The Clinical-Grade Wearable Market Size is valued at 29.80 Billion in 2023 and is predicted to reach 190.10 Billion by the year 2031 at a 26.32 % CAGR during the forecast period for 2024-2031.
Existing clinical-grade medical wearable devices primarily monitor certain aspect of a person's physical activity. Because of this, it serves as a useful example to assess the opportunities and obstacles facing the development of digital health utilising wearables. Clinical trials are one application within the healthcare industry that stands to gain significantly from using medical wearables. The intelligent gadgets can capture real-world data (RWD), which provides a more objective and thorough assessment of the patient's health status than questionnaires. In addition, they encourage the participants to take a more active role in the research process and lessen the necessity of frequent doctor's appointments.
The digital pill is undoubtedly one of the most impressive developments that have come about as a direct result of the downsizing of technology. These sensors can be taken in through the mouth for consumption. These capsules' primary applications for imaging, monitoring medication, gas sensing, and electrochemical gas sensing are presented here. Patients who are diagnosed with multiple sclerosis might have their health tracked in a continuous manner using wearable medical technology.
Superior adoption of clinical-grade wearables among both patients and healthcare professionals is being fueled by some factors, including the increasing use of connected devices for the management of chronic diseases, a focus on cost containment in healthcare delivery, a focus on patient-centric healthcare delivery, and the rising demand for home healthcare services. Rockley Photonics and Medtronic had announced that they would collaborate to create wearable monitoring devices. Rockley and Medtronic will develop wearable health monitoring devices cooperatively. The new partnership aims to incorporate Rockley's innovative Bioptx biomarker sensing platform into Medtronic's solutions for usage in several healthcare settings.
However, in the Clinical-Grade Wearable Market, there is a lack of rules and regulations, as well as a lack of accuracy, standardisation, and analysis of the data that is created by wearables. In the coming years, the market for clinical-grade wearables is projected to be hampered by factors such as its high cost, difficulties with maintaining data security, and unfavourable reimbursement regulations.
Market Segmentation
The clinical-grade wearable market is segmented into three major segments including Product, Site and Application. The Product segment is again classified into 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). The second segmentation is by Site which has Handheld, Headband, Strap/Clip/Bracelet, Shoe Sensors, and Others. The last and third segment is the end-user segment that includes Sports And Fitness, Remote Patient Monitoring, and Home Healthcare.
During the forecast period, North America is anticipated to represent a substantial portion of the global market's growth.The region's strong market share can be ascribed to the high acceptance rate of advanced projects, significant reimbursement coverage, and the introduction of new firms with innovative technology. Furthermore, the high prevalence of chronic illnesses places a significant financial burden on the country and drives up the demand for low-cost medical care. This is driving the need for clinical-grade wearable gadgets in the area.
Competitive Landscape
Some Major Key Players In The Clinical-Grade Wearable Market:
- 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,
Clinical-Grade Wearable Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 29.08 Billion |
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Revenue Forecast In 2031 |
USD 190.10 Billion |
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Growth Rate CAGR |
CAGR of 26.32 % from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Billion and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
Product, Site, Application |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
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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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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