According to the new market research 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.
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