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Global Medical Wearables Market By Device Type (Sleep Apnea Monitors, Fetal Monitoring Devices, Others), By Product (Smartwatches, Patches, Others), By End-Users (Hospitals and Clinics, Others), By Region, Forecast & Opportunities to 2026

The global medical wearables market accounted for a value of USD 5.7 billion in 2019 and is projected to register growth at a CAGR of 77.9% during forecast period.

COVID-19 has impacted the medical wearables market. The outbreak of corona virus leads to shortage of essential medical equipments and devices. The cases of corona virus are increasing in the world which increases and lockdown has been imposed in order control the transmission of this virus. Providing essentials amid lockdown is very challenging for the companies. The demand for medical wearables is increasing immensely due to corona virus. The market for medical wearables is estimated to witness growth during forecast period due to COVID-19.

Definition: A wearable medical device can be defined as a device that is autonomous, that is noninvasive, and that performs a specific medical function such as monitoring or support over a prolonged period of time.

Market Dynamics (Drivers/Opportunities):

The adoption of smartphones is increasing around the world and the penetration of 4G and 5G networks is also increasing. People are adopting AI and 5G networks rapidly and population is demanding connected devices for management of various diseases. The demand for home healthcare services is increasing. This increases demand for medical weaables and drives growth in this market during forecast period.

The mobile technologies are improving around the world and people are demanding new and improved technologies. The focus towards patent centric healthcare delivery is increasing. The geriatric population is increasing around the world and this increases incidence of chronic diseases which further increases the growth of medical wearables market. This drives growth in medical wearables market during forecast period.

Market Insights, by Device Type

On the basis of device type, the medical wearables market segmented into glucose monitoring devices, diagnostic & monitoring medical devices, sleep apnea monitors, fetal monitoring devices and neurological monitoring devices. The diagnostic & monitoring segment is estimated to dominate the market during forecast period. The use of high-tech and compact devices is increasing around the world. The demand for diagnostic & monitoring medical devices is increasing and drives growth in this segment during forecast period.

Market Insights, by Product

On the basis of Product, the medical wearables market segmented into smartwatches, patches, wristband & activity monitors and others. The patches segment accounted for largest market share in 2019 and it is expected to dominate the market during forecast period. The adoption of wearable technology is rapidly is increasing and this depends on technical advancements in the telecommunication sector. The clinical grade wearables are growing due to penetration of 4G and 5G connections. The patches segment is widely adopted in the medial wearables and this drives growth in patches segment during forecast period.

Regional Insights

North America region is estimated to register growth at highest CAGR during forecast period. The high penetration of smartphone, tables and laptops etc is increasing in this region. The penetration of 4G and 5G connections are also responsible for increasing adoption of medical wearables products in this region. The utilization of connected devices and medical wearable apps is increasing in this region. Medical wearables help in managing chronic diseases and the technological advancement in medical wearables is also increasing rapidly in this region. The demand and adoption of medical wearables is increasing immensely in this region and this drives growth in North America region during forecast period.

Key Companies & Market Share Insights

The key market players in medical wearables industry are Koninklijke Philips N.V., Medtronic PLC, Omron Healthcare Co., Biotelemetry Inc., Apple Inc., GE Healthcare, Abbott Laboratories, Dexcom Inc., Irhythm Technologies Inc., Masimo Corporation, Preventics Solutions, Contec Medical Systems Co., Bio-Beat Technologies, Vital Connect, Minttihealth and Biotricity Inc.

Segments Covered in the Report

This report forecasts The Global Medical Wearables Market, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2026. For the purpose of this study, Our Company has segmented the global medical wearables market report on the basis of device type, product and end-users.

Medical Wearables Market Size & Forecast (2017-2026)

  1. Research Framework
    • Market Definition and Product Overview
    • Market Segmentation
  2. Research Methodology
    • Qualitative Research
      • Primary & Secondary Sources
    • Quantitative Research
      • Primary & Secondary Sources
    • Breakdown of Primary Research Respondents, By Region
      • Secondary Research
      • Primary Research
    • Breakdown of Primary Research Respondents, By Industry Participants
      • Market Size Estimation
      • Assumption for the Study
      • Market Breakdown & Data Triangulation
  1. Executive Summary
    • Market Snapshot
  2. Industry Insights
    • Industry ecosystem analysis
      • Value Chain Analysis
    • Industry impact and forces
      • Growth Drivers
      • Challenges &Restraints
      • Opportunities
    • Disruptive Technological Analysis
    • Regulatory framework
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
    • Growth potential analysis, 2019
    • Porter’s Five forces analysis
    • Pricing Analysis
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. COVID – Impact Analysis
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
  2. Medical Wearables Market, By Device Type, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Glucose Monitoring Devices
  • Diagnostic & Monitoring Medical Devices
  • Sleep Apnea Monitors
  • Fetal Monitoring Devices
  • Neurological Monitoring Devices
  1. Medical Wearables Market, By Product, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Smartwatches
  • Patches
  • Wristband & Activity Monitors
  • Others
  1. Medical Wearables Market, By End-Users, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Hospitals & Clinics
  • Long-term Care Centers
  • Ambulatory Care Centers
  • Home Healthcare
  1. Medical Wearables Market, By Region, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • North America Market Size & Forecast To 2026
    • Market Overview
    • COVID-19 Impact
    • By Device Type
    • By Product
    • By End-Users
    • By Country
      • USA
        • By End-Users
      • Canada
      • Mexico
    • South America Market Size & Forecast To 2026
      • Market Overview
      • COVID-19 Impact
      • By Device Type
      • By Product
      • By End-Users
      • By Country
        • Brazil
          • By End-Users
        • Argentina
        • Chile
        • Rest of South America
      • Europe Market Size & Forecast To 2026
        • Market Overview
        • COVID-19 Impact
        • By Device Type
        • By Product
        • By End-Users
        • By Country
          • UK
            • By End-Users
          • Germany
          • France
          • Italy
          • Rest of Europe
        • APAC Market Size & Forecast To 2026
          • Market Overview
          • COVID-19 Impact
          • By Device Type
          • By Product
          • By End-Users
          • By Country
            • China
              • By End-Users
            • India
            • Japan
            • South Korea
            • Australia
            • Rest of APAC
          • Middle East & Africa Market Size & Forecast To 2026
            • Market Overview
            • COVID-19 Impact
            • By Device Type
            • By Product
            • By End-Users
            • By Country
              • Saudi Arabia
                • By End-Users
              • UAE
              • Qatar
              • Kuwait
              • South Africa
              • Rest of Middle East & Africa
  1. Competitive Landscaping
    • Competitive Benchmarking
      • Market Share Analysis, 2019
      • Global Presence and Growth Strategies
        • Mergers & Acquisitions
        • New Product Launches
        • Investments Trends
        • R&D Initiatives
  1. Company Profile
    • Biotricity Inc.
      • Company Overview
      • Financial Overview
      • Product Portfolio
      • Recent Developments
      • SWOT Analysis
      • Strategic Outlook
    • Koninklijke Philips N.V.
    • Medtronic PLC
    • Omron Healthcare Co.
    • Biotelemetry Inc.
    • Apple Inc.
    • GE Healthcare
    • Abbott Laboratories
    • Dexcom Inc.
    • Irhythm Technologies Inc.
    • Masimo Corporation
    • Preventics Solutions
    • Contec Medical Systems Co.
    • Bio-Beat Technologies
    • Vital Connect
    • Minttihealth
  2. Appendix
    • Interrelated Market

Research Methodology

1.1     Research Methodology

The process of market research at PAN Market Consulting is very intuitive being iterative in nature and usually follows the path where Information gathered from secondary research is used to build data models, which are than validated from primary participants. Then same cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new information type is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the product/services. The revenue generated from the sales of product/services has been calculated through primary and secondary research. The report also analyses the key players operating in the market at the global level which are identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes product segmentation determined using secondary sources and verified through primary sources.

1.2     Secondary Research

The secondary research source that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent and regulatory databases
  • National government documents, statistical databases and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market

The source for secondary research includes but is not limited to Factiva, Hoovers and Statista

SecondaryResearch

1.3     Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following end users:

  • It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/ product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
  • Key opinion leaders specializing in different areas corresponding to different industry end users

1.4     Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data products to produce estimates:

  • Demographic data: Population split by segment
  • Macro-economic indicators: GDP, etc.
  • Industry indicators: Expenditure, product stage & infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:

ResearchMethodology1

1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach whereas it acts as starting point for top-down approach.

ResearchMethodology2

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