According to the research report Medical Wearables Market size 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.
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- The vital sign monitoring device segment accounted for the largest share of the Clinical-Grade Wearable market in 2019
- The Patches product segment accounted for the largest share of the Clinical-Grade Wearable market in 2019
- The Long-term care centers, nursing homes, and assisted-living facilities segment accounted for the largest share and highest growth of the Clinical-Grade Wearable market in 2019
- Based on the region, North America accounted for the largest share of the Clinical-Grade Wearable market in 2019
The prominent players in this medical wearable devices 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 N.V. (Netherlands)
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.
Omron Corporation (Japan)
Omron Corporation is the second-largest player in the clinical-grade wearables market. The company derives the majority of its revenue from its operations in North America. However, the firm intends to expand its business in the international market, mainly through partnerships and product launches. For instance, in February 2019, Omron collaborated with PhysIQ (US) to integrate Omron’s innovative FDA-cleared device, HeartGuide, the first wearable blood pressure monitor, into the pinpointIQ (physIQ) platform to monitor at-risk patients in outpatient settings. Similarly, in 2018, Omron launched its first wearables blood pressure monitor watch HeartGuide. The company also invests in RD to expand its capabilities in the field of clinical-grade wearables.
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The study involved four major activities in estimating the size of the medical wearables market. Exhaustive secondary research was done to collect information on the adoption of different solutions and their trends at the country level. Industry experts further validated the data obtained through secondary research through primary research. Furthermore, the market size estimates and forecasts provided in this study are derived through a mix of the revenue share analysis and top-down approach (assessment of utilization/adoption/penetration trends, by product service, and region). After that, market breakdown and data triangulation methods were used to estimate the size of segments and subsegments.
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