The worldwide global wearable medical devices market is projected to witness an impressive 16.4% CAGR from 2015 to 2023, according to a report on Market Research Reports Search Engine. The report has been published by Transparency Market Research. This growth can be primarily attributed to a surge in the number of people suffering from cardiovascular diseases, diabetes, and chronic pain.
Here are a few key statistics on these growth drivers:
These alarming numbers have resulted in a sudden rise in awareness levels among the general population. An increased focus on health and well-being, in addition to fitness, heart health, and monitoring various biological functions, has translated to a rapid increase in the demand for wearable medical devices. Based on these drivers, the global market for wearable medical devices is poised to increase from a value of US$2.7 bn in 2014 to US$10.6 bn by 2023.
Other key factors boosting the market include:
In contrast, unfavorable reimbursement policies for wearable medical devices and the high cost of these devices pose a challenge to market expansion.
Browse Full Global Wearable Medical Devices Market Report with TOC :http://www.mrrse.com/wearable-medical-devices
Focus Shifts to Asia Pacific as Diabetic Population Increases in the Region
While the developed markets of North America and Europe presently dominate the global market for wearable medical devices, Asia Pacific holds immense promise and an increasing number of players have been now focusing on the lucrative options that lie ahead in the APAC region. The large diabetic population in Asia Pacific makes for a strong customer base for wearable medical devices. In 2012, countries such as Japan, China, and India accounted for over 60% of the diabetic population in the world, according to an article published in the Journal of Diabetes.