(EMAILWIRE.COM, September 06, 2018 ) Market growth factors

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 experts says about the growth of this market?

The wearable medical devices market is expected to reach USD 14.41 Billion by 2022 from USD 6.22 Billion in 2017, at a CAGR of 18.3% during the forecast period.

Wearable Medical Devices Market by Device (Diagnostic (Heart, Pulse, BP, Sleep), Therapeutic (Pain, Insulin, Rehabilitation)), Application (Sport, Fitness, RPM), Type (Smartwatch, Patch), Distribution Channel (Pharmacy, Online) - Global Forecast to 2022

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(Source: MarketsandMarkets™)

Key players

Product launches, upgrades, and approvals accounted for the largest share of the overall growth strategies followed by key players between 2014 and 2017. Some of the companies that adopted this strategy include Fitbit (US), Garmin (Switzerland), and Omron (Japan).

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).

Know the strategies adopted by market players

Geographic Overview

The market is dominated by North America, followed by Europe, Asia Pacific, and the Rest of the World (RoW). The dominance of the North American market is attributed to factors such as the presence of developed healthcare infrastructure, focus on technological advancements, and the development of interconnected and highly advanced healthcare apps and compatible devices.

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