The global wearable medical devices market to grow at a CAGR of 9.46% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global wearable medical devices market for 2017-2021. 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 report also includes a discussion of the Key vendors operating in this market.
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.
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.
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. 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.