[Latest Edition] Clinical-Grade Wearables Market Worth $190.10 Billion by 2031 InsightAce Analytic Exclusive Report
Posted May 11, 2023
InsightAce Analytics Pvt. ltd. announced the publication of a market research report entitled “ Global Clinical Grade Wearables Market (By product (diagnostic devices (vital signs monitors (heart rate monitors, activity monitors, electrocardiographs, pulse oximeters, spirometers, blood pressure monitors and others), sleep monitors (sleep trackers, actigraphs of the wrist, polysomnographs, others), electrocardiographs Fetal and obstetrical devices, neurological monitoring devices (electroencephalographs, electromyographs, others)), therapeutic devices (pain management devices (neurostimulation devices, others), insulin monitoring devices /glucose (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 Location (Handheld, Headband, Strap/Clip/Wristband, Shoe Sensors and Others), by Application (Sports & Fitness, Remote Patient Monitoring and Home Healthcare) Market Outlook and Analysis industry 2030″
According to the company’s latest research, the Clinical Grade Wearables Market Sizeis valued at24.08 billion in 2022and should reach190.10 billion by 2031To26.07% CAGRduring theforecast period 2023-2031.
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Clinical-grade wearable medical devices are a network of intelligent patient-worn devices (such as electronic skin patches, ECG monitors, etc.) that are equipped with cloud-connected sensors, actuators, and software. These devices enable the collection and analysis of real-time data and personal health data. More than 1,550 clinical trials using wearable medical devices have been performed worldwide, and about a third of these trials have already been completed.
These clinical-grade wearable medical devices have the potential to improve patient guidance and healthcare by providing real-time data, early detection and improved diagnosis, and they save time and money. A wide variety of medical wearables are available on the market today. Examples of this technology include smartwatches and fitness trackers, wearable ECG and blood pressure monitors, biosensors and others. Additionally, wearable technologies provide the ability to perform long-term monitoring, which would not be possible with conventional medical methods. Wearable devices have demonstrated their usefulness in the treatment of various diseases, including asthma, cancer, diabetes and mental illnesses.
Rising demand for monitoring that occurs around the clock, increasing awareness of the importance of physical fitness, and introduction of technologically enhanced products are major drivers for the expansion of the clinical grade wearable devices market . An increase in health awareness and prevalence of diseases such as diabetes and hypertension is expected to increase the demand for diagnostic and monitoring equipment throughout the forecast period.
However, in the clinical-grade wearable market, there is a lack of standards and regulations, accuracy, standardization and analysis of the data generated by the wearables. Additionally, high prices, data security issues and unfavorable reimbursement regulations are expected to limit the market for clinical grade wearable devices in the coming years.
During the projected period, North America is expected to be a booming global market region. Huge reimbursement coverage, entry of new companies with advanced technology, and high acceptance rate of sophisticated projects are all factors that drive 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 treatments. This is driving the demand for clinical-grade wearable technologies.
Major 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 NV, Masimo Corporation, Medtronic Plc, Minttihealth, Omron Healthcare Co., Ltd. (part of Omron Corporation), Polar Electro Preventice Solutions, Inc., Sotera Wireless, Ten3t Healthcare, Verily Life Sciences (part of Alphabet Inc.), verist Genomics, Vitalconnect, Vivalnk, Inc., Withings and other important players
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Key Market Developments
- In August 2022, Medtronic has partnered with BioIntelliSense for the exclusive distribution in the United States of a portable, multi-parameter device for continuous remote monitoring of patients from the hospital to the patient’s home. This facilitates the streamlining of care delivery through workflow automation, enabling proactive clinical intervention and mitigating the effects of workforce shortages.
- In January 2022, Abbott has announced that it is making a new type of organic clothing for consumers called Lingo. These devices will track critical signals in the body, such as glucose, ketones and lactate, to help people understand their overall health and take action. Lingo is built on Abbott’s detection technology platform that Abbott created in 2014 for people with diabetes. With a small sensor on the back of the arm, people can constantly check their glucose levels.
- In June 2021, Amazon and Apple both continued to invest in digital and home healthcare (The MedTech Download). Apple recently revealed new health features that will be available for its devices, and these new features will allow customers to better track their health data and share it with their doctors.
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Global Clinical Grade Wearables Market, By Product2023-2031 (Value in billion US dollars)
Global Clinical Grade Wearables Market, By To place2023-2031 (Value in billion US dollars)
Global Clinical Grade Wearables Market, By Application2023-2031 (Value in billion US dollars)
Global Clinical Grade Wearables Market, By Region2023-2031 (Value in billion US dollars)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
North America Clinical Grade Wearable Devices Market, By Country2023-2031 (Value in billion US dollars)
European Clinical Grade Wearable Devices Market, By Country2023-2031 (Value in billion US dollars)
- The rest of Europe
Asia-Pacific Clinical-Grade Wearable Devices Market, By Country2023-2031 (Value in billion US dollars)
- South Korea
- Australia and New Zealand
Latin America Clinical Grade Wearables Market, By Country2023-2031 (Value in billions of US dollars)
- Rest of Latin America
Middle East & Africa Clinical Grade Wearable Devices Market, By Country2023-2031 (Value in billion US dollars)
- GCC countries
- South Africa
- Rest of the Middle East and Africa
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- To obtain information on the global clinical grade wearables market size (value in billion US$) forecasted till 2030
- Significant Investments, Mergers, and Acquisitions in the Global Clinical Grade Wearable Clothing Market Industry
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