The Wearable Medical Devices market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles and Competitive Landscape etc. According to the report the Wearable Medical Device market is estimated to be $1.83 USD billion and predicted to rise to $4.22 USD billion with a CAGR of 18.20%. The market is segmented by Diagnostic Wearable Devices (Electro Cardiographs, Sleep Monitoring devices, Heart Rate Monitors, Blood Pressure Monitors, Activity Monitors and Electro Encephalographs) and Therapeutic Wearable Devices (Wearable Pain Management Devices, Glucose/Insulin Monitoring devices, Wearable Respiratory Therapy Devices). Depending upon application they are classified into sports and fitness, Home Healthcare and Patient monitoring. Further the market is also geographically segmented into USA and Canada.
Market competition is increasing very rapidly for wearable medical devices as the key competitors are increasing product choices for customers with cheap prices. Some of the key factors responsible for the growth of the North American market are well developed economic and technological facilities which increases awareness among people and also rise in incidences of chronic diseases like cancer.
Sports and fitness market is estimated to attain highest CAGR in the forecast period due to rise in health conscious population specially the young generation and obese people. Fitbit is the leading company for this market segment which builds healthcare and fitness products. Mainly wireless devices are user friendly and help the people to maintain their fitness and health. The remote patient monitoring market accounts for the largest share in North America because of its easy to use quality and cheap rates.
North America is the largest market globally as the consumers quickly accept the advancement in technology with increase in awareness and hence the demand for personal care diagnostics is increasing. USA accounted for the largest share in terms of revenue in 2015 followed by Canada. Reason for USA being the largest is its population size and leading in terms of income and technological advancements.
Major companies dominating the North America market are Nuubo, Sotera Wireless Inc., Zephyr Technology, Omron Corporation, Basis Science, Draeger, Intelenses Ltd., Fitbit Inc., Lifewatch AG, Polar Electro, Everist Genomics Inc. and Withings.
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