Wearable Medical Devices Market by Product and Application - Global Industry Analysis and Forecast to 2025

Report Code : HC06139

Rising need for effectively managing chronic disorders, growing number of lifestyle related disorders, introduction of advanced devices for health management, increased focus towards healthy lifestyle and fitness are set to drive the demand for wearable medical devices. Moreover, growing awareness about early disease diagnosis and treatment coupled with rise in need for improving standard of living and quality of life will further stimulate the market growth. However, security issues related to data and high cost of these devices will restrain the market growth. Conversely, inclination towards home healthcare and remote patient monitoring will bring in new growth opportunities for the wearable device manufacturers.

Growing prevalence of diabetes is one of the major factors driving the growth of the market. People suffering from diabetes need to monitor and maintain their key parameters including food intake, body weight, physical activity, and glucose level on a daily basis, thus stimulating the demand for wearable medical devices. For instance, as per International Diabetes Federation (IDF), in 2015, diabetes affected 415 million people worldwide and this number is expected to reach up to 642 million by 2040. Moreover, it was found that 1 in 11 adults suffer from diabetes. Thus, the rising prevalence of diabetes will boost the market growth for wearable medical devices in near future.

Moreover, increased focus of key players on developing innovative wearable devices to meet the unmet medical needs will further propel the market growth. For instance, in August 2016, Philips introduced wearable health monitoring devices (including blood pressure monitor, thermometer, a health watch, connected scale). It also launched its HealthSuite Health app. These devices enabled the patients to measure and monitor the risk of chronic diseases. Moreover, in December 2016, Medtronic and Fitbit entered into a partnership for integrating health & activity data into continuous glucose monitoring (CGM) solutions for patients with type II diabetes. Such product developments helped these companies to strengthen their product portfolio to sustain their position in the market.

Some of the key players operating in the global wearable medical devices market are Garmin, Zephyr Technology Corporation, Fitbit Inc., Jawbone, Philips, Omron Corporation, LifeWatch, Vital Connect and Withings SA. These companies are highly focused on developing advanced wearable medical devices with attractive features (such as Bluetooth and smart phone connectivity).

Wearable Devices Market Segmentation:

By Product:

  • Therapeutic Devices
  • Respiratory Therapy Devices
  • Positive Airway Pressure (PAP) Devices
  • Portable Oxygen Concentrators
  • Ventilators
  • Rehabilitation Devices
  • Ultrasound Platform
  • Sensing Devices
  • Accelerometers
  • Insulin/Glucose Monitoring Devices
  • Insulin Pumps
  • Others
  • Pain Management Devices
  • Neurostimulation Devices
  • Others
  • Diagnostic Devices
  • Vital Sign Monitoring Devices
  • Blood Pressure Monitors
  • Spirometers
  • Activity Monitors
  • Heart Rate Monitors
  • Electrocardiographs
  • Pulse Oximeters
  • Spirometers
  • Sleep Monitoring Devices
  • Wrist Actigraphs
  • Polysomnographs
  • Sleep Trackers
  • Electrocardiographs Fetal and Obstetric Devices
  • Neuromonitoring Devices

By Application:

  • Remote Patient Monitoring
  • Home Healthcare
  • Sports and Fitness

By Region:

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • Japan
  • China
  • Australia
  • India
  • South Korea
  • Rest of Asia Pacific
  • Rest of The World
  • Brazil
  • South Africa
  • Saudi Arabia
  • United Arab Emirates
  • Others

Research Methodology

We use both primary as well as secondary research for our market surveys, estimates and for developing forecast. Our research process commence by analyzing the problem which enable us to design the scope for our research study. Our research process is uniquely designed with enough flexibility to adjust according to changing nature of products and markets, while retaining core element to ensure reliability and accuracy in research findings. We understand both macro and micro-economic factors to evaluate and forecast different market segments.

Data Mining

Data is extensively collected through various secondary sources such as annual reports, investor presentations, SEC filings, and other corporate publications. We also refer trade magazines, technical journals, paid databases such as Factiva and Bloomberg, industry trade journals, scientific journals, and social media data to understand market dynamics and industry trends. Further, we also conduct primary research to understand market drivers, restraints, opportunities, challenges, and competitive scenario to build our analysis.

Data Collection Matrix

Data Collection Matrix

Supply Side

Demand Side

Primary Data Sources

  • Manufacturers
  • Distributors & Wholesalers
  • GPOs
  • Physicians/Specialist
  • Healthcare Providers
  • Consumers

Secondary Data Sources

  • Annual Reports/SEC Filings/ Investor Presentations/ Press Releases
  • Government/Associations Publications
  • Case Studies
  • Reference Customers

 

Market Modeling and Forecasting

We use epidemiology and capital equipment-based models to forecast market size of different segments at country and regional level.

  • Epidemiology-based Forecasting Model: This method uses epidemiology data gathered through various publications and from physicians to estimate population of patients, flow of treatment of individual disease and therapies. The data collected through this method includes statics on incidence of disease, population suffering from disease, and treatment population. This method is used to understand:
  • Number of patients for particular device or medical procedure and
  • Repeated use of particular device depending on health and condition of patient
  • Capital-based Forecasting Model: This method of forecasting is based on number of replacements, installed-based and new sales of capital equipment used in various healthcare and diagnostic centers. These three parameters are calculated and forecast is developed. Installation base is calculated as average number of units per facility; while sales for particular year is calculated from number of new and replace units. Secondary data is collected through various supply chain intermediaries and opinion leaders to arrive at installation and sales rate. These techniques help our analysts in validating market and developed market estimates and forecast.

We do forecast on basis of several parameters such as market drivers, market opportunities, industry trends government regulations, raw materials supply and trade dynamics to ensure relevance of forecast with market scenario. With increasing need to granulized information, we used bottom-up methodology for forecasting where we evaluate each regional segment differently and combined all forecast to develop final market forecast.

Data Validation

We believe primary research is a very important tool in analyzing and forecasting different markets. In order to make sure accuracy of our findings, our team conducts primary interviews at every stage of research to gain deep insights into current business environment and future trends and key developments in market. This includes use of various methods such as telephonic interviews, focus groups, face to face interviews and questionnaires to validate our research from all aspects. We validate our data through primary research from key industry leaders such as CEO, product managers, marketing managers, suppliers, distributors, and consumers are frequently interviewed. These interviews provide valuable insights which help us to have better market understanding besides validating our estimates and forecast.

Data Triangulation

Industry Analysis

Qualitative Data

Quantitative Data (2017-2025)

  • Market Dynamics (Drivers, Restraints, and Challenges)
  • Industry Trend Analysis
  • Market Opportunities
  • Government Policies and Regulations, Patent Analysis, and Reimbursement Policies
  • Porter’s Five Forces and PESTLE Analysis
  • Key Developments and Competitive Landscape
  • Market Assessment and Forecast
  • Market Assessment and Forecast, By Product
  • Market Assessment and Forecast, By Technology
  • Market Assessment and Forecast, By Application
  • Market Assessment and Forecast, By End User
  • Market Assessment and Forecast, By Region/Country

Licesnces Type

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