Published On : 15 Oct 2018
A high demand for wearables in healthcare mainly exists due to the high efficiency provided by these devices, especially in the context of treatment and diagnosis-based scenarios. Numerous types of wearables are increasingly being used in different healthcare organizations, thanks to the accuracy of information provided. This is a crucial factor driving the global wearables in healthcare market too. Moreover, a rising dependency on automation and instantaneous data display for enabling faster treatment options too is substantially propelling the market to progress at an impressive pace.
A surging awareness among fitness enthusiasts to rely on reliable data detected by efficient wearables is also proving to be beneficial to the global wearables in healthcare market in terms of extensive growth. Widespread advancements occurring in the healthcare industry to accept devices that function with the help of latest technologies is providing a strong impetus to this market, thus surging the demand. Lastly, easily available raw materials at least in developed regions has led towards many companies to maintain a high rapid device production rate, thus extensively fueling the global wearables in healthcare market’s growth.
However, high costs of wearable devices are expected to discourage potential users with low disposal income from investing in them, thereby restraining the global wearables in healthcare market. Less availability or even complete lack of the devices in healthcare sector present in remote and underdeveloped regions is also known to be detrimental to the market’s growth. Moreover, lack of understanding of the device functioning and working among the masses from various regions also makes them refrain from buying the devices. This too hinders the global wearables in healthcare market’s growth.
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Nonetheless, the market is expected to showcase a splendid growth during the forthcoming years thanks to the efforts taken by several manufacturers to produce cost effective wearable devices. The restraints affecting the market are expected to decrease as companies are focus on improving their geographical expansion in the healthcare industry.
A highly competitive vendor landscape is depicted by the global wearables in healthcare market, owing to most players continuously trying to outgun their rivals. Many companies are focusing on introducing new devices on a frequent basis, as well as improving their technological efficiency.
Reducing device costs to benefit ease of accessing relevant healthcare services and treatments is another area where many businesses in the global wearables in healthcare market are striving to succeed. With more players expected to enter the market in the next few years, the competition is projected to become more intense. Philips, Medtronic, Sotera Wireless, Insulet, Gentag, Kenzen, IRhythm, Omron, Chrono Therapeutics, Nemaura Medical, LifeWatch, Monica Healthcare, Flex, ZANSORS, LLC, Proteus Digital Health, Cardiac Insight, UPRIGHT GO, Intelesens Ltd., Lumo Bodytech, Biotricity, BloomLife Company, and Cardiomo, are chief companies operating in the global wearables in healthcare market.
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