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(Medical-NewsWire.com, August 23, 2018 ) In the year 2018, The Global Wearable Medical Devices Market was valued at USD 6414.43 Million. By the year 2023, it is predicted to reach USD 16228.95 Million with pace of 20.40% CAGR. 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 analyzed and is used by customers for a better health management. Wearable medical devices are of several types like to detect brain activity, diabetes, blood sugar, heart diseases, blood pressure pain relief, ingestion, hydration, glucose, temperature, sleep etc.
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Growing need for wearable medical devices, technological advancements in the specific field and demand for these devices are estimated to drive the market.
Factors affecting market growth:
• Huge number of ongoing developments and innovations in the healthcare electronics sector. (+)
• Growing spending capabilities and the ease of use of medical devices. (+)
• Increasing incidences of chronic diseases amongst all demographics. (+)
• Increase in adaption of technology. (+)
• Lack of awareness in the developing countries like Brazil, India, Mexico and China. (+)
• Privacy concerns concerning transmitting sensitive patient information and the need for miniaturized devices with long battery life. (-)
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Market Segmentation
The Global Wearable Medical Devices Market is segmented on the basis of
• 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 Encephalogram
• 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
Market is segmented based upon the several factors. Diagnostic wearable devices category is estimated to be the major contributing segment of the market. This is because of usage of wearable electro-cardiographs, HBR (heart beat rate) Monitors, and Blood pressures monitors. Therapeutic wearable devices market is also estimated to be growing at higher pace in forecasted period.
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Key players:
The major shareholders of The Global Wearable Medical Devices Market include Nuubo, Abbott Laboratories, Sotera Wireless, Lifewatch AG, Drager, Omron Corporation, Basis Science, Zephyr Corporation, Withings SAS, Vital connect, Polar Electro, Jawbone, Garmin, and Fitbit.
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Abhishek Shukla
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