According to a new market research study titled ‘Wearable Medical Devices Market - Global Analysis and Forecasts By Device Type and Application. The global wearable medical devices market is expected to reach US$ 23,310.9 Mn in 2025 from US$ 6,231.7 Mn in 2017. The market is estimated to grow with a CAGR of 18.1% from 2018-2025. The report highlights the trends prevalent in the global wearable medical devices market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due to increasing prevalence of chronic diseases as well as the rise in the number of geriatric population, however, the various product recalls is hindering the market.
Wearable devices are known to help in the early diagnosis of various diseases. These devices are able to record basic health parameters such as, heart rate monitoring, blood pressure monitoring and tracking the daily activities. Wearable devices help in reducing the frequent visits to physicians as the patients are able to diagnose the cause of symptoms by themselves. There have been developments in the wearable devices meant for diagnosis and monitoring purposes. For instance, in May 2018, Cerebrotech Medical Systems, a medical device company situated in Pleasanton, CA, developed a portable device that can detect likely severe strokes within seconds.
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The report segments the global wearable medical devices market as follows:
Global Wearable medical devices Market – By Device Type
Diagnostic & Monitoring Devices
o Vital Signs Monitoring Devices
o Glucose Monitoring Devices
o Sleep Monitoring Devices
o Other Devices
Therapeutic Devices
o Pain Management Devices
o Rehabilitation Devices
o Respiratory Therapy Devices
o Insulin Pumps
Global Wearable medical devices Market – By Application
Remote Patient Monitoring
Sports & Fitness
Home Healthcare
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Some of the prominent players operating in wearable medical devices market are Xiaomi Technology Co., Ltd, Samsung Electronics Co., Ltd., Fitbit, Inc., Garmin Corporation, Apple Inc., HUAWEI Technologies Co., Polar Electro, Omron Corporation, Activinsights Ltd., and VitalConnect. The market players have been focusing towards strengthening their customer base in order to hold a better position in the overall market. For instance, in May 2018, FitBit, Inc. expanded the availability of its products in the Indonesian as well as the Vietnamese market.
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