The ‘Latin America Wearable Medical Devices Market Size, Share, Analysis, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the Latin America wearable medical devices market, assessing the market on the basis of its segments like type, device, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Latin America Wearable Medical Devices Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Around USD 770.34 Million
• Forecast CAGR (2023-2028): 16.70%
• Forecast Market Size (2028): Nearly USD 1,945.84 Million
The rising geriatric population is one of the leading factors driving the Latin America wearable medical devices market growth. Healthcare service providers and individuals are increasingly utilising wearable medical devices as they aid in the remote tracking of medical consditions and can help in their early diagnosis.
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The market is likely to go through significant development during the forecast period owing to the region’s expanding medical device market, supported by the expansion of international market players and key regional companies.
Government organisations are increasingly becoming concerned about the growing incidences of chronic illnesses in the region and the need to control the same. As a result, healthcare practitioners are offering personalised care, that includes remote patient monitoring, further propelling the demand for wearable medical devices for remote analysis.
Additionally, owing to technological developments, wearable medical devices have become much more convenient to use and they can be worn by the user for the whole day without obstructing daily activities.
Latin America Wearable Medical Devices Industry Definition and Major Segments
Wearable medical devices are smart devices that are worn directly on suitable body part of the user or patient, to monitor and record various vital signs, such as heart rate, oxygen levels, and blood pressure, via health apps. To monitor the patient’s health, these medical devices use a variety of sensors, actuators, software, and electronic patches that are applied to the skin.
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The Latin America wearable medical devices market segments by type include:
• Heart and BP Monitors
• Sleep Monitors
• Environmental Sensors
• MEMS Sensors
• Electro Encephalogram
• Motion Sensors
The market, based on devices, can be segmented into:
• Pain Management Devices
• Wristwear Devices or Monitors
• Glucose/Insulin Monitoring Devices
• Respiratory Therapy Devices
• Bodywear and Footwear
Based on application, the market can be segmented into:
• Health and Wellness
• Sports and Fitness
• Home Rehabilitation
• Patient Monitoring
The regional markets for wearable medical devices in Latin America include:
Latin America Wearable Medical Devices Market Trends
People in the region are increasingly becoming aware of personal fitness, which acts as a high-impact factor, significantly enhancing the market value as advanced wearable devices are being adopted to aid in the health management routine of users. Some wristbands are capable of real-time tracking of various activities such as walking, running, calorie intake, calories burned, sleep, blood pressure, and oxygen level.
The rising consumer interest in IoT wearable devices is expected to propel the market growth. These devices are increasingly being introduced in the healthcare sector as they help improve services to monitor blood pressure, heart rate, and other key metrics, favouring the Latin America wearable medical devices market demand.
The increasing advancements in wrist-worn products by companies in the region, for monitoring different vital parameters including skin temperature, step count, and heart rate will lead to the market expansion in Latin America. Furthermore, several major firms are releasing a range of smartphone applications that work with wristwear gadgets to help with data analysis and gain insights.
Key Market Players
The major players in the Latin America wearable medical devices market report include STMicroelectronics N.V., Infineon Technologies AG, Omron Corporation, Texas Instruments Incorporated, Analog Devices, Inc., Abbott Laboratories, and Panasonic Corporation, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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