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Global wearable medical technology market: 50% CAGR forecast between 2012-16

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Global Wearable Medical Technology Market 2012-2016 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-04-04 15:01:04
The Global Wearable Medical Technology market is to grow at a CAGR of 49.94 percent over the period 2012-2016. One of the key factors contributing to this market growth is the technological innovations. The Global Wearable Medical Technology market has also been witnessing increasing strategic agreements among vendors. However, the instances of product recalls could pose a challenge to the growth of this market.

Numerous litigation and intellectual property issues exist among vendors in the Healthcare sector, especially among medical device manufacturers. Thus, wearable medical device vendors are entering into strategic alliances to share their core competencies to develop innovative products. Further, the increasing demand for technologically-advanced products and non-invasive systems has led the vendors to develop new technologies. This is expected to increase the adoption of newer and better systems. For instance, DexCom has entered into an agreement with Animas Corp. to integrate DexCom´s CGM technology with Animas´s insulin pumps. Similar strategic partnerships among vendors can help in fuelling the growth of the Global Wearable Medical Technology market.

The growth of the Global Wearable Medical Technology market is driven by several factors, the most important of which is the technological innovations. Technological innovations and advancements have led to the introduction of new products that are compact, portable, and easy to use.

One of the key challenges in the market is the instances of product recalls because of manufacturing errors. This has tarnished the brand image of the vendors and had a negative impact on their revenue.

The key vendors dominating this market space are Abbott Diabetes Care Inc., AiQ Smart Clothing Inc., BodyTel Europe GmbH, Danfoss PolyPower A/S, DexCom Inc., Medtronic Inc., Nuubo, Philips Healthcare, Polar Electro Inc., Suunto Oy, Zephyr Technology Corp., and ZOLL Medical Corp.

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Mike King
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