Wearable Medical Devices Market Charecterstics
Wearable medical devices are small electronic products, often consisting of one or more sensors, and having computational capability. They are embedded into items that are attach to the body parts, such as head, feet, arms, wrists and waist. They can resemble a watch, eyeglasses, some clothing, contact lenses, shoes or even jewellery.
Wearable medical devices can be generally divided based on consumer or non-consumer applications. These two categories can be further segmented based on the particular sector the product targets.
Global Wearable Medical Devices Market Competitive Landscape
The global wearable medical devices market is highly dynamic and fragmented with the presence of many wearable medical technology companies. Top wearable medical device manufacturers in the market include Koninklijke Philips N.V., Omron Corporation, Zephyr Technology Corporation, Fitbit Inc. and Boston Scientific Corporation.
Wearable Medical Devices Market Size
The market for wearable medical devices is expected to reach higher than $13.5 billion by 2022, significantly growing at a double digit CAGR in the forecast period. Growth in the wearable medical devices market is due to increasing demand for smart watches, use of wearable devices for cardiovascular disease management, rising disposable incomes and growing consumer awareness among millennial population.
However, the wearable medical devices market is expected to face certain restraints from several factors such as privacy issues over sensitive patient data, increasing design constraints and pricing competition among vendors and manufacturers.
Wearable Medical Devices Market Segmentation
The global wearable medical devices market is further segmented based on applications type, product category, type of device, site of application and geography.
By Applications Type- The wearable medical devices market is segmented into consumer wearables and non-consumers wearables.
The consumer wearable segment includes general consumer, fitness and sports, fashion and apparel, home automation and remote identifcation, and gaming and recreation.
The non-consumer segment includes defence and security, enterprise and industrial and healthcare.
Among these two segments, the consumer wearable medical devices segment accounts for the larger share in the global wearable devices market.
Consumer and non-consumer wearable segments are further segregated on the basis of their application.
The consumer wearable segment is subsegmented into fitness and sport, general consumer, gaming, home automation, and fashion and apparel. The fitness and sport wearables segment accounts for the largest share in the consumer wearables medical devices market.
The non-consumer wearable segment is subsegmented into industrial and enterprise, healthcare and defence. The industrial and enterprise segment holds the largest share in the non-consumer wearables medical devices market.
By Product Category- The global wearable medical devices market is further segmented into sports/activity trackers, healthcare, smart watches, smart glasses, wearable 3D motion trackers and smart clothing.
By Type of Device - The global wearable devices market is also segmented into diagnostic devices and therapeutic devices.
The therapeutic wearable medical devices market is subsegmented into pain management devices, insulin monitoring devices, respiratory therapy devices and rehabilitation devices.
The diagnostic wearable medical devices market is subsegmented into vital sign monitors, sleep and activity monitors, fetal and obstetric monitors, neuro monitoring devices and ECG monitors.
By Application- The global wearable medical devices market is also segmented into handheld, headband, strap, shoe sensors and other wearable medical devices.
By Geography- The global health wearables market is segmented into the Americas, Asia-Pacific and Europe, Middle East and Africa. Among these regions, the American wearable medical devices market accounts for the largest share in the global wearable medical devices market.
Wearable Medical Devices Market Trends
Development in flexible electronics to benefit innovation in wearables devices, increasing healthcare awareness, and integration of advanced technologies with wearable medical devices are the major trends in the global wearable technology medical devices market.
Potential Opportunities In The Wearable Medical Devices Market
With the emergence of innovative diagnostic wearable medical devices, increasing demand for smart watches and growing online purchasing platforms, the scope and potential for the global wearable health device market is expected to significantly increase in the forecast period.