The global wearable medical devices market size is expected to reach USD 111.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 26.8% from 2021 to 2028. Rising demand for hi-tech products and continuous health monitoring is fueling market growth.
Key suggestions from the report:
- The diagnostic devices segment dominated the market in 2020 owing to the increasing disposable income and awareness, and higher healthcare spending
- The strap/clip/bracelet segment dominated the market in 2020 and is expected to continue its dominance over the forecast period
- Home healthcare held a significant share of 54.0% in 2020 owing to the growing base of geriatric population triggering incidence rates of target diseases
- North America is projected to command for a cumulative share in 2020 due to the increasing application of home care and remote patient monitoring for the purpose of regular, continuous, and long-term monitoring of patients
- Asia Pacific is expected to witness the fastest growth rate over the forecast period. This growth can be attributed to the growing awareness level, increasing disposable income, presence of a large population base and rising incidence rate of chronic conditions
Increasing obesity rate coupled with rising awareness about physical fitness is encouraging people to go for workouts and adopt other fitness-related activities. Wearable devices such as smart bands and smartwatches help in monitoring fitness parameters consisting of calories burned, footstep count, heart rate and distance covered. Moreover, these wearable devices companies offer guidance from experts who are certified dietician or nutrition, and hence, this business model is also generating hefty demand for these ancillary products and services.
Companies such as Google, Fitbit, Apple, and Nike are working towards the launch of new innovative products that are anticipated to boost market growth over the forecast period, thus portraying a high growth rate. Smart watches and wristbands are the current focal point of product development and innovation, leading to abundant availability of such instruments. For instance, HealthPatch, a product of Vital Connect, was launched in March 2014. The product is an adhesive patch that can be placed anywhere on the chest and is used to regulate biometrics such as heart rate, skin temperature, body posture, and activities like steps walked.
The COVID-19 pandemic somehow has a positive impact on the market owing to increasing demand for telemedicine. As per the WHO guidelines people should follow social distancing and avoid public gathering. Hence due to this reason various physicians are preferring telemedicine route so that they can treat patients from distance without spreading the virus. Growth of telemedicine and expansion of applications to Integrate artificial intelligence (AI) in its systems has led to market growth.