Wearable Medical Device Market to Expand at a Healthy Growth Rate in the Coming Years

Factors such as technological advances in medical devices, increasing
penetration of smartphones and growing number of smartphone-based
healthcare apps compatible with wearable devices, growing preference for
Wireless Connectivity among healthcare providers, and increasing
awareness about physical fitness are driving the growth of this market.

What the Market Looks Like?
According to research report the report 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%. North America to dominate the wearable
medical devices market.

• Based on type, the market is further
classified into smartwatches, patches, smart clothing, and activity
monitors. The activity monitors segment is expected to grow at the
highest CAGR with largest market share during the forecast period. This
growth is mainly due to the high prevalence of lifestyle diseases,
growing adoption of sedentary and unhealthy lifestyles, and increasing
awareness of fitness and health.
• The global market, by
applications, is segmented into sports and fitness, remote patient
monitoring, and home healthcare. The sports and fitness segment is
estimated to account for 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.
• Based on distribution
channel, the market is segmented into pharmacies, online channel, and
hypermarkets. In 2017, the pharmacies segment is expected to account for
the largest share of the market. 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.

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Geographical Overview –
North
America is expected to dominate the market followed by Europe. The
large share of this geographical segment is attributed to the presence
of developed healthcare infrastructure, focus on technological
advancements, and the development of interconnected and highly advanced
healthcare apps and compatible devices, and the presence of key market
players.

Leading 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).

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