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
“The medical wearables market is expected to grow at a CAGR of 21.4% during the forecast period.”
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% during the forecast period of 2020 to 2025. The growing adoption of smartphones, increasing penetration of 3G/4G networks, growing geriatric population and rising focus on patient-centric healthcare delivery.
“Based on device type, the vital signs monitoring segment accounted for the largest share of the market in 2019.”
In 2019, the vital signs monitoring segment accounted for the largest share of the Clinical-Grade market. The large share of this segment can be attributed to the growing use of high-tech devices, which 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 the product, the patches segment accounted for the largest share of the market in 2019.”
In 2019, the patches segment accounted for the largest share of the Clinical-Grade market. The large share of this segment can be attributed to the growth in the adoption of wearable technology is largely dependent on technological advancements and the ease of use. In the past few years, the clinical-grade wearables market has benefited from the growing penetration of 3G and 4G connections across the globe.
“Based on end-user, Long-term care centers, nursing homes, and assisted-living facilities segment is expected to show the highest growth during the forecast period.”
The long-term care centers, nursing homes, and assisted-living facilities segment is expected to show the highest growth during the forecast period. The highest growth of this segment can be attributed to the increasing number of people requiring long-term care as a result of the rising geriatric population and the increasing incidence of chronic disorders. 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.
“By region, North America accounted for the largest market share in 2019.” In 2019, North America dominated the clinical-grade wearables market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The large share of North America in the clinical-grade wearables market can be attributed to the high penetration of smartphones, tablets, and other mobile platforms, increasing prevalence of chronic diseases, development & adoption of innovative technologies, and rising government initiatives.
Breakdown of primary participants is as mentioned below:
By Company Type: Tier 1: 45%, Tier 2: 30%, and Tier 3: 25%
By Designation: C-level: 45%, Director-level: 30%, and Others: 25%
By Region: North America: 35%, Europe: 30%, Asia Pacific: 25%, Latin America: 5%, and Middle East & Africa: 5%
The prominent players in this market are Medtronic plc (Ireland), Apple, Inc. (US, DexCom Inc. (US), VitalConnect (US), Masimo Corporation (US), Koninklijke Philips N.V. (Netherlands), iRthym Technologies Inc.(US), Omron Corporation (Japan), BioTelemetry, Inc. (US), Bio-beat Technologies (Israel), GE Healthcare (US), Abbott Laboratories (US) and Vivalnk (US).
The report analyzes the clinical-grade wearables market and aims at estimating the current size and future growth potential based on various segments, such as product & service and region. It also covers competitive leadership mapping, which helps in analyzing the position of key market companies as visionary leaders, innovators, dynamic players, and emerging players. The report also provides a competitive analysis of the leading players in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
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The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a greater market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their position in the market.
This report provides insights into the following pointers:
Market Penetration: Comprehensive information on product portfolios offered by the top players in the clinical-grade wearables market. The report analyzes this market by product & service and region.
Product Enhancement/Innovation: Detailed insights on upcoming trends and service launches in the clinical-grade wearables industry.
Market Development: Comprehensive information on the lucrative emerging markets by product & service and region.
Market Diversification: Exhaustive information about new testing services, recent developments, and investments in the clinical-grade wearables industry.
Competitive Assessment: In-depth assessment of market shares, growth strategies, service offerings, and capabilities of leading players in the clinical-grade wearables market.
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