Key Findings of the Global Wearable Medical Devices Market | Technavio
February 13 2018 - 1:23PM
Business Wire
The latest market research report by Technavio on the
global wearable medical devices market predicts a CAGR of
around 10% during the period 2018-2022.
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the full release here:
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Technavio has published a new market
research report on the global wearable medical devices market from
2018-2022. (Graphic: Business Wire)
The report segments the global wearable medical devices market
by application (wearable therapeutic medical devices and wearable
diagnostic and monitoring medical devices), by end-user
(home-healthcare, hospitals and clinics, and sports and fitness),
and by geography (the Americas, EMEA, and APAC). It provides a
detailed illustration of the major factors influencing the market,
including drivers, opportunities, trends, and industry-specific
challenges.
Here are some key findings of the global wearable medical
devices market, according to Technavio healthcare and life
sciences researchers:
- Increasing prevalence of chronic
diseases: a major market driver
- Emergence of innovative wearable
medical devices: a key market trend
- The Americas dominated the global
wearable medical devices market with 45% share in 2017
- Fitbit, Garmin, Koninklijke Philips,
OMRON Corporation, Sonova, and William Demant are the leading
players in this market
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Increasing prevalence of chronic diseases: a major market
driver
Increasing prevalence of chronic diseases is one of the major
factors driving the global wearable medical devices
market. The increasing worldwide prevalence of CVDs such
as stroke and cardiac diseases, chronic respiratory diseases such
as asthma, preterm births, neurological disorders, hearing
disorders, chronic pain, chronic diseases such as diabetes and rise
in aging population is estimated to increase the demand for
wearable medical devices.
Patients with chronic diseases such as diabetes, asthma that
require constant monitoring are increasingly adopting these
devices. To cut down on costs and reduce the burden of hospital
visits, patients are preferring wearable medical devices. This is
increasing the demand for wearable medical devices and in turn,
driving the growth of the global wearable medical devices
market.
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Emergence of innovative wearable medical devices: a key
market trend
The global wearable medical devices market has been
witnessing a trend of increased innovation. Manufactures are
designing wearable medical devices to be more compact, light and
ergonomic. Technologies such as system-on-chip (SoC) and chip scale
package (CSP) are enabling the manufacturers to shrink the size of
wearable devices. Technological advancements such as 32-bit ARM
architecture and wireless technologies like ANT+ and Bluetooth low
energy (BLE) are helping the manufacturers to design wearable
medical devices that consume low power and thereby have longer
battery life.
According to a senior analyst at Technavio
for orthopedics and medical devices research, “Many
manufacturers have introduced smartphone compatibility for their
devices and have integrated them with wireless technologies such as
Bluetooth, near-field communication, and cloud-based technologies.
Manufacturers have introduced innovative products in the market by
leveraging the advancements in technology.”
Global market opportunities
In terms of regional dominance, the Americas dominated the
global wearable medical devices market, followed by EMEA and APAC
in 2016. However, the Americas and EMEA are both expected to
witness a drop in their market share over the forecast period which
will be absorbed by APAC. APAC will witness and increase of close
to 5% in its market share by 2022.
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version on businesswire.com: http://www.businesswire.com/news/home/20180213005682/en/
Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
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