Medical Wearables Market

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.

Global Medical Wearables Market: Global Size, Trends, Competitive, Historical & Forecast Analysis to 2021-2027, 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.

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.

The COVID-19 pandemic has shown a positive impact on the growth of the global medical wearables market. Manufacturers of diagnostic & monitoring wearable gadgets revealed a huge development in their revenues after the COVID-19 pandemic because of solid demand for advanced technologies among the populace for self-observing the symptoms of COVID-19. Moreover, different symptoms and clinical associations assess the utilization of wearable technology in calculating the symptoms of COVID. Various organizations are collaborating to create a line of wearable temperature monitoring devices for people. Internet of things connectivity is being used by temperature sensors to speed up COVID-19 screening. Healthcare wearables are already being used to track COVID-19 progression and remotely monitor patients. However, the supply was slightly affected due to pandemics. In spite of that, the companies acclimated well to these restraints and established a more resilient supply in order to clear their backlog orders.

Medical Wearables Companies:

Some major key players for global medical wearables market report cover prominent players like

• Abbott Laboratories
• Apple, Inc
• Bio-Beat Technologies
• Biotelemetry, Inc
• Biotricity Inc.
• Cyrcadia Asia Limited
• Dexcom, Inc
• GE Healthcare
• Irhythm Technologies, Inc.
• Koninklijke Philips N.V.
• Life Sciences
• Masimo Corporation
• Masimo Corporation
• Medtronic Plc
• OMRON Corporation
• Omron Healthcare Co., Ltd.
• Preventice Solutions
• Ten3T healthcare
• Vital Connect
• Others

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2022 - 2028
Market Size in 2021:	USD 20.1 Billion
Base year considered	2021
Forecast Period CAGR %:	26.43%
Market Size Expected in 2028:	USD 103.8 Billion
Tables, Charts & Figures:	175
Pages	200
Medical Wearables Market Key Players	Abbott Laboratories, Apple, Inc, Bio-Beat Technologies, Biotelemetry, Inc, Biotricity Inc., Cyrcadia Asia Limited, Dexcom, Inc, GE Healthcare, Irhythm Technologies, Inc., Koninklijke Philips N.V., Life Sciences, Masimo Corporation, Masimo Corporation, Medtronic Plc, OMRON Corporation, Omron Healthcare Co., Ltd., Preventice Solutions, Ten3T healthcare, Vital Connect, Others.
Segments Covered	By Product & Service, By Device Type, By Application, By End-User, By Site Outlook
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

Global Medical Wearables Market Segmentation:

The global medical wearables market is segmented on the basis of product & service, device type, end-user, application, and region & country level. Based upon product & service, the medical wearables market is classified into smartwatches, wristband and activity monitors, patches, and others. Based on device type, the medical wearables market is classified into diagnostic & monitoring medical devices, blood pressure monitors, multiparameter trackers, ECG/Holter heart rate monitors. Based on end-user, the market is classified into hospitals and clinics, ambulatory care centers, long-term care centers, home healthcare/patients. Based upon application, the market is classified into healthcare, lifestyle, fitness sport, entertainment, and defense.

By Product & Services

• Smartwatches
• Wristband and Activity Monitors
• Patches
• Others

By Device Type

• Diagnostic and Monitoring Medical Devices
• Blood Pressure Monitors
• Multiparameter Trackers
• Pulse Oximeter Trackers
• ECG/Holter Heart Rate Monitors

By Site Outlook

• Handheld
• Headband
• Shoe Sensors
• Cloths
• Others

By Application

• Healthcare
• Lifestyle
• Fitness and Sport
• Entertainment
• Defense

By End-User

• Hospital and Clinics
• Ambulatory care centers
• Long-term care centers
• Home healthcare/Patients

News: Amazon Launched Wellness Wearable, to Compete with Fitbit and Apple Watch

August 27^th, 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.

Rising Prevalence of Covid-19, Increasing Number of Chronic Disease and Growing Number of Smartphone-Based Healthcare Applications are Some of the Major Factors Driving the Market Growth

One of the major factors driving the growth of the global medical wearables market is the rising prevalence of COVID-19. Different organizations working worldwide in wearable medical items are entering the scene, where the early warning signs of viral contamination can be identified with the help of wearable medical devices. For instance; Ava Bracelet, which is basically utilized as a fertility tracker, is presently being utilized to help in fighting the Covid-19. This bracelet tracks pulse variability, breathing rate, and skin temperature making it valuable in tracking symptoms of the infection. This offers a remarkable opportunity during this pandemic. Consequently, because of this reason, the demand for wearables apparently is expanding.

In addition, an increasing number of chronic diseases are also fostering the growth of the global medical wearables market. The use of wearable devices allows for earlier detection of symptoms, through real-time monitoring. Wearable technology can prevent, decrease, or delay the exacerbation of chronic conditions. It is prevalent in the aging population to properly treat this patient demography, evaluation and suggestions for improvement are essential. The National Library of Medicine recognized that these devices can be an effective instrument for patients to monitor their vital signs and activity levels in real-time. Individuals can benefit through real-time observing and earlier responses by preventing, delaying, or reducing exacerbations of chronic diseases. For instance; according to the CDC, Diabetes is related to illness and sudden passing and affects an expected 285 million individuals, which compares to 6.4% of the world's adult populace.

Furthermore, the rising number of smartphone-based healthcare applications is also driving market growth. Wearables can also benefit from the rapid progress of healthcare technology. The increasing number of users is attributed to the easy integration of smartwatches and other devices with mobile health apps. It’s not just the use of wearables that also includes other areas such as remote patient monitoring, more recently Apps for COVID-19 testing. For instance; according to the University Of Mississippi Medical Center partnered through C Spire to launch the C Spire Health smartphone app in March 2020.

However, a lack of awareness regarding these wearable devices in developing and underdeveloped nations, as well as the high cost of wearable devices may hamper the global medical wearable market growth. In spite of that, the development of advanced technologies and increasing awareness about health among people can provide various opportunities for the further growth of the global medical wearable market.

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

North America

• U.S.
• Mexico
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

South America

• Colombia
• Brazil
• Argentina
• Peru

Rest of South America

• The Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• Nigeria
• South Africa
• Rest Of MEA

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.