ALBANY, New York, April 20, 2016 /PRNewswire/ -- According to a new market report published by Transparency Market Research "Wearable Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023", the global wearable medical devices market was valued at US$ 2,727.0 Mn in 2014 and is projected to expand at a high CAGR of 16.4 % from 2015 to 2023 to reach US$ 10,697.0 Mn in 2023.

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Wearable medical devices are electronic devices that consist of one or more sensors and are embedded into items that are easily attached to body parts such as arms, feet, head, and waist. Wireless communication has become an essential part of recent medical devices. Moreover, in the past few years, several companies have introduced medical devices with advanced wireless communication technologies such as medical radios and wireless sensor networks for in home monitoring, and diagnosis. Integration of wireless connectivity into medical devices has enabled remote patient monitoring, timely treatment, improved care providers, that leads to a better health care system. Wearable medical devices resemble eyeglasses, watch, clothing, jewelry, contact lenses, etc. These devices generate appropriate data, which could be as simple as number of steps taken in a day to complex data such as ECG measurement.

The global wearable medical devices market has been bifurcated into devices and applications. The devices segment comprises two sub-segments: diagnostic devices and therapeutic devices. Diagnostic devices are further classified into heart rate monitors, activity monitors, sleep monitor, electrocardiograph, fetal monitor and obstetric devices, and neuromonitoring devices. Therapeutic devices have been further classified into vital sign monitors, pain management devices, glucose insulin monitoring devices, and respiratory therapy devices. The application segment comprises of three major sub-segments: sports and fitness, remote patient monitoring, and home health care. The market for these segments and sub-segments has been extensively analyzed based on their utility, effectiveness, sales, and geographic presence.

Research Report with TOC & Free Analysis: http://www.transparencymarketresearch.com/wearable-medical-devices.html

Rise in chronic diseases and need for advanced treatment, increase in awareness about health, and large number of innovators and early adopters ensuring faster market penetration are likely to fuel the growth of this market in the near future. The wearable medical devices market is projected to expand at a high CAGR of 16.4% during the forecast period from 2015 to 2023. Additionally, , as per the article published in Journal of diabetes, the large diabetic population is in Asia Pacific countries such as China, Japan and India and Asian countries accounted for more than 60% of the global diabetes population in 2012. This is likely to drive the wearable medical device market in the region. However, factors such as reimbursement of wearable medical devices and high cost of wearable devices can restrain the growth of the wearable medical devices market. The report offers a detailed analysis of this high growth and outlines a possible growth trajectory at global as well as regional level in terms of value for each wearable medical devices segment.

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