FinancialBuzz.com News Commentary
NEW YORK, Sept. 27, 2022 /PRNewswire/ -- In the modern technologically-driven healthcare landscape, the business model of medical device companies has evolved from device makers to problem solvers. In effect, medical device manufacturers are now leveraging the Internet of Things (IoT) and the cloud to improve clinical workflow, help physicians remotely monitor patients with real-time data and analytics solutions and utilize innovative processes to cut costs and improve outcomes. For instance, novel wearable monitoring devices, equipped with the IoT technology, can communicate with smartphones, transferring crucial data to right to user friendly applications. Moreover, there has been an increasing focus on the development of smaller, more reliable, and more energy-efficient devices in recent years. Overall, the global wearable medical device market size is expected to reach USD 29.6 Billion by 2026 and register a Compound Annual Growth Rate (CAGR) of 17.7%, according to Transparency Market Research. Nemaura Medical Inc. (NASDAQ:NMRD), DexCom, Inc. (NASDAQ:DXCM), Tandem Diabetes Care, Inc. (NASDAQ:TNDM), Insulet Corporation (NASDAQ:PODD), Abbott Laboratories ( NYSE: ABT)
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