Tech advances in wearable devices and the rising consumer demand for health and fitness solutions are positively influencing manufacturers in the healthcare industry to develop smart devices such as biosensors, insulin pumps and more. According to Future Market Insights (FMI), the demand for wearable medical devices will rise owing to the growing global incidences of chronic ailments. The market is anticipated to reflect a promising rate of growth with approximately 7% CAGR through the end of the forecast period in 2031.
Efforts by governments and private health organizations to spread health awareness has resulted in increased focus towards solutions for early diagnostics for underlying conditions. Consequently, advances in wearables allows for real time data collection and analysis. This trend will aid in the expansion of product portfolios, while consolidating market position.
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Health and fitness applications are projected to display a relatively high rate of growth. Increasing expenditure by adults on leisure and sports activities are bolstering the demand for product such as the Fitbit. Advances in GPS tracking and Internet of Things will prove beneficial to market players.
The covid-19 pandemic has brought increased focus on healthcare, and market players are leveraging the crisis to promote their products to aid in analyzing potential patients. In addition, the growing importance of clinical mobility through smart watch devices is expected to gain traction with improvements to biosensor products.
On the other hand, market players will face challenges in the near future, affecting market expansion. High costs of purchasing wearable medical devices limits adoption rates. In addition, concerns over data security remains a challenge for manufacturers that will affect long term growth.
Key Takeaways from Wearable Medical Devices Market Study
- The global demand for wearable medical devices is expected to rise strongly, enabling the market to exhibit a CAGR of nearly 7% in the forecast period from 2021 to 2031.
- Therapeutic wearables will account for more than 50% of the market share owing to rising incidences of diabetes and respiratory disorders.
- Backed by rapidly increasing expenditure on the healthcare sector, the United States will account for major global market share.
- Increasingly favorable setups for reimbursement policies will play a key role in the growth of the U.K. market for wearables through 2021 and beyond.
- Germany will reflect high growth potential on the back of improvements to healthcare infrastructure, fueling demand for wearable medical devices.
- In the Asia Pacific excluding Japan region South Korea and China will emerge as lucrative markets supported by a large potential patient base.
“Growing consumer focus on fitness is a key driving factor for growth in the wearable medical devices market. A number of medical wearables along with developments in software aim to improve the management of monitoring fitness and weight. Some of the more popular products include wristbands that are connected to cell phones displaying real-time tracking activity. With advances in data analytics, the field is projected to display positive prospects for the foreseeable future,” said an FMI analyst.
Who is Winning?
The global wearable medical devices market is moderately consolidated, with leading tech companies holding significant market share. Market leaders are increasingly focused on the development and launch of new products in addition to strategic collaborations and acquisitions with healthcare companies to enable superior knowledge and technology sharing to build their presence in the market.
Some of the more prominent players in the global wearable medical devices market include but are not limited to Medtronic plc, Siemens AG, Fitbit Inc., Bayer AG, Panasonic Corporation, Animas Corporation- Johnson and Johnson, Smiths Medical – A Smiths Group Company, Koninklijke Philips N.V., Owlet Baby Care, OMRON Corporation, Hoffmann-La Roche Ltd and Rest Devices Inc.
Valuable Insights into Wearable Medical Devices Market
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global wearable medical devices market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the wearable medical devices market on basis of product in detail cover every aspect of the market such as (wearable monitoring and diagnostic devices, fetal and obstetric devices, continuous glucose monitoring devices, cardiac monitoring devices, wearable therapeutic medical devices, hearing aid, insulin pump, respiratory therapy devices, and health & fitness devices), application (patient monitoring, home healthcare, and health & fitness) and distribution channels (hospital pharmacies, clinics, online channels, and hypermarkets) across seven major regions.
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