Wearable medical devices are those devices that have a sensor attached to them which can monitor and detect changes in various areas and organs of our body. These devices are really popular nowadays and the global market for these devices has a compounded annual growth rate of 17.7 percent and is expected to reach $8.3 billion by the end of the year 2019.
Today, a large number of manufacturers and innovators are entering the market of wearable medical devices and introducing the newest technologies, which is a great factor in driving the market of these devices. In addition to this other factors like increase in chronic diseases, increase in diabetic patients as well as the availability, interpretation and ease of use of these devices are also driving factors of the market. But at the same time factors like the cost of these instruments and reimbursement issues are an obstacle in the growth of these wearable medical devices. The global market of these devices is segmented on the basis of diagnostics, applications, therapeutics and geography. On the basis of geography, the market is segmented into Europe, North America, South America, Middle East, Asia-Pacific and Africa.
Whereas on the basis of applications the market is segmented into categories like home healthcare, sports and fitness as well as remote patient monitoring.Latest patient monitoring systems with various advanced features like wireless and remote capabilities are the fastest growing medical devices as they result in the need for fewer personnel and a reduction in errors which leads to better care of the patient.