December 27th, 2022
Medical Wearables Market accounted for US$ 13.2 billion in 2019 and is estimated to be US$ 104.9 billion by 2029 and is anticipated to register a CAGR of 23.3%Emerging economies such as India, China, and Brazil are projected to offer an extensive range of opportunities for players in the market. Moreover, the increasing adoption of mobile platforms, rising adoption of AI and 5G, and the growing awareness and preference for home healthcare will propel the growth of this market.
The report "Global Medical Wearables Market, By Device (Diagnostic, Therapeutic, and Respiratory), By Type (Smartwatch and Patch), By Application (Sports and Fitness, Remote Patient Monitoring, and Home Healthcare), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
· In 2019, Apple, Inc., announced the ECG app on Apple Watch Series 4, a direct-to-consumer product that enables customers to take an electrocardiogram right from their wrist, is available in Hong Kong, and 19 European countries, including France, Germany, Italy, Spain, and the United Kingdom. The ECG app and irregular rhythm notification feature can alert users to signs of AFib.
· In December 2019, Medtronic plc announced that it had completed the acquisition of Klue, a software company focused on behavior tracking that can provide real-time insights into when a person is consuming food. Klue's technology is expected to be incorporated into the Medtronic Personalized Closed Loop (PCL) insulin pump system, currently in development. The PCL system is designed to automate insulin delivery in a way that is real-time, personalized, and adapts to the user, with a goal of dramatically simplifying diabetes management for the patient.
· In 2019, Garmin International, Inc., announced a breakthrough initiative with SCOR Global Life to inspire consumers around the world to lead healthier lives. The collaboration supports an initial launch of SCOR's enhanced Biological Age Model BAM™ solution with Taiwanese insurer Nanshan.
Products like smart watches help to monitor various parameters such as physical activity, pulse rate, and respiratory rate. These products have cloud and Bluetooth connectivity. Advancements in the wrist-worn products, for instance in March 2014, Vital Connect launch Healthpatch for monitoring multiple parameters such as skin temperature, heart tare, and activities like steps count is expected to boost the target market growth. Additionally, the major players like Apple and Samsung have launched mobile apps, which are compatible with medical wearable devices and allows data recording and digital display. Such apps are influencing people toward routine health monitoring, thereby compelling global market growth.
Nevertheless, manufacturing of next-generation products and innovative devices that are smartphone compatible by prominent players in this market, can act as a major opportunity for growth of the global medical wearable market.
Key Market Insights from the report:
The global medical wearables market accounted for US$ 13.2 billion in 2019 and is estimated to be US$ 104.9 billion by 2029 and is anticipated to register a CAGR of 23.3%. The market report has been segmented on the basis of device, type, application, and region.
· By device type, the therapeutic device segment is expected to grow at the fastest CAGR in the coming years owing to the growing influx of these products. Additionally, a robust pipeline of therapeutic devices such as wearable pain reliever devices, intelligent asthma management devices, and insulin management devices is expected to assist the target market growth.
· By type, the target market is segmented into a smartwatch and patch.
· By application, home healthcare dominated the segment in 2019, owing to the growing geriatric population prompting the prevalence of target diseases coupled with the rising need to curb healthcare expenditure as a financially viable initiative.
· By region, North America is leading the medical wearable market with maximum market share, owing to growing cases of cardiovascular disorders, diabetes & cancer, rising awareness on benefits of wearing portable devices, and modernization made by major players.
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The prominent player operating in the global medical wearables market includes Medtronic plc, Covidien Plc, Siemens AG, Fitbit Inc., Panasonic Corporation, Bayer AG, Smith’s Medical - A Smiths Group Company, Animas Corporation- Johnson & Johnson, Koninklijke Philips N.V., and Owlet Baby Care.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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