Wearable medical devices are small electronic products, often consisting of one or more sensors, and having computational capability. They are embedded into items that are attach to the body parts, such as head, feet, arms, wrists and waist. They can resemble a watch, eyeglasses, some clothing, contact lenses, shoes or even jewelry.
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Wearable Medical Devices are segmented into diagnostic devices and therapeutic devices:
Diagnostic devices include vital sign monitors, sleep and activity monitors, fetal and obstetric monitors, neuro monitoring devices and ECG monitors.
Therapeutic devices include pain management devices, insulin monitoring devices, respiratory therapy devices and rehabilitation devices. The market for therapeutic wearable medical devices market was valued at around $1.6 billion in 2016 and is expected to reach more than $4 billion in 2020, at a growth rate of nearly 19%.
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Diagnostic devices are the larger segment of the wearable devices market by type of product, worth nearly twice the therapeutic device segment. Straps and headbands are the most widely used site of application for wearable medical devices.
Strap was the largest segment in the health wearables market by site of application, accounting for $1.1 billion in 2016. The headband segment is expected to have the highest CAGR of about 23% whereas the handheld segment is expected to have the lowest CAGR of around 13% during 2017-2022.
The top wearable medical technology companies and wearable device manufacturers included in the report are Nike (Nike+ FuelBand), Fitbit (Two wristbands (Force and Flex) and two clip-on trackers (Zip and One), and Jawbone.
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