Wearable Medical Devices Market $12.14 Billion by 2021

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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.

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 services market is segmented based on type, distribution channel, end use, application, and regions. The wearable medical device, by distribution channel segment is expected to provide growth opportunities for market players in the forecast period. Based on distribution channel, the wearable medical devices market is segmented into pharmacies, online channel, and hypermarkets. Factors driving the growth in this segment are growing demand and usage of wearable medical devices, rising health concerns, increasing focus on physical activities and a healthy lifestyle among a large part of the population in a number of countries, rising focus on early diagnosis and monitoring of health conditions, increasing prescription of wearable medical devices by physicians, and development and launch of advanced products. 

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. This growth is mainly attributed to factors such as increasing trends toward sports and wellness, and rising prevalence of diseases caused due to the adoption of unhealthy lifestyles. 

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. 

Key players in the wearable medical devices market are focused on various organic and inorganic growth strategies such as agreements, collaboration, expansion, new product launches & approvals, and partnerships. Prominent players in the wearable medical device market include Fitbit Inc. (U.S.), Philips Healthcare (Netherlands), Garmin Ltd. (Switzerland), LifeWatch AG. (Switzerland), Omron Corporation (Japan), Drägerwerk AG & Co. KGaA (U.S.), Withings SA.(France), Jawbone Inc. (U.S.) and Polar Electro Oy (Finland).