A wearable medical device is biosensor laden wearable such as band, watch, smart clothing, footwear or jewellery. The embedded biosensor monitors the physiological data as a part of any wearable item that is attached to the body. These devices analyse several parameters such as heart rate, blood pressure, electrocardiogram (EEG). The wireless data transmission, real time feedback, alerting mechanism are some of the common features that are incorporated inside a wearable medical device. Several factors such as rising geriatric population, increasing prevalence of chronic diseases and healthcare spending along with escalation in the penetration of smart phones and internet is driving the market. According to World Health Organisation (WHO), the number of people aged 65 and above is projected to grow from 524 million in 2010 to nearly 1.5 billion in 2050 with the maximum increase in developing countries. The major restraints that are affecting the market of wearable medical devices includes data security issues and lack of reimbursement of pricy wearables. However, emergence of Artificial Intelligence (AI) in this technology and rising preference of home healthcare will act as an opportunity for the growth of market.
Advent of this technology can be observed in every vertical of wearables. The market is projected to grow from US$ 7,774.8 Million in 2018 to US$ 25,101.5 Million in 2025 with a high CAGR of 18.29%. Wearable include can be a wrist bands, clothing, footwear, eye wear, patches among others, which are deployed for the monitoring of vital signs and therapeutic purpose. These devices can be used for both monitoring and diagnostic as well as therapeutic purpose. Other type of devices includes administration, wellness, support and prevention. These devices have a huge application in sports and fitness, remote patient monitoring and home healthcare. Home healthcare is expected to drive the market most during the analyzed period. The distribution channel of this technology includes online channels, hypermarkets and pharmacies.
North America is projected to dominate the wearable medical device market with a market value of US$ 9,568.1 Million (2025) followed by Europe which is projected to constitute a market share of 28.9% in 2025. APAC is projected to show the highest growth during the forecast period. Fitbit, Inc., Apple, Inc., Xiaomi Technology Co., Ltd, Garmin International, Huawei Technologies Co. Ltd, Philips Healthcare, Samsung Electronics Co., Ltd., Polar electro OY, Gentag Inc., Omron corporation are some of the prominent players of this industry. These players tend to expand their geographical reach by the commencement of several M&As along with partnerships. Moreover, the startup funding has raised enormously in past few years.
Global wearable medical device market stood at US$ 7,774.8 million in 2018. The sector is expected to grow at a CAGR of 18.29% during the forecast period 2019-2025 to reach a market valuation of US$ 25,101.5 million by 2025. North America dominated the Global wearable medical device market in 2018, generating revenue of US$ 3,182.4 million. However, the APAC is expected to witness the highest CAGR growth of 20.31% during the analyzed period.