Chronic diseases are the most prevalent and non-communicable health crisis globally. Most chronic disease patients require continuous physiological monitoring, using wearable technology for timely treatment, precise illness detection, and preventive healthcare. Nonetheless, efficient power management is required for such resource-constrained wearable devices. This work aims to analyze low-power techniques (LPTs) in wearable medical devices using a data-driven approach and identify novel approaches promising higher power savings. Through an intensive literature analysis, we identify the most relevant LPTs for minimizing power consumption in wearable devices for physiological monitoring while recognizing the barriers to adopting these techniques. As a result, a novel taxonomy based on the common characteristics of the LPTs is proposed, along with strategies for the combination of LPTs. Through our analysis, we propose possible enhancements in using LPTs and suggest mechanisms for the medical device industry to facilitate their adoption. Overall, our proposed strategies guide the use of LPTs on wearable medical devices toward continuous physiological monitoring.