Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global wearable medical devices market. In addition, complete analysis of changes on the global wearable medical devices market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
The global wearable medical devices market has gained sustainable growth owing to increasing penetration of smartphones and growing number of smartphone-based healthcare applications compatible with wearable devices. Furthermore, the overall market is also being propelled by the swiftly increasing demand generated from emerging countries. Improving medical infrastructure and growing expenditure on healthcare are some of the major factors responsible for this growth. The market is further boosted by technological advancements in wearable medical devices by various vendors across the globe. Some of the prominent trends witnessed by the market includes growing awareness and preference for home healthcare in wearable medical devices.
The market is anticipated to have rising new growth opportunity with growing advancement in 5G, artificial intelligence which can be used to determine the diagnoses potential and treatment for specific patient. Also, AI helps in wearable medical devices helps the healthcare system to predict the patient which are likely to have postoperative complications allowing the healthcare systems to provide early interventions. Thereby, emerging advanced tools and technologies in wearable medical device is expected to provide ample of new growth opportunities in the market over the forecast period (2022-2028).
The market Covid-19 pandemic significantly forced shutdown of production and manufacturing activities which has certainly affected the manufacturing, production, sales and distribution of market products thereby declining the market growth during the pandemic. Also, the global wearable medical devices market is hampered by high cost of wearable devices and unavailability of reimbursement policies. Moreover, data security issues are also creating an aversion among consumers regarding certain wearable devices.
The major growth challenge for the market is challenges faced by clinical device manufacturer in the US and Europe. Furthermore, patient protection of wearable healthcare devices, limited battery life, and device design complexity is anticipated to provide a market growth challenges. Furthermore, the data security and privacy issues, non-availability of reimbursement has been one growth challenges for the market.
The report provides in-depth analysis of global wearable medical devices market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various wearable medical devices market in various applications has led the increasing demand for market and is expected to witness the growth at specific CAGR from 2021-2028.
The global wearable medical devices market comprises of different market segment like type, device type, application, distribution channel and geography.
Based on type, the global wearable medical devices market is segmented into smart clothing, patches, activity monitors and smartwatches. Among all types, the activity monitors segment accounted for the largest share of the wearable medical devices market. The growth of this segment is mainly attributed to high occurrence of lifestyle illnesses and growing adoption of sedentary and unhealthy lifestyles.
Based on device type, this market is segmented into diagnostic & monitoring devices and therapeutic devices. The diagnostic & monitoring devices is further segmented into sleep monitoring devices, fetal monitoring & obstetric devices, neuromonitoring devices, vital sign monitoring devices and glucose monitoring devices. Moreover, the therapeutic devices are sub-divided into pain management devices, rehabilitation devices, respiratory therapy devices and insulin pumps. The diagnostic device segment is expected to ample of new growth opportunities over the forecast period. Adding to that neuromonitoring devices segment was largest in 2021 attributing to prevalence of neurological disorder which has led the demand for segment.
Based on application, this market is categorized into sports & fitness, home healthcare and remote patient monitoring. The home healthcare segment is expected to gain majority of market share in 2021 and maintain its dominance over the forecast period. The increasing population, prevalence rates of diseases has further led the growing need for market products in home healthcare with the rise in geriatric populations. On the other hand, sports & fitness, remote patient monitoring is anticipated to have growing demand for the over the forecast period (2022-2028).
By geography, wearable medical devices market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and rest of the world. North America is estimated to account for the largest share, followed by Asia-Pacific and Europe. Factors such as growing preference for wireless connectivity among healthcare providers and research contributions are fuelling the growth in North America. This is attributed to the advanced healthcare infrastructure in this region especially in the United States. Also, Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. In addition to this, the demand for wearable medical devices is increasing in emerging markets such as China and India due to rising disposable income, improving healthcare standards and reforms in foreign policies. This high growth can be attributed to the cumulative usage of smartphones and budding number of smartphone-based healthcare apps well-suited with wearable devices. Furthermore, China is projected to grow at a lucrative growth rate over the estimate period.
The competitive landscape analysis of wearable medical devices market is majorly focused on expanding the global growth of wearable medical devices market with new product innovation, business expansion, increasing presence of range of manufacturer operating in wearable medical devices market has led the growing demand for the market. Besides, the market offers range of products in different application to fulfill the required demand of consumer which is further contributing healthy growth in the market.
Some of the market players in the global wearable medical devices include Fitbit Inc., Philips Healthcare, Garmin, LifeWatch AG, Omron Corporation, Dragerwerk, Jawbone, Polar Electro, World Global Network, Activeinsights, Vitalconnect, Xiaomi, Misfit and Monica Healthcare among others.
April 2022: PolarSeal launches advanced in-house converting capabilities for adhesive tapes and medical grade materials to co-design and manufacturing wearable medical devices in the US and deliver innovative stick to skin solutions. The polarseal ensures ashesives and product material and are skin friendly, absorbent, repositionable and sterile. Breathable or non-breathable construction ensure products and are functional and comfortable.
Wearable medical devices are intended to provide long-term assistance to patients with temporary or permanent disabilities. These devices are non-invasive and performs a specific medical function such as monitoring or support over a prolonged period. Wearable medical devices can be embedded within smart clothing and equipment or adhered onto or inserted into the skin. They are an effective way to manage, monitor, and provide feedback on patient health, as well as deliver medication and aid in the rehabilitation process. Moreover, they can detect and monitor physiological data and provide drug delivery services for patients with medical conditions. More advanced systems of wearables comprise of information processing capabilities such as speech recognition, contextual awareness enhancement, alerts, or feedback. Such devices collect, process, display, and often transmit information related to the operator’s health condition, which involves the use of non-invasive electronic, mechanical, or biochemical sensors for monitoring physiological parameters depending on the application.
The report analyses the wearable medical devices market based on type, device type, application, distribution channel and geography. Based on type, the global wearable medical devices market is segmented into smart clothing, patches, activity monitors and smartwatches. Among all types, the activity monitors segment accounted for the largest share of the wearable medical devices market. The growth of this segment is mainly attributed to high occurrence of lifestyle illnesses and growing adoption of sedentary and unhealthy lifestyles. Based on device type, this market is segmented into diagnostic & monitoring devices and therapeutic devices. The diagnostic & monitoring devices is further segmented into sleep monitoring devices, fetal monitoring & obstetric devices, neuromonitoring devices, vital sign monitoring devices and glucose monitoring devices. Moreover, the therapeutic devices are sub-divided into pain management devices, rehabilitation devices, respiratory therapy devices and insulin pumps. Based on application, this market is categorized into sports & fitness, home healthcare and remote patient monitoring. Furthermore, the market is also segmented into distribution channels which includes online channel, hypermarkets and pharmacies. By geography, wearable medical devices market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and rest of the world.
1) What are the drivers for wearable medical devices market?
Ans: The key driving factors of the market are increasing penetration of smartphones and growing number of smartphone-based healthcare applications compatible with wearable devices. Furthermore, the overall market is also being propelled by the swiftly increasing demand generated from emerging countries.
2) Which is the leading application segment for wearable medical devices market?
Ans: Home Healthcare has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
3) Which region is gaining majority of market share during the forecast period (2021-2028)?
Ans: North America is expected to gain major market share during the forecast period (2021-2028).
