The growing adoption of smartphones, increasing penetration of 4G/5G networks, increasing utilization of connected devices for the management of chronic diseases, rising focus on patient-centric healthcare delivery, rising focus on cost containment in healthcare delivery and the increasing demand for home healthcare services are some of the key factors driving the greater uptake of mobile technologies among both patients and healthcare professionals.
According to research report the global medical wearables market is projected to reach $19.5 billion by 2025, at a high CAGR of 21.4%
Based on device type - 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. Based on device type, the vital sign monitoring segment accounted for the largest share of the Clinical Wearable Market in 2019. 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 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. Based on product type, the patches segment accounted for the largest share of the Clinical Wearable Market in 2019. 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 global medical wearables market is highly fragmented, with many large and small firms operating at the regional and country levels. The prominent players in the global Clinical-Grade Wearable market are Medtronic plc. (Ireland), Koninklijke Philips N.V. (Netherlands), OMRON Corporation (Japan), Dexcom Inc. (US), Abbott Laboratories(US), Biotelemetry Inc.(US), Apple, Inc. (US ), Masimo Corporation(US), iRhythm Technologies, Inc.(US), VitalConnect (US), GE Healthcare (US), Bio-Beat Technologies (Israel), 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).
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