The Wearable Medical Devices Market size in Latin America is estimated to value USD 1700.47 million by 2027 from USD 777.26 million in 2022, growing at a CAGR of 16.95% during the forecast period.
Wearable medical devices feature wireless data transmission, real-time feedback, alerting mechanisms, and easy and timely sensing abilities. The data generated by wearable medical devices is further analyzed and is used by customers for better health management. Wearable medical devices monitor various health conditions like glucose levels, insulin levels, heart diseases, blood pressure ingestion, pain relief, brain activity, hydration, work rates, temperature, sleep, etc.
Increasing expenditure of R&D by firms brought in technological innovations, which in turn increased the multi-functionality, ease of use, and accessibility of wearable devices, resulting in the market's overall growth. Furthermore, an increase in the incidence of chronic diseases and the demographics of this region made Latin America a lucrative market. Nevertheless, the Wearable medical devices market faces challenges mainly in allocating cost-effective monitoring to patients in under-developed countries. Furthermore, lack of awareness can also be cited as another reason leading to the low adoption rate of technology. These factors act as growth hurdles for wearable technology in this region.
Further, the privacy concerns concerning transmitting sensitive patient information and the need for miniaturized devices with long battery life are a few challenges the industry faces in the current scenario.
This research report on the Latin American Wearable Medical Devices Market segmented and sub-segmented into the following categories:
By Therapeutic Wearable Devices:
The wearable medical devices market in the Latin American region is expected to account for a substantial share in the global market during the forecast period. The development of different chronic diseases such as diabetes, cancer, and cardiovascular problems across the region fuels the regional market growth. Further, the growing demand for smartphones and tablets is allowing wearable devices to be integrated with smartphones. Consequently, the wristwear category dominates the market and is expected to continue to do so during the projected period. Also, smartwatches from firms like Samsung, Sony, and Nike have increased this industry. Furthermore, Latin America accounted for a major portion of the market, owing to advances in the region's sensor technology.
The Brazilian wearable medical devices market dominated the Latin American market in the recent past, accounting for a significant share—availability of advanced technology, increasing healthcare spending, and penetration of smartwatches, smartphones, and tablets. In addition, favorable reimbursement policies and strategies, including partnerships and acquisitions, further propels the market growth.
The Mexican wearable medical devices market is projected to record a promising share in the Latin American market during the forecast period. The factors such as the Growing geriatric population, surge in healthcare spending, and availability of accessible technology are propelling the market growth.
KEY MARKET PLAYERS:
A few of the leading companies operating in the LATAM Wearable Medical Devices Market profiled in this report are Fitbit, Garmin, Jawbone, Polar Electro, Vital connect, Withings SAS, Zephyr Corporation, Basis Science, Omron Corporation, Drager, Lifewatch AG, Sotera Wireless, Abbott Laboratories, and Nuubo.
The Latin American wearable medical devices market size is expected to reach USD 1700 million by 2027.
Factors such as increasing prevalence of chronic diseases, the growing awareness about the benefits of wearable medical devices, the rise in healthcare expenditure, and the increasing adoption of technology in the healthcare sector are driving the growth of the Latin American wearable medical devices market.
Fitbit, Apple, Samsung, Garmin, and Xiaomi are some of the notable companies in the Latin America wearable medical devices market.
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