(PharmaNewsWire.Com, November 09, 2021 ) According to research report the medical wearable market is projected to reach USD 19.5 billion by 2025 from USD 7.4 billion in 2020, at a high CAGR of 21.4%
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.
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. 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. 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 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 product type, the patches segment accounted for the largest share of the Clinical 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.
The prominent players in this medical wearable 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 R&D to expand its capabilities in the field of clinical-grade wearables.
> In 2019, Medtronic launched the Envision Pro Continuous Glucose Monitoring System. > In 2019, Phillips Healthcare launched its sleep and respiratory care wearable — Philips NightBalance. > In 2019, Medtronic Plc (Netherlands) entered into a partnership Tidepool(US) to develop a Bluetooth enabled MiniMed™ pump compatible with automated insulin delivery application. > In 2018, Koninklijke Philips N.V (Netherlands) entered into a partnership Dispatch Health (US) to remotely monitor senior citizens at home with Phillips’ advanced remote monitoring devices. > In 2019, Omron Healthcare (US) collaborated with PhyIQ, Inc. (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 an outpatient setting. > In 2019, Apple Inc. (US) collaborated with Johnson & Johnson To explore the role Apple Watches could play in senior health monitoring. > In 2019, BioTelemetry (US) acquired ADEA Medical AB (Sweden). The acquisition is aligned with BioTelemetry’s longer-term strategy to increase its international footprint and offer its products and services to physicians and patients in the Nordics and other parts of Europe.
Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 sales@marketsandmarkets.com
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
