The global wearable medical device market, in terms of value, is projected to reach 12.14 Billion by 2021 from USD 5.31 Billion in 2016, at a CAGR of 18.0% during the forecast period. According to the report Wearable Medical Devices Market by Markets and Markets; Asia is poised to be fastest-growing region in the wearable medical device market from 2016 to 2021.
The wearable medical device market in the Asian region is the fastest growing due to technological advancement, increasing aging population, increasing prevalence of diseases, changes in lifestyle and increasing awareness on wellness and fitness.
Growth in this market is mainly driven by technological advancements in medical devices, launch of a growing number of smartphone-based healthcare apps compatible with wearable devices, rising preference for wireless connectivity among healthcare providers, and increasing focus on physical fitness. Furthermore, growing trend towards home healthcare, offers significant growth opportunities for the wearable medical device market. On the other hand, factors such as high cost of wearable devices and data security issues may restraint the growth of the market.
The wearable medical device, by type segment is expected to provide growth opportunities for market players in the forecast period. On the basis of type, the wearable medical devices market is segmented into activity monitors, smartwatches, smart clothing, and patches. Activity monitors are expected to account for a major share of the market. The large share of this segment can be attributed to factors such as increasing health concerns, increasingly sedentary and unhealthy lifestyles, and growing awareness about health and fitness.
Factors driving the growth in this segment majorly comprises of increasing health concerns, increasingly sedentary and unhealthy lifestyles, and growing awareness about health and fitness.
Prominent Players in the Wearable Medical Device Market
- Fitbit Inc. (U.S.)
- Philips Healthcare (Netherlands)
- Garmin Ltd. (Switzerland)
- LifeWatch AG. (Switzerland)
- Omron Corporation (Japan)