.2% from 2018 to 2023.
• Asia-Pacific is expected to be the fastest-growing market registering a CAGR of 23.7% from 2018 to 2023.

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