Global Wearable Medical Devices Market Worth USD 23,980.5 Million in 2016

The global wearable medical devices market will grow by 4.8% y-o-y over 2015 to reach USD 23,980.5 million in 2016, driven by increasing prevalence of diseases that require round-the-clock monitoring and availability of compact, smartphone-compatible devices.

According to a new Future Market Insights (Valley Cottage, NY, USA) report, global shipments of wearable medical devices will surpass 106 million in 2016, as rising awareness and disposable income continue to influence healthcare decisions. While high price remains a key constraint for many patients, the average selling price of wearable medical devices is expected to decline in 2016 due to technological breakthroughs and intensifying competition.

Wearable medical devices are attached, worn or handheld devices that use sensors to monitor, analyze and record metabolic changes in the body. These user-friendly and non-invasive devices are used to monitor blood sugar level, sleep apnea disease, blood pressure level, heart rate, sleep patterns, skin temperature, etc.

Based on product segments, the market has been segmented into wearable therapeutic medical device, (further sub-segmented into hearing aid, insulin pump and respiratory therapy devices, with respiratory therapy devices further sub segmented into sleep apnea devices and non-invasive ventilation), wearable monitoring and diagnostic devices, (further sub-segmented into fetal and obstetric devices, with fetal and obstetric devices further sub-segmented into wearable fetal monitors and infant motion sensing monitors), continuous glucose monitoring devices and cardiac monitoring devices (cardiac monitoring devices is further sub-segmented into wearable heart rate monitors, wearable pulse oximeters, wearable blood pressure monitors) and health and fitness devices.

Wearable monitoring and diagnostic devices will continue to witness the highest demand in 2016, followed by wearable therapeutic medical devices, which however, will continue to account for higher revenues, due to their higher average selling price. Total shipments of wearable therapeutic medical devices are anticipated to reach 38,637,108 units in 2016, representing a market value of USD 14,543.6 million. Sleep apnea devices will continue to be the highest-selling wearable therapeutic medical device, with total shipments of 34,008,685 units in 2016.

In terms of application type, the market has been segmented into patient monitoring, home healthcare and sports and health and fitness. Patient monitoring, home healthcare, and health & fitness will remain the key end use application segments of wearable medical devices in 2016. The demand for wearable medical devices will be strongest in the home healthcare segment, with total revenues reaching USD 15,281.5 million in 2016.

On the basis of distribution channels, the market has been segmented into hospital pharmacies, clinics, online channels and hypermarkets. Clinics will continue to be the leading distribution channel for wearable medical devices in 2016 and sell USD 7,717.0 million worth of wearable medical devices in 2016, up from USD 7,348.4 million in 2015. Sales will gain traction through online channels, with total revenues expected to reach USD 4,669.0 million in 2016, marking a y-o-y increase of 4.6% over 2015.

The global wearable medical devices market is segmented into seven major regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East & Africa (MEA). North America is expected to dominate the global wearable medical devices market in 2016, followed by Western Europe and APEJ. The North American wearable medical devices market will reach USD 9,608.7 million in 2016, up from USD 9,143.2 million in 2015.

The key players in the global wearable medical devices market are Medtronic plc (Dublin, Ireland), Siemens AG (Erlangen, Germany), Fitbit Inc. (San Francisco, CA, USA), Bayer AG (North Rhine-Westphalia, Germany), Panasonic Corporation (Osaka, Japan), Animas Corporation (West Chester, PA, USA), Smiths Medical (St. Paul, MN, USA), Koninklijke Philips N.V. (Eindhoven, The Netherlands), Owlet Baby Care (Provo, UT, USA), OMRON Corporation (Kyoto, Japan), Hoffmann-La Roche Ltd. (Basel, Switzerland), and Rest Devices Inc. (Boston, MA, USA).

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