Medical Wearable Market - Recent Developments and Future Opportunities

2022-05-10 13:45:54 UTC | Healthcare & Pharmaceuticals
Medical Wearable Market - Recent Developments and Future Opportunities
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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The 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 expenditure.

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.

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).

Recent developments:

> 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.

> In 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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Based 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.

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