Global Wearable Medical Devices Markets, 2021-2026 – Increasing Penetration of AI and Big Data in Healthcare to Create Smart and Adaptive Wearable Devices

DUBLIN, Feb. 4, 2022 /PRNewswire/ — The “Wearable Medical Devices: Technologies and Global Markets 2021-2026” report has been added to ResearchAndMarkets.com‘s offering.

The global wearable medical devices market should reach $83.9 billion by 2026 from $20.1 billion in 2021 at a compound annual growth rate (CAGR) of 33.1% for the forecast period of 2021 to 2026.

The North American wearable medical devices market is expected to grow from $8.7 billion in 2021 to $33.6 billion in 2026 at a CAGR of 31.0% for the forecast period of 2021 to 2026.
The European wearable medical devices market is expected to grow from $5.4 billion in 2021 to $23.3 billion in 2026 at a CAGR of 33.9% for the forecast period of 2021 to 2026.

This report highlights the current and future market potential for wearable medical devices and provides a detailed analysis of the competitive environment, regulatory scenario, drivers, restraints, opportunities, and trends in the market. This report also covers market projections through 2026, as well as key market players.

The emergence of wearable technology has disrupted the healthcare industry in recent years, leading to increasing adoption and market growth for wearable medical devices. These devices have an impact far beyond typical consumer uses like fitness and activity tracking and have penetrated the area of medical applications like diagnosis, monitoring and, to a certain extent, the treatment of chronic diseases. The convergence of wearables like smartwatches and activity trackers with medical-grade products has fostered the growth of smart technology in healthcare.

A wide range of wearable medical devices is being developed to address a broad range of ailments. Although these wearable devices are not yet a mainstay in the healthcare industry, many medical device manufacturers have started adding wearable components to their product lines to address unmet needs in-home healthcare and remote monitoring – two areas that are showing exponential growth.

Medical device companies, both industry giants and startups, are investing significantly in research and development (R&D) to develop innovative wearables that can manage a host of medical conditions ranging from obesity and sleep apnea to diabetes, chronic obstructive pulmonary disease (COPD), asthma and cardiac diseases, and even disability rehabilitation and the monitoring of progressive nervous system disorders like Parkinson’s disease.

The increasing prevalence of diseases requiring round-the-clock monitoring is an important driver of the wearable medical device market and is expected to significantly contribute to the double -digit growth of the industry, especially considering the global increase in the geriatric population.

Specifically, real-time activity and health tracking, remote patient monitoring, the convenience of home healthcare and a booming fitness trend are key factors behind this exponential growth. Technological advancements and attractive product features such as smartphone connectivity are also promoting the adoption of medical wearables.

Concerns such as data privacy, security, an uncertain regulatory landscape, and the high cost of wearable medical devices may act as growth barriers, but market penetration and growth are predicted to continue during the forecast period due to the constant introduction of innovative devices to address healthcare needs and the continuous evolution of the industry to keep pace with the demand for effective and personalized wearable healthcare devices.

The wearable medical device industry is now in a stage of innovation to develop medical-grade devices that can easily be worn and integrated into everyday life by leveraging newer advancements in technology, making them smaller, lighter, and less invasive. Continuous glucose monitoring devices and wearable insulin delivery systems have revolutionized diabetes management and are already rivaling traditional blood glucose monitoring and insulin delivery.

The Report Includes

Analyses of the global market trends, with historic data from 2019 to 2020, estimates for 2021 and projections of compound annual growth rates (CAGRs) through 2026
Review, analysis and forecast key wearable medical device technologies used for diagnosis, monitoring, treatment and prevention of various diseases and disorders
Evaluation and forecast the overall market size, forecasted growth trends, and corresponding market share analysis by application, end-user and geographic region
Highlights of the upcoming market potential and areas of focus to forecasting this market into various segments and sub-segments
In-depth information (facts and figures) concerning market drivers, market deterrents and other demographic and economic factors that will drive future demand for medical devices
Identification of promising new wearable medical devices and technologies still in the development and testing stage and assess the probability that they will be commercialized successfully in the next five years
Insight into the recent structure of the medical device and diagnostics industry, competitive landscape, R&D activities, company revenue share analysis, and key M&A deals and collaboration agreements in the global wearable medical devices market
Descriptive company profiles of the major global players, including Abbott, General Electric Co., Medtronic PLC, Siemens Healthineers AG, Thync Inc. and VivoSensMedical GmbH

Market Dynamics

Market Drivers

Growing Geriatric Population
Increasing Incidence of Chronic Lifestyle Diseases
High Healthcare Spending and Economic Growth
Technological Advancements and Innovation in Wearable Medical Devices
Corporate Wellness Programs and Incentives for Users of Wearable Medical Devices

Market Restraints

Data Privacy and Security Concerns
High Cost of Devices
Slow Adoption in Developing Economies
Regulatory Scrutiny

Market Opportunities

Demand for Home Care and Remote Monitoring
Increasing Health and Fitness Awareness
Increasing Penetration of AI and Big Data in Healthcare to Create Smart and Adaptive Wearable Devices

Company Profiles