The Wearable Medical Devices Market size in the Middle East & Africa is estimated to be growing at a CAGR of 18.17% during the forecast period. The size of this regional market is forecasted to be worth USD 896.76 million by 2027 from USD 389.17 million in 2022.
The market is showcasing the enormous potential in the mentioned forecasting period. Wearable medical devices include wireless data transmission, real-time feedback, alerting mechanisms s, and timely sensing abilities. They monitor several health conditions like blood sugar levels, heart diseases, blood pressure, ingestion, pain relief, brain activity, hydration, temperature, sleep, etc. Customers further use the data generated by wearable medical devices for better healthcare management.
The market continues to gain momentum with the rapid increase in the adoption of these devices among patients and the launch of technologically advanced, user-friendly devices into the market. 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 have led to increased technology adoption, increasing the growth. However, lack of awareness in the developing regions is leading to slower adoption of technology. In addition, smart wearables that run third-party applications tend to be a bit costlier than their counterparts, thus affecting a downscale in their sales. 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 Middle East and Africa Wearable Medical Devices Market segmented and sub-segmented into the following categories:
By Therapeutic Wearable Devices:
Geographically, the MEA region of the wearable medical devices market is estimated to showcase a sluggish growth rate during the forecast period. An increase in the amount spent on wearable devices, continuous developments, and the launch of new devices in the healthcare sector are major growth driving forces to the market. Moreover, the cost of medical wearable devices is so expensive, and the lack of skilled labor in manufacturing these devices may hinder the market growth.
The wearable medical devices market of Saudi Arabia is leading the MEA region and has the majority of the share. Factors like growing awareness of health and fitness among the people, increasing demand for the devices for use across different applications are leveling up the market's growth rate. This country is expected to hold 26% of the market share due to advancements in sensor technologies in the MEA region. Moreover, the low cost of these sensor wearable devices is most affordable for the users of this country, which accelerates the growth in this region.
KEY MARKET PLAYERS:
Companies such as Fitbit, Garmin, Jawbone, Polar Electro, Vital connect, Withings SAS, Zephyr Corporation, Basis Science, Omron Corporation, Drager, Lifewatch AG, Sotera Wireless, Abbott Laboratories, and Nuubo are playing a leading role in the MEA Wearable medical devices market.
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