Wearable Medical Devices Market Drivers and Restraints:
Wearable Medical Devices Market is showcasing evident potential in the mentioned forecasting period. The market continues to gain momentum with the rapid increase in the adoption of these devices among patients and launch of technologically advanced, user-friendly devices into the market. Lately, Google is working on a wrist-worn medical device which would have sensors to produce an ECG assessing the patterns and strength of the person’s heartbeat. Moreover, it checks the skin and pulse temperature also.
Wearable Medical Devices feature wireless data transmission, real-time feedback, alerting mechanism and have easy and timely sensing abilities. The data generated by Wearable Medical Devices is further analyzed and is used by customers for a better health management. Wearable medical devices are of several types like to detect glucose, diabetes, blood sugar, heart diseases, blood pressure ingestion, pain relief, brain activity, hydration, temperature, sleep etc.
An enormous number of ongoing developments and innovations in the healthcare and electronics sector, rising spending capabilities and the ease of use of medical devices the rising incidences of chronic diseases amongst all demographics, all these factors have led to the increased adoption of the technology, in turn, increasing the growth. Wearable medical devices are facing challenges mainly in allocating cost-effective monitoring to patients suffering from chronic diseases such as Cancer and other blood diseases. lack of awareness in the developing countries like Brazil, India, Mexico, and others is leading to the slower adoption of technology. These factors may act as growth hurdles for the wearable technology is certain regions. Further, the privacy concerns concerning transmitting sensitive patient information and the need for miniaturized devices with long battery life are few challenges faced by the industry in the current scenario.
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Wearable Medical Devices Market Size:
According to Market Data Forecast, The Global Wearable Medical Devices Market Size was worth USD 6414.43 Million in 2018 and estimated to be growing at a CAGR of 20.40%, to reach USD 16228.95 Million by 2023.
Market Segmentation Analysis:
- By Diagnostic Wearable Devices
- Wearable Electro-Cardiographs
- Wearable Sleep Monitoring devices
- Heart Rate Monitors
- Blood Pressure Monitors
- Activity Monitors
- Electro Encephalogram
- By Therapeutic Wearable Devices
- Pain Management Devices
- Glucose/Insulin Monitoring Devices
- Respiratory Therapy Devices
- By Application
- Sports and Fitness
- Home Healthcare
- Patient Monitoring
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Regional and Country level Analysis:
Based on geography, the global market is analyzed under various regions namely North America, Europe, Asia-Pacific and Rest of the World. The wearable medical devices market was dominated by North America, with the overall market share of over 40% globally. North America was followed by Europe and Asia-Pacific. The Asia Pacific is predicted to grow at a rapid pace in the coming few years.
Market Key Players:
- Polar Electro
- Vital connect
- Withings SAS
- Zephyr Corporation
- Basis Science
- Omron Corporation
- Lifewatch AG
- Sotera Wireless
- Abbott Laboratories
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Key Takeaways from this Report:
- For different product types, end-use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
- Identify various driving factors, constraints and untold opportunities that can impact the global marketplace
- Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
- Increase overall revenue by understanding the geographical impact on sales and distribution channels.
- Evaluate the increase in values at each step of the industry supply chain to improve process efficacy and optimize the value.
- Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
- Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.
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