The global wearable medical devices market will likely grow at an 18.3 percent compound annual growth rate, according to a ResearchAndMarkets report.
Here are six things to know:
1. The market was valued at $6.22 billion in 2017, and will likely be worth $14.41 billion by 2022.
2. The growth of smartphone-based healthcare apps for wearable devices as well as increase in wireless connectivity adoption among providers will boost the market.
3. The activity monitors segment will likely grow at the greatest CAGR through 2022, because of sedentary and unhealthy lifestyles.
4. Regarding applications, the sports and fitness segment likely captured the largest market share in 2017.
5. North America leads the market, with Europe, Asia and the rest of the world following, respectively.
6. Key market players include Activeinsights, Drgerwerk, Fitbit, Garmin Jawbone, Lifewatch, Misfit, Monica Healthcare, Nokia Technologies, Omron, Philips, Polar Electro, Vitalconnect, World Global Network and Xiaomi.