Vancouver, British Columbia, Dec. 23, 2020 (GLOBE NEWSWIRE) — The Global Medical Wearables Market is forecast to be worth USD 34.89 Billion by 2027, according to the current analysis by Emergen Research. The growing demand for remote patient monitoring and home healthcare devices will impact the market positively. Furthermore, an increase in the consumer focus and efforts towards a healthy and fit lifestyle will drive the demand for the market product.
The complexity and increase in the data in the medical sector have propelled the need for the market product. Medical wearable devices are integrating artificial intelligence (AI) to develop a viable solution. The medical devices are useful in monitoring health conditions of patients, and the ability to detect heart functions could prevent re-hospitalization and worsen heart failure.
The sedentary lifestyle and the prevalence of lifestyle-associated disorders, such as hypertension and diabetes, will propel the demand for the market in the coming years. The rise in mortality rate owing to the non-communicable disease is a major reason for personalized monitoring and care. This will create a sizable demand for the market. A surge in chronic diseases, along with the rise in mortality rates, is a major concern among government organizations. The healthcare providers are providing personalized care, including remote patient monitoring.
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Key Highlights From The Report
- Wristbands and activity monitors are worn by patients to help alert their caretakers in case of an emergency. It contains accurate information and guides paramedics when needed. The segment held a large share in the medical wearables market.
- The vital signs monitoring segment held the largest share due to the growing usage of high-tech devices, which are user-friendly, compact, and come with a better graphical user interface for easy visibility of resulted data. These wearables play a crucial role in treating and monitoring various medical conditions among patients.
- The hospitals end-user segment will hold the largest share due to the increasing number of cases registered and rising investment in the healthcare sector by governments of emerging nations.
- North America accounted for the largest market share of the medical wearables market in 2019. The presence of a technologically advanced healthcare system and major medical device companies in the region are expected to drive the growth of the market in the region.
- Key participants in the industry include 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, among others.
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For the purpose of this report, Emergen Research has segmented the Global Medical Wearable Market based on 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
- Vital Signs 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
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Rest of MEA
- North America
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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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