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Medical Wearable Market Size Worth USD 34.89 Billion by 2027 Growing at a CAGR of 21.5% | Emergen Research

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Vancouver, British Columbia, Jan. 11, 2021 (GLOBE NEWSWIRE) — The global Medical Wearable Market is forecasted to be worth USD 34.89 Billion by 2027, according to a 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 the health conditions of the patients, and the ability to detect heart functions could prevent re-hospitalization.

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 due to non-communicable diseases is a significant reason for personalized monitoring and care. This will create a demand for market demand. 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 alert their caretakers in case of an emergency. It contains accurate information and guides the paramedics when needed. The segment held a large share in the medical wearable 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.
  • Hospital end-user will account for a substantial share due to the increasing number of cases registered and rising investment in the healthcare sector by the government of emerging nations.   
  • North America occupied the largest share of the medical wearables market in 2019. The existence of a technologically advanced healthcare system and the presence of major medical device companies in the region are predicted to propel the market growth in the region.
  • Key participants 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 into 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
      1. ECG /Holter Heart Rate Monitors
      2. Pulse Oximeters
      3. Blood Pressure Monitors
      4. 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
      1. U.S.
      2. Canada
    • Europe
      1. Germany
      2. U.K.
      3. France
      4. BENELUX
      5. Rest of Europe
    • Asia Pacific
      1. China
      2. Japan
      3. South Korea
      4. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • MEA
      1. Saudi Arabia
      2. U.A.E.
      3. Rest of MEA

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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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