The growing adoption of smartphones, growing geriatric population, increasing penetration of 4G/5G networks and rising focus on cost containment in healthcare delivery are driving the greater uptake of mobile technologies.
According to the new market research report Medical Wearables Market is projected to reach USD 19.5 billion by 2025, at a CAGR of 21.4 % during the forecast period.
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. 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.
In 2019, the Long-term Care Centers/ Assisted Living Facilities/Nursing Homes accounted for the largest share and highest growth of the Clinical-Grade Wearable market. Based on the Clinical grade 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. 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. 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 prominent players in this market are Medtronic plc. (Ireland), Koninklijke Philips N.V. (Netherlands), OMRON Corporation (Japan), Apple, Inc. (US ), Biotelemetry Inc.(US), Dexcom Inc. (US), Abbott Laboratories(US), Masimo Corporation(US), iRhythm Technologies, Inc.(US), GE Healthcare (US), Bio-Beat Technologies (Israel), VitalConnect (US), Minttihealth (US), Preventice Solutions, Inc. (US), Biotricity Inc.(US), Verily Life Sciences. (US), Contec Medical Systems Co.Ltd(China), Cyrcardia Asia Limited (Hong Kong ), ten3T healthcare (India), VivaLnk, Inc.(US).
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