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 high CAGR of 21.4% during the forecast period of 2020 to
2025. Some of the key factors, such as 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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However,
the lack of standards and regulations, limited guidance from physicians
in selecting clinical wearable, and lack of accuracy, standardization
and analysis of wearable generated data. These are some of the key
factors restraining the growth of the Clinical-Grade Wearable market. In
this report, the medical wearables market is segmented based on device
type, product & end-user.
Based on the clinical-grade
wearables market by device type is segmented into vital sign monitoring
devices, glucose monitoring devices, sleep monitoring devices, fetal
monitoring devices and neuromonitoring devices. In 2019, the vital sign
segment accounted for the largest share of the Clinical-Grade Wearable
market. Growth in this market segment is majorly significant. The
increase in the adoption of wearable technology is largely dependent on
technological advancements on the telecommunications front.
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 clinical-grade wearables market by product type, the product devices
is segmented into patches, wristband, smartwatch and others. In 2019,
the patch product is accounted for the largest share of the medical
wearables market.
Growth in this market segment is majorly
driven by 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. For instance, through the
use of high-tech devices, physical impairments such as impaired eyesight
have been corrected by keeping a regular check on the intraocular
pressure.
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 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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Based on the region, the medical wearables market
has been segmented into North America, Europe, the Asia Pacific, Latin
America, and the Middle East & Africa. North America is offering
lucrative growth opportunities for market players, mainly due to the
growing government initiatives and the increasing incidence of lifestyle
disorders.
