Healthcare Pharmaceuticals

Global Wearable Medical Device Market Valuable Growth Prospects, Top Players, Key Country Analysis, Trends and Forecast till 2023

Press Release

Wearable medical devices are autonomous, non-invasive devices that perform a specific medical function such as monitoring or support over a prolonged period of time. These devices are used in the treatment of various chronic illnesses such as asthma, diabetes, and heart disease. The main function of these devices is to collect information about the patient’s health condition. The growth of the global wearable medical device market can be attributed to technological advancements, an increasing number of smartphone-based healthcare apps compatible with wearable devices, and rising awareness about physical fitness.

The global wearable medical device market is expected to reach a market value of USD 27,255.6 million by 2023 from USD 7,859.4 million in 2017 at a CAGR of 23.0% during the forecast period of 2018 to 2023.

In 2017, the Americas held the largest share of the market at 33.3%, followed by Europe and Asia-Pacific with shares of 27.2% and 24.4 %, respectively.

The global wearable medical device market has been segmented based on type, device type, application, distribution channel, and region.

By type, the global wearable medical device market has been classified as activity monitors, smart watches, smart clothing, and patches.

Based on device type, the global wearable medical device market has been categorized as diagnostic and monitoring devices and therapeutic devices. The diagnostic and monitoring devices segment has been further sub-segmented into vital sign monitoring devices, glucose monitoring devices, neuromonitoring devices, sleep monitoring devices, and fetal monitoring and obstetric devices. The therapeutic devices segment has been divided into pain management devices, rehabilitation devices, respiratory therapy devices, and insulin pumps.

The various application segments of the global wearable medical device market are sports academics and fitness, remote patient monitoring, and home healthcare.

By distribution channel, the global wearable medical device market has been segmented into hospitals and clinics, diagnostic centers, and ambulatory surgical centers.

Key Players

The key players in the global wearable medical device market are Apple Inc. (US), Fitbit Inc. (US), Honeywell International Inc. (US), Koninklijke Philips NV (Netherlands), LG Electronics Inc. (South Korea), NIKE Inc. (US), Motorola Solutions Inc. (US), Qualcomm Inc. (US), Sony Corporation (Japan), Omron Corporation (Japan), Boston Scientific Corporation (US), and Medtronic PLC (Ireland).

Objectives of the Study

  • To provide a detailed analysis of the market structure along with a forecast of various segments and sub-segments of the global wearable medical device market
  • To provide insights into factors influencing and affecting market growth
  • To provide historical and forecast revenue of market segments and sub-segments with respect to countries
  • To provide strategic profiling of key players in the market and comprehensively analyzing their market shares and core competencies, and drawing a competitive landscape for the market
  • To provide economic factors that influence the global wearable medical device market
  • To provide a detailed analysis of the value chain and supply chain of the global wearable medical device market

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Table of Contents:

1            Report Prologue

2            Executive Summary

3            Market Introduction

3.1         Scope of the Study

3.2         Research Objective

3.3         List of Assumptions

3.4         Market Structure

4            Research Methodology

4.1         Research Process

4.2         Primary Research

4.3         Secondary Research

4.4         Market Size Estimation

4.5         Forecast Model

5            Market Dynamics

5.1         Introduction

5.2         Drivers

5.2.1     The proliferation of smartphones and wearable medical devices into healthcare

5.2.2     Connected healthcare applications have increased the involvement of the patient population

5.2.3     Cost-effectiveness and patients’ convenience will drive the wearable medical devices market

5.2.4     A continuous increase in lifestyle disease has led to the development of personalized healthcare solutions

5.3         Restraints

5.3.1     Increasing privacy and cybercrimes restrain the growth of the wearable medical devices market

5.3.2     Lack of awareness about the possible applications of connected healthcare

5.3.3     Reluctance to share information regarding the health has limited the growth of the market

5.4         Opportunities

5.4.1     Growing partnerships between the companies have become the entrance gateway for new firms

5.4.2     Introduction of connected healthcare in developing economies will boost the growth of the

connected healthcare    33

6            Market Factor Analysis

6.1         Porter’s Five Forces Model

6.1.1     Threat of New Entrants

6.1.2     Bargaining Power of Suppliers

6.1.3     Bargaining Power of Buyers

6.1.4     Threat of Substitutes

6.1.5     Intensity of Rivalry

6.2         Value Chain Analysis

6.2.1     Device Manufacturers

6.2.2     App Developers

6.2.3     Network Providers/Mobile Operators

6.2.4     Healthcare Providers and Pharmaceuticals

6.2.5     Patients

7            Global Wearable Medical Device Market, by Type

7.1         Overview

7.1.1     Activity Monitors

7.1.2     Smart Watches

7.1.3     Smart Clothing

7.1.4     Patches

8            Global Wearable Medical Devices Market, By Device Type

8.1         Overview

8.1.1     Diagnostic & Monitoring Devices  Vital Sign Monitoring Devices  Glucose Monitoring Devices


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