Wearable Medical Devices Market Leading Players and Business Intelligence
According to research report Wearable Medical Devices Market size is projected to reach USD 46.6 billion by 2025 from USD 18.4 billion in 2020, at a CAGR of 20.5% from 2020 to 2025.
Wearable
healthcare devices are autonomous devices that can be attached, worn,
or handheld for monitoring and examining the metabolic &
physiological changes that occur in the human body. These devices are
also used to record data. Wearable healthcare devices monitor and
diagnose many diseases such as sleep apnea, skin temperature, blood
glucose level, sleep patterns, general health parameters, fitness, and
wellness progress among athletes and fitness enthusiasts. These devices
are also used in various therapeutic applications such as pain
management, rehabilitative services, and respiratory care.
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The
prominent players operating in this market include Medtronic plc
(Ireland), OMRON Corporation (Japan), Koninklijke Philips N.V.
(Netherlands), and Apple Inc. (US). The other key players in this market
are Dexcom Inc. (US), BioTelemetry (US), Abbott Laboratories (US),
Bio-Beat Technologies Ltd (Israel), Masimo Corporation (US),
Minttihealth (China), CONTEC Medical Systems Co Ltd (China), Biotricity
Inc. (US), and iRhythm Technologies, Inc. (US). Players in this market
focused on partnerships, collaborations, agreements, acquisitions,
expansions, and product launches & approvals to develop and expand
their market presence between January 2017 and February 2020.
Apple, Inc. (US)
Apple
is one of the largest players in the global wearable healthcare devices
market. The company’s leading position is attributed to its high focus
on innovation, strong product portfolio, and highly acclaimed brand. The
company focuses on regular product launches to increase its market
presence and share. For example, in 2019, the company launched Apple
Watch Series 5. In order to combat competition, Apple focuses on
continuous R&D to launch with new and upgraded products. It also
invests heavily in R&D; in 2019, the company invested USD 16.2
billion in R&D activities. Furthermore, Apple has a strong
geographical presence and is well complemented by its products
portfolio.
Fitbit, Inc. (US)
Fitbit is a leading player in
the global wearable medical devices market. The company’s leading
position is attributed to its high focus on innovation and broad product
portfolio. The company focuses on product launches in order to increase
its market presence. For instance, in 2019, the company launched Fitbit
Charge 4. It also places significant importance on global expansion,
which is evident from the firm’s expansion in Latin American countries
such as Argentina and Peru in 2019. Apart from this, the company has a
robust product portfolio with its offerings compatible with both adults
and children. It is also supported by its strong distribution channel.
Fitbit offers its products through 39,000 retail stores in 100
countries.
Emerging economies such as China, India and Brazil are
expected to provide a wide range of opportunities for players in the
market. Furthermore, increasing adoption of AI and 5G, growing adoption
of mobile platforms, and the growing awareness and preference for home
healthcare will also boost the growth of this market.
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Recent Developments:
> In 2019, Apple Watch Series 5 was launched with advanced functionalities by Apple, Inc. (US)
> In 2020, Fitbit Charge 4, activity tracker was launched by Fitbit, Inc. (US)
> In 2019, Omron (Japan) launched HeartGuide, a wearable blood pressure smart watch.
Key Questions Addressed in the Report:
> What are the growth opportunities in the wearable medical devices market across major regions in the future?
>
Emerging countries have immense opportunities for the growth and
adoption of wearable healthcare devices. Will this scenario continue
during the next five years?
> What are the various wearable healthcare devices and their respective market shares in the overall market?
> What are the new trends and advancements in the wearable healthcare devices market?
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