According to The Insight Partners market research study titled ‘Wearable Medical Devices Market - Global Analysis and Forecasts By Device Type and Application, the global wearable medical devices market is expected to reach US$ 23,310.9 Mn in 2025 from US$ 6,231.7 Mn in 2017. The market is estimated to grow with a CAGR of 18.1% from 2018-2025. The report highlights the trends prevalent in the global wearable medical devices market and the factors driving the market along with those that act as deterrents to its growth.
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Some of the prominent players operating in wearable medical devices market are Xiaomi Technology Co., Ltd, Samsung Electronics Co., Ltd., Fitbit, Inc., Garmin Corporation, Apple Inc., HUAWEI Technologies Co., Polar Electro, Omron Corporation, Activinsights Ltd., and VitalConnect. The market players are focused towards bringing new and innovative products and services to sustain their position in the market. For instance, in October 2018, Huawei Consumer Business Group (BG) launched two new wearables, HUAWEI WATCH GT and HUAWEI Band 3 Pro. The new wearables offer novel and sophisticated ways for consumers to track their activities and receive fitness coaching, based on scientific research. These product innovations and launches are expected to propel the growth of the wearable medical devices market during the forecast period.
The market for wearable medical devices is expected to grow due to the rising geriatric population, increase in the prevalanece of various chronic illnesses and the growth in awareness regarding fitness. In addition, rising concerns regarding home healthcare is anticipated to have a positive impact on the growth of the wearable medical devices market in the coming years.
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Global wearable medical devices market, based on the device type was segmented into diagnostic & monitoring devices and therapeutic devices. In 2017, the diagnostic & monitoring devices segment held the largest share of the market, by device type. The segment is also expected to witness growth at a significant rate during the forecast period, owing to the rising awareness regarding fitness.
The report segments the global wearable medical devices market as follows:
By Device Type
Diagnostic & Monitoring DevicesVital Signs Monitoring DevicesGlucose Monitoring DevicesSleep Monitoring DevicesOther DevicesTherapeutic DevicesPain Management DevicesRehabilitation DevicesRespiratory Therapy DevicesInsulin PumpsBy Application
Remote Patient MonitoringSports & FitnessHome HealthcareBy Geography
North AmericaUSCanadaMexicoEuropeFranceGermanyItalyUKSpainRest of EuropeAsia Pacific (APAC)ChinaIndiaSouth KoreaJapanAustraliaRest of APACMiddle East & Africa (MEA)South AfricaSaudi ArabiaUAERest of MEASouth and Central America (SCAM)BrazilArgentinaRest of SCAMImmediate delivery of our off-the-shelf reports and prebooking of upcoming studies, through flexible and convenient payment methods –
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