Key Findings of the Global Wearable Medical Devices Market | Technavio

Date : 02/13/2018 @ 1:23PM
Source : Business Wire

Key Findings of the Global Wearable Medical Devices Market | Technavio

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.

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180213005682/en/

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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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200www.technavio.com

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