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2023/11/22 17:20:43

Medical Wearable Electronics (Global Market)

Medical wearable electronics are attached, wearable, or portable devices used for healthcare purposes that use sensors to monitor, analyze, and record metabolic changes in the body. Such gadgets allow, for example, to control blood sugar levels, body temperature, blood pressure, heart rate, body condition during sleep, sleep phases, skin temperature, etc.

Content

Wearable electronics

Main Article: Wearable Electronics (Global Market)

Market segments

2024

Huawei launches smartwatch with built-in blood pressure tonometer

In mid-September 2024, Huawei released the Watch D2 smartwatch with a triple-mounted blood pressure monitor. Read more here

Smart earrings designed to control health and eating habits

On February 7, 2024, American researchers from the University of Washington announced the development of Thermal Earring smart earrings capable of tracking vital signs of the body. The product is focused primarily on the beautiful half of humanity. Read more here.

2023

A hardware platform has been released, on the basis of which you can quickly create medical wearable electronics

On December 5, 2023, Rockley Photonics announced the availability of the Bioptx platform, designed to quickly create wearable medical devices with the ability to collect a wide range of indicators about the state of the user's body. In addition, the Bioptx Biosensing Band bracelet for continuous non-invasive health monitoring is presented. Read more here.

Smart ring designed to control female hormones through sweat

In late November 2023, American researchers at the California Institute of Technology in Pasadena announced the development of a smart ring to monitor the estradiol hormone in human sweat. This non-invasive technology is expected to help track fertility and female health outcomes. Read more here.

2022: Global Medical Wearable Electronics Market Size Valued at $30 Billion

At the end of 2022, the global market for medical wearable electronics reached approximately $30 billion, and North America is the largest sales region for such devices. This is stated in a report by the research company Precedence Research, published in mid-November 2023.

Analysts estimate sales of gadgets of various types. These are electronic "bandages" on the head, straps and bracelets, sensors for shoes, etc. Both therapeutic and diagnostic devices are considered, designed to monitor sleep, track vital functions of the body, take an electrocardiogram, etc. The demand for wearable medical devices is growing due to the increasing prevalence of diabetes, cardiovascular diseases and other ailments, it said. In addition, more users are using activity trackers and smartwatches to assess their health, improve sleep quality, reduce stress levels and achieve weight loss goals.

In 2022 USA , the majority of the proceeds from the sale of medical wearable electronics accounted for approximately $18 billion. High sales growth is observed in the Asia-Pacific region - thanks to government initiatives to introduce new technologies in the field. health care According to the results of 2022, diagnostic gadgets accounted for 63% of the total revenue. At the same time, the home healthcare segment provided about 54% of all sales.

In 2023, Precedence Research analysts estimate the global market at $37.38 billion. Until 2032, the CAGR (average annual growth rate in complex percentages) is expected at 25.1%: as a result, by this date, global costs in this area will reach $280.51 billion. Of these, $168.31 billion will provide sales in the US market.[1]

2020: New types of wearable devices and biosensor capabilities

By 2020, medical professionals are using more than just smartwatches. There are other types of wearable smart devices on the market: headphones, rings, patches, augmented reality glasses and even T-shirts. Smart patches measure the level of hydration, body temperature, heart rate and other biometric parameters. Another novelty on the market is smart headphones. They allow you to measure the vital signs of patients and based on them to make recommendations through a digital training system. Smart rings measure heart rate, sleep quality, heart rate variability, breathing rate and body temperature. More smart glasses are emerging that allow doctors to review electronic medical records and record data obtained during patient visits.

Also, wearable devices with advanced biosensors appear in hospitals. For a long time, such devices have been able not only to count heart rate, steps and calories. Now some of them can measure hydration, electrolyte levels, pressure, do an electrocardiogram (ECG), determine muscle load, human strength and fatigue levels. In 2020, the world's first solution for monitoring blood pressure in the form of headphones was presented. This is an important achievement, as such devices will allow doctors and nurses to continuously measure pressure without disturbing the peace of patients.

2019: Global Medical Wearable Electronics Market Size Reaches $29.76 Billion

The global medical wearable electronics market in 2019 amounted to $29.76 billion, according to data from analyst company Fortune Business Insights.

Experts did not specify the dynamics regarding 2018, but assured that sales of such devices are on the rise, and this trend will continue - the market will increase by 26.4% annually and will amount to $195.57 billion by 2027.

The researchers named the following companies as the largest manufacturers of wearable electronics intended for medical use:

Technological advances have gripped the healthcare industry largely due to rapid innovations in wearable technology that are changing people's approach to health and fitness, the study said. Effective treatment, better diagnostic results and increasing prevalence of chronic diseases contribute to the spread of wearable devices around the world. Awareness of the population about the need to monitor their health accelerates the use of fitness bracelets, smartwatches, etc.

North America Medical Wearables Market Size (2016-2027, USD, Billion

In addition, wearable gadgets offer personal health reports and in real time help to make accurate and informed decisions regarding physical fitness, making them popular worldwide.

Another catalyst for the growth of the wearable electronics market, experts consider diabetes mellitus, which requires constant control. According to the International Diabetes Federation (IDF), 463 million people worldwide or 9.3% of the world's population suffered from this disease in 2019. The figure is expected to rise to 10.2% by 2030.

Despite significant advances in technology and medical device design, there are several factors that hinder the development of this market. The main one among them is the high cost of such devices. They are often equipped with batteries, all kinds of sensors, chips and accessories that need to be changed periodically. Given that people with chronic diseases have to use devices throughout their lives, the cost of owning them is substantial.

In addition, analysts attribute the weak development of government programs for subsidizing wearable electronics to market barriers. Moreover, this problem is relevant for both developed and developing countries.

Ratio of medical diagnostic and therapeutic wearables in 2019

The largest segment of the medical wearable electronics market in 2019 was devices for diagnosing and monitoring patient health indicators. The leadership of this category is associated with the widespread spread of chronic diseases, the growth of youth incomes and the launch of new products by manufacturers.

The second largest segment in the market under consideration was solutions for therapeutic purposes. The demand for them is primarily due to the advantages that such devices have, namely: ease of use, accurate dosing, the ability to perform several functions at the same time, etc.

Depending on the application, medical wearable electronics are divided into two categories: sports and fitness, as well as remote monitoring and use at home. The first of these categories is larger than the second, which is facilitated by the sale of cheap fitness trackers, which, moreover, are becoming more and more functional at a low price.[2]

2018: $9.1 billion market volume - Global Market Insights

The volume of the global medical wearable electronics market in 2018 reached $9.1 billion, according to data from analysts at Global Market Insights, released at the end of June 2019.

According to the forecasts of the research company, sales of these devices in the period from 2019 to 2025. will increase by about 39% per year and will exceed $87 billion by the end of this period of time.

Medical Wearables Market Size Reaches $9.1 Billion in 2018

Over 20% of the costs of medical wearable gadgets in 2018 came from solutions for the treatment of diabetes mellitus. Experts expect a further significant increase in this segment, as the number of patients increases, and technologies for monitoring glucose levels become more advanced and accurate.

The main catalysts for the medical wearable electronics market in Global Market Insights were named the following:

  • development of physical education;
  • growth of real incomes of the population;
  • high costs for manufacturers to market for wearable devices;
  • the emergence of new technologies;
  • output of more functional and affordable gadgets;
  • increased costs of developing medical applications for smartphones in developing countries.

One of the main barriers that hinder the development of the market, analysts consider problems with data security.

About 43% of medical wearables in 2018 were purchased for sports and fitness. Those who try to be physically active during the day and in gyms use wearable electronics to control heart rate, sleep, distance traveled, etc. Professional athletes use devices in training, when recovering from an injury, etc.

The Global Market Insights study lists several of the largest wearable electronics manufacturers:

Companies are taking various measures to strengthen their market position, for example, developing joint projects, concluding strategic cooperation agreements and buying competitors.[3]

2016

Shipments of 8 Million Devices - ABI Research Data

On February 1, 2017, the analytical company ABI Research presented the brief results of a study of the global market for wearable electronics used to monitor the condition of patients. Experts believe that a sharp jump in sales of such devices will reduce the risk of readmission and improve the prevention of serious injuries, which, in turn, will facilitate the work of medical institutions.

According to ABI Research experts, in 2016, the supply of wearable devices used to monitor and monitor patients both remotely and directly in hospitals reached 8 million units on a global scale. In 2021, the volume of shipments of such equipment will increase to 33 million units.

IntelliVue Patient Monitoring System MX40

The equipment that has become the subject of research by ABI Research, analysts include, in particular, devices for measuring blood pressure and blood sugar levels, pulse oximeters (measuring the level of oxygen saturation of capillary blood), as well as devices that determine the general level of body fatigue.

Such devices help doctors to conduct remote continuous monitoring of the condition of patients by sending messages about deterioration or any change in patient well-being indicators. Experts expect that in 2021 the production of devices for remote medical control will grow by 35% and will account for 60% of the total number of products used to monitor patients.

The researchers name the following companies as the largest manufacturers of wearable electronics used to monitor patient conditions:

In addition, promising startups such as Fatigue Science, Health Care Originals and Qardio are on the market, which are starting to challenge the leadership of leading vendors and exacerbate competition by offering solutions for treating specific diseases.[4]

Market Volume Estimate $13 Billion - Kalorama Information

In November 2016, the analytical company Kalorama Information released brief results of a study of the global medical wearable electronics market. Its volume, as experts expect, in 2016 will exceed $13 billion.

Kalorama Information calls healthcare one of the fastest growing segments of the wearable market due to the increasing share of the elderly population and the fact that more people want to monitor their health.

Smartwatch counts heartbeat and sends information to smartphone

Analysts expect that by the end of 2016, sales of medical devices intended for wearing on the body on a global scale will reach $13.2 billion. Specialists divide the market in question into four product segments:

  • For lifestyle and fitness. This includes fitness trackers, sports bracelets and other gadgets that monitor the user's physical condition.

  • Diagnosis and monitoring. This segment includes non-invasive devices that provide valuable health information such as glucose levels and cardiovascular system conditions.

  • Therapeutic segment. It includes wearable systems that control disease states and record health promotion activities, store data, and provide feedback therapy, including respiratory therapy and insulin administration.

  • Portable devices. They serve to measure heart rate, breathing, blood pressure, etc.

The study says that many companies offer products with some form of wearable functions, including wireless/remote health monitoring technologies, applications and equipment for processing patient data, as well as solutions that transfer patient monitoring data to electronic medical records. The following companies are named the largest manufacturers of medical wearable devices in Kalorama Information[5]

Future Market Insights Data

The global wearable medical device market will grow at a combined annual growth rate of 4.8% annually to reach $23.980.5 million in 2016, driven by an increase in the prevalence of diseases requiring round-the-clock surveillance and the availability of compact smartphone-compatible devices.

According to a new report by Future Market Insights (Valley Cottage, NY, USA), global sales of wearable medical devices will exceed 106 million in 2016, as increased awareness and total net income of the population continue to affect medical decisions. While the high price remains a major deterrent for many patients, in 2016 the average price of wearable medical devices is expected to decline due to technological breakthroughs and increased competition.

In terms of products, the market is segmented into:

  • wearable therapeutic medical devices, (further divided into hearing aids, insulin pumps and respiratory therapy devices, which, in turn, are additionally divided into sleep apnea control devices and non-invasive ventilation devices),
  • wearable monitoring and diagnostic devices (divided into intrauterine and obstetric devices, which are divided into wearable fetal monitors and sensitive infant movement monitors),
  • continuous glucose monitoring devices and
  • heart rate monitoring devices (the latter include wearable heart rate monitors, wearable pulse oximeters, wearable blood pressure monitors), and
  • health and fitness devices.

In 2016, wearable monitoring and diagnostics devices will continue to be expected to be the highest demand, followed by wearable therapeutic medical devices, which, however, will continue to generate higher revenues due to the higher average price. Total supplies of wearable therapeutic medical devices are expected to reach 38.637.108 units in 2016, representing a market value of US $14.543.6 million. Sleep apnea control devices will enjoy the highest demand of wearable therapeutic medical devices, with a total supply of 34,008,685 units in 2016.

In terms of application type, the market was segmented into:

  • patient monitoring,
  • home health care and sports, and
  • health and fitness.

Patient monitoring, home healthcare, health and fitness will remain key end-use 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 US $15.281.5 million in 2016.

In terms of distribution channels, the market was segmented into:

  • hospital pharmacies,
  • clinics,
  • online channels and
  • hypermarkets.

According to the forecast, the clinics will remain the leading channel for the sale of wearable medical devices in 2016 and will continue to sell them for $7.717.0 million, up from $7.348.4 million in 2015. Sales will gain momentum through internet channels with total revenue expected to reach US $4.669.0 million in 2016, marking year-on-year growth of 4.6% compared to 2015[6].

The global wearable medical device market is segmented into seven major regions:

  • Eastern Europe,
  • North America,
  • Latin America,
  • Western Europe,
  • Asia-Pacific without Japan,
  • Japan,
  • Middle East and Africa.

North America is expected to continue to dominate the global wearable medical device market in 2016, followed by Western Europe and Asia Pacific without Japan. The North American market will be US $9.608.7 million in 2016, up from US $9.143.2 million in 2015.

The key players in the global wearable medical device market are:

  • Medtronic (Dublin, Ireland),
  • Siemens AG (Erlangen, Germany),
  • Fitbit (San Francisco, CA, USA),
  • Bayer AG (North Rhine-Westphalia, Germany),
  • Panasonic Holdings Corporation (Osaka, Japan),
  • Animas Corporation (West Chester, PA, USA),
  • Smiths Medical (St. Paul, MN, USA),
  • Koninklijke Philips N.V. (Eindhoven, Netherlands),
  • Owlet Baby Care (Provo, Utah, USA),
  • OMRON Corporation (Kyoto, Japan),
  • Hoffmann-La Roche Ltd. (Basel, Switzerland) and
  • Rest Devices Inc. (Boston, Massachusetts, USA).

ResearchAndMarkets Data

In June 2016, ResearchAndMarkets analysts published the results of a study of the global market for wearable electronics used for medical purposes, and named the largest manufacturers of this equipment.

By 2016, the largest market for medical wearable electronics, experts said, is North America due to increased local awareness of their own health, a growing market for services for the elderly and increased government funding for innovation in this area.

ResearchAndMarkets forecasts that the global medical wearable electronics market will reach $41.3 billion by 2020

Experts call the second largest market for medical wearable electronics European, which accounts for about a third of sales. The top three also includes the Asia-Pacific region.

According to forecasts of ResearchAndMarkets, by 2020, revenue from the sale of medical devices intended for wearing on the body will reach $41.3 billion, an increase of 21.3% compared to 2016.

Among the leading manufacturers of such equipment, analysts include the following companies:

Biotricity is going to release two devices in 2016 - Bioflux (controls heart rate and allows you to take an electrocardiogram; product approved by the US Food and Drug Administration) and Biolife (helps lead a healthy lifestyle by monitoring heart function, breathing rate, temperature, physical activity, calories burned, etc.).

Siemens has created several devices and software solutions for wearable electronics. Among the developments of the German company is software that allows you to broadcast images received from an ultrasound scanner to the display of Google Glass smart glasses.[7]

Notes