Wearable Medical Devices Market Size, Historical Growth, Analysis By Top Key Player - GE, Apple, Samsung, Fitbit, and Xiaomi among others
Category: #health  By Partha Ray  Date: 2019-08-06
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Wearable Medical Devices Market Size, Historical Growth, Analysis By Top Key Player - GE, Apple, Samsung, Fitbit, and Xiaomi among others

Wearable Medical Devices Market size was valued at over USD 9.0 billion in 2018 and is expected to witness 39.4% CAGR from 2019 to 2025.

The increasing convergence between wearables and medical products has proved beneficial in transforming wearable medical devices market outlook. Having emerged as one of the most profitable niche verticals in the worldwide healthcare and medical devices sector, this industry is not yet a mainstay in the field, but most medical device manufacturers are nevertheless adding wearable components to their product lines. These fitness trackers help users to stay in shape, all while being easy to use, comfortable, and not cumbersome.

The foremost factors that have led to the increasing popularity of wearable medical devices are active promotion and growing expenditure on advertisement of these devices, essentially enlarging the geographical reach of wearable medical devices market. Amongst all the existing wearable medical devices, activity/fitness monitors have witnessed meteoric rise in their popularity owing to the technological advances in battery, sensor, and material design.

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As these devices are utilized for monitoring fitness-related metrics such as walking distance, calorie consumption, and heartbeats, the widespread global usage of smartphones has only added to the popularity of these devices. Smartphones act as the central data storage and analysis hub for the data transmitted by these wearable trackers.

In the recent times, numerous wearable manufacturers are focusing on revamping of their smartphone apps so as to improve the consumer experience. For instance, Fitbit has recently rolled out a new, redesigned app to some of its users. It streamlines the data by using three tabs at the bottom instead of five and is dependent on a change made on the server side.

Reportedly, activity/fitness monitors apportioned more than 25 percent of the total wearable medical devices industry share in 2018, which is quite discernable as the ongoing engineering efforts to miniaturize electronics have resulted in advanced technology being crammed into lightweight and compact cases. Moreover, changing dietary habits and lifestyle has given rise to physical conditions such as obesity and other chronic ailments which has benefited the manufacturers of activity/fitness monitors. Increased competition between these manufacturers has led to wearables becoming cheaper constantly and has increased the overall availability of these devices to regular consumers worldwide, impelling the industry trends.

In terms of geographical expansion, the U.S. wearable medical devices market has witnessed considerable growth and is anticipated to reach more than USD 23 billion of revenue by the year 2025. The most significant factors that have proved beneficial for the market are the launch of technologically advanced healthcare monitoring products along with rising awareness regarding fitness. High disposable income and growing prevalence of lifestyle diseases would further proliferate the U.S. wearable medical devices industry size over the forecast duration.

Browse Report Summary @ https://www.gminsights.com/industry-analysis/wearable-medical-devices-market

Some of the leading players operating in the wearable medical devices industry include Apple, Samsung, Fitbit, and Xiaomi among others

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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