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% during the forecast period. Factors such as technological advances in 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, and increasing awareness about physical fitness are driving the growth of this market.
The report segments the global wearable medical devices market into type, application, device type, distribution channel, and region.
Based on type, the wearable medical devices market is segmented into activity monitors, smartwatches, smart clothing, and patches. In 2017, the activity monitors segment is expected to account for the largest share of the wearable medical devices market. Based on application, the wearable medical devices market is segmented into sports and fitness, remote patient monitoring, and home healthcare. The sports and fitness segment is expected to register the highest CAGR during the forecast period.
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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.
The wearable medical devices market is highly competitive with several big and small players. Prominent players in this market include Fitbit (US), Philips (Netherlands), LifeWatch (Switzerland), Garmin (Switzerland), and Omron (Japan). The other players operating in this market include 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).
