Wearable Medical Devices Market Size By Device (Activity/Fitness Monitors, Diabetes Devices, Cardiac Monitors, Neurological Monitors, Respiratory Monitors, Body & Temperature Monitors, Hearing Aids), By Application (Cardiac Health, Obesity Control, Diabet

Wearable Medical Devices Market Size By Device (Activity/Fitness Monitors, Diabetes Devices, 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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027

The wearable medical devices market is expected to grow at a rapid pace by 2027 owing to growing utilization of wearable technology for fitness tracking and healthcare monitoring across the globe.

The COVID-19 pandemic has expedited health and fitness app development with the integration of advanced technologies like artificial intelligence (AI) into conventional healthcare. Wearable medical devices have gained massive significance in remote healthcare as they enable physicians to remotely monitor and manage patients’ health.

Recently, a surge in awareness regarding these devices has also been witnessed as users are taking more precautions to prevent and even detect the infection. To that end, industry players have upgraded their applications and wearables for patient monitoring, specifically for people infected with the novel coronavirus, which has propelled product demand substantially across the globe.

For instance, in March 2020, tech giant Apple updated its Cardiogram application to allow it to monitor the wearer’s response to symptoms associated with infections like COVID-19 or the flu. Apple upgraded the heart rate monitor of the app to track heart rate fluctuations in users with COVID-19.

The wearable medical devices market has been segmented based on device, application, end-use, and region. Based on device, the market has further been divided into diabetes devices, activity/fitness monitors, hearing aids, neurological monitors, cardiac monitors, body & temperature monitors, respiratory monitors, and others.

The body & temperature monitors sub-segment is expected to see profitable growth at a CAGR of around 19.4% through the assessment period. Increasing integration of temperature sensing features in wearables is expected to boost segmental adoption through 2027. Moreover, the COVID-19 outbreak has fueled the demand for temperature monitoring devices, which is anticipated to further enhance product demand over the analysis period.

In terms of application, the market has been bifurcated into obesity control, cardiac health, diabetes care, sleep tracking, fitness monitoring, and others. The obesity control sub-segment held more than 10% share of the wearable medical devices market in terms of revenue in 2020 and is speculated to garner a sizable amount of growth by 2027.

Rising prevalence of obesity has been witnessed across the globe due to changing lifestyles, and unchecked consumption of junk food. Subsequently, there has been a rising emphasis on activity and fitness tracking, which is projected to drive segmental growth over the assessment timeframe.

From the end-use perspective, the wearable medical devices market has been categorized into remote patient monitoring, home healthcare, and fitness and sports.

Home healthcare end-use is estimated to expand at a CAGR of approximately 23.3% through the forecast period driven by the rising adoption of home healthcare devices. Real-time data sharing allows users to get medical assistance without needing to visit hospitals or clinics, which is speculated to contribute to segmental growth over 2021-2027.

On the regional spectrum, the North America wearable medical devices industry is estimated to grow at a considerable pace over 2021-2027 due to the booming business landscape in leading markets across the region.

The U.S. wearable medical devices market holds an industry share of more than USD 7.5 billion in terms of revenue owing to the presence of several existing industry players and the entry of new players to the segment. Additionally, speedy regulatory approvals in the U.S. and the nation's high innovation index would also play a major role in augmenting the business scenario, thereby propelling regional market growth.