The global wearable medical devices market projected to grow at a CAGR of 18.3%. The wearable medical devices market is expected to reach USD 14.41 billion by 2022 from USD 6.22 billion in 2017, at a CAGR of 18.3%. The key factors driving the growth of this market include increasing penetration of smartphones and growing number of smartphone-based healthcare apps compatible with wearable devices and growing preference for wireless connectivity among healthcare providers. However, the high cost of wearable devices and data security issues may hinder the growth of the market to a certain extent during the forecast period.
Diagnostic and monitoring devices are expected to grow at the highest CAGR during the forecast period. By device type, the wearable medical devices market is segmented into diagnostic and monitoring devices and therapeutic devices.The diagnostic & monitoring devices segment is expected to register the highest CAGR during the forecast period.
The growth of this segment can be attributed to the growing prevalence of chronic and lifestyle diseases and the increasing need for regular and continuous monitoring with fast data sharing.
The sports and fitness segment is expected to dominate the market during the forecast period. Based on the application, the wearable medical devices market is segmented into home healthcare, sports and fitness, and remote patient monitoring.During the forecast period, the sports and fitness segment is expected to grow at the highest CAGR.
This growth is mainly due to the increasing focus on physical fitness among people to improve the quality of life and growing trend of tracking health progress on a continuous basis.
Asia Pacific to witness high growth during the forecast period. In 2017, North America is expected to account for the largest share of the market followed by Europe.However, Asia Pacific is expected to register the highest CAGR during the forecast period.
The high growth in this regional segment is attributed to the increasing spending on healthcare, economic growth, huge population base, and increasing prevalence of diseases. Changes in lifestyle and increasing awareness on wellness and fitness are also expected to drive market growth in the region.
The primary interviews conducted for this report can be categorized as follows: • By Company Type: Tier 1 – 25%; Tier 2 - 30%; Tier 3 - 45%. • By Designation: C-level- 25%; D-level- 40%; others- 35%. • By Region: North America-41%; Europe-30%; APAC-24%; RoW-5%.
List of companies profiled in the report • Fitbit (US) • Philips (Netherlands) • LifeWatch (Switzerland) • Garmin (Switzerland) • Omron (Japan) • Drägerwerk (Germany) • Nokia Technologies (US) • Jawbone (US) • Polar (Finland) • Wor(l)d Global Network (US) • Activeinsights (UK) • VitalConnect (US) • Xiaomi (China) • Misfit (US) • Monica Healthcare (UK)
Research Coverage: The report provides an overview of the wearable medical devices market.It aims at estimating the market size and future growth potential of this market across different segments such as type, applications device type, distribution channel, and region.
Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report: The report will help the market leaders/new entrants in this market by providing them with the closest approximations of revenues for the overall market and its subsegments.This report will help stakeholders to understand the competitive landscape better and gain insights to position their businesses and help companies make suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provide them with information regarding key market drivers and opportunities.
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