Medical Wearable Market Size to Reach USD 34.89 Billion in 2027 Growing at a CAGR of 21.5%, says Emergen Research

Emergen Research has published its latest report titled “Medical Wearable Market By Product (Patches, Wristband and Activity Monitors, Smartwatches), By Device Type (Vital Signs Monitoring Devices, Glucose Monitoring Devices, Sleep Apnea Monitors, Fetal Monitoring Devices, Neurological Monitoring Devices), By End User, and By Region, Forecasts to 2027”

According to Emergen Research, the global medical wearable market size was USD 7.37 Billion in 2019 and is expected to reach USD 34.89 Billion by 2027 and register a revenue CAGR of 21.5% during the forecast period, 2020-2027. 

Market Dynamics: 

Wearable technology in healthcare refers to electronic devices that individuals can wear and that are designed to collect critical data and information about their own health and fitness. These devices can even convey a user's health information in real time to a doctor or other healthcare provider. Although the Apple Watch and Fitbit are well-known examples of wearable technology, they aren't the only ones being manufactured today. Smart watches, Virtual Reality (VR) and Augmented Reality (AR) technology, smart jackets, and a slew of other products are all driving in the direction of a more connected existence in the healthcare sector to improve fitness level of a user.

In addition, increase in R&D investments on development of smartphone-based healthcare applications, rising consumer and healthcare professionals preference for wireless connectivity, advancement in remote patient monitoring (especially during the pandemic), growing geriatric population and development of therapeutic devices are some factors expected to contribute medical wearable market revenue growth over the forecast period.

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However, high cost of medical wearable, less tech-savvy users can find it difficult to operate such IoT based devices, and high cost of maintenance are factors expected to restrain medical wearable market growth throughout the forecast period. 

COVID-19 Impact Analysis  

  • Social distancing and restrictions severely disrupted businesses and operations
  • Lockdowns caused disruptions in transportation and logistics
  • Impacted manufacturing activities and mining operations globally 
  • Took a toll on economy of various countries
  • Caused sudden and drastic downturn in economic activity 
  • Disrupted agriculture, fisheries, dairy, and other sectors
  • Caused loss of employment and financial crisis
  • Supply impacts were further compounded owing to reduced disposable income
  • Emergence of variants  continue to cause concerns and impact normal routines

Wristband and Activity Monitors Segment Revenue to Expand at a Rapid CAGR:

Wristband and activity monitors segment is expected to register a rapid revenue CAGR compared to other segments throughout the forecast period attributed to increasing technological advancements in wearable technology which helps consumer to monitor blood pressure, manage fitness plan, track sleep and overall fitness level. Medical alert wristbands provide a much-needed support system for persons suffering from allergies and other ailments. It aids in the detection of illnesses, allowing for more effective and quicker emergency treatment.

Vital Signs Monitoring Devices Segment to Register Significant Revenue Growth:

Vital signs monitoring devices segment is expected to register significant revenue growth over the forecast period due to large scale adoption of high tech devices to improve medical services and patient outcomes.  Temperature, pulse, respiration, and blood pressure are the basic medical indications of health measured by a vital signs monitor. Thousands of bits of data can be stored and recorded on most monitors. A touch screen and a handle are common features on portable models, as well as a backup battery supply, which drives growth in the segment. 

North America to Account for Largest Revenue Share:

North America is expected to register largest revenue share in the global market throughout the forecast period due to ongoing technological advancements in medical devices and hospital’s equipment, significant rise in geriatric population, and development of smartphone-based healthcare devices. Further, increasing focus on patient-centric healthcare delivery, and development and adoption of innovative technologies in healthcare sector are other factors expected to boost market revenue growth in the countries such as Canada and US of the region.

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Major Companies in the Market Include: 

  • Koninklijke Philips N.V.
  • Medtronic Plc
  • Omron Healthcare Co., Ltd.
  • Biotelemetry, Inc.
  • Apple, Inc.
  • GE Healthcare
  • Abbott Laboratories
  • Dexcom, Inc.
  • Irhythm Technologies, Inc.
  • Masimo Corporation

For the purpose of this report, Emergen Research has segmented the global medical wearable market on the product, device type, end-user, and region:

Product Outlook (Revenue, USD Billion; 2017-2027)

  • Patches
  • Wristband and Activity Monitors
  • Smartwatches
  • 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

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Regional Outlook (Revenue, USD Billion; 2017–2027)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • U.A.E.
    • South Africa
    • Turkey
    • Rest of MEA

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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