2025 Vision for Wearable Medical Device Market

Wearable Medical Devices are also referred as autonomous wearable devices providing medical monitoring or support, over a prolonged period of time which are either embedded into the clothes or worn as an accessory. These wearable devices are usually non-invasive physiological sensors providing medical feedback through processing modules and also have wireless data transmission capacity.

Wearable medical devices are small, unobtrusive and light-weight and are designed for operation by unskilled users Since, wearable medical devices are non-invasive, feasible and easier to use and hence, are replacing the traditional diagnostic methods. Alerting mechanism, real time feedback, decision support and wireless access to information are few latest developments leading to the more adoption of the wearable devices.

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The market of wearable medical devices is segmented into patches, smartwatches, smart clothing, and activity monitors. Activity monitors is expected to acquire the largest share of the wearable medical devices market. Key factors responsible for the growth —includes rise in adoption of sedentary and unhealthy lifestyle, increase in the number of diseases pertaining to lifestyle and growing awareness of health and fitness among consumers. Wearable medical devices have application in various arenas including remote patient monitoring devices, home based healthcare and sports and fitness. Sports and fitness application segment is expected to witness highest compound annual growth over the forecast period. The segment growth is attributed to the popularity of the trend to track one’s health progress and the increased focus of people on the respective physical fitness, thereby improving the quality of life.

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North America regional market is projected to dominate the wearable medical device market, followed by Europe which can be attributed to the developed healthcare infrastructure,technologically advanced healthcare apps and the presence of key market players in these regions. Asia Pacific region is yet to catch up with this technology and hence, has huge potential for growth.

Wearable Medical Devices have a highly competitive market comprising big and small companies. Some of the key players include Philips (Netherlands), Fitbit (US), Garmin (Switzerland), Omron (Japan) and LifeWatch (Switzerland). Other players that are also operating in this market include, Nokia Technologies (US), Drägerwerk (Germany), Polar (Finland), Jawbone (UP), Active Insights (UK), World ****** Network (US), Xiaomi (China), Vital Connect (US), Monica Healthcare (UK), and Misfit (US).

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