The global wearable medical devices market was valued at approximately US$ 6.8 Bn in 2017, and it is projected to expand at a compound annual growth rate (CAGR) of more than 17.0% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Wearable Medical Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’.
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According to the report, the market will be driven by a rise in prevalence of chronic diseases, increase in the number of diabetes patients, and a surge in wearable technology usage, reports Transparency Market Research.
North America and Europe are likely to account for a dominant share of the global wearable medical devices market, owing to the presence of key players in these developed regions as well as high rate of adoption of technologically advanced wearable medical devices in these regions, the report said.
Development of health care infrastructure and high medical expenditure by governments in emerging economies, such as China and India, are likely to boost the wearable medical devices market in Asia Pacific at a CAGR of 18.8% from 2018 to 2026.
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People in Asia are at a higher risk of developing type 2 diabetes, according to major studies. According to the International Diabetes Federation (IDF), more than 382 million people across the globe, currently, suffer from diabetes. Thus, the high prevalence of diabetes and improvement in economic conditions are anticipated to propel the wearable devices market in Asia Pacific.
According to the report, leading players in the wearable devices market will include Xiaomi Technology Co., Ltd, Samsung Electronics Co. Ltd., Fitbit, Inc., Garmin Corporation, Apple Inc., Huawei Technologies Co., Ltd., Polar Electro, OMRON Corporation, Activinsights Ltd., and VitalConnect.
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