The wearable medical device market is estimated to grow at a CAGR of 20.5% between 2020 and 2025 and is forecasted to touch $46.6 billion. The number of patents filed per year in 2018 has grown by 350% to the number of patents filed in 2007. The year-wise patent filing trend of Wearable Medical Device is below:
The top patent holders are Philips, Samsung, and Seiko Epson. Philips has many products related to patient and infant monitoring. Samsung is offering health monitoring features via their smartphones and smartwatches.
Fitbit, Apple, Xiaomi are other consumer electronics companies in the market. Intel and Google are the two American companies participating in patent filings for wearable devices.
The exhibit below represents top patent holders of Wearable Medical Devices in the US market:
Research institutes like ETRI was once in the top ten but by 2012, the top 10 places were occupied by industry players as the corporate research took off. In 2013, Samsung and Google increased the pace of research and hence their patent filings which found them a place in the top ten patent holders list. Philips is being at the top while Medtronic has been slipping down every year.
In 2015, Samsung surpassed Covidien to become the second top patent holders of Wearable Medical Devices. However, Philips regained its top position in 2016. Intel’s patent filing in 2016 help it made to the top five.
Analysis By: Vipin Singh, Marketing