The 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. The growing demand for advanced clinical-grade wearables to streamline complex operational procedures among healthcare organizations has led to a number of product launches & enhancements in recent years. Companies focus on launching innovative solutions to gain a competitive edge and exploit market growth opportunities offered by advanced and next-generation wearables.
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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.
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 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).
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.
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North America will continue to dominate the medical wearables industry during the forecast period
North America dominated the medical 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 Wearable market can be attributed to the high penetration of smartphones, tablets, and other mobile platforms; increasing utilization of connected devices & Clinical-Grade Wearable apps for the management of chronic diseases; development & adoption of innovative technologies; rising government initiatives; and the presence of major companies in these regions.
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