With Astonishing 26.4% CAGR, Wearable Medical Devices Market Size [2021-2028] Worth USD 195.57 Billion

Wednesday, December 15, 2021 at 9:38am UTC

Pune, India, Dec. 15, 2021 (GLOBE NEWSWIRE) -- The global wearable medical devices market size is expected to showcase considerable growth by reaching USD 195.57 billion by 2027 while exhibiting an astounding CAGR of 26.4% between 2020 and 2027. This is ascribable to factors such as the increasing prevalence of chronic diseases and the growing awareness regarding fitness and wellness amongst the people that is driving the adoption of innovative wearable type of medical devices globally.

Fortune Business Insights, in its latest report, titled, “Wearable Medical Devices Market Size, Share & COVID-19 Impact Analysis, By Product (Diagnostic & Patient Monitoring Wearable Medical devices, and Therapeutic Wearable Medical Devices); By Application (Remote Patient Monitoring & Home Healthcare, and Sports & Fitness); By Distribution Channel (Retail Pharmacies, Online Distribution and Hypermarkets & Others), and Regional Forecast, 2020-2027.”, observes that the market stood at USD 29.76 billion in 2019 and is likely to gain momentum in the forthcoming years.

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Report Scope & Segmentation

Report CoverageDetails
Forecast Period2020 to 2027
Forecast Period 2021 to 2028 CAGR26.4%
2028 Value ProjectionUSD 195.57 Billion
Base Year2019
Market Size in 2020USD 29.76 Billion
Historical Data for2016 to 2018
No. of Pages133
Segments coveredProduct Types, Application, end-Users and Geography
Growth DriversRising Awareness Among General Population Regarding Health & Fitness Regime to Favor Market Growth
Increasing Prevalence of Chronic Diseases to Drive Market Growth
High Cost of Maintenance of Wearable Medical Devices to Limit its Adoption

COVID-19 Impact: Surge in Sales of Wearables Owing to Increasing Awareness Regarding Fitness

The COVID-19 pandemic has led the people to look after their health regime more than before. The growing consumption of healthy diet and the increasing focus on maintaining proper sleep patterns is driving the sales of advanced wearable type of medical devices among people across the globe. This is likely to favor the market growth amid the widespread effects of the novel coronavirus. Additionally, the convenience of online shopping platforms has further led to the positive sales of the wearable devices globally.

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Increasing Prevalence of Chronic Diseases to Accelerate Growth

The sedentary lifestyle of people is likely to pave the way for the increasing prevalence of chronic diseases such as diabetes, heart disease, and others. According to the International Diabetes Federation, around 463 million adults aged between 20 to 79 suffer from diabetes. Additionally, by 2045, this number is expected to rise to about 700 million. The surging demand for innovative wearable type of medical devices owing to the growing awareness regarding the importance of fitness is expected to bode well for the global wearable medical devices market growth in the forthcoming years.

Diagnostic & Patient Monitoring Segment to Hold Dominant Position

The diagnostic & patient monitoring segment, based on product, is expected to showcase substantial growth owing to the high disposable income of the young population that is propelling the sales of innovative wearable medical devices to monitor their overall health and fitness data.

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North America to Remain at Forefront; Key Players Launching Innovative Wearable Devices to Aid Growth

Among all the regions, North America is expected to gain momentum and hold the highest position in the global market in the forthcoming years. This is attributable to the presence of established manufacturers that are introducing innovative devices to cater to the growing number of fitness enthusiasts in the region.

On the other hand, Europe is expected to hold the second position in the market in the forthcoming years. This is ascribable to factors such as the increasing prevalence of chronic diseases among the elderly population that is likely to boost the adoption of innovative wearable medical devices in the region between 2020 and 2027.

List of the Companies Profiled in the Global Market:

  • BD (New Jersey, United States)
  • Ypsomed (Burgdorf, Switzerland)
  • Fitbit, Inc. (San Francisco, United States)
  • Apple Inc. (Cupertino, United States)
  • Sonova (Stäfa, Switzerland)
  • NeuroMetrix, Inc. (Waltham, United States)
  • SAMSUNG (Suwon-si, South Korea)
  • Omron Healthcare, Inc. (Kyoto, Japan)
  • AiQ Smart Clothing (Taipei, Taiwan)
  • Koninklijke Philips N.V. (Amsterdam, Netherlands)
  • Other Prominent Player

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