Wearable Medical Devices Market

Product Launches, Upgrades, and Approvals Accounted for the Largest Share of the Overall Growth Strategies Followed by Key Players in the Wearable Medical Devices Market Between 2014 and 2017

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%. 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.

Product launches, upgrades, and approvals accounted for the largest share of the overall growth strategies followed by key players between 2014 and 2017. Some of the companies that adopted this strategy include Fitbit (US), Garmin (Switzerland), and Omron (Japan).

The wearable medical devices market is highly competitive with several big and small players. Prominent players in this market include Fitbit (US), Philips (Netherlands), LifeWatch (Switzerland), Garmin (Switzerland), and Omron (Japan). The other players operating in this market include Drägerwerk (Germany), Nokia Technologies (US), Jawbone (US), Polar (Finland), Wor(l)d Global Network (US), Activeinsights (UK), VitalConnect (US), Xiaomi (China), Misfit (US), and Monica Healthcare (UK).

Fitbit (US) was the leading player in the wearable medical devices market in 2016. The company’s leading position is primarily attributed to its strong brand image and product portfolio. The company focuses on product launches to increase its market presence. For example, in 2017, the company launched Fitbit Iconic and its Fitbit Alta HR devices in the market. It also places significant importance on global expansion; this is evident from the establishment of its EMEA headquarters in Dublin, Ireland in August 2016. Apart from this, the company has a robust distribution channel; it offers its products through 50,000 retail stores in 63 countries.

Garmin (Switzerland) was the second largest player in the wearable medical devices market in 2016. This is attributed to the increasing focus of the company on organic growth strategies such as product launches. The company offers a wide range of wearable medical technologies. Over the years, it has added a number of innovative products to its portfolio. For example, in 2017, the company launched vívofit jr. 2 activity tracker, vívomove HR, and vívosmart 3 in the market. This helped the company in strengthening its product portfolio and market share.

Related Reports:

Wearable Medical Devices Market by Device (Diagnostic (Heart, Pulse, BP, Sleep), Therapeutic (Pain, Insulin, Rehabilitation)), Application (Sport, Fitness, RPM), Type (Smartwatch, Patch), Distribution Channel (Pharmacy, Online) - Global Forecast to 2022

Contact:
Mr. Rohan
MarketsandMarkets™ INC. 
630 Dundee Road 
Suite 430 
Northbrook, IL 60062 
USA : 1-888-600-6441 
sales@marketsandmarkets.com

Report Code
MD 4808
Published ON
Jan, 2018
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Wearable Medical Devices Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
REQUEST A FREE WORKSHOP
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
ONLINE CHAT
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
© MarketsandMarkets Research Private Ltd. All rights reserved