MarketResearchNest.com adds “Global Wearable Medical Devices Market 2017-2021” new report to its research database. The report spread across in 102 pages with tables and figures in it.
The research analysts forecast the global wearable medical devices market to grow at a CAGR of 9.46% during the period 2017-2021. Wearable medical devices are autonomous, non-invasive (NI) devices with sensors, which are worn by people. They detect and monitor changes in the body signatures of various areas and organs. Wearable medical devices include diagnostic wearable medical devices and therapeutic wearable medical devices. Diagnostic wearable devices include pulse oximeters, glucose monitoring devices, blood pressure (BP) monitors, wearable patches, and activity trackers.
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The publisher recognizes the following companies as the key players in the global wearable medical devices market: Fitbit, Garmin, OMRON, Philips Healthcare, and Sonova.
Other Prominent Vendors in the market are: GN Store Nord, Jawbone, LifeWatch, Nokia, Polar Electro, Starkey Hearing Technologies, and Tandem Diabetes Care.
One trend in the market is emergence of innovative wearable medical devices. Innovations are common in the global wearable medical devices market. Manufacturers are designing wearable medical devices that are compact, light, and ergonomic. Technologies such as system on a chip (SoC) and chip scale package (CSP) are enabling manufacturers to reduce the size of wearable medical devices.
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According to the report, one driver in the market is increasing prevalence of chronic diseases. Globally, the increasing prevalence of CVDs such as stroke and chronic respiratory diseases such as asthma and the growth of the aging population are expected to increase the demand for wearable medical devices. CVDs are estimated to cause approximately 19 million deaths by 2020. In 2013, nearly 1.9 million people died due to CVDs in the EU. In the US, approximately 610,000 people die of heart disease and 795,000 people suffer from stroke every year. Asthma accounts for six to seven in every 1,000 deaths annually.
Further, the report states that one challenge in the market is high cost of devices. Most wearable medical devices are priced based on their function. For instance, on average, an insulin pump costs around $4,500-$6,500. The high device and maintenance cost can increase the burden on end-users. Wearable medical devices such as pulse oximeters, insulin pumps, and activity trackers require frequent battery changes, recharging, and maintenance, which increases expenses. In addition, the prices of branded products are also high. For instance, the vivoactive HR+ activity tracker by Garmin costs $249.99 in the US.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Mr. Jeet Jain