The wearable medical devices market is expected to reach USD 14.41 Billion by 2022 from USD 6.22 Billion in 2017, at a CAGR of 18.3% during the forecast period.
Factors such as technological advances in medical devices, increasing penetration of smartphones and growing number of smartphone-based healthcare apps compatible with wearable devices, growing preference for wireless connectivity among healthcare providers, and increasing awareness about physical fitness are driving the growth of this market.
The report segments the global wearable medical devices market into type, application, device type, distribution channel, and region.
Based on type, the market is further classified into smartwatches, patches, smart clothing, and activity monitors. The activity monitors segment is expected to grow at the highest CAGR with largest market share during the forecast period. This growth is mainly due to the high prevalence of lifestyle diseases, growing adoption of sedentary and unhealthy lifestyles, and increasing awareness of fitness and health.
The global wearable medical devices market, by applications, is segmented into sports and fitness, remote patient monitoring, and home healthcare. The sports and fitness segment is estimated to account for the largest market share in 2017. The growth of this segment can be attributed to the increasing focus on physical fitness among people to improve the quality of life, coupled with the growing trend of tracking health progress.
Based on distribution channel, the wearable medical devices market is segmented into pharmacies, online channel, and hypermarkets. In 2017, the pharmacies segment is expected to account for the largest share of the market. The growth of this segment is mainly attributed to factors such as increasing trend towards self-monitoring and non-invasive monitoring & diagnosis and substantial increase in the supply of wearable devices in pharmacies.
The market is dominated by North America, followed by Europe, Asia Pacific, and the Rest of the World (RoW). The dominance of the North American market is attributed to factors such as the presence of developed healthcare infrastructure, focus on technological advancements, and the development of interconnected and highly advanced healthcare apps and compatible devices.
Key Topics Covered:
1 Introduction 1.1 Objectives of the Study 1.2 Market Definition 1.3 Market Scope 1.4 Currency 1.5 Limitations 1.6 Market Stakeholders
2 Research Methodology 2.1 Research Data 2.2 Secondary Data 2.3 Primary Data 2.4 Market Size Estimation 2.5 Data Triangulation 2.6 Assumptions for the Study
3 Executive Summary
4 Premium Insights 4.1 Wearable Medical Devices Market: Overview 4.2 Global Market, By Type 4.3 Asia Market, By Type and By Country 4.4 Global Market, By Device Type 4.5 Global Market: Geographic Snapshot
5 Market Overview 5.1 Introduction 5.1.1 Market Drivers 188.8.131.52 Technological Advancements in Wearable Medical Devices 184.108.40.206 Increasing Penetration of Smartphones and Growing Number of Smartphone-Based Healthcare Apps Compatible With Wearable Devices 220.127.116.11 Growing Preference for Wireless Connectivity Among Healthcare Providers 18.104.22.168 Increasing Focus on Physical Fitness 5.1.2 Market Restraints 22.214.171.124 High Cost of Wearable Devices and Lack of Reimbursement 126.96.36.199 Data Security Issues 5.1.3 Opportunities 188.8.131.52 Growing Awareness and Preference for Home Healthcare 5.1.4 Challenges 184.108.40.206 Limited Battery Life 220.127.116.11 Complexity in the Design of Devices 5.2 Regulatory Scenario 5.2.1 Regulatory Bodies 5.2.2 Patents and Licensing
6 Wearable Medical Devices Market, By Type 6.1 Introduction 6.2 Activity Monitors 6.3 Smartwatches 6.4 Smart Clothing 6.5 Patches
7 Wearable Medical Devices Market, By Distribution Channel 7.1 Introduction 7.2 Pharmacies 7.3 Online Channel 7.4 Hypermarkets