Asia-Pacific Wearable Medical Devices Market - Growth, Trends, and Forecast (2019 - 2024)
The propelling factors for the growth of the Asia-Pacific (APAC) wearable medical devices market include the increasing technological advancements and innovations, increasing per-capita income in developing countries, and ease-of-use and interpretation of medical devices.
The APAC wearable medical devices market is expected to witness prolific growth, owing to rapid technological advancements and innovations. The introduction of new wearable devices, such as smart lenses, wireless ECG devices, wireless heart-rate monitors, and blood glucose monitors, have created high awareness among tech-savvy consumers. With further improvements in device design, user interface, cybersecurity, and battery capacity, the usage of wearable medical devices is expected to rise over the forecast period.
In addition, the developing and emerging regions are supplied with low cost, or completely knocked down versions of the international products to improve market penetration. However, some manufacturers continue to use a uniform product and pricing strategy across the world, where prices are moderated relatively by currency fluctuations and local assembling capacity. Thus, the high price of the products is further impacting the growth of the market.
In the Asia-Pacific region, a large pool of population has lifestyle diseases, such as diabetes and obesity, which has increased the risk of cancer. This has raised the concerns levels in the societies to early diagnose the diseases, which increases the demand for wearable devices. Furthermore, the increase in cases of chronic conditions, such as obesity, heart problems, breathing problems, and many more such diseases, helps to drive the Asia-Pacific market.
Scope of the Report
As per the scope of the report, wearable medical devices are capable of diagnosing or monitoring medical conditions, combined with digital health information, typically worn over the body. The demand for wearable medical devices and remote patient monitoring is continuously increasing in the global market. Wearable devices are easy to use, cordless, and can provide information about various factors, such as heart rate, blood pressure, weight, sleeping habits, and other factors.
Key Market Trends
Sports and Fitness is Estimated to have the Largest Share in the Asia-Pacific Wearable Medical Devices Market
Sports and fitness devices are the most popular and widely known healthcare wearables, which are used to keep track of vital parameters. The athletes use wearable devices, which measure their heart rate, blood pressure, etc. People, nowadays, have become health conscious and started using wearable medical devices to keep a check on their vital parameters, like pulse rate, blood pressure, etc. Thus, the rise in awareness regarding fitness and preventive care increased the demand for wearable medical devices.
The key growth strategies adopted by key players include strategic acquisitions, collaborations, and partnerships that may help them expand their geographical presence and strengthen their business position.
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