The global diagnostic wearable medical devices market is dominated by North America. The increasing prevalence of chronic diseases, high incidence of heart and respiratory disorders, and the rise in the number of premature births are fueling the growth of the market in North America.
According to a study, high blood pressure costs about USD 131 billion in the US every year. The increase in hypertension among people is increasing the risk of damage to various organs such as kidneys, eyes, and heart. The occurrence of hypertension increases with age and the region is witnessing significant growth in the geriatric population. All these factors are creating significant growth opportunities for market players in the region.
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Key Diagnostic Wearable Medical Devices Market Report Highlights:
- Market growth 2020-2025: USD 4.94 billion
- Growth momentum & CAGR: Accelerate at a CAGR of 15.09%
- YoY growth (%) in 2021: 14.62%
- Performing market contribution: North America at 38%
- Key consumer countries: the US, the UK, Germany, Japan, and China
Regional Market Analysis
Although 38% of the growth is expected to originate from North America, this region will record a slower growth rate during 2020-2025.
The market will observe a faster growth in Asia during the forecast period. Factors such as technological innovations in the medical industry and expanding older population will create significant demand for diagnostic wearable medical devices in Asia. The revenue contribution to the market will be significant from countries such as China, India, Japan, and Australia. The high growth potential in the region is encouraging many vendors to enter the market and expand their business.
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Diagnostic Wearable Medical Devices Market: Key Vendors and Vendor Strategies
These are some of the dominant players in the diagnostic wearable medical devices market.
- Activinsights Ltd.
- BioTelemetry Inc.
- Cleveland Medical Devices Inc.
- Fitbit Inc.
- Koninklijke Philips NV
- Nokia Corp.
- Omron Healthcare Inc.
- Polar Electro Oy
- VitalConnect Inc.
- World Global Network Pte. Ltd.
The diagnostic wearable medical devices market is fragmented. The vendors in the market are constantly focusing on launching new products and engaging in M&A activities to remain competitive in the market.
For instance:
- In August 2020, Fitbit Inc. announced the launch of its new smartwatch Fitbit Sense, Fitbit Versa 3, and Fitbit Inspire 2. In June 2020, the company announced the launch of Fitbit Flow, a Low-Cost Emergency Ventilator, to help address urgent global needs during the COVID-19 crisis.
- In June 2020, Omron Healthcare Inc. announced the agreement with pharma firm Lupin to strengthen respiratory disease management facilities, focusing on asthma and chronic obstructive pulmonary disease patients. In April 2020, the company announced a global, strategic alliance that combines AliveCor’s ECG technology with industry-leading blood pressure devices from OMRON to better serve customers and expand access to remote patient care.
- In November 2020, VitalConnect Inc. announced the launch of its product VitalPatch RTM cardiac monitoring solution for patients who require extended Holter monitoring.
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Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the diagnostic wearable medical devices market.
- Growing demand for early diagnosis and preventive medicine:
Diagnostic wearable devices include biosensing clothing, vital signs monitors, neuromonitoring devices, sensor-embedded equipment, wristband devices for sports and fitness, and sleep rate monitoring devices. These devices enable individuals to track calorie intake, fitness level, and sleep patterns in real-time. This helps in the early diagnosis of any chronic disease such as CVDs, diabetes, sleep apnea, and other chronic illnesses. With the growing demand for early diagnosis and preventive medicine, the demand for diagnostic wearable devices will increase during the forecast period.
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| Diagnostic Wearable Medical Devices Market Scope | |
| Report Coverage | Details |
| Page number | 120 |
| Base year | 2020 |
| Forecast period | 2021-2025 |
| Growth momentum & CAGR | Accelerate at a CAGR of 15.09% |
| Market growth 2021-2025 | USD 4.94 billion |
| Market structure | Fragmented |
| YoY growth (%) | 14.62 |
| Regional analysis | North America, Europe, Asia, and ROW |
| Performing market contribution | North America at 38% |
| Key consumer countries | US, UK, Germany, Japan, and China |
| Competitive landscape | Leading companies, competitive strategies, consumer engagement scope |
| Companies profiled | Activinsights Ltd., BioTelemetry Inc., Cleveland Medical Devices Inc., Fitbit Inc., Koninklijke Philips NV, Nokia Corp., Omron Healthcare Inc., Polar Electro Oy, VitalConnect Inc., and World Global Network Pte. Ltd. |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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