Medical Wearables Market Will Reach $19.5 Billion by 2025, Reports MarketsandMarkets

Medical wearables market by 2025
Image credit: Masimo

The 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, according to the new market research report by MarketsandMarkets. The report is titled “Medical Wearables Market by Device (Vital Signs Monitoring, Blood Pressure Monitor, Glucose Monitor, ECG Monitor, Pulse Oximeter), Product (Smartwatch, Patches, Wristbands), End User (Hospitals, Nursing Homes, Ambulatory) – Global Forecast to 2025”.

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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, says a press release.

The vital sign monitoring device segment accounted for the largest share of the Clinical-Grade Wearable market in 2019. 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. 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.

The Patches product segment accounted for the largest share of the Clinical-Grade Wearable market in 2019. 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. 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.

A portable blood pressure monitor
Omron’s blood pressure monitor with EKG (Image: Omron)

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. New communication technologies mainly 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.

Based on the region, North America accounted for the largest share of the Clinical-Grade Wearable market in 2019. This is due to the increasing penetration of smartphones, rising prevalence of chronic and lifestyle disorders, increasing healthcare costs, increasing demand for better healthcare services, government initiatives to promote digital health, robust penetration of 3G and 4G networks, and the rising awareness of self-health management.

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The prominent players in this 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).