The wearable medical devices market is expected to reach USD 14.41 Billion by 2022 from USD 6.22 Billion in 2017. One of the key factors about the growth of the wearable device industry is its rapid popularity increase among users.
The global wearable medical devices market, by applications, is segmented into sports and fitness, remote patient monitoring, and home healthcare. The sports and fitness segment was the largest market share in 2017. The growth of this segment can be attributed to the increasing focus on physical fitness among people to improve the quality of life, coupled with the growing trend of tracking health progress.
The interesting part is that all these metrics are calculated by the device itself without having someone manually track them. Additionally, what makes them even more valuable is the fact that the collected data can also be available on their smartphones or synced with cloud services.
Wearable devices take a lead role in Remote Patient Monitoring (RPM), which consists of collecting health and medical data from a patient in a remote location, and telehealth also creates the possibility to extend healthcare services outside of hospitals and clinic boundaries.
The wearable medical devices market is segmented into pharmacies, online channel, and hypermarkets. Pharmacies where the largest share market in 2017.The growth of this segment is mainly attributed to factors such as increasing trend towards self-monitoring and non-invasive monitoring & diagnosis and substantial increase in the supply of wearable devices in pharmacies.
North America dominates the market, followed by Europe, Asia Pacific, and the Rest of the World.
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).
Source: Markets & Markets