Apple Inc., Abbott and Xiaomi are Dominating the Global Wearable Medical Devices Market in 2019

Wearable Medical Devices Market is expected to grow with the CAGR of 19.6% in the forecast period of 2020 to 2027. The years considered for study are as mentioned below.

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Global wearable medical devices market is a highly consolidated market, which includes specific number of key players. The market has witnessed increased strategic developments owing to favourable market scenario.    

The major players dealing in global wearable medical devices market are introducing strong range of products provider along with launching new products and adopting strategic initiative such as acquisition, agreement into the market. This helped companies to maximize the sales with enhanced product portfolio.

For instance-

• In November 2019, Xiaomi launched Mi Smart Band 3i, successor to Mi Band HRX in India. This new product launched increased its product portfolio of wearables thereby increased its demand in the market.

Apple Inc. is the dominating player in global wearable medical devices market. The other key players existing in the market includes Sotera Wireless, Inc., Bio- Beat, Medtronic, Abbott, Misfit, Masimo, Guangdong Transtek Medical Eletronics Co., Ltd., Hocoma, Withings, Xiaomi, Fitbit, Inc., Polar Electro, Omron Healthcare, Inc., Garmin Ltd.,  Activinsights Ltd. , Bio Telemetry, Inc., VitalConnect, Koninklijke Philips N.V., SAMSUNG,  iRhythm Technologies, Inc., Dexcom, Inc. and Huawei Device Co., Ltd. among others.

Apple Inc.

Apple Inc. headquartered in California U.S. The company was established in 1977. The company mainly focuses on designing, manufacturing and marketing of smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. The company is providing products under iPhone, Mac, iPad, Watch, TV and Music product categories. The market focus products lie under watch category. The company is engaged in continuous development of wearable medical devices.   

• In September 2017, Apple Inc., launched Apple Watch Series 3 incorporated with health and fitness tracking applications. This product launch by Apple Inc., increased its product portfolio leading to increased its demand and sale in the market.

The company has wide presence across Asia-Pacific, Europe, North America and South America. The company has various subsidiaries like Apple Canada Inc. (Canada), Apple Distribution International (Ireland), Apple Operations (Ireland), Apple Pty Limited (Australia) and Braeburn Capital, Inc. (U.S.) among others.

Abbott

Abbott headquartered in Illinois, U.S. was founded in 1888. The company is engaged in manufacturing products in diagnostics, medical devices, nutrition and branded generic pharmaceuticals that help people to live healthier lives, full of unlimited possibilities. The company has multiple business segments such established pharmaceutical products, nutritional products, diagnostic products and medical devices, in which diagnostic products is the market focused segment. The company is providing products under cardiovascular, diabetes care, diagnostics, neuromodulation, nutrition and medicines. The market focus products lie under diabetes care product category. The company is engaged in continuous development of wearable medical devices.   

• In April 2020, Abbott FreeStyle Libre system rendered available in the hospitals in the U.S. in order to remotely monitor the patients with diabetes. This availability of product during situation of pandemic increased its reliability in the market.

The company has wide presence across Europe, North America, South America, Asia-Pacific and Middle East and Africa. The company also has various subsidiary companies such as Abbott Cardiovascular Systems Inc. (U.S.), Abbott Nutrition Manufacturing Inc. (U.S.), Abbott Laboratories Pacific Ltd.(U.S.), Abbott Resources Inc. (U.S.)and PDD II, LLC (U.S.).

Xiaomi

Xiaomi headquarters in Beijing, China, was founded in 2010. The company is focused mainly in manufacturing and selling smartphones and smart hardware connected by an IoT platform at its core. The company is engaged in providing products in categories like Mi Phones, POCOPHONE, Redmi Phones, Mi TV and Smart Devices among which smart devices is the market focused category.

• In November 2019, Xiaomi launched Mi Smart Band 3i, successor to Mi Band HRX in India. This new product launched increased its product portfolio of wearables thereby increased its demand in the market.

The company has wide presence across U.S., Europe and Asia-Pacific. The company has various subsidiary companies such as Xiaomi Commercial Factoring (Tianjin) Co., Ltd (China), Beijing Wenmi Culture Co., Ltd (Beijing), Beijing Wali Culture Communication Co., Ltd (Beijing), Xiaomi Communications Co., Ltd (China) and Xiaomi Finance Inc., (China) among more. The company has initiated many strategic initiatives to expand its market.