DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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.
- Increasing Awareness of Fitness and Incidence of Lifestyle Disorders
- Advent of Technologically Advanced Products
- Growing Geriatric Population and Incidence of Chronic Diseases
- Cost-Containment in Healthcare Delivery
- Robust Penetration of 3G and 4G Networks for Uninterrupted Healthcare Services
- Unfavorable Standards and Regulations
- Accuracy, Standardization, and Analysis of Wearable-Generated Data
- Growing Adoption of Mobile Platforms
- Increasing Adoption of Ai and 5G
- Patent Protection of Clinical-Grade Wearables
- Lack of Data Security and Concerns Over Data Theft and Healthcare Fraud
- Limited Battery Life
- Device Design Complexity
- Koninklijke Philips N.V.
- Medtronic plc
- Omron Healthcare Co. Ltd. (A Part of Omron Corporation)
- Biotelemetry, Inc.
- Apple, Inc.
- GE Healthcare
- Abbott Laboratories
- Dexcom, Inc.
- Irhythm Technologies, Inc.
- Masimo Corporation
- Preventice Solutions, Inc.
- Contec Medical Systems Co. Ltd.
- Bio-Beat Technologies
- Biotricity Inc.
- Verily Life Sciences (A Part of Alphabet Inc.)
- Cyrcardia Asia Limited
- Ten3T Healthcare
- Vivalnk, Inc.
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