The rise of sedentary lifestyle and lack of early diagnosis has emerged as a leading cause for development of chronic ailments. Growing incidence of high blood pressure, diabetes, cardiovascular diseases, cancers, and respiratory diseases have voiced concerns to curtail these growing numbers. Such an alarming rise has a significant economic burden for individuals and healthcare systems alike. Consequently, this has necessitated the need for timely routine checkups and diagnosis to curtail the occurrence of lifestyle diseases. Likewise, various healthcare providers are actively making efforts to ensure a better and detailed view of individual health and vitals. Wearable medical devices facilitate swift diagnosis and help in keeping a tab of a person's health vitals.
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Growing Awareness of Wearable Medical Devices to Unlock Seamless Possibilities
Growing geriatric population and changing lifestyles have triggered the development of chronic diseases among individuals. Considering the increasing rates of chronic diseases, various regional and national healthcare agencies are initiating several awareness campaigns and programs. To this end, people are becoming more aware and informed of wearable medical devices to be used for consistent monitoring and diagnostic purposes. Such a landscape has created tremendous demand for wearable medical devices at a global level, to enhance healthcare outcomes. Nonetheless, manufacturers are actively capitalising on this opportunity to roll out new devices with more efficient techniques and better capabilities. The drive to improve monitoring, maintaining, and tracking human vitals is projected to create headways for research and development in the wearable medical devices market.
Higher Propensity to Staying Fit and Adopting Smarter Devices Bodes Well for Wearable Medical Devices Market
Growing inclination toward fitness regimes to boost body immunity and need for better diagnosis have surged the adoption of wearable medical devices. People demonstrate a higher propensity to use wearable devices such as smartwatches to monitor heartbeat and pulse changes, oxygen capacity of lungs, and blood pressure. Premium clinical mobility and greater acceptability of high-tech products are setting the tone for wearable medical devices market expansion. Besides, wearables are gradually becoming a trend and style statement which has further fuelled the worldwide demand for wearable medical devices. In the coming years, the ascending demand coupled with growing need for better diagnosis and monitoring are expected to unlock newer revenue streams for the wearable medical devices market.
North America to Reign Supreme Amid Growing Mortality Rates and Lifestyle Disorders
Over the forecast period, the demand for wearable medical devices is likely to remain high in the developed economies of North America. Increase in lifestyle disorders and improper diet regimes are at the vanguard of demand for these devices. Noticeably, higher mortality rates and increasing lifestyle disorders are major reasons for incidence and prevalence of chronic disorders. Higher GDP per capita, favourable government initiatives and sophisticated medical infrastructure are creating headways for novel developments across the healthcare sector. Such a landscape has propelled North America to hold a dominant position in the global wearable medical devices market.
Key Market Players
Some of the major players operating at the forefront of the global Wearable Medical Devices Market include Apple Inc., Fitbit Inc., Philips, Ypsomed, Sonova, Becton Dickinson, Omron Healthcare Inc., Samsung, AiQ Smart Clothing, and NeuroMetrix Inc.
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