Wearable Medical Devices Market Latin America is expected to reach USD XX Billion by 2026 from USD XX Billion in 2016 at a CAGR of 8.4% (Detailed analysis of the market CAGR is provided in the report).
Wearable segment comprises devices that are mainly intended for fitness purposes. Wearable devices that are used in the healthcare sector use sensors and activity trackers for measuring and analyzing various body functions. Smart clothes are also in vogue where they are equipped with sensors. Bluetooth connectivity allows tracking distance, foot landing, calories, altitude, cadence as well as the speed of the wearer.
Wearable Medical Devices Market Latin America
Based on the type, it is activity monitor that forms a major market segment for Latin America wearable devices market. The advent of wearables or body-borne computer that allows sensors connectivity and allows an exchange of data with the help of IoT has been a major breakthrough for both manufacturers as well as distributors. Latin America has been an untapped market with huge business potentials as well. Presence of various Latin American countries provides high scope for the application of wearable devices. Healthcare sector has undergone huge advancements in this region along with providing more scope of improvement in the future. It is to be taken into consideration that persistency of device performance and ability to use the device without activities getting hampered. It gives real-time analysis of health-related data through physical activities has helped activity monitors to dominate a market for wearable medical devices in Latin America.
Distribution channel has been of utmost importance especially for providing wearable medical devices in emerging economies like Brazil and Mexico among others. Classification based on distribution channel includes pharmacies, online channels a hypermarket. Pharmacies and online formed two major distribution channels where easier accessibility made pharmacies hold a dominant share. Price sensitivity, higher competitive pricing along with growing internet penetration have made online hold another dominant share in terms of distribution.
Sports & fitness, remote patient monitoring, and home healthcare have formed different applications of wearable medical devices in Latin America. It is to be noted that sports & fitness have been a major application area in Latin America with countries like Brazil holding a dominant share. Home healthcare and remote patient monitoring both are still growing in this region with factors such as accessibility, the absence of proper infrastructure as well as the high price of certain products act as major restraints thereby negatively impacting demand for wearable medical devices.
Geographically, Latin America has been divided into Brazil, Mexico, Argentina, Chile and Rest of Latin America. Brazil has held the dominant share when it comes to the application of medical wearable devices. Real-time access to health-related issues along with a higher application of IoT (internet of things) technology in the smartphone has doubled the application of wearables among smartphone users in the last couple of years. All these factors have been quite helped companies to sell their medical wearables in emerging economies of Latin America.
• Latin America Wearable Medical Devices market size analysis and forecast
• Comprehensive study and analysis of market drivers, restraints, and opportunities influencing the growth of the Latin America Wearable Medical Devices market
• Wearable Medical Devices market segmentation on the basis of type, device type, distribution channel, application and geography (regional)
• Wearable Medical Devices market strategic analysis with respect to individual growth trends, future prospects along with a contribution of various sub-market stakeholders have been considered under the scope of a study
• Wearable Medical Devices market analysis and forecast for countries in the Latin America region.
• Profiling of key industry players, their strategic perspective, market positioning and analysis of core competencies
• Competitive landscape of the key players operating in the Wearable Medical Devices market including competitive developments, investments, and strategic expansion
Years that have been considered for the study are as follows:
• Base Year – 2016
• Estimated Year – 2017
• Forecast Period – 2017 to 2026
For company profiles, 2016 has been considered as the base year. In cases, wherein information was unavailable for the base year, the years prior to it have been considered.
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The market is estimated by triangulation of data points obtained from various sources and feeding them into a simulation model created individually for each market. The data points are obtained from paid and unpaid sources along with paid primary interviews with key opinion leaders (KOLs) in the market. KOLs from both, demand and supply side were considered while conducting interviews to get an unbiased idea of the market. This exercise was done at a country level to get a fair idea of the market in countries considered for this study. Later this country-specific data was accumulated to come up with regional numbers and then arrive at the market value for Wearable Medical Devices Market Latin America.
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