Research and Markets analysts announce the addition of the "Global Wearable Medical Technology Market 2012-2016" report to their offering.
The analysts forecast the Global Wearable Medical Technology market to grow at a CAGR of 49.94% 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.
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.
Commenting on the report, an analyst from the team states, “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.”
According to the report, 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.
Further, the report states that 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.
For more information visit http://www.researchandmarkets.com/research/s4n3lb/global_wearable.
Source: Business Wire 2013