Wearable Medical Devices Market $12.14 Billion by 2021
March 15, 2017 | PRNewswireEstimated reading time: 2 minutes
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).
Suggested Items
Catching Up With TapRen Tech Solutions’ Tristan Ren
05/21/2024 | Dan Beaulieu, D.B. Management GroupI am always looking for companies that develop new and innovative ways of doing things, so I was delighted when I got a call from Tristan Ren, who wanted to tell me about his new company TapRen Tech Solutions. As I talked to “Ren,” I realized this was not your normal value-added broker. (I know everyone hates that term but that’s what many of these companies are.)
Real Time with… IPC APEX EXPO 2024: Unveiling the New Chief Strategist of Advanced Packaging at IPC
05/21/2024 | Real Time with...IPC APEX EXPODevan Iyer, IPC's new chief strategist of advanced packaging, shares his industry experience and the objectives of his role and emphasizes the necessity for solid standards and guidelines for new packaging technologies and design methodologies. He also highlights the significance of diverse package technologies across different markets. Devan is looking forward to collaborating with IPC and industry members as they find ways to connect emerging package technologies with PCB/EMS systems.
SPEA Expands in Southeast Asia with New Subsidiary in Thailand
05/17/2024 | SPEASPEA, a global leader in automatic test equipment for the manufacturing of semiconductor, microelectronic and electronic devices, today announced the opening of its new subsidiary in Thailand. This expansion marks a significant step forward in SPEA's commitment to serving the growing Southeast Asian microchip and electronics market with leading-edge manufacturing machinery and equipment.
PCB Market Size to Grow by $29.06B from 2024-2028
05/17/2024 | PRNewswireThe global printed circuit board (PCB) market size is estimated to grow by USD 29.06 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 6.6% during the forecast period.
AT&S 2024/25 on Growth Course Again
05/17/2024 | AT&SAT&S operated in a challenging market environment in the financial year 2023/24. After a strong second quarter, demand was relatively weak again in some market segments in the second half of the financial year.