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.
Mr. Aashish Mehra
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