Wearable Medical Devices Market Global Overview

The global wearable medical devices market value is foreseen to touch USD 30.2 billion by 2026 and the market is expected to project a CAGR of 18.0% during the coming years.

As digital technology becomes increasingly integrated into the practice of medical care, wearable medical devices are evolving both technologically and physically.

The wearable gadgets and innovation are in vogue; most users who buy such products are pioneers and early adopters. Vast populace of pioneers and early adopters in created nations and expanding number of individuals in this gathering in creating nations are probably going to drive the market. Rising number of sports and fitness enthusiasts are looking for better approaches to monitor their health. These early adopters are increasingly worried about their wellbeing and wellness. Consequently, demand for the wearable medical gadgets is ascending among this gathering. Huge part of the populace in the U.S. also, Canada falls under the gathering of early adopters. This outcomes in fast market infiltration of wearable medicinal gadgets in the area.

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Wearable medicinal gadgets are generally used for wellbeing applications, especially by patients experiencing chronic conditions. These are likewise utilized by competitors in their everyday sports and wellness related exercises. Notwithstanding, the high cost of these gadgets remains a noteworthy issue, particularly in creating nations. In this way, high value goes about as a noteworthy hindrance in the appropriation of wearable medical gadgets. The expense of wearable medical gadgets that are being showcased right now runs from US$ 150 to US$ 1000; it could even be higher. Wearable medical gadgets can be viewed as a pointless extravagance in most developing countries over the world. Industry specialists recommend the development of the economy of these regions would prompt ascent in market share sooner rather than later. Be that as it may, high cost of these gadgets is probably going to end up being a test for the center and low pay bunches in creating nations, thinking about the falling estimation of their currency.

• Microsoft’s Emma wristband produces a sharp vibration to stimulate the limbs of patients experiencing tremors relating to Parkinson’s disease, enabling patients to regain complex motor functions such as writing or drawing.
• The iTBra, developed by Cyrcadia Health, comprises a pair of ‘smart’ patches, worn inside the bra, which use machine learning and predictive algorithms to analyse circadian temperature patterns in breast tissue; with data concerning abnormal tissue patterns which could indicate early signs of breast cancer sent directly to a smartphone app or healthcare provider.
• An ‘electronic tattoo’ developed at the University of Texas, consisting of an ultralight, ultrathin, stretchy fabric patch to be worn over the heart, produces real time heart health reports using electrocardiograph and seismocardiograph recording technology. The patch, which connects to a smartphone app for data storage, can be worn for multiple days at a time.
• The AttentivU, currently in development at MIT’s Media Lab, gauges the wearer’s level of attention paid to external stimuli and issues a vibration when the wearer’s attention wanders; initial research has shown a marked increase in subjects’ attentiveness and comprehension levels. Researchers are working towards building the device into a pair of glasses to enable it to be worn by children suffering from ADHD.

The top companies in the global wearable medical devices market are VitalConnect, Xiaomi Technology Co., Ltd, Activinsights Ltd., Samsung Electronics Co. Ltd., OMRON Corporation, Fitbit, Inc., Polar Electro, Garmin Corporation, Apple Inc., and Huawei Technologies Co., Ltd.

Devices for diabetics hold more than 20% of the wearable medical devices market

Devices developed for the treatment and monitoring of diabetic patients held more than 20% of the market in wearable medical devices in 2018, with products on the market including glucose monitoring and insulin release systems.

Scientists and researchers are working towards development of further innovations for diabetes treatment, including contact lenses which detect the level of glucose in tears; an implantable capsule which performs the function of the pancreas; and socks and shoes which detect areas of the foot receiving inadequate blood supply.

North America holds a significant share in the wearable medical device market, with the US primarily responsible for the continent’s high market share; due in part to the prevalence of diabetes across the US, which has 29.1 million diabetic residents. The market has shown slower growth in Europe, attributed to a relative lack of opportunity for new and emerging businesses to enter the market; however the dual factors of Europe’s ageing population and a generous healthcare reimbursement policy across the EU mean this is expected to change – particularly as devices monitoring conditions traditionally overseen by medical professionals, such as heart health and diabetes, become more prevalent, leading to financial savings for medical providers and freeing up physicians’ time.

One factor affecting the market growth of wearable medical technology worldwide is regulation: the US Food and Drug Administration strictly regulates the collection of data by third party apps; while in the EU, the General Data Protection Regulation commits companies operating within the bloc to stringent ethical guidelines.

Wearable brain devices

Wearable brain devices are marketed directly to consumers and often claim to confer benefits like boosting memory and modulating symptoms of depression – but despite the size of the market, little is known about the validity of these claims regarding the efficacy of wearable brain devices, and substantiated or not, the related ethical consequences or repercussions. A team of neuroethicists looked at the range of products being sold online and questioned the claims made by companies about these products.

Symptoms and side effects which could result from use of these products include redness or other irritation where the devices contact the skin, headaches, pain, tingling, and nausea.

Some of the products mention the possibility of side effects in their packaging, but no academic research has been conducted looking at how common or serious the effects may be; and the researchers noted that warning labels advising consumers about risk are largely lacking.

Additional caution may also be needed for use of neuroscience wearables in the elderly, another population that may have a higher risk of potential harm; as well as in children – to whom some of these products are marketed – who may be particularly vulnerable to their effects on the brain. Meanwhile the team raised concerns over the ethical implications of the wearable devices recording brain activity, highlighting that the collection and storage of data recorded by these devices had dubious implications regarding data protection.

Here are top 5 companies that are developing wearable medical devices.

Apple

Apple is a top competitor in the health wearables market. Dramatic growth in Apple’s wearables means Apple Watch and AirPods will overtake both iPad and Mac by the end of next year. The Apple Watch Series 4 includes an ECG that alerts the wearer about their irregular heart rhythms and high/low heart rates. In September, the company said that it is collaborating with leading medical institutions to examine hearing, women’s health, and heart and movement study. The tech giant said it will begin enrolling consumers for the 3 studies later this year through an upcoming app.

Proteus

Proteus Digital Health is an industry leader in Digital Medicine – one of the latest categories of pharmaceuticals, reports Business Insider. The company’s product Proteus Discover is a smart pill with ingestible sensors, a small wearable sensor patch, an application on a mobile device and a provider portal. Once activated, Proteus Discover unlocks never-before-seen insight into patient health patterns and medication treatment effectiveness, leading to more informed healthcare decisions for everyone involved.

Fitbit

Fitbit has been a leader in wearable technology for years. The San Francisco, CA-based company was the first to introduce wireless syncing with wireless devices. The company’s latest smartwatch, the Fitbit Versa 2 is a health & fitness smartwatch with 24/7 heart rate tracking, Sleep Score, apps and more.

Athos

Athos is at the forefront of smart clothing. Its shirts and shorts are sensor-filled garments that can measure various factors, as you exercise. Athos Core can monitor your muscle activity, the heart rate, and even the breathing rate. ‘Core’ is the name chosen by Athos designers, according to its style as a small capsule glued to the garments. The device syncs with fabric embedded sensors and delivers the collected data, via Bluetooth, to your smartphone. The Core 2 shorts start at $340, and the shirt starts at $390 each.

Neurotech

Neurotech is the innovator of in-home EEG setups with remote real-time monitoring. Neurotech performs both Routine and Long-Term Monitored EEG studies. Their in-home, Long-Term Monitored EEG studies can be recorded for any clinically necessary duration. The company contacts patients within one business day of insurance preauthorization, and most EEGs can be started within a few days. All EEG results are available on Neurotech’s innovative Physician Database that includes an online reporting system.

Market Segmentation

Market By Device

• Diagnostic and Monitoring Devices
  
  • Vital Signs Monitoring Devices
  • Glucose Monitoring Devices
  • Sleep Monitoring Devices
  • Fetal Monitoring & Obstetric Devices
  • Neuromonitoring Devices
• Therapeutic Devices
  
  • Pain Management Devices
  • Rehabilitation Devices
  • Insulin Pumps
  • Respiratory Therapy Devices

Market By Product Type

• Smart Watches
• Activity Monitors
• Patches
• Smart Clothing

Market By Application

• Sports & Fitness
• Home Healthcare
• Remote Patient Monitoring

Market By Distribution Channel

• Online Channels
• Pharmacies
• Hypermarkets

Market By Geography

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Chile
  • Rest of Latin America
• Middle East and Africa (MEA)
  • South Africa
  • Saudi Arabia
  • Rest of MEA

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