Wearable medical devices are monitoring devices for of patients which can be used to continuously track a patient’s health condition remotely. The rising prevalence of lifestyle diseases such as diabetic, hypertension and obesity are increasing the demand for wearable medical devices which monitor the medical issues and store the data in the product and forward the same data to the physicians which can be used to analyze and monitor the patient’s health on a continuous basis. The [FURL=https://www.industryarc.com/PressRelease/1641/Wearable-Medical-Devices-Market-Research.html]Wearable Medical Devices Market[/FURL] is valued at $29,568.5 million in 2017 and anticipated to grow at a CAGR of 21.30% from 2018-2023. The North American region experienced huge demand for the products in 2017 generating over 13,975.4 million in 2017. The APAC region on the other hand is poised to experience huge growth during the forecast period growing at a CAGR of 21.30%. The monitoring and diagnostic wearable devices were popular across region and had generated an estimated $24,364.1 million in revenues in 2017.
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Major applications for Wearable Medical Devices Market
On the basis of application wearable medical devices are applied in some specific areas like home health care, remote patient monitoring, fitness and sports. In fitness the wearable health care helps in monitoring the number of calories burnt by the person and it also gives the information on how many calories have to be brunt still.
Key Players of the Wearable Medical Devices Market:
The top five companies in the Wearable Medical Devices market include Fitbit Inc., Nike Inc., Jawbone, Basis Science, and Pebble Technology Inc. Though these companies have a dominant position in the market, however, there are a few companies such as Philips Healthcare, ResMed, Fitbit, Inc, giving stiff competition to the top players with their innovative product designs. The big players are launching new products and acquiring the smaller companies to augment their product portfolio and also to develop innovative products by leveraging the core competencies, thereby enhancing their product portfolio. Companies are also looking at acquisitions in this market to expand their capabilities and position themselves in this growing market.
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