Wireless health and fitness devices market research report, by type (mobile, watch, USB, bluetooth, sensors and others), by products (wireless sports & fitness devices, wireless remote health monitoring devices, wireless professional healthcare devices), by application (monitoring and diagnosis), end users (hospitals, sports and fitness institute) - global forecast till 2027
Global Wireless Health and Fitness Devices Market - Overview
Wireless health is the integration of the wireless technology into medical devices for various healthcare purpose such as diagnosis, monitoring and treatment of the numerous diseases. The devices are also been utilized for daily personal fitness (wearable watches, medical tricorder, headbands and various others). Today, individuals are using various different networking devices in order to study more about their health. Increasing technological advancement in motion sensors has enhanced the outcome of wireless and wearable devices. The wireless health and fitness devices market is majorly influenced due to rising prevalence of different lifestyle diseases such as diabetes which requires continuous monitoring and has increased the use of wireless devices in sports analytics. In 2014, according to WHO, more than 8.5% of world’s population is suffering from diabetes. Increasing standard of living, development in technology, increasing risk associated with lifestyle diseases and rising health awareness among the individuals are also accountable for driving the growth of the market. While poor reimbursement policy and high cost of devices has hampered the growth of the market.
The market is forecasted to demonstrate a double digit growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period 2017 – 2023.
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Global wireless health and fitness devices market is expected to grow at a CAGR of 12.5% during forecasted period 2017-2023.
Global Wireless Health and Fitness Devices Market - Competitive Analysis
Characterized by the presence of several well-established and small players, the global market of Wireless Health and Fitness Devices appears to be highly competitive and fragmented. The top 5-6 company account for more than 70% of the market share. With well-established market in the Americas region major companies like Fitbit, Abbott Laboratories, Analog Devices, Medtronic, Inc., Nike, Inc., Apple Inc., and various others have their home in the region and generate maximum market share. These companies have expanded their operating unit in various other emerging regions as well. Moreover the other small and medium scale players are generating revenue from local market.
Moreover, companies are focusing on the new product developments which will are more cost effective. Some major companies have adopted the strategies of acquisitions and strategic alliances with other small and medium companies for the growth of the market.
GE Healthcare is an American multinational medical technology company headquartered in UK. In 2016, the company acquired Monica Healthcare, a UK based company. Monica's Novii Patch System is a wireless, single-use maternal and fetal heart rate monitor and is the most successful devices of the company. This acquisition has expand GE's digital medical device offering and has helped in improving the market.
Fitbit a US headquartered company which are involved in manufacturing of trackers, wireless-enabled wearable technology devices. The company is majorly focusing on the production of the wearable devices. The company has made a strategic move by reducing the cost of the devices since 2015. In 2015 company has sold 21 million units worldwide and generated a revenues of about USD 2 billion. Increasing adoption of the wearable devices by the individuals has help the growth of company at annual growth rate of 25% over the next five years. This has made the company as a leading player in the market.
Global Wireless Health and Fitness Devices Market - Regional Analysis
Global Wireless Health and Fitness Devices market is segmented on the basis of geographies or regions which mainly includes Americas, Europe, Asia Pacific, and Middle East & Africa. Americas is dominating the global market for wireless health and fitness devices with more than 40% share of the total market in 2016. The major factors influencing the growth of the market include high percentage of individuals with diabetes, rising healthcare expenditure, increasing technology advancement and presence of major manufacturers furthermore influence the growth of market in Americas.
Europe holds the second largest share of the global wireless health and fitness devices market. Asia Pacific is the fastest growing wireless health and fitness devices market across the globe.
The Middle East & Africa holds the least share of the global market due to limited availability of medical facilities. The UAE, Saudi Arabia, and Kuwait are expected to drive the Middle East & African market. Whereas, the African region is expected to witness a moderate growth.
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