Global wearable medical devices market to hit $12.1B by 2021: 9 observations

Written by Megan Wood | December 16, 2016 | Print  | Email

The global wearable medical devices market is set to reach $12.14 billion by 2021, up from $5.31 billion in 2016, based on a Research and Markets report.

Here are nine observations:

 

1. The market will likely grow at a compound annual growth rate of 18 percent between 2016 and 2021.

 

2. The introduction of many smartphone healthcare apps compatible with wearable devices as well an increase in demand for wireless connectivity in the healthcare industry will drive market growth.

 

3. A rising focus on physical fitness and technological advancements in medical devices will also boost the market.

 

4. The costliness of wearable devices and data security complications will stunt market growth.

 

5. The activity monitors segment will hold a large market share, due to growing health concerns, sedentary lifestyles and a rising awareness about fitness.

 

6. In terms of the "end use" segment, the sports and fitness sector led the market in 2016, but the home healthcare sector is gaining and will experience a high CAGR through 2021.

 

7. Based on distribution, the hypermarkets segment will see the highest growth between 2016 and 2021.

 

8. The diagnostics and monitoring segment will be the fastest growing application sector due to the increasing number of chronic disease cases.

 

9. Key companies include:


• Drägerwerk in Lubeck, Germany
• Fitbit in San Francsico
• Garmin in Switzerland
• Jawbone in San Francisco
• Lifewatch in Switzerland
• Omron Corp. in Japan
• Philips Healthcare in Amsterdam, Netherlands
• Polar Electro in Finland
• Sotera Wireless in Dan Diego
• Withings in Cambridge, Mass.

 

More articles on devices:
SeaSpine, Orthofix, Amendia & more: 7 key notes
43 orthopedic, spine devices receive FDA 510(k) clearance in November 2016
Offering small orthopedic companies a competitive edge — Ortho Sales Partners' purpose

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