The global medical wearables market accounted for a value of USD 5.7 billion in 2019 and is projected to register growth at a CAGR of 77.9% during forecast period.
COVID-19 has impacted the medical wearables market. The outbreak of corona virus leads to shortage of essential medical equipments and devices. The cases of corona virus are increasing in the world which increases and lockdown has been imposed in order control the transmission of this virus. Providing essentials amid lockdown is very challenging for the companies. The demand for medical wearables is increasing immensely due to corona virus. The market for medical wearables is estimated to witness growth during forecast period due to COVID-19.
For more details, visit: Global Medical Wearables Market By Device Type (Sleep Apnea Monitors, Fetal Monitoring Devices, Others), By Product (Smartwatches, Patches, Others), By End-Users (Hospitals and Clinics, Others) By Region, Forecast & Opportunities to 2026
The adoption of smartphones is increasing around the world and the penetration of 4G and 5G networks is also increasing. People are adopting AI and 5G networks rapidly and population is demanding connected devices for management of various diseases. The demand for home healthcare services is increasing. This increases demand for medical weaables and drives growth
On the basis of device type, the medical wearables market segmented into glucose monitoring devices, diagnostic & monitoring medical devices, sleep apnea monitors, fetal monitoring devices and neurological monitoring devices. The diagnostic & monitoring segment is estimated to dominate the market during forecast period. The use of high-tech and compact devices is increasing around the world. The demand for diagnostic & monitoring medical devices is increasing and drives growth in this segment during forecast period.
On the basis of Product, the medical wearables market segmented into smartwatches, patches, wristband & activity monitors and others. The patches segment accounted for largest market share in 2019 and it is expected to dominate the market during forecast period. The adoption of wearable technology is rapidly is increasing and this depends on technical advancements in the telecommunication sector. The clinical grade wearables are growing due to penetration of 4G and 5G connections. The patches segment is widely adopted in the medial wearables and this drives growth in patches segment during forecast period.
North America region is estimated to register growth at highest CAGR during forecast period. The high penetration of smartphone, tables and laptops etc is increasing in this region. The penetration of 4G and 5G connections are also responsible for increasing adoption of medical wearables products in this region. The utilization of connected devices and medical wearable apps is increasing in this region. Medical wearables help in managing chronic diseases and the technological advancement in medical wearables is also increasing rapidly in this region. The demand and adoption of medical wearables is increasing immensely in this region and this drives growth in North America region during forecast period.
The key market players in medical wearables industry are Koninklijke Philips N.V., Medtronic PLC, Omron Healthcare Co., Biotelemetry Inc., Apple Inc., GE Healthcare, Abbott Laboratories, Dexcom Inc., Irhythm Technologies Inc., Masimo Corporation, Preventics Solutions, Contec Medical Systems Co., Bio-Beat Technologies, Vital Connect, Minttihealth and Biotricity Inc.
- What are the expected industry trends over the next three to five years?
- Which of the medical wearables type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?