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Latin America Wearable Medical Devices Market

Latin America Wearable Medical Devices Market Share, Trends, Forecast: By Type: Heart and BP Monitors, Sleep Monitors, Environmental Sensors, Environmental Sensors, MEMS Sensors, Electro Encephalogram, Motion Sensors; By Device: Pain Management Devices, Others; By Application; Regional Analysis; Competitive Landscape; 2024-2032

Latin America Wearable Medical Devices Market Outlook

The Latin America wearable medical devices market attained a value of nearly USD 898.99 million in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 16.70% reaching a value of about USD 3,609.03 million by 2032.

 

latin america wearable medical devices market

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Key Trends in the Market

Wearable medical devices are known as electronic devices that can be worn on the body and used to provide health-related or medical information, such as sleep or blood pressure monitors. Such devices are designed to gather the personal health data of users. Medical wearables employ actuators, sensors, electronic patches, and software connected to the skin to examine the health of patients, treat health conditions, and identify anomalies. 

 

  • In the Latin America wearable medical devices market, rising investments, grants, and funding coupled with an increasing inclination toward wireless connectivity among consumers as well as healthcare providers are pushing forward the growth of the market.
  • The introduction of IoT wearable devices in the healthcare industry helps to monitor a patient's glucometer readings, heart rate, and blood pressure, among other vital benefits is likely to gain consumers traction in the market growth. This further provides better health and safety management which is likely to increase the demand for wearable medical devices over the coming years.
  • Increasing availability of wearable medical devices in the region, supported by expansion of several key players and encouragement by the healthcare industry are also expected to support the Latin America wearable medical devices market growth over the forecast period.

 

Market Analysis

 

latin america wearable medical devices market by segments

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Based on type, the market can be segmented into heart and BP monitors, sleep monitors, environmental sensors, MEMS sensors, electro encephalograms, and motion sensors, among others. On the basis of device, the Latin America wearable medical devices market is categorised into pain management devices, wristwear devices or monitors, glucose/insulin monitoring devices, respiratory therapy devices, and bodywear and footwear, among others. Based on application, the market is segregated into health and wellness, sports and fitness, home rehabilitation, and patient monitoring, among others. By country, the wearable medical devices market in Latin America can be divided into Brazil, Argentina, Mexico, and Colombia, among others. 

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Latin America wearable medical devices market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans. 

 

  • STMicroelectronics N.V.
  • Infineon Technologies AG
  • Omron Corporation
  • Texas Instruments Incorporated
  • Analog Devices, Inc.
  • Abbott Laboratories
  • Panasonic Corporation
  • Others

 

Market Share by Device

The wristwear devices or monitors segment occupies a sizable share of the Latin America wearable medical devices market and is expected to grow further, because of the ease of use and wide applications of such devices. Wristwear devices are easily available, have digital display and aid in monitoring parameters like respiratory rate, pulse rate, and mobility while providing Bluetooth and cloud connectivity. Furthermore, wristwear devices can be worn proactively by a wider segment of the population, without requiring specific recommendation from healthcare practitioners, thereby increasing the market size.

 

The rising innovations in wrist-worn products by manufacturers for monitoring various parameters like skin temperature, and heart rate, along with other activities such as steps count is likely to drive the segment growth over the upcoming years. Moreover, several key players are introducing various mobile apps that are compatible with wristwear devices that help with data recording and easier understanding. 

 

Market Share by Applications

The sport and fitness segment is likely to witness significant growth in the Latin America wearable medical devices market in the coming years. This can be attributed the growing popularity and accessibility of fitness trackers amongst the general population, and an increase in health awareness, resulting in more consumers engaging in sports and fitness activities. With the rising prevalence of chronic and lifestyle conditions such as diabetes and obesity, consumers are investing in wearable medical devices to proactively maintain their health. 

 

Going further, the launch of advanced and smart wearable devices that track activity is one of the key aspects expected to fuel the segment growth in the market. With the introduction of advanced health and fitness trackers in the market having the latest features and sensors and built-in GPS, connect and control tools, and music compatibility, the growth of sports and fitness applications segment in the Latin America wearable medical devices market is expected to bolster over the coming years. 

 

latin america wearable medical devices market by region

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Competitive Landscape

STMicroelectronics N.V. is a producer and supplier of semiconductors which produces, markets, and develops a wide variety of products, comprising of standard and discrete commodity components, and semi-custom devices, and custom devices, along with application-specific standard and integrated circuits. The company also manufactures and markets smartcards and silicon chips. It employs several chip fabrication technologies, utilising innovative FD-SOI, CMOS, RF-SOI, embedded non-volatile memories, specialised imaging, mixed signal, analogue and MEMS, and smart power processes.  

 

Infineon Technologies AG is a leading company providing semiconductor solutions. It offers designing, development, manufacturing, and marketing for application-specific ICs, evaluation boards, automotive system ICs, diodes, electrostatic discharge protection, and electromagnetic interference protection products. The company also provides radio frequency and wireless controls, microcontrollers, security ICs, sensors, smart card ICs, transistor products, and interfaces.

 

Omron Corporation markets and manufactures electronic components, automation components, social systems, and healthcare equipment. Its product portfolio includes relays, sensors, automation systems, safety components, switches, control components, robotics, switches, power supplies, connectors, and relays. The company provides components for amusement equipment, face recognition software, railway station services systems, MEMS sensors, and traffic and road management systems. 

 

Other market players include Texas Instruments Incorporated, Analog Devices, Inc., Abbott Laboratories, and Panasonic Corporation, among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2017-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Device
  • Application
  • Region
Breakup by Type
  • Heart and BP Monitors
  • Sleep Monitors
  • Environmental Sensors
  • MEMS Sensors
  • Electro Encephalogram
  • Motion Sensors
  • Others
Breakup by Device
  • Pain Management Devices
  • Wristwear Devices or Monitors
  • Glucose/Insulin Monitoring Devices
  • Respiratory Therapy Devices
  • Bodywear and Footwear
  • Others
Breakup by Application
  • Health and Wellness
  • Sports and Fitness
  • Home Rehabilitation
  • Patient Monitoring
  • Others
Breakup by Region
  • Brazil
  • Argentina
  • Mexico
  • Colombia
  • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • STMicroelectronics N.V.
  • Infineon Technologies AG
  • Omron Corporation
  • Texas Instruments Incorporated
  • Analog Devices, Inc.
  • Abbott Laboratories
  • Panasonic Corporation
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Market Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
7    Opportunities and Challenges in the Market
8    Latin America Wearable Medical Devices Market Analysis

    8.1    Key Industry Highlights
    8.2    Latin America Wearable Medical Devices Historical Market (2018-2023) 
    8.3    Latin America Wearable Medical Devices Market Forecast (2024-2032)
    8.4    Latin America Wearable Medical Devices Market by Type
        8.4.1    Heart and BP Monitors
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2023)
            8.4.1.3    Forecast Trend (2024-2032)
        8.4.2    Sleep Monitors 
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2023)
            8.4.2.3    Forecast Trend (2024-2032)
        8.4.3    Environmental Sensors
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2023)
            8.4.3.3    Forecast Trend (2024-2032)
        8.4.4    MEMS Sensors
            8.4.4.1    Market Share
            8.4.4.2    Historical Trend (2018-2023)
            8.4.4.3    Forecast Trend (2024-2032)
        8.4.5    Electro Encephalogram
            8.4.5.1    Market Share
            8.4.5.2    Historical Trend (2018-2023)
            8.4.5.3    Forecast Trend (2024-2032)
        8.4.6    Motion Sensors
            8.4.6.1    Market Share
            8.4.6.2    Historical Trend (2018-2023)
            8.4.6.3    Forecast Trend (2024-2032)
        8.4.7    Others
    8.5    Latin America Wearable Medical Devices Market by Device
        8.5.1    Pain Management Devices
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2023)
            8.5.1.3    Forecast Trend (2024-2032)
        8.5.2    Wristwear Devices or Monitors
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2023)
            8.5.2.3    Forecast Trend (2024-2032)
        8.5.3    Glucose/Insulin Monitoring Devices 
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2023)
            8.5.3.3    Forecast Trend (2024-2032)
        8.5.4    Respiratory Therapy Devices
            8.5.4.1    Market Share
            8.5.4.2    Historical Trend (2018-2023)
            8.5.4.3    Forecast Trend (2024-2032)
        8.5.5    Bodywear and Footwear
            8.5.5.1    Market Share
            8.5.5.2    Historical Trend (2018-2023)
            8.5.5.3    Forecast Trend (2024-2032)
        8.5.6    Others
    8.6    Latin America Wearable Medical Devices Market by Application
        8.6.1    Health and Wellness
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2023)
            8.6.1.3    Forecast Trend (2024-2032)
        8.6.2     Sports and Fitness
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2023)
            8.6.2.3    Forecast Trend (2024-2032)
        8.6.3    Home Rehabilitation
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2023)
            8.6.3.3    Forecast Trend (2024-2032)
        8.6.4    Patient Monitoring
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2023)
            8.6.4.3    Forecast Trend (2024-2032)
        8.6.5    Others
    8.7    Latin America Wearable Medical Devices Market by Country
        8.7.1 Market Share
            8.7.1.1    Brazil 
            8.7.1.2    Argentina
            8.7.1.3    Mexico 
            8.7.1.4    Colombia
            8.7.1.5    Others
9    Regional Analysis
    9.1    Brazil
        9.1.1    Historical Trend (2018-2023)
        9.1.2    Forecast Trend (2024-2032)
    9.2    Argentina
        9.2.1    Historical Trend (2018-2023)
        9.2.2    Forecast Trend (2024-2032)
    9.3    Mexico
        9.3.1    Historical Trend (2018-2023)
        9.3.2    Forecast Trend (2024-2032)
    9.4    Colombia
        9.4.1    Historical Trend (2018-2023)
        9.4.2    Forecast Trend (2024-2032)
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyers Powers 
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Competitive Landscape
    11.1    Market Structure
    11.2    Key Company Profiles
        11.2.1    STMicroelectronics N.V.
            11.2.1.1    Company Overview
            11.2.1.2    Product Portfolio
            11.2.1.3    Demographic Reach and Achievements
            11.2.1.4    Certifications
        11.2.2    Infineon Technologies AG
            11.2.2.1    Company Overview
            11.2.2.2    Product Portfolio
            11.2.2.3    Demographic Reach and Achievements
            11.2.2.4    Certifications
        11.2.3    Omron Corporation
            11.2.3.1    Company Overview
            11.2.3.2    Product Portfolio
            11.2.3.3    Demographic Reach and Achievements
            11.2.3.4    Certifications
        11.2.4    Texas Instruments Incorporated
            11.2.4.1    Company Overview
            11.2.4.2    Product Portfolio
            11.2.4.3    Demographic Reach and Achievements
            11.2.4.4    Certifications
        11.2.5    Analog Devices, Inc.
            11.2.5.1    Company Overview
            11.2.5.2    Product Portfolio
            11.2.5.3    Demographic Reach and Achievements
            11.2.5.4    Certifications
        11.2.6    Abbott Laboratories
            11.2.6.1    Company Overview
            11.2.6.2    Product Portfolio
            11.2.6.3    Demographic Reach and Achievements
            11.2.6.4    Certifications
        11.2.7    Panasonic Corporation
            11.2.7.1    Company Overview
            11.2.7.2    Product Portfolio
            11.2.7.3    Demographic Reach and Achievements
            11.2.7.4    Certifications
        11.2.8    Others
12    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Latin America Wearable Medical Devices Market: Key Industry Highlights, 2018 and 2032
2.    Latin America Wearable Medical Devices Historical Market: Breakup by Type (USD Million), 2018-2023
3.    Latin America Wearable Medical Devices Market Forecast: Breakup by Type (USD Million), 2024-2032
4.    Latin America Wearable Medical Devices Historical Market: Breakup by Device (USD Million), 2018-2023
5.    Latin America Wearable Medical Devices Market Forecast: Breakup by Device (USD Million), 2024-2032
6.    Latin America Wearable Medical Devices Historical Market: Breakup by Application (USD Million), 2018-2023
7.    Latin America Wearable Medical Devices Market Forecast: Breakup by Application (USD Million), 2024-2032
8.    Latin America Wearable Medical Devices Historical Market: Breakup by Country (USD Million), 2018-2023
9.    Latin America Wearable Medical Devices Market Forecast: Breakup by Country (USD Million), 2024-2032
10.    Latin America Wearable Medical Devices Market Structure

Key Questions Answered in the Report

In 2023, the Latin America market size for wearable medical devices attained a value of nearly USD 898.99 million.

The market is assessed to grow at a CAGR of 16.70% between 2024 and 2032.

The expected market size for wearable medical devices in Latin America by 2032 is USD 3,609.03 million.

The major market drivers are growing prevalence of chronic diseases, surging accessibility to wearable medical devices, and an increasing geriatric population.

The key trends in the Latin America wearable medical devices market include increasing health consciousness among consumers, proactive monitoring of health and fitness, and wearable medical devices that are easy to use.

The various types of wearable medical devices include heart and bp monitors, sleep monitors, environmental sensors, MEMS sensors, electro encephalograms, and motion sensors, among others.

The different devices in the market include pain management devices, wristwear devices or monitors, glucose/insulin monitoring devices, respiratory therapy devices, and bodywear and footwear, among others.

The leading applications of wearable medical devices in Latin America include health and wellness, sports and fitness, home rehabilitation, and patient monitoring, among others.

The major players in the market are STMicroelectronics N.V., Infineon Technologies AG, Omron Corporation, Texas Instruments Incorporated, Analog Devices, Inc., Abbott Laboratories, and Panasonic Corporation, among others.

Wearables medical devices comprise of components such as actuators, sensors, and software, along with electronic patches that are attached to the skin of a patient to monitor their health condition, identify anomalies, and even provide treatment.

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