Diagnostic & monitoring devices are driving the market for wearable medical devices over the forecast period, in the device type segment.
According to a new 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.
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 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.
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 report segments the global wearable medical devices market as follows:
Global Wearable medical devices Market - By Device Type
Diagnostic & Monitoring Devices
Vital Signs Monitoring Devices
Glucose Monitoring Devices
Sleep Monitoring Devices
Pain Management Devices
Respiratory Therapy Devices
Global Wearable medical devices Market - By Application
Remote Patient Monitoring
Sports & Fitness
Global Wearable medical devices Market - By Geography
Asia Pacific (APAC)
Middle East & Africa (MEA)
South & Central America (SCAM)
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