Sports & fitness segment is expected to drive the growth of the global wearable medical devices market by application
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. The market is expected to grow due to increasing prevalence of chronic diseases as well as the rise in the number of geriatric population, however, the various product recalls is hindering the market.
Wearable devices are known to help in the early diagnosis of various diseases. These devices are able to record basic health parameters such as, heart rate monitoring, blood pressure monitoring and tracking the daily activities. Wearable devices help in reducing the frequent visits to physicians as the patients are able to diagnose the cause of symptoms by themselves. There have been developments in the wearable devices meant for diagnosis and monitoring purposes. For instance, in May 2018, Cerebrotech Medical Systems, a medical device company situated in Pleasanton, CA, developed a portable device that can detect likely severe strokes within seconds. Various vital signs such as heart rate and blood pressure can be monitored. Companies such as, Garmin Corporation, Polar Electro, Fitbit, Inc. and Apple Inc., offer wearable devices that help to monitor heart rate. With a rise in the number of people suffering from high blood pressure, there have been various companies that provide wearables that help in monitoring the blood pressure level. High blood pressure affects 1.13 billion people worldwide, according to the World Health Organization (WHO). Approximately 85 million in the U.S. have hypertension.
Global wearable medical devices market, based on the application was segmented into remote patient monitoring, sports & fitness and home healthcare. In 2017, sports & fitness held the largest share of the market, by application. Moreover, the remote patient monitoring segment is expected to grow at the fastest rate during the coming years as since it allows ease in treating various medical conditions with having the need the physician repeated number of times. Remote patient monitoring has been a boom to the geriatric population as well as their monitoring.
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 have been focusing towards strengthening their customer base in order to hold a better position in the overall market. For instance, in May 2018, FitBit, Inc. expanded the availability of its products in the Indonesian as well as the Vietnamese market. This has helped the company to have a strong presence in the Asian countries.
The report segments the global wearable medical devices market as follows:
Global Wearable medical devices Market – By Device Type
Global Wearable medical devices Market – By Application
Global Wearable medical devices Market – By Geography
North America
Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
South & Central America (SCAM)
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