Some of the growth factors in the medical wearables market including growing adoption of smartphones, increasing penetration of 3G/4G networks, rising focus on cost containment in healthcare delivery, rising focus on patient-centric healthcare delivery, increasing utilization of connected devices for the management of chronic diseases 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.
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 CAGR of 21.4% during the forecast period.
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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), 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).
Koninklijke Philips N.V. (Netherlands)
Koninklijke Philips dominated the clinical-grade wearables market in 2019. This share can be attributed to the company’s wide offerings in the wearables market and its global presence. Philips has mainly adopted product launches as its key growth strategy to increase its share in the market. For instance, in 2018, Philips launched the fetal monitor – Avalon Beltless Solution. This patch is placed on the expectant mothers belly to capture critical parameters by measuring fetal and maternal heart rate and uterine activity via ECG and EMG signals.
•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.
•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.
•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.
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North America accounted for the largest medical wearables 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.
Mr. Aashish Mehra
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