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 (NASDAQ:UK), VitalConnect (US), Xiaomi (NASDAQ:CHINA), Misfit (US), and Monica Healthcare (UK).
Currently, North America dominates the wearable medical device market and Asia represents the second-largest regional segment. The wearable medical device market in the Asian region is the fastest growing due to technological advancement, increasing aging population, increasing prevalence of diseases, changes in lifestyle and increasing awareness on wellness and fitness.
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Countries in the APAC region, such as China and India have shown remarkable economic growth in the past decade, and are likely to surpass many developed countries in the coming years. Furthermore, with a vast pool of users due to their large population base Asia Pacific is becoming a lucrative market for the wearable medical devices. Market growth in Asia Pacific is propelled by increasing spending on healthcare, changes in lifestyle, increasing prevalence of diseases and increasing awareness on wellness and fitness.
Major companies in the wearable medical devices market are also taking initiatives to tap the opportunities offered in the APAC market. Some of those initiatives include new product launch, partnerships & agreements, expansions among others.
Product launches, upgrades, and approvals accounted for the largest share of the overall growth strategies followed by key players between 2014 and 2017. Some of the companies that adopted this strategy include Fitbit (US), Garmin (Switzerland), and Omron (Japan).
According to MarketsandMarkets™ The Wearable Medical Devices Marketis 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.
