Global Medical Wearables Market is valued at USD 20.1 Billion in 2021 and is expected to reach USD 103.8 Billion by 2028 with a CAGR of 26.43% over the forecast period.
The Rising prevalence of Covid-19, an increasing number of chronic diseases, and a growing number of smartphone-based healthcare applications are some of the major factors driving the growth of Global Medical Wearables Market.
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Scope of Global Medical Wearables Market Report:
Wearable innovation in medical services incorporates electronic gadgets that customers can wear, like Fitbit and smartwatches, and are intended to gather information about clients’ personal health and exercise. These gadgets can even send a client’s health data to a specialist or other medical care professional continuously. Medical care wearables take into account remote monitoring of different fundamental signs and health insights. Medical wearable technology in healthcare has a number of advantages, such as it’s personal, these devices are present when other technologies aren’t.
Many of the diseases that have the greatest impact on people, such as diabetes, hypertension, and heart disease, and others are the result of decisions made throughout a lifetime. Doctors and physicians can use these medical wearable devices to track exercise, heart rate, blood pressure, and brain functions, among many other things. The integration of these abilities into devices, particularly smart watches, that already have a number of other features, allows people to use a single device for many purposes rather than several devices. This helps to reduce the cost of hospital visits and stays, which encourages the demand for medical wearable devices in healthcare. Wearable technology has the potential to play a significant role in the future by helping in the monitoring of important information such as the patient’s heart rate (HR) and core body temperature.
Medical Wearables Market Key Players:
- Apple, Inc
- Abbott Laboratories
- Koninklijke Philips N.V.
- Biotelemetry, Inc
- Medtronic Plc
- Omron Healthcare Co., Ltd.
- Dexcom, Inc
- GE Healthcare
- Masimo Corporation
- Irhythm Technologies, Inc.
- OMRON Corporation
- Biotricity Inc.
- Life Sciences,
- Cyrcadia Asia Limited
- ten3T healthcare
- Vital Connect
- Preventice Solutions
- Bio-Beat Technologies
- Masimo Corporation
Global Medical Wearables Market Segmentation:
By Product & Service
- Wristband and Activity Monitors
- Others (Clothing, Glasses, and Others)
By Device Type
- Diagnostic & Monitoring Medical Devices
- Blood Pressure Monitors
- Multiparameter Trackers
- Pulse Oximeter Trackers
- ECG/Holter Heart Rate Monitors
- Fitness & Sport
- Hospital and Clinics
- Ambulatory care centers
- Long-term care centers
- Home healthcare/Patients
By Site Outlook
- Shoe Sensors
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News: Amazon Launched Wellness Wearable, to Compete with Fitbit and Apple Watch
August 27th, 2020; Amazon on forayed into the crowded wearables sector with the launch of a wristband and smartphone app. This Halo Band comes with sensors, including an accelerometer, temperature sensor, heart rate monitor, and two microphones, though lack a screen. New capabilities include monitoring a user’s emotional state by listening to the tone of voice and using a three-dimensional rendering of a user’s body to track body fat percentage. It’s a notable move for Amazon, as the space is already dominated by key players Apple Watch and Fitbit, the latter currently undergoing regulatory review for a $2.1 billion acquisition by Google. Fitbit stock dipped slightly premarket following the news, but had rebounded as of late morning.
North America Expected to Dominate the Global Medical Wearables Market
North America is expected to dominate the global medical wearables market due to the growing number of chronic diseases, technological advancements, and the presence of key players in this region. For instance; as per the World Health Organization (WHO), in 2021, there will be an expected 1.9 million new cancer cases analyzed and 608,570 disease deaths in the United States. In January 2021, Apple reported the collaboration on another exploration project with Biogen, a biotech organization, to perceive how successful mHealth wearable gadgets are at identifying early markers of intellectual weakness so medical care providers might design more powerful care management and remote monitoring programs.
The Asia Pacific is expected to witness the fastest growth in the global medical wearables market due to the rising chronic conditions and growing healthcare expenditure in this region. For instance; according to the World Health Organization, cardiovascular events account for 41% of all deaths in China yearly. In India, on the other hand, the number of diabetics is expected to rise from 65 million to 101 million by 2030. Currently, Japan anticipates that by 2060, approximately 40% of its population will be at least 65 years old.
Global Medical Wearables Market Analysis and Forecast, By Regional Analysis
- Rest of Europe
- South Korea
- Rest Of APAC
Rest of South America
- The Middle East and Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
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Our Market Research Solution Provides You Answer to Below Mentioned Question:
- Which are the driving factors responsible for the growth of the market?
- Which are the roadblock factors of this market?
- What are the new opportunities, by which market will grow in coming years?
- What are the trends of this market?
- Which are the main factors responsible for new product launches?
- How big are the global & regional markets in terms of revenue, sales, and production?
- How far will the market grow in the forecast period in terms of revenue, sales, and production?
- Which region is dominating the global market and what are the market shares of each region in the overall market in 2022?
- How will each segment grow over the forecast period and how much revenue will these segments account for in 2028?
- Which region has more opportunities?
Key Benefits of Global Medical Wearables Report
- Global Medical Wearables report covers in-depth historical and forecast analysis.
- Global Medical Wearables research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Medical Wearables Companies, Competitive Analysis, Regional and Country Level.
- Global Medical Wearables report helps to identify opportunities in the marketplace.
- Global Medical Wearables Market report covers an extensive analysis of emerging trends and competitive landscape.
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