The Wearable Medical Devices market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles and Competitive Landscape etc. According to the report the Wearable Medical Device market is estimated to be USD 6414.43 USD million and predicted to rise to USD 16228.95 USD million by 2023, with a CAGR of 20.40% from the forecast period 2016-2022. The market is segmented by Diagnostic Wearable Devices (Electro Cardiographs, Sleep Monitoring devices, Heart Rate Monitors, Blood Pressure Monitors, Activity Monitors and Electro Encephalographs) and Therapeutic Wearable Devices (Wearable Pain Management Devices, Glucose/Insulin Monitoring devices, Wearable Respiratory Therapy Devices). Depending upon application they are classified into sports and fitness, Home Healthcare and Patient monitoring. Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa.
Increase in number of chronic diseases, improved incomes, innovations in healthcare and electronics sector and several ongoing developments are some of the key factors leading to the growth of the market. Lack of awareness among people in some regions is a key reason for slower market growth. Wearable medical devices are unable to provide cost effective monitoring to patients for some chronic diseases like cancer which is hindering the growth of the market.
The remote patient monitoring sector accounted for the highest revenue in 2015, because of its cost effectiveness compared to other devices. Sports and fitness devices market is estimated to grow at a fast rate because of the rising health awareness especially amongst the youth.
North America is the largest market globally as the consumers quickly accept the advancement in technology with increase in awareness and hence the demand for personal care diagnostics is increasing. Asia Pacific is expected to grow at highest CAGR in the forecast period for wearable medical devices. Increasing population leading to more incidences for chronic diseases is fueling the growth of the market. Increasing disposable income and growing awareness level are also driving the Asia-Pacific market.
Key Players operating in the market are Basis Science, NuuboPhilips Electronics, Polar Electro, Intelensens Ltd., Coventis Inc., Fitbit Inc., Draeger, Everist Genomics Inc., Lifewatch Ag, Polar Electro, Omron Corporation, Sotera Wireless Inc., Zephyr Technology and Withings.
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