North America is expected to dominate the market followed by Europe.
Northrook, IL -- (SBWIRE) -- 12/03/2019 -- The growth of the Wearable Medical Devices Market is attributed to the technological advances in medical devices, increasing penetration of smartphones and a growing number of smartphone-based healthcare apps compatible with wearable devices, and increasing awareness about physical fitness.
What the Market Looks Like?
Predicted to grow at a CAGR of 18.3% during the forecast period, the global Wearable Medical Devices Market is estimated to reach USD 14.41 Billion by the end of 2022
The large share of this geographical segment is attributed to the presence of developed healthcare infrastructure, focus on technological advancements, and the development of interconnected and highly advanced healthcare apps and compatible devices, and the presence of key market players.
The global market, by applications, is segmented into sports and fitness, remote patient monitoring, and home healthcare. The sports and fitness segment is estimated to account for the largest market share in 2017. The growth of this segment can be attributed to the increasing focus on physical fitness among people to improve the quality of life, coupled with the growing trend of tracking health progress.
Based on distribution channel, the market is segmented into pharmacies, online channel, and hypermarkets. In 2017, the pharmacies segment is expected to account for the largest share of the market. The growth of this segment is mainly attributed to factors such as increasing trend towards self-monitoring and non-invasive monitoring & diagnosis and substantial increase in the supply of wearable devices in pharmacies.
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What Drives the Market?
The growth of the global market for Wearable Medical Devices is primarily influenced by the following factors:
- Technological Advancements in Wearable Medical Devices
- Increasing Penetration of Smartphones and Growing Number of Smartphone-Based Healthcare Apps Compatible With Wearable Devices
- Growing Preference for Wireless Connectivity Among Healthcare Providers
- Increasing Focus on Physical Fitness
Geographical growth scenario of Wearable Medical Devices Market:
Geographically, the global Wearable Medical Devices market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. In 2017, North America is expected to dominate the market followed by Europe. The large share of this geographical segment is attributed to the presence of developed healthcare infrastructure, focus on technological advancements, and the development of interconnected and highly advanced healthcare apps and compatible devices, and the presence of key market players.
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Leading market players and strategies adopted:
The prominent players in the Wearable Medical Devices market include Fitbit (US), Philips (Netherlands), LifeWatch (Switzerland), Garmin (Switzerland), and 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), and Monica Healthcare (UK). These companies adopted strategies like new product launches, acquisitions, collaborations, expansions, and other developments in order to achieve sustained growth and expand their global presence as well
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