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Global Wearable Medical Devices Market Size - Segmented by Product Type, Application, Device Type (Watch, Wristband, Clothing, Ear Wear), and Geography - Growth, Trends, and Forecast (2018 - 2023)

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Global Wearable Medical Devices Market Size - Segmented by Product Type, Application, Device Type (Watch, Wristband, Clothing, Ear Wear), and Geography - Growth, Trends, and Forecast (2018 - 2023)
Published: May 18, 2018 Content info: 120 Pages
Description

Wearable Medical Devices Market

A wearable medical device is used to track or monitor parameters, such as heart rate, blood glucose level, and blood pressure. The range of devices includes watches, bands, clothing, and accessories. The global wearable medical devices market is expected to register a CAGR of about 19% during 2018-2023 (the forecast period).

Increasing Technological Advancements and Innovations

Medical wearable devices can improve the lifestyles of patients as well as the general population. Currently, these devices are gaining an immense popularity, due to improved technologies that are being introduced every day by key market players. These devices can help consumers manage their health, along with taking care of healthcare costs. Over the last 2-3 years, the healthcare wearable devices market has witnessed a boost, with giant electronic companies competing with the young and crowd-funded startups. The focus is shifting from fitness trackers and apps to wearable medical devices that are designed to collect specific healthcare data.

Increasing per-capita income in developing countries and the ease-of-use and interpretation of medical devices are some of the other factors contributing to the market growth.

High Cost of Devices

Wearable medical devices that are available at present have been designed keeping in mind an elite crowd. The cost of wearable devices is one of the major challenges for the growth prospects of the market. Most manufacturers launch their products in the premium product category. For instance, the average selling price (ASP) of a smart wearable is around USD 350-380, depending on the application. The ASP of a healthcare wearable device is around USD 720-750 and for fitness and lifestyle product, it is between USD 280-350.

Additionally, unfavorable reimbursement issues and a lack of awareness are a few other factors restraining the wearable medical devices market growth.

North America to Dominate the Wearable Medical Devices Market

The global wearable medical devices market has been segmented on the basis of product type, application, device type, and geography. By geography, it is further segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Owing to the factors, like rising number of incidences of chronic diseases, the need to curb healthcare expenditure, and the growing demand for home-based and remote monitoring devices, North America is dominating the market.

Key Developments in the Wearable Medical Devices Market

February 2018: Fitbit acquired, a small Boston-based software startup called, Twine Health.

Major Players: FITBIT, XIAOMI INC., APPLE, GARMIN LTD, SAMSUNG, LIFESENSE, LIFEWATCH AG, PHILIPS ELECTRONICS, POLAR ELECTRO, and SOTERA WIRELESS among others

Reasons to Purchase Wearable Medical Devices Market Report

Market analysis for the Global Wearable Medical Devices Market, with region-specific assessments and competition analysis on the global and regional scale.

Various perspectives of the industry, with the help of Porter's five forces analysis

The treatment type that is expected to dominate the market

Region that is expected to witness the fastest growth rate during the forecast period

The latest developments, market shares, and strategies that are employed by the major market players

3-month analyst support, along with the Market Estimate sheet (in Excel)

Customize Wearable Medical Devices Market Report

This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.

Table of Contents
Product Code: 47294

Table of Contents

1. Introduction

  • 1.1 Market Definition

2. Research Methodology

3. Executive Summary

4. Key Inferences

5. Wearable Medical Devices Market Overview

  • 5.1 Current Market Scenario
  • 5.2 Porter's Five Forces Analysis
    • 5.2.1 Bargaining Power of Suppliers
    • 5.2.2 Bargaining Power of Consumers
    • 5.2.3 Threat of New Entrants
    • 5.2.4 Threat of Substitute Product and Services
    • 5.2.5 Competitive Rivalry Within the Industry

6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)

  • 6.1 Wearable Medical Devices Market Drivers
    • 6.1.1 Increasing Technological Advancements and Innovations
    • 6.1.2 Increasing per-capita Income in developing countries
    • 6.1.3 Ease-of-use and Interpretation of Medical Devices
  • 6.2 Wearable Medical Devices Market Restraints
    • 6.2.1 High Cost of Wearable Devices
    • 6.2.2 Unfavorable Reimbursement Issues
    • 6.2.3 Current Lack of Awareness in Some Regions
  • 6.3 Wearable Medical Devices Market Opportunities
  • 6.4 Wearable Medical Devices Market Key Challenges
    • 6.4.1 Lack of Data Privacy and Safety

7. Market Segmentation

  • 7.1 Wearable Medical Devices Market By Product Type
    • 7.1.1 Wearable Vital Sign Monitors
      • 7.1.1.1 Wearable Heart Rate Monitors
      • 7.1.1.2 Wearable Activity Monitors
      • 7.1.1.3 Wearable Electrocardiographs
      • 7.1.1.4 Wearable Sleep Monitors
    • 7.1.2 Wearable Fetal Monitors and Obstetric Devices
    • 7.1.3 Neuro-monitoring Devices
      • 7.1.3.1 Electroencephalographs
      • 7.1.3.2 Electromyographs
    • 7.1.4 Pain Management Wearable Medical Devices
    • 7.1.5 Glucose/Insulin Monitoring Wearable Devices
    • 7.1.6 Respiratory Therapy Wearable Devices
  • 7.2 Wearable Medical Devices Market By Application
    • 7.2.1 Sports and Fitness
    • 7.2.2 Remote Patient Monitoring
    • 7.2.3 Home Healthcare
  • 7.3 Wearable Medical Devices Market By Device Type
    • 7.3.1 Watch
    • 7.3.2 Wristband
    • 7.3.3 Clothing
    • 7.3.4 Ear Wear
    • 7.3.5 Others
  • 7.4 Wearable Medical Devices Market By Geography
    • 7.4.1 North America Wearable Medical Devices Market Size (2018-2023)
      • 7.4.1.1 United States Wearable Medical Devices Market Size (2018-2023)
      • 7.4.1.2 Canada Wearable Medical Devices Market Size (2018-2023)
      • 7.4.1.3 Mexico Wearable Medical Devices Market Size (2018-2023)
    • 7.4.2 Europe Wearable Medical Devices Market Size (2018-2023)
      • 7.4.2.1 France Wearable Medical Devices Market Size (2018-2023)
      • 7.4.2.2 United Kingdom Wearable Medical Devices Market Size (2018-2023)
      • 7.4.2.3 Germany Wearable Medical Devices Market Size (2018-2023)
      • 7.4.2.4 Italy Wearable Medical Devices Market Size (2018-2023)
      • 7.4.2.5 Spain Wearable Medical Devices Market Size (2018-2023)
      • 7.4.2.6 Rest of Europe
    • 7.4.3 Asia-Pacific Wearable Medical Devices Market Size (2018-2023)
      • 7.4.3.1 India Wearable Medical Devices Market Size (2018-2023)
      • 7.4.3.2 China Wearable Medical Devices Market Size (2018-2023)
      • 7.4.3.3 Japan Wearable Medical Devices Market Size (2018-2023)
      • 7.4.3.4 Australia Wearable Medical Devices Market Size (2018-2023)
      • 7.4.3.5 South Korea Wearable Medical Devices Market Size (2018-2023)
      • 7.4.3.6 Rest of Asia-Pacific
    • 7.4.4 Middle East & Africa Wearable Medical Devices Market Size (2018-2023)
      • 7.4.4.1 GCC Wearable Medical Devices Market Size (2018-2023)
      • 7.4.4.2 South Africa Wearable Medical Devices Market Size (2018-2023)
      • 7.4.4.3 Rest of Middle East & Africa
    • 7.4.5 South America Wearable Medical Devices Market Size (2018-2023)
      • 7.4.5.1 Brazil Wearable Medical Devices Market Size (2018-2023)
      • 7.4.5.2 Argentina Wearable Medical Devices Market Size (2018-2023)
      • 7.4.5.3 Rest of South America

8. Wearable Medical Devices Market Competitive Landscape

  • 8.1 Mergers and Acquisition Analysis
  • 8.2 Agreements, Collaborations, and Partnerships
  • 8.3 New Products Launches

9. Wearable Medical Devices Market Key Players

  • 9.1 Apple
  • 9.2 Fitbit
  • 9.3 Lifesense
  • 9.4 LifeWatch AG
  • 9.5 Philips Electronics
  • 9.6 Samsung
  • 9.7 Sotera Wireless
  • 9.8 Xiaomi Inc.
  • 9.9 Garmin

List Not Exhaustive

10. Future of the Wearable Medical Devices Market

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