According to the new market research report "Medical Wearables Market
by Device (Vital Signs Monitoring, Blood Pressure Monitor, Glucose
Monitor, ECG Monitor, Pulse Oximeter), Product (Smartwatch, Patches,
Wristbands), End User (Hospitals, Nursing Homes, Ambulatory) - Global
Forecast to 2025", published by MarketsandMarkets™, the Medical
Wearables Market size is projected to reach USD 19.5 billion by 2025
from USD 7.4 billion in 2020, at a CAGR of 21.4 % during the forecast
period.
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The
growing adoption of smartphones, increasing penetration of 3G/4G
networks, growing geriatric population, and rising focus on cost
containment in healthcare delivery are driving the greater uptake of
mobile technologies.
The vital sign monitoring device segment accounted for the largest share of the Clinical-Grade Wearable 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 Clinical-Grade 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 Clinical-Grade
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 Clinical-Grade 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
prominent players in this 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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