The wearable medical devices market size is expected to grow around $15 billion by 2022 growing at double digit compound annual growth rate (CAGR). Growth in the wearable medical devices market is due to increasing demand for smart watches, use of wearable devices for cardiovascular disease management, rising disposable incomes and growing consumer awareness among millennial population.
Major trends witnessed in the wearable market over the historic period include Development in flexible electronics to benefit innovation in wearables devices, increasing healthcare awareness, and integration of advanced technologies with wearable medical devices.
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The competitive pressure in this market is expected to increase further with an increase in technological innovations, and strategic merger and acquisitions between the companies. Most of the international players are focusing on inorganic expansion through acquisition of local players in the coming years.
The largest acquisition of the year by far in the wearables space was the $2 billion purchase of Oculus VR by Facebook. Oculus makes the Oculus Rift - a virtual reality headset that was a big hit on Kickstarter in 2012 and has gone from strength to strength since. And Facebook continued their plan of expansion by acquiring one of the leading ventures in wearables market.
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