Global Wearable Medical Devices Market 2018-2022
About Wearable Medical Devices
Wearable medical devices are defined as devices with sensors that are worn by a person. These devices detect and monitor changes in body signatures of various areas and organs.
Technavio’s analysts forecast the global wearable medical devices market to grow at a CAGR of 9.82% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global wearable medical devices market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Wearable Medical Devices Market 2018-2022
Technavio recognizes the following companies as the key players in the global wearable medical devices market: Fitbit, Garmin, Koninklijke Philips, OMRON Corporation, and Sonova.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is emergence of innovative wearable medical devices. 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.”
According to the report, one driver in the market is increasing prevalence of chronic diseases. 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.
Further, the report states that one challenge in the market is high cost of devices. Many devices are priced on the basis of the type of function and diagnosis. For instance, insulin pump on an average cost around $4,500-$6,500. The high device cost when coupled with maintenance charges can result in significant increase in costs for the user
Fitbit, Garmin, Koninklijke Philips, OMRON Corporation, and Sonova.