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At 26.4% CAGR, Wearable Medical Devices Market Size is Projected to Reach USD 195.57 billion by 2027

·5-min read

Key Companies in Wearable Medical Devices Market are BD , Ypsomed , Fitbit, Inc. , Apple Inc. , Sonova , NeuroMetrix, Inc. , SAMSUNG , Omron Healthcare, Inc. , AiQ Smart Clothing , Koninklijke Philips N.V. , Other Prominent Player

Pune, India, Dec. 07, 2021 (GLOBE NEWSWIRE) -- The global wearable medical devices market size is expected to showcase considerable growth by reaching USD 195.57 billion by 2027 while exhibiting an astounding CAGR of 26.4% between 2020 and 2027. This is ascribable to factors such as the increasing prevalence of chronic diseases and the growing awareness regarding fitness and wellness amongst the people that is driving the adoption of innovative wearable type of medical devices globally. Fortune Business Insights, in its latest report, titled, “Wearable Medical Devices Market Size, Share & COVID-19 Impact Analysis, By Product (Diagnostic & Patient Monitoring Wearable Medical devices, and Therapeutic Wearable Medical Devices); By Application (Remote Patient Monitoring & Home Healthcare, and Sports & Fitness); By Distribution Channel (Retail Pharmacies, Online Distribution and Hypermarkets & Others), and Regional Forecast, 2020-2027.”, observes that the market stood at USD 29.76 billion in 2019 and is likely to gain momentum in the forthcoming years.

Industry Development:

  • March 2020 - Widex unveiled WIDEX MOMENT, the world’s first natural hearing aid. The device is manufactured using Widex’s patented ZeroDelay Technology platform that benefits people with hearing disability.


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Wearable Medical Devices Market Report Overview:

Report Coverage

Details

Forecast Period

2020 to 2027

Forecast Period 2020 to 2027 CAGR

26.4%

2027 Value Projection

USD 195.57 Billion

Base Year

2019

Market Size in 2020

USD 29.76 Billion

Historical Data for

2016 to 2018

No. of Pages

133

Segments covered

Remote Patient Monitoring & Home Healthcare, and Sports & Fitness

Growth Drivers

Among all the regions, North America is expected to gain momentum and hold the highest position in the global market in the forthcoming years.

The sedentary lifestyle of people is likely to pave the way for the increasing prevalence of chronic diseases such as diabetes, heart disease, and others.

The surging demand for innovative wearable type of medical devices owing to the growing awareness regarding the importance of fitness is expected to bode well for the global wearable medical devices market growth in the forthcoming years.


Diagnostic & Patient Monitoring Segment to Hold Dominant Position

The diagnostic & patient monitoring segment, based on product, is expected to showcase substantial growth owing to the high disposable income of the young population that is propelling the sales of innovative wearable medical devices to monitor their overall health and fitness data. Technology consists of healthcare devices that the person can wear on his body such as Fitbits and smartwatches. They efficiently collect the personal health data of the consumer to track his fitness regime.


To get to know more about the short-term and long-term impact of COVID-19 on this market,

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DRIVING FACTORS

Increasing Prevalence of Chronic Diseases to Accelerate Growth

The sedentary lifestyle of people is likely to pave the way for the increasing prevalence of chronic diseases such as diabetes, heart disease, and others. According to the International Diabetes Federation, around 463 million adults aged between 20 to 79 suffer from diabetes. Additionally, by 2045, this number is expected to rise to about 700 million. The surging demand for innovative wearable type of medical devices owing to the growing awareness regarding the importance of fitness is expected to bode well for the global wearable medical devices market growth in the forthcoming years.

REGIONAL INSIGHTS

North America to Remain at Forefront; Key Players Launching Innovative Wearable Devices to Aid Growth

Among all the regions, North America is expected to gain momentum and hold the highest position in the global market in the forthcoming years. This is attributable to the presence of established manufacturers that are introducing innovative devices to cater to the growing number of fitness enthusiasts in the region.

On the other hand, Europe is expected to hold the second position in the market in the forthcoming years. This is ascribable to factors such as the increasing prevalence of chronic diseases among the elderly population that is likely to boost the adoption of innovative wearable medical devices in the region between 2020 and 2027.


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Strong Product Offering by Prominent Companies to Strengthen Their Market Positions

The global wearable medical devices market is consolidated by the presence of key players that are focusing on maintaining a stronghold by offering this innovative devices to the growing demand among fitness enthusiasts across the globe. Moreover, the adoption of organic and inorganic strategies to maintain their presence by other key players will favor the market growth.


List of Key Players in Wearable Medical Devices Market:

  • BD (New Jersey, United States)

  • Ypsomed (Burgdorf, Switzerland)

  • Fitbit, Inc. (San Francisco, United States)

  • Apple Inc. (Cupertino, United States)

  • Sonova (Stäfa, Switzerland)

  • NeuroMetrix, Inc. (Waltham, United States)

  • SAMSUNG (Suwon-si, South Korea)

  • Omron Healthcare, Inc. (Kyoto, Japan)

  • AiQ Smart Clothing (Taipei, Taiwan)

  • Koninklijke Philips N.V. (Amsterdam, Netherlands)

  • Other Prominent Player


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