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The therapeutic medical devices segment will generate maximum revenue in the wearable medical devices market, owing to the increasing prevalence of diabetes, chronic pain, respiratory disorders, and hearing disorders. In terms of geography, North America will present significant opportunities for market vendors due to the factors such as the growing prevalence of chronic diseases in the region.
Wearable Medical Devices Market: Major Growth Drivers
The following factors are expected to drive the growth of the market during the forecast period:
- Rising prevalence of chronic diseases
- High prevalence of hearing impairment
- Increasing adoption of technologically advanced wearable medical devices
In addition, the report identifies the emergence of innovative wearable medical devices as a major trend in the wearable medical devices market. The emergence of the latest technologies such as system-on-chip (SoC) and chip-scale package (CSP) has enabled manufacturers to develop compact, light, and ergonomic medical devices. Also, the incorporation of technologies such as the 32-bit ARM architecture and wireless technologies like ANT+ and Bluetooth low energy (BLE) has facilitated the development of wearable medical devices that consume less power and provide a longer battery life. Such developments are expected to have a positive impact on the growth of the wearable medical devices market during the forecast period.
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Wearable Medical Devices Market: Key Vendor Offerings
Alphabet Inc.: The company offers a wide range of medical devices such as Versa Lite Edition, Fitbit Ionic, INSPIRE and INSPIRE HR, Charge 3m, and Versa 2.
Apple Inc.: The company offers wearable medical devices such as Apple Watch Series 5, Apple Watch Series 4, and Apple Watch Series 3.
BioTelemetry Inc.: The company offers wearable medical devices such as MCOT Patch, MCT 3 Lead (MCT 3L), wEvent, and ePatch.
Demant AS: The company offers products such as Oticon Xceed, Rechargeable miniRITE T R, and Captivate.
Garmin Ltd.: The company offers Venu, vívoactive 4S, vívofit jr. 2, vívosmart 4, vívomove 3/3S, vívomove Style, vívomove Luxe, vívoactive 4, and Garmin Connect.
Reasons to Buy Wearable Medical Devices Market Report:
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist wearable medical devices market growth during the next five years
- Estimation of the wearable medical devices market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the wearable medical devices market across Asia, Europe, North America, and ROW
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of wearable medical devices market vendors
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