Wearable Medical Device Global Market – Overview
Wearable Medical Devices are autonomous devices that can be worn. These devices provide medical monitoring or support over a prolonged period of time. Their distinguishing characteristic is that they are worn either as an accessory or are embedded into clothing. Such devices normally incorporate noninvasive physiological sensors, data processing modules, medical feedback, and wireless data transmission capabilities. They are small, light, unobtrusive, and designed for operation by unskilled users. Current developments include real-time feedback, alerting mechanisms, medical decision support, and wireless access to information. Wearable medical devices offer the supporting hardware for dealing with the emerging medical trend of delivering point-of-care service, unconfined medical monitoring and support, and assisting in the remote management of medical conditions for rehabilitating patients, the chronically ill, and the disabled.
According to a recent study report published by the Market Research Future, the global market of Wearable Medical Devices have witnessed a continued demand during the last few years and had evaluated tremendously during 2016. The market is predicted to grow further at a striking CAGR of 26.78% during 2016 – 2027; witnessing an exponential growth will reach up to 4 Billion USD by 2027.
Wearable Medical Devices have progressed incredibly during the past few years and its market has become one of the fast-growing industries. Medical-device wearables tend to target one of the four most prevalent chronic illnesses such as congestive heart failure, diabetes, hypertension, and chronic obstructive pulmonary disease. These devices are becoming popular as the healthcare industry and consumers find early disease warnings hold the potential for reducing costly hospital stays, says the MRFR Research Analyst.
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This growth in the market can be due to various factors such as increasing focus on fitness among individuals and awareness about healthy lifestyle. Furthermore significant growth in the home healthcare is expected to push up the demand for this segment. MRFR analysis indicates that the miniaturization of diagnostic wearable devices is one of the major emerging trends contributing to the growth prospects of this market. Burgeoning prevalence of lifestyle-related diseases that require routine vital statistics analysis is fueling the demand of connected medical devices. Additionally, increasing demand for wireless monitoring devices is positively impacting the market. However, one of the greatest challenges for these wearable medical devices is receiving approval from the Food and Drug Administration (FDA).States the MRFR Research Analyst while commenting upon this deep diving Market report.
Taste the market data and market information presented through more than 50 market data tables and figures spread in 110 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Global Wearable Medical Device Market Research Report – Forecast to 2027”
Wearable Medical Device Global Market – Key Players
Well-established players adorn the wearable medical devices market as highly competitive. Those Well-established players with their global presence are posing as a Challenge to the local vendors. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion
Some of the key players in the wearable Medical Device market are:
• Fitbit Inc.,
• Vital Connect,
• Omron Corp.,
• Sotera Wireless,
• Pebble Technology Corp.,
• Basis Science Inc.,
• Intelesens Ltd.,
• Covidien Plc,
• LifeWatch AG,
• Polar Electro,
• Philips Electronics,
• Everist Genomics.
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Wearable Medical Device Global Market – Segments
The Wearable Medical device Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation On the basis of Product : Comprises Diagnostic, Therapeutic Device
Segmentation On the basis Applications: Comprises Fitness, Remote Patient Monitoring, Home Healthcare and Others
Segmentation On the basis of Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Wearable Medical Device Global Market – Synopsis
There has been an increasing focus on the development of smaller, more reliable, and more energy-efficient devices compared to the previous generations of wearables. For instance, recently developed, micro sized ingestible tablet embedded with a sensor. This sensor is coupled with a wearable transmitter to monitor the physiological conditions and the intake of medications. Moreover, the advancements in the IoT technology will enable future health systems to use wearables to establish connections and come up with standard solutions for diverse medical conditions. The wearable medical device market is expected to reach USD 4 billion in the forecasted period. The market is expected to grow at a CAGR of 26.78%.
Wearable Medical Device Global Market – Regional Analysis
Asia Pacific is showing great growth potential in the wearable medical device market in the forecasted period. Increasing awareness among individuals, increasing income and rising fitness and healthcare concern across the globe is resulting in the growth the Wearable Medical Device market. North America and Europe are other significant markets for the market due to technological advancements.
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