Medical Wearables Market: Exploring Global Growth Trends
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.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=52426876
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.
Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=52426876
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.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Comments
Post a Comment