Medical Wearable Market - Recent Developments and Future Opportunities
2022-05-10 13:45:54 UTC | Healthcare & Pharmaceuticals
According to research report the global medical wearable 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%
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growing adoption of smartphones, increasing utilization of connected
devices for the management of chronic diseases, rising focus on cost
containment in healthcare delivery, increasing penetration of 4G/5G
networks, 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.
Based on the Clinical
grade wearable 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
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
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 prominent players in
the medical wearables 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), Biotricity Inc.(US), Verily Life Sciences. (US), iRhythm
Technologies, Inc.(US), VitalConnect (US), Minttihealth (US), Preventice
Solutions, Inc. (US), Contec Medical Systems Co.Ltd(China), Cyrcardia
Asia Limited (Hong Kong ), ten3T healthcare (India), VivaLnk, Inc.(US).
> In 2019, Medtronic launched the Envision Pro Continuous Glucose Monitoring System.
> In 2019, Phillips Healthcare launched its sleep and respiratory care wearable — Philips NightBalance.
In 2019, Medtronic Plc (Netherlands) entered into a partnership
Tidepool(US) to develop a Bluetooth enabled MiniMed™ pump compatible
with automated insulin delivery application.
> In 2018,
Koninklijke Philips N.V (Netherlands) entered into a partnership
Dispatch Health (US) to remotely monitor senior citizens at home with
Phillips’ advanced remote monitoring devices.
> In 2019, Omron
Healthcare (US) collaborated with PhyIQ, Inc. (US) To integrate Omron’s
innovative FDA-cleared device, HeartGuide, the first wearable blood
pressure monitor into the pinpointIQ (physIQ ) platform to monitor
at-risk patients in an outpatient setting.
> In 2019, Apple
Inc. (US) collaborated with Johnson & Johnson To explore the role
Apple Watches could play in senior health monitoring.
2019, BioTelemetry (US) acquired ADEA Medical AB (Sweden). The
acquisition is aligned with BioTelemetry’s longer-term strategy to
increase its international footprint and offer its products and services
to physicians and patients in the Nordics and other parts of Europe.
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on region, the Medical Wearable market is segmented into North America,
Europe, the Asia Pacific, Latin America, and the Middle East &
Africa. The large share of North America in the Clinical-Grade Wearable
market can be attributed to the high penetration of smartphones,
tablets, and other mobile platforms; development & adoption of
innovative technologies; increasing utilization of connected devices
& Clinical-Grade Wearable apps for the management of chronic
diseases; rising government initiatives; and the presence of major
companies in these regions.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062