In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
On September 3, 2019, Withings launched Move ECG, the world’s first analog watch that records an electrocardiogram (ECG) in Europe on demand. The watch comes with an ECG feature that allows people to monitor their cardiovascular health effectively and easily.
In July 2019, BioTelemetry acquired ADEA Medical AB, a Swedish medical technology company that provides healthcare services and diagnostic products. This acquisition was a key step for making a larger number of products and services available to the customers.
Wearable medical devices are those electronic devices which monitor the health status of patients and help them along with their caregivers to determine the activity level as well as self-health tracking for medical purposes. These devices present medical professionals with information concerning the diagnosis of various disorders. Wearable medical devices provide a convenient method of monitoring the physiological parameters of the patient. A wide range of wearable devices for diagnostic and therapeutic purposes is available which reduces the requirement for frequent hospital visits. The market for wearable medical devices was valued at USD 8,292.60 million in 2018 and is anticipated to grow at a CAGR of 25.78% during the forecast period, i.e., 2020-2027.
The global wearable medical devices market is segmented on the basis of region into North America, Asia Pacific, Europe, Latin America and Middle East & Africa. The market in North America is anticipated to witness the largest market share with 36.71% share in 2018. This was closely followed by the market in Europe with a 31.27% share in the same year. This can be attributed to the technological advancements in the medical industry in these regions. Moreover, the rising prevalence of chronic health diseases related to the heart is anticipated to result in the market growth as well.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). CLICK TO DOWNLOAD SAMPLE REPORT
Based on product, the wearable medical devices market is segmented into therapeutic devices and diagnostic & monitoring devices. The diagnostic & monitoring devices segment is predicted to hold the largest share in the market and grow at the highest rate over the forecast period. This segment is further divided into vital sign monitoring devices, sleep monitoring devices, neuromonitoring devices and fetal monitoring & obstetric devices. Vital sign monitoring devices measure the physiological signs which help with the human body analysis and the body’s reaction to external factors. The vital signs which need to be regularly measured include heart rate, respiratory rate, blood pressure, blood oxygen saturation and body temperature which are highly essential for the evaluation of human health.
Wearable medical devices market is segmented by device into wristband, ear wear, clothing, patch and others, out of which, the wristband segment held a share of 56.58% in 2018 and is estimated to observe the largest market share over the forecast period on account of the growing demand for medical devices in the form of wristbands. The high popularity of wristbands or smart watches can be attributed to the strong consumer adoption as a result of their property to help users stay connected with their health and fitness.
On the basis of application, the market is segmented into home healthcare, remote patient monitoring and sports & fitness, out of which, the home healthcare segment is estimated to contribute towards the largest market share. Home healthcare services can be provided to patients with an illness or injury at home. They are less expensive, more convenient and effective as compared to other applications.
Based on the distribution channel, the market is segmented into online channel and offline channel, out of which, the online channel is anticipated to hold the leading share in wearable medical devices market. In 2018, the online and offline segments held a share of 61.75% and 38.25% respectively. The growing number of internet users as a result of advancements in technology is anticipated to result in the market growth significantly. Online methods of purchasing allow people to buy products from anywhere across the world, which further is predicted to raise the growth of this segment over the forecast period.
One of the major applications for IoT (Internet of Things) in healthcare includes the use of wearable medical devices. They aid in continuously monitoring the patients remotely while recording the health statistics of a person for a certain period of time. The combination of IoT with wearable medical devices is anticipated to significantly drive the market growth in the next few years. Another factor estimated to contribute towards the market growth is the rising preference of real time data monitoring in healthcare for the management of chronic disorders. Additionally, integration of IoT in these devices has transformed the healthcare industry by providing wireless connectivity. A large number of applications of wearable medical devices, including the monitoring of heart rate, blood pressure and calories, have significantly impacted the industry in a positive manner. The rising geriatric population coupled with increasing prevalence of acute and chronic disorders is projected to strengthen the market growth with a greater demand for advanced patient monitoring devices. According to statistics by the UN, the population aged 60 and above is growing at a faster rate than other age groups. By 2050, the number of elderly individuals is estimated to increase up to 2.1 billion people. The market for wearable medical devices is anticipated to grow on account of these factors.
Despite the growing potential applications of wearable medical devices, there are a few limitations to the market growth. These consist of the challenges associated with privacy and security during widespread exchange of health information. The increased connectivity of these devices that eases the process of sharing of patient data raises the risk of potential vulnerabilities linked with these systems as well. Further, the expensive nature of high-end wearable medical devices such as ECG monitors (Holter monitors) and rehabilitation devices results in a lower adoption of these products by people.