(PharmaNewsWire.Com, June 09, 2017 ) According to the report Global Wearable Medical Devices Market, published by Market Data Forecast, the global market is projected to reach USD 11.18 billion by 2020 from USD 4.57 billion in 2015, at a CAGR of 19.58%.The term wearable medical devices describes autonomous devices that are worn by a person and 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.
The factors influencing the Global Market for Wearable Medical Devices Market, either positively or negatively are presented in the DROC analysis. Enormous number of ongoing developments and innovations in the healthcare and electronics sector, rising spending capabilities and the ease of use of medical devices the rising incidences of chronic diseases amongst all demographics, all these factors have led to the increased adoption of the technology in turn increasing the growth. Wearable medical devices are facing challenges mainly in allocating cost effective monitoring to patients suffering from chronic disease such as Cancer and other blood diseases. lack of awareness in the developing countries like Brazil, India, Mexico and others is leading to slower adoption of technology. These factors may act as growth hurdles for the wearable technology is certain regions. Further, the privacy concerns concerning transmitting sensitive patient information and the need for miniaturized devices with long battery life are few challenges faced by the industry in current scenario.
For granular level understanding, the Wearable Medical Devices Market is segmented based on the following categories with Market Size Estimations and Y-o-Y Forecasts presented for each sub-segments.
By Diagnostic Wearable Devices o Wearable Electro Cardiographs o Wearable Sleep Monitoring devices o Heart Rate Monitors o Blood Pressure Monitors o Activity Monitors o Electro Encephalographs
By Therapeutic Wearable Devices o Pain Management Devices o Glucose/Insulin Monitoring Devices o Respiratory Therapy Devices
By Application o Sports and Fitness o Home Healthcare o Patient Monitoring
On the basis of geography, the global market is analysed under various regions namely North America, Europe, Asia-Pacific and Rest of the World. The wearable medical devices market was dominated by North America, with the overall market share of over 40% globally. North America was followed by Europe and Asia-Pacific. Asia Pacific is predicted to grow at a rapid pace in the coming few years.
North America Wearable Medical Devices Market Europe Wearable Medical Devices Market Asia-Pacific Wearable Medical Devices Market Latin America Wearable Medical Devices Market Middle East and Africa Wearable Medical Devices Market
Some of the major companies dominating the market, by their products and services include 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 Wearable Medical Devices Market study offers the following deliverables:
Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is blooming
Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of macro and micro environmental factors that effect the global market presented in an extensive strategic analyses section containing PESTLE and Porters Five Forces Analyses
A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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About Market Data Forecast: Market Data Forecast is a firm working in the area of market research and business intelligence. With rich experience in research across various business domains, they cater to the needs of both individual and corporate clients. From all-encompassing umbrella markets to extremely specific niche markets covering all the major regions across the globe as part of the research scope, their research services offer one of a kind specialities with competitive pricing options. For more info kindly visit, www.marketdataforecast.com
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