Wearable Medical Devices Market: Trends, Concerns, and Opportunities | Top Key Players – Apple, Samsung, Xiaomi Inc., Philips Electronics, Nokia Technologies
According to Publisher, the Global Wearable Medical Devices is accounted for $6.05 billion in 2017 and is expected to reach $29.53 billion by 2026 growing at a CAGR of 19.2% during the forecast period.
Rising prevalence of chronic diseases, increasing demand for user friendly interface and ability to coordinate with mobile phones and tablets, and technological advancements are some of the key factors favouring the market growth. However, data security & privacy and lack of reimbursement are hindering the market growth. Moreover, change in trend from traditional to wearable devices and stable rise of remote patient monitoring and home healthcare are some of the opportunities for the market growth.
A wearable medical device is used to track or supervise, such as heart rate, blood glucose level and blood pressure. The variety of devices includes watches, bands, clothing, and accessories.
Based on type, activity monitors segment held significant growth due to the high prevalence of diseases, increasing adoption of inactive & unhealthy lifestyles and rising awareness of fitness and health. By geography, North America is expected to register the highest market growth during the forecast period owing to the presence of highly developed healthcare infrastructure, growing adoption of medical technologies and the progress of interconnected and highly advanced healthcare apps and compatible devices.
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Some of the key players in the Wearable Medical Devices Market include Apple, Samsung, Xiaomi Inc., Philips Electronics, Nokia Technologies, OMRON Corporation, Fitbit, Medtronic plc, LifeWatch AG, Actelion Pharmaceuticals, Garmin, Vitalconnect, Jawbone, Monica Healthcare, Polar Electro, Sotera Wireless, Lifesense, Cleveland Medical Devices, Inc., Nuubo and Intelesens Ltd.
Distribution Channels Covered:
Device Types Covered:
-Diagnostic and Monitoring Devices
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