North America is the Largest Wearable Medical Devices Market as in the Region

The wearable devices are non-invasive medical device which is used to monitor parameters such as heart rate, blood pressure and blood glucose level, and to treat and diagnose specific conditions. It also has capabilities of wireless data transmission and assessment. The global wearable medical devices market is growing at significant rate, due to technological advancement in medical devices, and boosting penetration of smartphones. The market has witnessed high demand for activity monitors over the last few years due to increasing prevalence of lifestyle associated and chronic diseases.

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The major applications of the wearable devices are remote patient monitoring, home healthcare and sports and fitness. Increasing emphasis on physical fitness to enhance quality of life and increasing inclination of tracking health progress are the factors growing the demand of sports and fitness wearable devices. Among the all applications, the sports and fitness is expected to command the wearable medical devices market.

The inadequate battery life, high cost of wearable device, data security issues, lack of reimbursements and complexity in the design of the device are the major challenges for the growth of wearable medical devices market. Increase in the usage of handheld devices globally, among healthcare professionals and patients has raised concerns for the security of private patient information. An unauthorized access to such systems through unlawful measures can provide access for controlling or destroying critical information stored in the systems.

The key challenge for the new entrants is the survival in capital intensive and highly regulated wearable medical devices market. In addition, there is less product differentiation offered by existing players, which further increases the competition among the existing players. Moreover, most of the medical device providers are adding wearable components to their product line.

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Geographically, North America is the largest wearable medical devices market as in the region the healthcare infrastructure is developed. Technological advancement and development of vastly advanced healthcare app and compatible devices are also up surging growth of the North American wearable medical devices market. Moreover, increasing prevalence of lifestyle associated diseases and sedentary lifestyle and growing geriatric population are boosting the growth of the wearable market in North America.

Asia-Pacific is observed to witness the fastest growth in the market, as the region comprises of increasing adoption of smartphones, large population base, increasing prevalence of lifestyle associated diseases and favorable government support.

Key players in the wearable medical devices market are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In January 2016, LifeWatch received Food and Drug Administration (FDA) received for LifeWatch Mobile Cardiac Telemetry (MCT) Patch, a 1-lead ECG system, to monitor heartbeat for adverse cardiac event. In January 2018, Polar Electron partnered with Europeative, to promote healthy and active European lifestyle. Fitbit Inc., Koninklijke Philips N.V., Polar Electro, Drägerwerk, Nokia Technologies, World Global Network, VitalConnect, and Xiaomi are the some of the key players offering wearable medical devices.

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