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%
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”.
Key Highlights:
·
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.
Analyst View:
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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Competitive Landscape:
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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