DUBLIN, July 30, 2021--(BUSINESS WIRE)--The "Global Wearable Medical Devices Market By Product Type (Activity Monitors/Trackers, Smartwatches, Patches, Smart Clothing), By Type, By Purpose, By Site, By Application, By Distribution Channel, By Business Segment, By Region, Competition Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Wearable Medical Devices Market stood at USD17.31 billion in 2020 and is expected to grow at a robust rate of 18.82%.
The Global Wearable Medical Devices Market is driven by the growing geriatric population which is susceptible to various chronic diseases such as diabetes, cardiovascular diseases, cancer, among others. This has drastically increased the patient pool requiring diagnosis, treatment and monitoring of their health conditions.
This in turn is expected to increase the demand for various wearable medical devices used for health monitoring and diagnosis thereby positively influencing the market growth over the next few years. Besides, technological advancements and adoption of AI, IoT, cloud computing, among others in medical devices and healthcare is expected to bring about innovations in wearable medical devices segment thereby propelling the market growth over the next few years.
Furthermore, advancements in telecommunication industry such as 3G, 4G and 5G services is expected to fuel the market growth. Also, growing supportive government policies for promoting digital health is expected to spur the market growth during the forecast period.
The Global Wearable Medical Devices Market is segmented based on product type, type, purpose, site, application, distribution channel, business segment, company and region. Based on product type, the market can be fragmented into activity monitors/trackers, smartwatches, patches, and smart clothing.
Among these, the activity monitors/trackers type dominated the overall market in 2020 with a share of around 54.25% on account of the growing prevalence of chronic diseases and lifestyle associated diseases. Furthermore, the growth in this market segment can also be attributed to the growing awareness among the population worldwide pertaining to maintaining health. This has led to an increasing adoption of self-monitoring of vital organs.
Additionally, activity monitors/trackers are cost effective, and easy to use, etc. Also, the presence of large number of companies manufacturing activity trackers/monitors worldwide is expected to drive the segmental growth over the next five years. Based on distribution channel, the market can be bifurcated into non-store-based and store-based.
The non-store-based segment dominated the market in 2020 with a market share of around 69.87%. This can be ascribed to the growing internet proliferation and emergence of several e-commerce platforms selling wearable medical devices online.
Regionally, the wearable medical devices market has been segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Among these regions, North America is expected to dominate the market in 2020 with 37.45% share owing to the increasing smartphones and internet proliferation.
Additionally, growing consumer demand for wearable devices with which they can monitor their health especially fitness is expected to spur the market growth significantly in the region over the forecast period.
Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions.
Major players operating in the Global Wearable Medical Devices Market include Apple, Inc., Abbott Laboratories, Inc., Dexcom Inc., Fitbit Inc., LG Electronics Inc. and others.
For instance, in 2020, Fitbit Inc., launched an activity tracker, Fitbit Charge 4. Fitbit charge 4 makes every minute count and helps the users reach their goals with deeper understanding of their body and activity. It has an inbuilt GPS system with up to 7-days battery life. The device provides workout intensity map, sleep quality analysis, and personalized heart rate zones, among others.
Company Profiles: Detailed analysis of the major companies present in the Global Wearable Medical Devices Market.
Abbott Laboratories, Inc.
LG Electronics Inc.
IRhythm Technologies inc.
Boston Scientific Corporation
Koninklijke Philips N.V.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Global Wearable Medical Devices Market, By Product Type:
Global Wearable Medical Devices Market, By Type:
Global Wearable Medical Devices Market, By Purpose:
Blood Oxygen Saturation
Global Wearable Medical Devices Market, By Site:
Global Wearable Medical Devices Market, By Application:
General Health & Fitness
Remote Patient Monitoring
Global Wearable Medical Devices Market, By Distribution Channel:
Global Wearable Medical Devices Market, By Business Segment:
Global Wearable Medical Devices Market, By Region:
Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/noql7o
View source version on businesswire.com: https://www.businesswire.com/news/home/20210730005290/en/
Laura Wood, Senior Press Manager
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