Wearable Medical Devices Market is Expanding at a CAGR of 18.0% by 2023

The top five players in the wearable medical devices market accounted for a combined market share of 47.0% in 2014, which leads to some degree of consolidation in an otherwise fragmented market. Some of the leading companies are Polar Electro, Fitbit, Inc., OMRON Corporation, and Medtronic, with OMRON Corporation holding a significant revenue share of almost 11.0% in the same year. The global electronics company increasingly focuses on home healthcare devices, usually portable medical devices such as pedometers and blood pressure monitors to strengthen its shares. Another major player Fitbit, Inc., pioneers in offering wearable technology devices for tracking fitness to gain a competitive edge over others.

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The presence of large number of regional players makes the wearable medical devices market intensely competitive. Several smaller players in the market strive to develop innovative products to get a strong foothold in the market, while large players are boosting their distribution chains to consolidate their markets shares across regions. The global wearable medical devices market was valued at US$2.7 bn in 2014 and the opportunities in the market is expected to reach about US$10 bn by 2023. The market is projected to rise at a robust CAGR of 18.0% from 2015 to 2023.

Increased Reliability and Portability Bolster Uptake of Wearable Electrocardiographs

Geographically, the global wearable medical devices market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Of these, North America is the major regional market and is expected to reach a valuation of US$4.5 bn by the end of the forecast period. The substantial growth of this regional market is driven by the presence of large number of mid-sized and large companies, rapid emergence of new players, and early adopters.

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Based on diagnostic device, the wearable medical devices is segmented into neuromonitoring devices, vital signs monitors, and fetal monitors and obstetrics devices. The neuromonitoring devices is further sub-segmented into electroencephalograph and electromyography. The major sub-segments of vital signs monitors are heart rate monitor, sleep monitor, activity monitor, and electrocardiograph. The electrocardiograph segment is projected to grow at a significant CAGR of 17.8% during the forecast period, primarily attributed to growing prevalence of cardiovascular diseases.

Real-Time Monitoring of Health Conditions Boost Demand

The global wearable medical devices is primarily driven by the rapidly growing demand for these devices for health monitoring and in the diagnosis of various diseases. Constant product innovations is a key factor boosting the market. The burgeoning demand of portable and high-end devices to monitor fitness among athletes and tech-savvy people is expected to fuel the wearable medical devices market. The growing prevalence world over and the increasing incidence of chronic diseases among geriatric population are anticipated to catalyze the market in the coming years. The need for real-time monitoring of medical conditions of outpatients suffering from chronic medical conditions is another crucial factor spurring the demand for wearable medical devices. In addition, the advent of cost-effective wearable medical devices that provide basic functionalities such as monitoring glucose levels and blood pressure among ailing people is expected to boost the market through the forecast period.

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The use of wearable medical devices for real-time monitoring of health conditions by clinicians is another seminal factor bolstering the uptake of these devices. However, the vulnerabilities associated with hacks of wearable devices is a key concern likely to hinder the adoption to an extent. Be that as it may, several governmental regulations, such as the EU regulations, ensuring the safety and performance of medical wearable is expected to bode well for the market in the coming years. In addition, major collaborations between technology companies and medical device manufacturers are expected to create exciting opportunities for market players.

Major Trends in the Wearable Medical Devices Industry

The rising demand for remote monitoring, especially for chronically ill patients has pushed the growth of the global wearable medical devices market. Technological advancements and increasing awareness about the importance of monitoring the vital body statistics have further augmented the market’s growth. The global wearable medical devices market is estimated to expand at a CAGR of 16.4% during the period between 2013 and 2019. The overall market was worth US$2.0 bn in 2012 and is projected to reach a valuation of US$5.80 bn by 2019.

High Cost of Wearable Medical Devices to Restrain Growth of Global Wearable Medical Devices Market

The growing prevalence of diabetes has fuelled the need to monitor blood glucose level as well as other vital signs among patients. This has boosted the demand for wearable medical devices. The ease of use and interpretation of wearable medical devices, increasing per capita income, and the rise in adoption of wearable medical devices are some of the key factors propelling the growth of the global wearable medical devices market. However, the high cost of these devices will restrain the growth of the market, especially across the emerging economies. The overall market has a huge opportunity to grow with the increasing diabetic population in Asia Pacific.

Demand for Activity Monitors to Surge in Coming Years

On the basis of product type, the global wearable medical devices market has been broadly divided into wearable diagnostic medical devices and wearable therapeutic medical devices. Wearable diagnostic medical devices have been further categorized into fetal and obstetric devices, vital signs monitor, and neuromonitoring devices. The wearable therapeutic medical devices segment has been further divided into glucose/insulin monitoring, pain management, and respiratory therapy devices. In 2012, heart rate monitors dominated the overall wearable medical devices market. Heart rate monitors were the first wearable medical devices to be made available commercially. In the near future, the demand for activity monitors is expected to surge significantly.

On the basis of application, the global wearable medical devices market is segmented into remote patient monitoring, sports and fitness, and home healthcare. While the demand from the home healthcare application segment is rising due to the growing number of chronically ill patients, the overall market is expected to be propelled by the increasing usage of wearable medical devices in sports and fitness.

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Growing Demand from Asia Pacific to Drive Global Wearable Medical Devices Market

The global wearable medical devices market can be segmented into four key regions: Europe, North America, Asia Pacific, and Rest of the World. In 2012, North America dominated the overall market with 44% share. The region’s dominance in the market can be attributed to the growing demand for wearable heart rate monitors, coupled with rapid technological advancements. However, in the coming years, Asia Pacific is anticipated to register the fastest growth in the market owing to the growing demand for wearable medical devices across emerging economies such as India and China. The region is projected to expand at a CAGR of over 18% during the period between 2013 and 2019. However, the market is yet to tap the full potential of research and development activities across the region.

Key Players in Global Wearable Medical Devices Market

Some of the key players in the global wearable medical devices market are Corventis Inc., Basis Science Inc., Everist Genomics Inc., Draeger, Intelesens Ltd., Fitbit Inc., Nuubo, LifeWatch AG, Philips Electronics, Omron Corporation, Sotera Wireless, Polar Electro, Zephyr Technology Corporation, and Withings.