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.
According to research report 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%.
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Based on application, the wearable medical devices market is segmented into remote patient monitoring, home healthcare, and sports & fitness. The sports and fitness segment is expected to register the highest CAGR during the forecast period. The significant growth of segment is owing to factors such as the increasing focus on physical fitness among people to improve the quality of life and growing trend of tracking health progress.
Based on type, the wearable medical devices market is segmented into activity monitors, smartwatches, smart clothing, and patches. The activity monitors segment is expected register the highest CAGR during the forecast period. The high growth of this segment can be attributed to factors such as the rising adoption of sedentary and unhealthy lifestyles, rising prevalence of lifestyle diseases, and growing awareness of health and fitness.
Based on distribution channel, the wearable medical devices market is segmented into pharmacies, online channel, and hypermarkets. The pharmacies segment is expected to dominate the market during the forecast period. The growth of this segment is mainly attributed to factors such as increasing trend towards self-monitoring and non-invasive monitoring and diagnosis and substantial increase in the supply of wearable devices in pharmacies.
Among the four regional segments covered in the wearable medical devices market—north America, Europe, Asia Pacific, and the Rest of the World (RoW). Geographically, the wearable medical devices market in the Asia Pacific region is expected to register the highest CAGR during the forecast period. Growth in this regional segment is largely driven by the increased spending on healthcare, faster economic growth, presence of a huge population base, and increasing prevalence of diseases in the region. Furthermore, changes in lifestyle and increasing awareness on wellness and fitness are also expected to boost market growth in the region.