Key Findings of the Global Wearable Medical Devices Market | Technavio

LONDON–(BUSINESS WIRE)–#Research–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.


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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