Published September 14, 2023
InsightAce Analytic Pvt. Ltd. announced the publication of a market research report titled “ Global Clinical-Grade Wearable Market (By Product (Diagnostic Devices (Vital Sign Monitoring Devices (Heart Rate Monitors, Activity Monitors, Electrocardiographs, Pulse Oximeters, Spirometers, Blood Pressure Monitors, and Others), Sleep Monitoring Devices (Sleep trackers, Wrist Actigraphs, Polysomnographs, Others), Electrocardiographs Fetal And Obstetric Devices, Neuromonitoring Devices
(Electroencephalographs, Electromyographs, Others)), Therapeutic Devices (Pain Management Devices(Neurostimulation Devices, Others), Insulin/Glucose Monitoring Devices (Insulin Pumps, Others), Rehabilitation Devices (Accelerometers, Sensing Devices, Ultrasound Platform, Others), Respiratory Therapy Devices
(Ventilators, Positive Airway Pressure (PAP) Devices, Portable Oxygen Concentrators, and Others)), By Site(Handheld, Headband, Strap/Clip/Bracelet, Shoe Sensors, and Others), By Application(Sports And Fitness, Remote Patient Monitoring, and Home Healthcare)- Market Outlook and Industry Analysis 2030″
According to company’s newest research, the global clinical-grade wearable market is worth US$ 19.55 Bn in 2021 and is predicted to reach US$ 148.76 Bn in 2030, with a promising CAGR of 25.56% between 2022 and 2030.
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Wearable clinical-grade medical devices are a network of patient-worn smart devices (such as electronic skin patches, ECG monitors, and so on) that are equipped with sensors, actuators, and software connected to the cloud. These devices allow for real-time data collection, analysis, and personal health data.
More than 1,550 clinical tests employing medical wearables have been carried out worldwide, and approximately one-third of these tests have already been finished. These clinical-grade medical wearable devices can potentially improve patient centricity and healthcare by providing real-time data, early detection and improved diagnosis, and they save both money and time.
A wide variety of medical wearable technology is available on the market today. Some examples of this technology include smartwatches and fitness-tracking devices, wearable ECG and blood pressure monitors, biosensors, and others. In addition, wearable technologies provide the potential to perform long-term monitoring, which is something that would not be possible using conventional medical methods. Wearables have demonstrated their utility in treating various diseases, including asthma, cancer, diabetes, and mental illness.
The increasing demand for monitoring that occurs around the clock, the growing awareness of the importance of physical fitness, and the introduction of technologically improved goods are the primary drivers that are driving the expansion of the market forclinical grade wearable devices. It is anticipated that an increase in health awareness and the prevalence of illnesses such as diabetes and hypertension would increase the demand for diagnostic and monitoring equipment throughout the forecast period.
In the Clinical-Grade Wearable Market, however, there is a lack of norms and regulations, accuracy, standardisation, and analysis of wearable-generated data. In addition, high prices, data security issues, and unfavourable reimbursement regulations are projected to constrain the market for clinical-grade wearables in the coming years.
During the projected period, North America is anticipated to be a booming global market region.The huge reimbursement coverage, the entrance of new businesses with cutting-edge technology, and the high acceptance rate of sophisticated projects are all factors that contribute to the region’s substantial market share. A huge financial burden is placed on the nation by the increasing prevalence of chronic diseases, which also increases the need for affordable medical treatment. This is driving the demand for clinical-grade wearable technology.
The key players involved in the market are Abbott Laboratories, Apple, Inc., Basis Science, Bio-Beat Technologies, Biotelemetry, Inc., Biotricity Inc., Contec Medical Systems Co. Ltd., Covidien, Cyrcardia Asia Limited, Dexcom, Inc., Fitbit, Garmin, Ge Healthcare, Intelesens Ltd., Irhythm Technologies, Inc., Koninklijke Philips N.V., Masimo Corporation, Medtronic Plc, Minttihealth, Omron Healthcare Co., Ltd. (A Part Of Omron Corporation), Polar Electro Preventice Solutions, Inc., Sotera Wireless, Ten3t Healthcare, Verily Life Sciences (A Part Of Alphabet Inc.), verist Genomics, Vitalconnect, Vivalnk, Inc., Withings, and Other Prominent Players
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Key Developments In The Market
- In Aug 2022, Medtronic established a partnership with BioIntelliSense for exclusive U.S. distribution of a multiparameter wearable device for continuous remote patient monitoring from the hospital to the patient’s home. This facilitates the streamlining of care delivery through workflow automation, allowing for proactive clinical intervention and mitigating the effects of workforce shortages.
- In Jan 2022, Abbott announced that it is making a new type of bio wearables for consumers called Lingo. These devices will track critical signals in the body, such as glucose, ketones, and lactate, to help people understand their general health and take action. Lingo builds on the Abbott sensing technology platform that Abbott created in 2014 for people with diabetes. With a little sensor on the back of the upper arm, people can constantly check their glucose levels.
- In June 2021, Both Amazon and Apple Continued Their Investments in Digital and At-Home Healthcare (The MedTech Download). Apple has just recently revealed new health features that will be available for its devices, and these new capabilities will allow customers to track their health data better and share it with their doctors.
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Global Clinical-Grade Wearable Market, by Site, 2022-2030 (Value US$ Bn)
Global Clinical-Grade Wearable Market, by Application, 2022-2030 (Value US$ Bn)
Global Clinical-Grade Wearable Market, by Region, 2022-2030 (Value US$ Bn)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
North America Clinical-Grade Wearable Market, by Country, 2022-2030 (Value US$ Bn)
Europe Clinical-Grade Wearable Market, by Country, 2022-2030 (Value US$ Bn)
- Rest of Europe
Asia Pacific Clinical-Grade Wearable Market, by Country, 2022-2030 (Value US$ Bn)
- South Korea
- Australia & New Zealand
Latin America Clinical-Grade Wearable Market, by Country, 2022-2030 (Value US$ Bn)
- Rest of Latin America
Middle East & Africa Clinical- Grade Wearable Market, by Country, 2022-2030 (Value US$ Bn)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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- To get information on the global clinical-grade wearable market size (Value US$ Bn) forecast to 2030
- Significant investments, mergers & acquisitions in the global clinical-grade wearable market industry
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