- Market Growth Factors & Global Market Size.
- Leading Players & Recent developments.
- Geographic Overview.
Market growth influenced due to following factors-
- Growing adoption of smartphones .
- Increasing penetration of 4G/5G networks .
- Growing geriatric population .
- Rising focus on cost containment in healthcare delivery .
Global market size -
According to research report 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.
Top players –
The prominent players in the Medical Wearables 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).
• 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.
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Geographic overview of the market –
Based on region, the Medical Wearables Market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest market share 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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