The North America medical wearable electronics market has been estimated at USD 1.7 billion in 2016 and is projected to reach USD 5.6 billion by 2021 at a CAGR of 26.19% during the forecast period from 2016 to 2021. Wearable medical devices are defined as the devices with sensors attached to the body that detect and monitor changes in body signatures of various areas and organs. Wearable devices monitor physiological data usually with remote/wireless communication. Most wearable medical devices have been developed to monitor activities such as walking, jogging, muscle activity and calories burned, heart rate, etc. and exercise. Some even include GPS monitoring and tracking to enhance accurate measurement of distance.
Sports and fitness, remote patient monitoring and home healthcare are the key applications of medical wearable electronics. Home healthcare monitoring accounts for the largest share.
Large number of innovations and new technologies, increasing incidence of chronic pain and diabetes, emerging economies and increasing per capita income and ease of use and interpretation of medical devices are the factors driving medical wearable devices market. On other hand, high cost of wearable medical devices, unfavorable reimbursement policies, data security issues and strict government regulations are posing challenges to this market.
Wearable medical devices market is segmented based on the product type which includes diagnostic wearable devices and therapeutic wearable devices. Diagnostic wearable devices segment is further divided into wearable vital sign monitors (Wearable heart rate monitors, Wearable Activity monitors, Wearable electrocardiographs and others), wearable fetal monitors & obstetric devices and neuromonitoring devices (Electroencephalographs and Electromyographs). Therapeutic wearable devices segment is sub-segmented into wearable pain management medical devices, Glucose/Insulin monitoring devices and Wearable respiratory therapy devices.
Based on geography, market is segmented into US, Canada and Mexico.
Many players in this market are trying to expand their product portfolio in order to top the global market. While few companies are entering into the market by acquisitions, top companies are expanding their growth in this market by acquiring other companies. Few companies adopted product innovation and new product launches as its key business strategy to ensure its dominance in this market. The major players in this market are Basis Science, Corventis Inc., Draeger, Everist Genomics Inc., Fitbit Inc., Intelesens Ltd, Lifewatch AG, Nuubo, Omron Corporation, Philips Electronics, Polar Electro, Sotera wireless, Zephyr Technology Corporation and Withings.
Key Deliverables in the Study