Market Growth Factors:
The growth of the market is attributed to the technological advances in medical devices, increasing penetration of smartphones and growing number of smartphone-based healthcare apps compatible with wearable devices, and increasing awareness about physical fitness.
According to research report the wearable medical devices market is expected to reach USD 32.71 billion by 2027 from USD 6.22 billion in 2017, at a CAGR of 18.3%.
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Based on type, the wearable medical devices market is segmented into activity monitors, smartwatches, smart clothing, and patches. The activity monitors segment is expected register the highest CAGR during the forecast period. The high growth of this segment can be attributed to factors such as the rising adoption of sedentary and unhealthy lifestyles, rising prevalence of lifestyle diseases, and growing awareness of health and fitness.
Based on application, the wearable medical devices market is segmented into remote patient monitoring, home healthcare, and sports & fitness. The sports and fitness segment is expected to register the highest CAGR during the forecast period. The significant growth of segment is owing to factors such as the increasing focus on physical fitness among people to improve the quality of life and growing trend of tracking health progress.
Based on distribution channel, the wearable medical devices market is segmented into pharmacies, online channel, and hypermarkets. The pharmacies segment is expected to dominate the market during the forecast period. The growth of this segment is mainly attributed to factors such as increasing trend towards self-monitoring and non-invasive monitoring and diagnosis and substantial increase in the supply of wearable devices in pharmacies.
North America is expected to account for the largest market size during the forecast period.
The market is dominated by North America, followed by Europe, Asia Pacific, and RoW. North America is expected to continue to dominate this market in the forecast period. The presence of developed healthcare infrastructure, focus on technological advancement, and the development of interconnected and highly advanced healthcare apps and compatible devices. Healthcare provisions such as Medicare and Medicaid have influenced the growth of North American market. However, Asia is expected to grow at the highest CAGR during the forecast period. The increasing disposable income and improving standard of living and economic conditions is expected to witness substantial growth in the near future, this will drive the growth of the wearable medical devices market in this region.
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Top 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).