(Health-NewsWire.Net, November 30, 2018 ) Wearable Medical Devices Market Overview:
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.
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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 developing countries like Brazil, India, Mexico, and others are leading to the slower adoption of technology. These factors may act as growth hurdles for the wearable technology is certain regions.
Wearable Medical Devices Market Forecast Report (2018-2023) 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.
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Wearable Medical Devices Market Segmentation:
1. Diagnostic Wearable Devices a. Wearable Electro-Cardiographs b. Wearable Sleep Monitoring devices c. Heart Rate Monitors d. Blood Pressure Monitors e. Activity Monitors f. Electro Encephalogram 2. by Therapeutic Wearable Devices a. Pain Management Devices b. Glucose/Insulin Monitoring Devices c. Respiratory Therapy Devices 3. by Application a. Sports and Fitness b. Home Healthcare c. Patient Monitoring
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.
Major Players:
The major companies dominating this market for its products and services are
1. Fitbit, 2. Garmin, 3. Jawbone, 4. Polar Electro, 5. Vital connect, 6. Withings SAS, 7. Zephyr Corporation, 8. Basis Science, 9. Omron Corporation, 10. Drager, 11. Lifewatch AG, 12. Sotera Wireless, 13. Abbott Laboratories 14. Nuubo.
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Scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated. The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies.
Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
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