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(Health-NewsWire.Net, October 21, 2020 ) According to research report 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. 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.
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Based on device type, the vital sign monitoring segment accounted for the largest share of the Medical Wearables 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.
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 the Medical 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.
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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.
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).
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Based on region, the Medical Wearables 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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