Albany, New York, Oct. 23, 2018 (GLOBE NEWSWIRE) -- According to the report, the global wearable medical devices market will exhibit an exponential 18.0% CAGR over the period between 2015 and 2023, jumping from US$2.7 bn in 2014 to US$10 bn by 2023. Geographically, North America and Europe are presently the leaders in the wearable medical devices market owing to the highly developed technology sector, rapid pace of R&D activities, and the presence of several well-established service providers in these regions. Of the key diagnostic devices in the market, the segment of vital signs monitors is likely to exhibit the most promising growth over the forecast period.
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Rising Numbers of Healthcare and Fitness Programs Globally to Drive Uptake of Wearable Medical Devices
Some of the key factors working in favor of the global wearable medical devices market are the rising demand for mobile healthcare devices and the alarming rise in chronic conditions such as blood pressure, kidney diseases, diabetes, and cardiovascular diseases globally. The market will also benefit from a massive rise in the number of healthcare and fitness programs across the globe, increased integration of sensors and smart devices in therapeutic devices and applications, and the increased provision of healthcare services that use wearable devices.
High disposable incomes of a steadily expanding consumer base across the globe are making technologically advanced products easily affordable for a much larger potential pool of consumers globally. Moreover, the vast rise in awareness among people regarding the several health and wellness monitoring technologies available globally and the vast rise in the use of big data analytics in the highly digitized healthcare industry of present times are also working in favor of the market.
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Rising Growth Prospects in Emerging Economies to Help Market Pick Pace
The market could face a setback owing to the high capital investment required for maintaining and purchasing products incorporating wearable medical technologies and the expensive R&D activities for the same. Nevertheless, emerging economies in regions such as Asia Pacific are depicting a more promising scope of expansion for the market owing to the steady rise in population of affluent middle class, rising disposable incomes, rising awareness regarding healthcare and wellness, and the increased curiosity regarding advanced technologies for healthcare applications.
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The global market for wearable medical devices has a concentrated vendor landscape and the large number of companies allow a steady influx of new technologies and product varieties, rendering the market highly dynamic and competitive, observes Transparency Market Research in a new report. Innovation and technological advancements in current products are the leading growth strategies adopted by companies to stay ahead of competition.
Highly dynamic in terms of R&D activities as well, products in the market have seen vast transformation in terms of workability and the range of functions available over the years. The scenario has compelled companies to focus more development of innovative and economical products to target a rising set of consumers in emerging economies. Some of the leading companies in the market are Medtronic, Polar Electro, OMRON Corp., and Fitbit Inc.
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This analysis of the global wearable medical devices market is based on a recent market research report by Transparency Market Research, titled “Wearable Medical Devices Market (Diagnostic Device - Vital Sign Monitors (Heart Rate Monitor, Activity Monitor, Sleep Monitor, and Electrocardiographs), Fetal Monitors and Obstetric Devices, and Neuromonitoring Devices (Electroencephalograph and Electromyograph); Therapeutic Device (Pain Management, Glucose or Insulin Monitoring, and Respiratory Therapy); Application (Sports and Fitness, Remote Patient Monitoring, and Home Healthcare)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2023.”
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