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Wireless Wearable Medical Devices Market Set to Record Exponential Growth by 2026

Dec 21st 2018 at 12:45 PM

 

Wireless wearable devices can function on a range of wireless technologies such as Near Field Communication (NFC), Bluetooth Low Energy (BLE), wireless network technology ANT, Bluetooth Classic, Wi-Fi, and cellular. Some wearable devices combine different wireless technologies to take advantage of the different aspects of each technology. The global Wireless Wearable Devices Market is highly consolidated, as major players account for majority share. The major drivers responsible for the growth of wireless wearable devices market include Smart Fitness monitoring, Health consciousness and mobile communications, Rapid rising of Smart Wireless Health and Fitness Devices, Integrating Smart Sensors and different programs, Professional Wireless Healthcare Devices have transformed consumer Healthcare industry operated in Hospital Settings. Additionally, high demand for mobile health care devices and rise in prominence of artificial intelligence and big data analytics in the field of digital health care are likely to propel the global wireless wearable devices market.

The global wireless wearable devices market can be segmented based on product type, application, and distribution channel. In terms of product type, the market can be classified into activity trackers, wearable GPS, dedicated heart rate monitors, wireless watches, and others. Based on application, the global wireless wearable devices market can be divided into wireless sports & fitness devices, wireless remote health monitoring devices, wireless professional health care devices, and others. The wireless remote health monitoring devices segment can be categorized into chronic disease monitoring, personal fitness monitoring, and personal wellness monitoring. Wireless standards available for use in medical applications include Bluetooth, Wireless Sensor Networks, Zig bee, and Broadband.

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Geographically, the global wireless wearable medical devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held large share of the market, followed by Europe. The market in North America is driven by presence of large number of mid-sized and large companies, rapid emergence of new players, and early adopters. However, the market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period. Increase in cardiovascular diseases, rise in awareness, and entry of global players in the region are the key factors propelling the market in the region.

The global wireless wearable medical devices market is highly competitive due to presence of large number of local players in most of the regions. Large players are expanding distribution networks to increase market share in different regions, while small players strive to develop new innovative products to attract consumers and strengthen foothold in the market. The global electronic based companies are also increasingly focus on home health care devices, especially portable medical devices such as pedometers and blood pressure monitors to increase market shares. Fitbit, Inc. pioneers in offering wearable technology devices for tracking fitness to gain a competitive edge over others.

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Key players in the global wireless wearable devices market include Abbott Diabetes Care, Inc., Adidas AG, Alive Technologies Pty. Ltd., Apple, Inc., ASUSTeK Computer, Inc., and Beurer GmbH.

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