The growth of the wearable medical devices market is primarily attributed to rising awareness regarding importance of fitness. Moreover, the rapid growth of pharmaceutical and biotechnology industry is also expected to drive the growth of wearable medical devices market.
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However, constant product recalls is expected to obstruct the growth of wearable medical devices market. On the other hand, the growing use of diagnostic & monitoring devices is expected to drive the market in the future years. 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. Wearable devices are also being used for monitoring the blood glucose levels in an individual. With a rise in the cases of diabetes across the globe, the demand for the segment is expected to witness significant demand during the forecast period.
The List of companies covered in this Reports are:
1. Xiaomi Technology Co., Ltd
2. Samsung Electronics Co. Ltd.
3. Fitbit, Inc.
4. Garmin Corporation
5. Apple Inc.
6. Huawei Technologies Co., Ltd.
7. Polar Electro
8. OMRON Corporation
9. Activinsights Ltd.
Global wearable medical devices market, based on the device type was segmented into diagnostic & monitoring devices and therapeutic devices. In 2017, diagnostic & monitoring devices segment held the largest share by the market, by device type. This is mainly attributed to the rise in the prevalence of chronic illnesses, leading to an increased awareness regarding maintaining good health.
Global wearable medical devices market, based on application was segmented into home healthcare, remote patient monitoring and sports & fitness. In 2017, sports & fitness segment held the largest share of market, by application. However, the remote patient monitoring segment is anticipated to grow at a significant rate during the forecast period.
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