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Press Release

High Incidence of Chronic Diseases Boosts Global Wearable Medical Devices Market

Posted on: 19 Sep 16

Market Research Reports Search Engine (MRRSE) has announced the addition of a new research report on the global wearable medical devices market. The research report, titled “Wearable Medical Devices Market (By Type of Device: Diagnostic and Therapeutic; By Application: Sports and Fitness, Remote Patient Monitoring and Home Health Care): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023,” explains the drivers and restraints shaping the future of this market. 

According to the research report, the global wearable medical devices market was valued US$2.73 bn in 2014 and is expected to reach nearly US$10.70 bn by 2023, surging ahead at a CAGR of 16.4 % from 2015 to 2023. The growth of these electronic devices will be attributable to a rise in chronic diseases and the need for better health monitoring.

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The global wearable medical devices market has been segmented on the basis of type of diagnostic device, type of therapeutic device, application, and geography. The diagnostic devices available in this market are wearable vital sign monitors, wearable neuromonitoring devices, and wearable fetal monitors with obstetric devices. The therapeutic devices studied in this research report are wearable glucose/insulin monitoring, wearable respiratory therapy, and wearable pain management devices. The application of these devices is seen in sectors such as remote patient monitoring, sports and fitness, and home health care. Geographically, this market is segmented into Europe, North America, Asia Pacific, and Rest of the World.

According to the research report, North America is leading the overall wearable medical devices market. The factors driving this region are the high adoption of wearable medical devices, rising awareness amongst users about health and fitness, and improving disposable incomes, which are allowing consumers to buy these gadgets.

In terms of regional growth, the tables are expected to turn as Asia Pacific is set to show a remarkable growth rate as cases of cardiovascular diseases, diabetes, and diabetes-related issues will remain on the rise. The factor impeding the overall wearable medical devices market is the high cost of these devices and the lack of technological knowledge amongst the older population to make their optimum usage.

Some of the important companies operating in the global wearable medical devices market are Zephyr Performance Systems (Medtronic plc.), Cleveland Medical Devices, Inc., Fitbit, Inc., Intelesens Ltd., ., Corventis, Inc. (Medtronic plc.), LifeWatch AG, Nuubo, Koninklijke Philips N.V., Polar Electro, and OMRON Corporation.

Browse Full Global Wearable Medical Devices Market Report with TOC :

The research report provides a comprehensive analysis of the vendor landscape in the overall wearable medical devices market along with describing the impact of the regulatory framework on the market. The report also includes the ongoing research and development activities, financial overview, investment outlook, business and marketing strategies, and expansion plans of these top players for the coming few years.

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Last updated on: 19/09/2016

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