Medical Wearable Market Analysis by Size, Business Strategies, Share, Growth, Trends, Revenue, Competitive Landscape and Developments Forecast by 2027
The global Medical Wearable Market is forecasted to be worth USD 34.89 Billion by 2027, according to a current analysis by Emergen Research. The market for medical wearables is being driven by an increase in smartphone penetration and an increase in the number of smartphone-based healthcare apps. Additionally, the market will rise as wireless connectivity becomes more popular among healthcare providers and conditions like diabetes, chronic pain, obesity, hypertension, chronic obstructive pulmonary disease, and cardiac disorders become more common.
Some of these illnesses necessitate the ongoing monitoring of many physiological variables, such as blood pressure and blood sugar levels. In order to give doctors real-time access to data and reduce errors, this enables the amalgamation of healthcare data with portable medical devices. Additionally, the rising death rate from non-communicable diseases is a serious cause for concern and calls for increased attention to individualized monitoring and care. In the end, it is projected that this would further raise the demand for Medical Wearable devices.
The COVID-19 pandemic outbreak has expanded the use of Medical Wearable technology in the healthcare industry. Many new businesses are approaching the market with cutting-edge wearables that can aid in the early detection of viral infections. For instance, the Ava Bracelet, which is typically used to track fertility, is now being utilized to aid in the fight against the coronavirus. This wristband is helpful in monitoring virus symptoms because it monitors heart rate variability, breathing rate, and skin temperature. This presents a rare chance in the midst of the pandemic.
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Some Key Highlights from the Report
The product segment’s wristband and activity monitor section has the biggest market share. The medical alert wristbands and bracelets provide those with allergies and other disorders with a much-needed safety net. It aids in raising awareness of illnesses, resulting in more effective and quicker emergency care.
A pulse oximeter is a portable, lightweight instrument that measures the body’s oxygenation level. For the purpose of measuring a patient’s pulse rate and blood oxygen level, this device is painlessly affixed to their fingertip.
The medical wearable market was dominated by hospitals. This is brought on by rising healthcare system spending as well as an increase in the prevalence of infectious and chronic diseases.
The Asia Pacific market is anticipated to grow at a rapid CAGR over the course of the forecast period. India, Japan, and China can be credited with driving the regional expansion because of things like the expanding innovations made by well-known companies there and the increased backing from the government.
Koninklijke Philips N.V., Medtronic Plc, Omron Healthcare Co., Ltd., Biotelemetry, Inc., Apple, Inc., GE Healthcare, Abbott Laboratories, Dexcom, Inc., Irhythm Technologies, Inc., and Masimo Corporation are a few notable companies in this market.
Emergen Research has segmented into the global Medical Wearable Market on the product, device type, end-user, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Wristband and Activity Monitors
- Others (Clothing, glasses, others)
Device Type Outlook (Revenue, USD Billion; 2017-2027)
- Vital Signs Monitoring Devices
- ECG /Holter Heart Rate Monitors
- Pulse Oximeters
- Blood Pressure Monitors
- Multiparameter Trackers
- Glucose Monitoring Devices
- Sleep Apnea Monitors
- Fetal Monitoring Devices
- Neurological Monitoring Devices
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals & Clinics
- Nursing Homes, Assisted Living Facilities, Long-term Care Centers
- Home Care Settings
- Ambulatory Care Centers
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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