According to research report the global medical wearables market is projected to reach USD 19.5 billion by 2025 from USD 7.4 billion in 2020, at a high CAGR of 21.4%
The
growing adoption of smartphones, increasing penetration of 4G/5G
networks, increasing utilization of connected devices for the management
of chronic diseases, rising focus on cost containment in healthcare
delivery, rising focus on patient-centric healthcare delivery and the
increasing demand for home healthcare services are some of the key
factors driving the greater uptake of mobile technologies among both
patients and healthcare professionals.
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The vital sign monitoring device segment accounted for the largest share of the medical wearables market in 2019
Based
on device type, the vital sign monitoring segment accounted for the
largest share of the Clinical Wearable Market in 2019. The large share
of this segment can be attributed to the high and growing penetration of
smartphones and significant technological advancements in medical
wearable devices, which have helped improve the treatment outcomes for
patients. Population aging is poised to become one of the most
significant social transformations of the twenty-first century, with
implications for nearly all sectors of society, including labor and
financial markets, the demand for goods and services, such as housing,
transportation and social protection, as well as family structures and
intergenerational ties.
The Patches product segment accounted for the largest share of the Medical Wearable market in 2019
Based
on product type, the patches segment accounted for the largest share of
the Clinical Wearable Market in 2019. The large share of this segment
can be there have been significant technological advancements in medical
wearable devices, which have helped improve the treatment outcomes for
patients. Growing use of high-tech devices that are compact,
user-friendly, and come with a better graphical user interface for easy
visibility of resulted data are helping to increase the market
penetration of clinical-grade wearables. These wearables are playing an
integral role in treating and monitoring various medical conditions in
patients and driving better health outcomes.
The Long-term care
centers, nursing homes, and assisted-living facilities segment accounted
for the largest share and highest growth of the Clinical-Grade Wearable
market in 2019
Based on the Clinical grade wearables market by
end-user, the end-user is segmented into Long-term Care Centers/
Assisted Living Facilities/Nursing Homes, Hospitals, Ambulatory Care
Centers, and Home/Patients. In 2019, the Long-term Care Centers/
Assisted Living Facilities/Nursing Homes accounted for the largest share
and highest growth of the Medical Wearable market. New communication
technologies majorly drive growth in this market segment are supporting
the transition of healthcare delivery from institution-centric
frameworks to patient-centric care. The number of long-term care
centers, assisted-living facilities, and nursing homes is increasing due
to the growing geriatric population, the rising prevalence of chronic
diseases, and the increasing healthcare expenditure.
Based on the region, North America accounted for the largest share of the Clinical-Grade Wearable market in 2019
Based
on region, the Medical Wearable market is segmented into North America,
Europe, the Asia Pacific, Latin America, and the Middle East &
Africa. North America accounted for the largest market share in 2019.
This is due to the increasing penetration of smartphones, rising
prevalence of chronic and lifestyle disorders, increasing healthcare
costs, increasing demand for better healthcare services, government
initiatives to promote digital health, robust penetration of 3G and 4G
networks, and the rising awareness of self-health management.
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The
global medical wearables market is highly fragmented, with many large
and small firms operating at the regional and country levels. The
prominent players in the global Clinical-Grade Wearable market are
Medtronic plc. (Ireland), Koninklijke Philips N.V. (Netherlands), OMRON
Corporation (Japan), Biotelemetry Inc.(US), Apple, Inc. (US ), Dexcom
Inc. (US), Abbott Laboratories(US), Masimo Corporation(US), GE
Healthcare (US), Bio-Beat Technologies (Israel), iRhythm Technologies,
Inc.(US), VitalConnect (US), Minttihealth (US), Preventice Solutions,
Inc. (US), Contec Medical Systems Co.Ltd(China), Biotricity Inc.(US),
Verily Life Sciences. (US), Cyrcardia Asia Limited (Hong Kong ), ten3T
healthcare (India), VivaLnk, Inc.(US).
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