Medical Wearables Market - Top Leaders & Growth Strategies

Summary

• Top 10 players operating in the global Clinical-Grade Wearable market.
• New technological advancements in the Clinical-Grade Wearable market.
• Growth trends in the Clinical-Grade Wearable market at the segmental and overall market levels.

Global market size-

According to research report the global medical wearables market 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 Leading players –

The prominent players in this market are Medtronic plc. (Ireland), Koninklijke Philips N.V. (Netherlands), Biotelemetry Inc.(US), Apple, Inc. (US ), OMRON Corporation (Japan), Dexcom Inc. (US), GE Healthcare (US), Abbott Laboratories(US), Masimo Corporation(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.

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.

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•Based on device type, the vital sign monitoring segment accounted for the largest share of the Clinical 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.

•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.

•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.

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.