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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