Wearable medical device market size, share, and trends (2012-2022)

From time to time, one should acquaint oneself with one’s field of art. In this case, I turn to mine, look to an expert in market research, a Grand View Research, and consult what they have to report on the matter. In a report published this month (February 2018), Grand View Research predicted that the global wearable medical devices market was valued at approximately $3.9. billion (USD) in 2014. They predict it will grow at a compound annual growth rate of 28% for the next half decade. They cite the largely obvious causes of this growth: physical fitness awareness, digital health care initiatives, the ever greater refinement of medical devices. The report also notes the increasing expectation of the next-big-thing in wearable medical technology (come on blood pressure and blood sugar) as these are part of the larger, contemporary American health backdrop.

Other trends noted included the rise of nations globally, the increase in wireless connectivity and its associated crimes, and the increasingly complexity of reimbursement, regulatory, and legal strategies in these markets. Product categories largely split between diagnostic and therapeutic segments, and most were expected to “exhibit lucrative growth”. Smartwatches got their play, as did mobile applications, and a slight dribbling into and out of the social-facing side of things. Big markets still mostly include North America, Europe and Japan with India and China cultivating both homegrown and Western practices. (Note, as we have for the past decade, that Europe is aging.)

Some of the key market players in this vertical include Fitbit Inc., Garmin, Vital Connect, Omron Corp., Sotera Wireless, Jawbone, Pebble Technology Corp., Basis Science Inc., Withings, Intelesens Ltd., Covidien Plc, LifeWatch AG, Polar Electro, Philips Electronics, and Everist Genomics.

(Ask me who I really think will dominate this space one day.)

Figure 1. Example figure. On Chinese wearable market by body site location.



A handy summary of the table of contents of this report (might be especially relevant for students looking for trends in the wearables market one day).

  • Product Type Outlook (Revenue, USD Million, 2012 – 2022)

    • Diagnostic Devices

      • Vital sign monitors

        • Heart rate monitors

        • Activity monitors

        • Electrocardiographs

        • Pulse oximeter

        • Spirometers

        • Blood pressure monitors

        • Other vital sign monitors

      • Sleep monitoring devices

        • Sleep tracker

        • Wrist Actigraphs

        • Polysomnographs

        • Other sleep monitors

      • Electrocardiographs fetal & obstetric devices

      • Neuromonitoring devices

        • Electroencephalograms

        • Electromyography

        • Other neuromonitoring devices

    • Therapeutic Devices

      • Pain management devices

        • Neurostimulation devices

        • Other pain management devices

      • Insulin monitoring devices

        • Insulin pumps

        • Other insulin monitoring devices

      • Rehabilitation devices

        • Accelerometers

        • Sensing Devices

        • Ultrasound platform

        • Other rehabilitation devices

      • Respiratory therapy devices

        • Ventilators

        • Positive airway pressure(PAP)

        • Portable oxygen concentrators

        • Other respiratory therapy devices

  • Site Type Outlook (Revenue, USD Million, 2012 – 2022)

    • Handheld

    • Headband

    • Strap/Clip/Bracelet

    • Shoe sensors

  • Application Outlook (Revenue, USD Million, 2012 – 2022)

    • Sports and Fitness

    • Remote Patient Monitoring

    • Home Healthcare

  • Regional Outlook (Revenue, USD Million, 2012 – 2022)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • India

      • China

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • South Africa