Wearable Medical Devices Market Size By Device (Activity/Fitness Monitors, Blood Glucose Monitors, Cardiac Monitors, Neurological Monitors, Respiratory Monitors, Body & Temperature Monitors, Hearing Aids), By Application (Cardiac Health, Obesity Control, Diabetes Care, Fitness Monitoring, Sleep Tracking), By End-Use (Home Healthcare, Remote Patient Monitoring, Fitness and Sports), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Russia, Poland, China, India, Japan, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025Global Wearable Medical Devices Market will reach over USD 87.5 billion by 2025; as per a new research report.
Growing awareness about physical fitness will create demand for fitness monitoring and tracking devices that will drive wearable medical devices market growth over the forecast timeframe. Increasing disposable income of population resulted in rising adoption rate thereby positively impacting the growth of wearable devices market.
Companies operating in sports medicine business have adopted extensive advertisement policies and campaigns to raise awareness about their products as well as broaden their customer base. Increasing research and development expenditure will lead to advancements in products escalating sales of sports medicine products. However, data security issues affecting the preference of customers might hamper industry expansion to certain extent over the forecast timeframe.
Body and temperature monitors market is projected to witness over 40% CAGR during the forecast period. Advantage of wearable technology in real-time non-invasive monitoring of temperature will drive body and temperature monitors market. Furthermore, incorporated thermal sensors monitoring body temperature through wrist skin will stimulate the segmental growth during the analysis period.
Based on application, the wearable medical devices industry is segmented into fitness monitoring, cardiac health, diabetes care, obesity control, and sleep tracking devices. Diabetes care market accounted for USD 1.8 billion in 2018 and is anticipated to grow significantly over the coming years owing to rising prevalence of diabetes among geriatric population base and technological advancements including presence of non-invasive electrochemical sensors for monitoring skin interstitial fluid and sweat that reflect blood glucose concentration.
Applications of wearable technology in home healthcare is projected to witness fastest growth over 40% CAGR during the forecast period. Increasing demand for personalized home healthcare services and developments in wearable technology will boost home healthcare wearable medical devices market over the forecast period.
India wearable medical devices market held considerable regional share in 2018 and is projected to grow by 46.7% during the forecast timeframe due to high rate of adoption of new technology, technological advancements in healthcare wearables and extensive advertisement by firms in the country. Growing incidence of chronic diseases and rising awareness about physical fitness will further drive India wearable medical devices market.
Few notable companies operating in global wearable medical devices market are Sotera Wireless, Koninklijke Phillips N.V., Fitbit, and Omron Corporation among others. Industry players are focusing on various strategies for expansion and development of business such as advertisements, campaigns and others to promote their wearable medical devices as well as broaden customer base over the coming years.
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