“Rising geriatric population, growing awareness amongst people and increasing accessibility to wearable medical devices driving its market in Asia-Pacific”, says RNCOS.
Asia-Pacific is gaining accessibility to numerous wearable medical devices, such as Apple’s iWatch and Fitbit. In addition to technological advancements that make wearable medical devices possible, three trends are driving the growth of the medical wearables market in Asia-Pacific. These are rise in healthcare spending, increasing incidences of lifestyle diseases such as diabetes and heart disease, and aging population in Asia.
The World Health Organization (WHO) estimates that the number of annual cardiovascular events in China will increase by more than 50%, by 2030. Similarly, number of diabetics in India, which was around 67 Million in 2015, will surpass the number of cases in China. Moving to aging population, Japan expects more than one-third of its population to be at least 65 years old by 2055, thereby creating additional demand for government-run healthcare facilities.
According to new report by RNCOS, named, “Global Wearable Medical Devices Market Outlook 2022”, amongst all other wearable medical devices, demands for gadgets such as fitness trackers and heart rate monitors is very high in Asia-Pacific. Competition is increasing as consumers and corporations in this region of the world are getting more concerned about health and fitness. Additional novel health-oriented devices are also starting to intersperse Asia-Pacific markets. For instance, in India, Tupelo has released MYMO, a fitness tracker that awards wearers points that can be used to purchase items, such as groceries, when they complete activity goals.
Living an active and healthy lifestyle will maintain the physical and mental health of urban residents, and will also prevent them from chronic diseases. There is a mounting focus on health related issues among people, and an increasing government spending on health campaigns in various parts of the world. The proposal to improve public health on the part of government has certainly contributed to the increased public awareness of the importance of adopting a healthy lifestyle.
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