Mexico: The 3rd largest market for wearable medical devices after the US and Canada
According to a report published by IndustryArc, the global wearable medical devices market is expected to reach USD 41.3 billion by 2020 with a growth rate of 21.3%. Growing awareness about personal health and desire of millennial people are the major driving factors behind the growth. The US is the largest market in the world for wearable medical devices followed by Canada and Mexico. The market is segmented into therapeutic wearable devices, diagnostic devices, vital sign monitoring devices, activity monitors, electrocardiographs and others based on the type of products and into home healthcare, remote patient monitoring, fitness and sports and others based on applications. These devices are automatic, non-invasive and are used for treatment of chronic diseases by monitoring vital signs and parameters of the human body. The shift of people’s concern over hospital care to home care and further to personal care has led the medical device manufacturers shift their focus from non-portable equipment to portable devices and subsequently to wearable ones. Among the worldwide major market players are Zephyr Technology Corp., Omron Healthcare, Basis Science, Sotera Wireless and Polar Electro Oy. Apple and Omron Healthcare have also entered into the segment creating high demand for their products. Philips Healthcare, ResMed and Fitbit are also giving a tough competition to the top players with their innovative approaches.
