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The global wearable medical devices market is growing significantly due to technological advancements in medical devices and increasing focus on personal healthcare monitoring. Massive unexplored wearable medical devices market and lack of service providers in emerging economies are creating ample opportunities for the global wearable medical devices market to grow at a considerable rate in the coming years. The advanced research and development facilities and new product developments by the companies are propelling the demand for cost effective and efficient wearable medical devices. Wearable medical devices are the biosensors attached to human body, which track critical physiological data required in clinical monitoring. Wearable medical devices are being designed to monitorand analyze blood glucose levels, blood pressure, body postures, respiration, sleep, body temperature, and brain activity among others.
Adoption of remote patient monitoring devices is a trend in wearable medical devicesmarket.Wearable medical devices help in monitoring daily physiological activities; hence help patients in regulating critical health issues. These devices provide data, reports, and feedback to the physician and healthcare providers about the patients suffering from chronic diseases, such as diabetes and heart diseases. Wearable medical devices have applications in diseases management and monitoring, rehabilitation, and fitness. Wearable medical devices, such as smart clothing, smart equipment, smart watches, and activity monitors, are remotely controlled, portable, easy to use, and non-invasive.
The global wearable medical devices market is categorized on the basis of product type and application. Based on product type, the wearable medical devices market can be categorized as diagnostic devices and therapeutics devices. Diagnostics devices include vital sign monitors, fetal and obstetric devices, and neuromonitoring devices; whereas, the therapeutics devices include respiratory therapy devices, pain-management devices, and glucose monitoring devices. Based on application, the wearable medical devices market is categorized as remote patient monitoring, home healthcare, and sports and fitness.
Some of the factors driving the growth of the global wearable medical devices market are rising awareness for personal healthcare monitoring, comfortable and easy interpretation of data, increasing prevalence of diabetes and heart diseases and technological advancements in medical devices. In addition, big manufacturers of electronic devices and major software companies are investing huge capital in wearable medical devices; this in turn propels the global wearable medical devices market. However, high cost of wearable medical devices, security and privacy concerns of consumers, and stringent regulatory frameworkaresome of the factors restraining the growth of the global wearable medical devices market.
Geographically, North America will be leading the global wearable medical devices market in the coming years, due to technological advancements, high healthcare expenditure, and presence of a large number of diabetic and heart problem patients. Asia-Pacific is the fastest growing region in the global wearable medical devices market. The major reasons for the fastest growth in the region are improving healthcare infrastructure and rising awareness for personal healthcare monitoring. Moreover, the wearable medical devices market is growing due to increasing disposable income and large population suffering with diabetes and heart related diseases in the emerging economies, such as India and China of Asia-Pacific region.
Some of the major players operating in the global wearable medical devices market are Laerdal Basis Science, Inc, Corventis, Inc., Draeger, Fitbit, Inc., Intelesens Ltd., LifeWatch AG, Omron Corporation, Philips Electronics, Polar Electro, Sotera Wireless, Withings, and Zephyr Technology Corporation.