(EMAILWIRE.COM, February 28, 2019 ) Prominent players in the wearable medical device market include Fitbit Inc. (U.S.), Philips Healthcare (Netherlands), Garmin Ltd. (Switzerland), LifeWatch AG. (Switzerland), Omron Corporation (Japan), Drägerwerk AG & Co. KGaA (U.S.), Withings SA.(France), Jawbone Inc. (U.S.) and Polar Electro Oy (Finland).

According to research report wearable medical devices market is expected to reach USD 14.41 Billion by 2022 from USD 5.31 Billion in 2016, at a CAGR of 18.3% during the forecast period

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For estimating the size of the wearable medical device market, the segmental market revenues were obtained from secondary sources through extensive primary interviews. The segment-level markets were then added up to reach the total market size of each segment (type, distribution channel, End use, and applications). The wearable medical device market size was derived by adding the markets of all these segments. The total market derived through the bottom-up approach was again validated through secondary sources and interviews.

The key growth strategies adopted by the top companies (profiled in the report) include partnerships, collaborations, and agreements; new product launches and approvals; expansion, and acquisition.

Companies are focused on various organic and inorganic growth strategies such as collaborations, and agreements; new product launches and approvals; expansion, and acquisition. These strategies helped the market players to build a robust position in the market, which helped in increasing demand of customers, and to expand their presence in the global market.

This research study involves the use of extensive secondary sources; directories; databases such as Hoovers, Bloomberg Business, Factiva, and Avention; white papers; annual reports; company house documents; and SEC filings of companies.

Some of the recent developments by major players are;

In September 2016, Fitbit announced the global availability of the Fitbit Charge 2 wristband for continuous wrist-based heart rate tracking. This has helped the company to increase its product offerings. Furthermore in August 2016, Philips Launched a line of wearable medical devices, including the Philips health watch, connected scales, a blood pressure monitor, and connected ear thermometer. This helped the company in expanding its product offerings. In May 2016, Garmin International Inc. launched the vívosmart HR+, an activity tracker. This enables the patient to monitor their heartrate 24/7 and keep a track of the steps taken, distance covered, calories burned, and floors climbed. This helped the company to increase its portfolio.

The overall market size derived by the bottom-up approach was used in the top-down procedure to estimate the size of the wearable medical device market through the percentage splits obtained from secondary and primary research for each product segment

The overall growth strategies mapped from 2013 to 2016 includes acquisition, agreements, collaboration, contracts, expansion, new products launches, and partnerships. New product launches and approvals accounted for largest share of the strategies adopted by the key players in the wearable medical device market. Companies adopted these strategies to offer it’s in order to strengthen their customer base, and to build up a robust position in market shares. Major players adopted this growth strategy include Fitbit Inc. (U.S.), Philips Healthcare (Netherlands), LifeWatch AG (Switzerland), Garmin Limited (Switzerland), and Omron Healthcare (Japan).

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