In 2020, the North American region had accounted for the largest share of the global wearable medical devices market. North America’s regional market growth can be attributed to emerging reasons like the increasing penetration of smartphones and the growing number of smartphone-based healthcare devices, and growing investments, funds, and grants.
Some of the prominent players in the wearable medical device market are Apple Inc. (US), and others like Koninklijke Philips N.V. (Netherlands), Fitbit Inc. (US), followed by OMRON Corporation (Japan), and Medtronic PLC (Ireland).
The global industry trends suggest that the Wearable Medical Device Market Forecast is projected to reach USD 30.1 billion by 2026 from USD 16.2 billion in 2021, at a CAGR of 13.2%. The global market growth is driven by investments, funds, and grants and a growing preference for wireless connectivity among healthcare providers.
During the first quarter of 2020, when the pandemic was hitting the headlines, the market witnessed increased demand for certain products such as respiratory monitors, multi-parameter monitoring solutions, and point-of-care cardiac monitoring products like pulse oximeters and BP monitors. However, there was also an observed reduction in demand and delays in procurement of other products and services that are not critical to COVID-19 response efforts.
Wearables, such as smartwatches, smart bands, and others like finger rings, have been around for several years; however, COVID-19 triggered a significant increase in demand. Wearables help and play a vital role in fighting against COVID-19 and other future pandemics. For instance, the data available from wearable devices can be used for sending alerts to users when changes in their metrics match those associated with COVID-19 or other diseases. Wearable devices can also help to broadcast health knowledge, provide tracking and contact tracing capabilities, ensure social distancing, and have other advantages in the store like providing mental healthcare by tracking an individual’s cognition and mood in real-time, thus enabling personalized intervention. These and other similar applications boost the demand for the wearable medical device market.
- In April 2021, one of the prominent market companies - Fitbit, Inc. (US), launched Fitbit Luxe.
- In June 2020, another prominent market company Koninklijke Philips N.V. (Netherlands), launched fetal and maternal pods and patches for continuous, non-invasive monitoring of an individual’s maternal heart rate, fetal heart rate, and uterine activity with a single-use, 48-hour, disposable electrode patch.
The Wearable Technology in Healthcare has been segmented into consumer-grade and clinical-grade healthcare devices. In 2020, the consumer-grade segment of the wearable medical device market had accounted for the largest share of the wearable healthcare devices market. Factors like increasing awareness of fitness, lifestyle, and home healthcare are driving the growth of this segment. The market segmentation is as follows:
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