(PharmaNewsWire.Com, August 28, 2017 ) According to the report Latin America Wearable Medical Devices market, published by Market Data Forecast, the Market was worth USD 0.48 billion in 2016 and estimated to be growing at a CAGR of 16.4%, to reach USD 1.03 billion by 2021. Wearable medical devices feature wireless data transmission, real time feedback, alerting mechanism and have easy and timely sensing abilities. The data generated by wearable medical devices is further analysed and is used by customers for a better health management. Wearable medical devices monitor various health conditions like glucose levels, insulin levels, heart diseases, blood pressure ingestion, pain relief, brain activity, hydration, work rates, temperature, sleep etc.
Increasing expenditure of R&D by firms brought in technological innovations which in turn increased the multi-functionality, ease of use and accessibility of wearable devices resulting in the overall growth of the market. Increase in incidence of chronic diseases along with the demographics of this region made Latin America a lucrative market.
Nevertheless, Wearable medical devices market is facing challenges mainly in allocating cost effective monitoring to patients in under-developed countries. Lack of awareness can also be cited as another reason leading to low adoption rate of technology. These factors act as growth hurdles for the wearable technology in this region. 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.
The Latin America market for Wearable medical devices can be broadly categorized into Monitoring and Diagnostic Wearable Device Market (Electro Cardiographs, Sleep Monitoring devices, Heart Rate Monitors, Blood Pressure Monitors, Activity Monitors and Electro Encephalographs) and Therapeutic Wearable Device Market (Wearable Pain Management Devices, Glucose/Insulin Monitoring Devices, Wearable Respiratory Therapy Devices). Based on Application, the market is further segmented into Sports and Fitness, Home Healthcare and Patient Monitoring. The remote patient monitoring market accounted for the highest revenue in 2015 while the sports and fitness market is expected to grow at the fastest rate. Further by geography the market is segmented into countries like Brazil, Argentina and Mexico.
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.
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