Wearable Medical Device Market Explores New Growth Opportunities By 2025

Market Scenario
Wearable technology has become more popular from recent past and contains a significant opportunity for businesses, both in terms of new markets and data collection. The first wearable computer was created by Prof. Edward Thorp, in 1960s. Since then wearable technology has witnessed notable growth globally. Medical wearables are designed to help diagnose, monitor, and treat specific conditions that cannot be addressed by any other equipment.  

Increased health concern among people, penetration of smartphones, continuous advancements in wearable technology are the major growth factors for wearable medical device market globally. Rising demand for wireless connectivity among healthcare service providers is expected to fuel the However, fear of data security, higher cost of ownership and low awareness regarding benefits of medical wearable devices are expected to hamper the growth of market globally. 

Medical wearables aid healthcare organizations in predicting post-surgical complications, determining the most effective treatment for patients and reducing readmissions. Medical wearables also benefits the patients as wearables allow for remote monitoring so routine office visits are not necessary in some cases. All these benefits are reasons for changing preferences of healthcare organizations towards medical wearables. 

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Market Segmentation
Global Wearable Medical Device Market is segmented as type, distribution channel, device type, and applications. On the basis of type markets is bifurcated as activity monitors, smart watches, smart clothing, and patches. On the basis of distribution channel market is categorized as pharmacies, online channel, and hypermarkets. On the basis of devices type market is divided as glucose monitoring devices, sleep monitoring devices, fetal monitoring & obstetric devices, neuromonitoring devices and diagnostic & monitoring devices. On the basis of application market is divided as Sports & Fitness, Remote Patient Monitoring, and Home Healthcare. Geographically, global wearable medical device market is divided as North America, Europe, Asia-Pacific, and LAMEA.

Regional Analysis
In terms of geography market is divided into North America, Europe, Asia-Pacific and LAMEA. Growth of medical wearable device market in North America is driven by factors such as increased awareness about benefits of medical wearables, availability of developed healthcare infrastructure and presence key players in this market. Introduction of advanced technology, use of medical wearables in sports and favorable government initiatives are some of the major driving factors driving the growth of medical wearable devices market in Asia Pacific region. 

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Key Players
Prominent player from wearable medical device market are Fitbit Inc., Garmin, Vital Connect, Omron Corp., Sotera Wireless, Jawbone, Pebble Technology Corp., Basis Science Inc., Withings, Intelesens Ltd., Covidien Plc, LifeWatch AG, Polar Electro, Philips Electronics, and Everist Genomics.

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