Wearable Medical Devices Market: Opportunities And Challenges

October 20 18:02 2019
Wearable Medical Devices Market: Opportunities And Challenges

The wearable medical devices market is highly competitive with the presence of various players. Some of the major players operating in the market are Fitbit (US), Philips (Netherlands), LifeWatch (Switzerland), Garmin (Switzerland), and Omron (Japan).
The base year considered for the study is 2016 and the forecast period is from 2017 to 2022.

The Wearable Medical Devices Market is expected to reach USD 14.41 Billion by 2022 from USD 5.31 Billion in 2016, at a CAGR of 18.3% during the forecast period.

Growing awareness and preference for home healthcare

The home healthcare market has witnessed significant growth in the recent years primarily due to the rising geriatric population, increasing prevalence of chronic diseases, and the availability of advanced medical devices (including wearable medical devices) that are enabling the delivery of quality care in non-hospital settings. This has resulted in better patient compliance, proactive treatments, improved patient satisfaction, and improved care quality. This approach also helps reduce the cost of hospital stay, as monitoring and diagnosis can be done at home.

Download PDF [email protected] https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=81753973

Considering its affordability and convenience, the preference for home healthcare has increased significantly, especially among elderly patients. According to the American Association of Retired Persons (AARP), people with disabilities aged between 50 to 64 years prefer staying at home over staying at nursing homes. Moreover, 73.0% of patients suffering from disabilities who require 24-hour care prefer home care services. In December 2015, the US Bureau of Labor Statistics (BLS) stated that from 2014 to 2024, the CAGR for home healthcare services is expected to be about 5.0%, the highest among all industries.

This is expected to offer significant opportunities for marketing various wearable devices – such a blood pressure meters without cuffs, ECG monitors with Bluetooth connectivity, and ring-type heart rate monitors – to customers. Thus, rising awareness related to home healthcare is expected to serve as an opportunity for players in the wearable medical devices market.

Request Sample [email protected] https://www.marketsandmarkets.com/requestsampleNew.asp?id=81753973

Limited battery life

Long battery life is an essential feature for wearable medical devices, which must function continuously to monitor and track the health information of users. Considering this, limited battery life poses a major challenge for manufacturers of wearable medical devices. This is because long-lasting batteries are larger and heavier as compared to batteries that frequently require charging. Wearable devices are efficient when they are lightweight and smaller sized. Hence, installing large and heavy batteries in these devices proves counterproductive for manufacturers. To counter this challenge, a number of research projects are focusing on developing advanced batteries with a longer life, such as aluminum graphite batteries, solid-state batteries, and flexible batteries. At present, limited battery life serves as a challenge for players in the wearable medical devices market.

Browse Related Reports:

Home Healthcare Market by Product (BP & Heart Rate Monitor, Ovulation Kit, HIV Test, ECG, Nebulizer, Hearing Aids, Pedometer, Cane, Crutches, Wheelchair), Software, Services (Rehabilitation, Pregnancy, Palliative), & Telehealth – Global Forecast to 2022

mHealth Solutions Market by Connected Devices (Blood Pressure Monitor, Glucose Meter, Peak Flow Meter) Apps (Weight Loss, Woman Health, Personal Health Record, & Medication) Services (Diagnostic, Remote Monitoring, Consultation) – Global Forecasts to 2022

Medical Device Connectivity Market by Product (Integration Solutions, Interface Devices, Telemetry, Connectivity Hub, Services) Technology (Wired, Wireless, Hybrid) End User (Hospitals, Home, Ambulatory Care, Diagnostic Centres) – Global Forecast to 2023

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Shelly Singh
Email: Send Email
Phone: 1-888-600-6441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/wearable-medical-device-market-81753973.html