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Wearable Medical Devices Market Revenue, Opportunity, Segment and Key Trends 2016-2022 - Scalar Market Research
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Technological advancement in medical devices is increasing these days so as the launch of smart phones; these factors are increasing the growth of wearable medical device market. Also healthcare providers are also now increasing their preference of wireless connectivity and are focusing more on physical fitness. Furthermore, mounting trend towards healthcare at home proffers considerable growth opportunities for this global market for wearable medical device. Conversely, high prices of wearable devices as well as certain data security issues are restraining the market growth of wearable medical device.
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KEY PREMIUM INDUSTRY INSIGHTS
1. Factors driving the growth of global wearable technology market include and entry of several Smartphone manufacturers and convenient use of wearable. Additionally, growing health concerns among consumers is compelling the adoption of these devices, which is further enabling them to provide appropriate information regarding overall health.
2. These devices provide various benefits including heart monitoring, GPS tracking, and various notification alerts which drives the market growth of wearable devices. Few more factors that are propelling the growth of wearable technology market include escalating living standard and rising disposable income of consumers.
3. However, increasing security concerns is anticipated to hamper the growth of wearable technology market as data leakage risk is the main issue for users. Moreover, high manufacturing prices and limited battery life is restraining the market growth.
On the basis of region, the wearable medical device market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). Among these, North America is anticipated to dominate the global market, followed by Europe region. Focus on advancement in technology, developed infrastructure as well as development of interconnected and highly advanced apps of healthcare and compatible devices is expected to drive the market growth globally. Moreover, due to increasing aging population, changes in lifestyle, technological advancement, escalating prevalence of diseases and rising awareness on wellness and fitness Asia region is the fastest growing region in the global market of wearable medical device market during the forecast period.
KEY MARKET PLAYERS
Key players in the wearable medical devices market include:
1. Fitbit Inc.
2. Philips Healthcare (A Subsidiary of Royal Philips Electronics)
3. Garmin Ltd.
4. Lifewatch AG
5. Omron Corporation
6. Drägerwerk AG & Co. KGaA
7. Withings SA
8. Jawbone Inc.
9. Polar Electro OY
10. Sotera Wireless, Inc.
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