The Wearable Medical Devices Market is predicted to grow at a double-digit rate of growth until 2028. The primary factors driving this market include the rising prevalence of chronic illnesses; increasing awareness of fitness, lifestyle and lifestyle-related health issues and the increased use of medical wearable devices following Covid-19 and the technological advances in wearable devices.
Market is characterized with the existence of major players like Xiaomi Technology Co.; Fitbit, Inc.; Philips Electronics (acquired Biotelemetry, Inc.); Garmin Corporation; Apple, Inc.; Huawei Technologies Co. Ltd.; Polar Electro; OMRON Corporation; Sotera Wireless; Intelesens Ltd. as well as many more. View more top key players and wearable health device market insights.
Wearables, also known as wearable health devices, include a range of electronic devices that are designed to help monitor and enhance the health of an individual. By combining hardware as well as software and mobile applications, wearables can collect and analyze health information and then transmit data into the cloud to enable further processing.
COVID-19 has accelerated the use for wearable medical devices
The effects of the Covid-19 virus in the marketplace has proven largely positive, with companies that manufacture diagnostic devices registering significant revenues growth. The reason for this is the growing demand for wearable medical devices, specifically to help monitor symptoms of Covid-19 in the general population. For example, Garmin Ltd. witnessed an astonishing 11.4 percent increase in its revenue in fiscal year 2020 and its fitness segment having a noteworthy 25.8 percent growth over the time. The COVID-19 epidemic has widened the use that wearable devices for medical use play within the field of healthcare, leading to the introduction of a variety of businesses that are introducing new wearables that detect early symptoms of viruses. In march 2021 Xiaomi Corporation introduced a unique wearable device, it was the Mi Smart Band 6. The most recent version includes an additional feature to allow SpO2 measurement. It is designed to track symptoms related to Covid-19.
Despite the decreasing incidences of Covid-19 beyond 2021, the world’s healthcare systems have been confronted with major challenges due to other diseases. It has also triggered an increasing trend among people to use wearable medical devices and other products to help diagnose specific diseases and infections. Wearable fitness trackers and smartwatches, which are equipped with sensors that monitor the user’s activity level and heart rate have experienced an increased demand around the globe, and is predicted to increase over the forecast time.
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Organic as well as Inorganic Growth Strategies Developed by the players to establish their Place on the Market
The players operating in this market are implementing organic growth strategies, as well as inorganic ones like the launch of new products, forming partnerships and forming alliances and mergers in order to achieve greater market share. For example,
- Then, in June of 2023 Google revealed the launch of its summer 2023 Feature Drop that included updates for Pixel phones, Pixel Watch, and Fitbit devices. The update for Fitbit devices added exercise modes and a daily fitness score that helps discern whether the body needs exercise or rest.
- On May 20, 2023 Medtronic (acquired Covidien in 2015) made an announcement of the purchase by EOFlow Co. Ltd. an organization that manufactures the EOPatch device specifically designed for the delivery of insulin. This wearable that is innovative and totally disposable and tubeless and will enable Medtronic to better serve the needs of people suffering from diabetes.
On January 20, 2023 Masimo as well as Royal Philips expanded their partnership to take advantage of the potential offered by Masimo’s Masimo W1 health tracking watch. The goal is to increase monitoring of patients through the home Telehealth. The W1 watch by Masimo was integrated with Philips’s health monitoring system to enhance Telehealth and telemonitoring capabilities.
