The global wearable medical devices market, in terms of value, is projected to reach USD 12.14 Billion by 2021 from USD 5.31 Billion in 2016, at a CAGR of 18.0% during the forecast period. 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 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 services market is segmented based on type, distribution channel, end use, application, and regions. 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 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.
Based on the end use, the market is segmented into sports& fitness, remote patient monitoring, and home healthcare. Sports & fitness dominated the market in 2016, however, home healthcare end use to grow at the second highest CAGR during the forecast period.
Based on distribution channel, the wearable medical devices market is segmented into pharmacies, online channel, and hypermarkets. The hypermarkets segment is expected to witness the highest growth during the forecast period primarily due to the growing retail businesses and increasing consumer reach of products.
Based on application, the market is segmented into diagnostics & monitoring and therapeutics. Diagnostics & monitoring is the major application segment and is the fastest growing application segment during the forecast period. This growth is majorly driven by increasing need for regular monitoring and early diagnosis among patients primarily due to the growing prevalence of chronic diseases is a key market driver for this segment.
- Drägerwerk AG & Co. KGaA
- Fitbit Inc.
- Garmin Ltd.
- Jawbone Inc.
- Lifewatch AG
- Omron Corporation
- Philips Healthcare (A Subsidiary of Royal Philips Electronics)
- Polar Electro OY
- Sotera Wireless, Inc.
- Withings SA
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Regulatory Scenario
7 Wearable Medical Devices Market, by Type
8 Wearable Medical Devices Market, by Distribution Channel
9 Wearable Medical Devices Market, by Application
10 Wearable Medical Devices Market, by End Use
11 Wearable Medical Devices Market, by Region
12 Competitive Landscape
13 Company Profiles
For more information about this report visit http://www.researchandmarkets.com/research/qq39wg/wearable_medical
Laura Wood, Senior Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/wearable-medical-devices-market-to-reach-12-billion-by-2021---by-type-distribution-channel-application-end-use--region---research-and-markets-300378989.html
SOURCE Research and Markets