Wearable Medical Devices Fetch Commendable Revenue with Need to Detect Deviant Behavioral Tendencies in Patients, TMR

Description:

The global wearable medical devices market is prognosticated to gain impetus while riding on increasing prevalence of chronic diseases which augment the need for advanced technologies that keep track of patient health. The healthcare industry is witnessing a rise in the adoption of core technologies. This could also bode well for the growth of the market.

  • Demand for wearable medical devices is expected to increase as patients are required to stay in control of their health. On the other hand, medical practitioners may require wearable medical devices to keep up to date with healthcare standards.
  • Wearable medical devices could help to detect high blood pressure, irregular blood sugar levels, certain diseases, and presence of bacteria by functioning as a diagnostic tool.
  • Advent of more effective and advanced wearable medical devices is predicted to support market growth in the near future.
  • The global wearable medical devices market could be advantaged by the rise in need to identify deviant behavioral tendencies in patients for screening different types of diseases.

Transparency Market Research (TMR) prophesies the global wearable medical devices market to be valued at a US$10.0 bn by the end of 2023. Introduction of new products as a result of technological advancement could propel the demand in the market. For instance, ultra-small optical sensors designed by Australian National University scientists are said to have opened the door to develop wearable medical devices that could help in real-time health diagnosis.

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Vital Signs Monitors to Showcase Prominence with Rising Incidence of Cardiac Arrests

There are various kinds of wearable medical devices available in the global market. However, not all of them could make it to the top of the list of higher revenue generators. Nonetheless, wearable vital signs monitors are envisaged to set the tone for significant growth in the market by securing a larger share in the coming years.

  • Wearable electrocardiographs, wearable activity monitors, wearable sleep monitors, and wearable heart rate monitors are among key wearable vital signs monitors offered in the global market.
  • Among these, wearable electrocardiographs are foreseen to collect a handsome share of the market in the near future.
  • This could be on account of their multiplying demand ensued from increasing prevalence of heart disease and cardiac arrests.
  • The wearable electrocardiographs market is projected to further expand on the back of fundamental changes observed in the cardiology domain, i.e. in terms of the technologies and tools used.

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Geographically, one of the undisputed leaders of the global wearable medical devices market could be North America, considering the early adoption of sophisticated technologies observed in the region. On the other hand, availability of robust healthcare infrastructure and high prevalence of diabetes are envisioned to create a whole lot of opportunities in the regional market.

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