Wearable Medical Devices Market is to grow at a CAGR of 20.40% during the forecast period
Wearable Medical Devices Market Size and Growth Rate:
The market value is estimated to reach USD 16228.95 million by 2024, registering at a CAGR of 20.40% over the foremost time span.
Wearable Medical Devices Market Overview:
Wearable medical devices monitors physical activities of a person. These are designed specially to monitor regular activities of a person such as number of steps walked, heart rate, number of calories burnt and others. Internet of things, electronics, software and sensors play an important role in the application.
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Wearable Medical Devices Market Growth Drivers and Restraints:
Increasing concern towards health by keeping track on physical activities while doing exercises or in daily work is key factor driving the demand of the market. Rise in the incidences of cardiovascular problems is also fueling the growth of the market. Growing disposable income in urban areas is prompting the growth of the market.
However, devices with advanced features are bit expensive which cannot be affordable by common people and this factor is slightly hampering the growth of the market. Lack of standardization is also impacting negatively on the growth of the market.
Growth opportunities for the market lie in the growing focus on development of new technologies and also launch of innovative products. Rise in the utilization of smart phones and tablets along with growing prevalence of internet of things across the world is boosting up the growth of this market. Increasing investments on electrical and electronics industry is prompting the growth of the market further.
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Wearable Medical Devices Market Geographical Analysis:
Regionally, North America is witnessed in leading highest shares of the market. Increasing revenue in most of the countries is straightly levelling up the demand of the market. In addition, growing awareness towards health and also to track fitness activities during exercises is making the market to move forward. Asia Pacific is next to North America in holding dominant shares of the market. Rise in the consumption rate of the wearable devices is escalating the growth of the market in this region. These devices are also used to monitor patient’s health condition which is gearing up the demand of the market. Europe is accounted in having fastest growth rate in recent years with the on-going research on developing innovative products.
KeyPlayers of the Wearable Medical Devices Market:
Key players in the wearable medical devices market are Apple, Inc., Google LLC, Medtronic, Inc., Nike, Inc., Omron Corporation, Everist Health, Fitbit, Inc., Vital Connect, Inc., Withings Garmin International, Inc., Philips Healthcare, Polar Electro Oy and Sotera Wireless, Inc.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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