Global Medical Wearables Market was valued at USD xx Bn in 2019 and is expected to reach at USD xx Bn by 2027 at a CAGR of xx% over forecast period 2020-2027.
The report covers an in depth analysis of COVID 19 pandemic impact on Global Medical Wearables Market by region and on the key players revenue affected till April 2020 and expected short term and long term impact on the market.
Global Medical Wearables Market Dynamics:
Millions of deaths occur each year due to various diseases. By improving the management of care of patient’s fatalities can be reduced. Innovations in medical wearables are aiding in monitoring cardiac patients and managing their care more effectively. Various factors such as an increasing awareness of fitness and incidence of lifestyle disorders, advent of technologically advanced products, growing geriatric population and incidence of chronic diseases, cost-containment in healthcare delivery and robust penetration of 3G and 4G networks for uninterrupted healthcare services are expected to drive the global medical wearable devices market over forecast period. The rapid spread of COVID-19 has thrown countless businesses into a frenzy. The medical wearable industry, in particular, is facing growing pressure to rapidly-produce tests and ventilators needed in nearly every region around the world. In order to navigate the chaos and support public health, companies must leverage applicable exemptions, enhance production procedures that fill needs through innovation, and develop comprehensive communication plan across public and private entities.
However, factors such as unfavourable standards and regulations, accuracy, standardization, and analysis of wearable-generated data, patent protection of clinical-grade wearables and lack of data security & concerns over data theft and healthcare fraud are restraining the market growth over forecast period.
Global Medical Wearables Market is segmented by Product, Distribution Channel, by Device Type, by End User and by region. By device type, vital sign monitoring devices held 23.56% of market share in 2019 and is expected to keep its dominance over forecast period. The growing use of high-tech devices, which are compact, user-friendly, and come with a better graphical user interface for easy visibility of resulted data is driving the market growth of this segment.
By product, Medical Clothing’s segment is expected to dominate the global market over forecast period. Medical clothing’s includes Personal Protective Equipment (PPE) or In-Vitro Diagnostic (IVD) kits, masks, gloves, wipes, disposable hospital room products and others. The medical wearable industry finds itself at the centre of the efforts to fight the coronavirus. It has become imperative for medical device companies to be able to handle the sudden surge in demand for equipment and perform further research. The medical wearable industry is keeping up with demand, despite suppliers’ factories shutting down production, reduced factory working hours, a reduced workforce. Manufacturers are bringing innovative new products to the market during these times.
By geography, North America dominated the global market with xx% of market share in 2019 and is expected to keep its dominance over forecast period. The high penetration of smartphones, tablets, and other mobile platforms, increasing utilization of connected devices, increasing adoption of Clinical-Grade Wearable apps for the management covid 19 pandemic are expected to drive the market growth in this region. Moreover, development & adoption of innovative technologies; rising government initiatives; and the presence of major companies in these regions are expected to create lucrative opportunities over forecast period. North America is followed by APAC and Europe with xx% and xx% of market share over forecast period.
APAC is expected hold xx% of market share over forecast period. Factors such as growing favourable government initiatives for use of such medical wearables, increasing geriatric population base, and increasing healthcare expenditure to tackle covid 19 pandemic are expected to drive the market growth over forecast period. Countries in this region are giving various exemptions to vendors, manufactures and suppliers due to this covid 19 conundrum. For instance, China will expedite the registration process for medical protective clothing if they meet standards from Japan, the European Union, or the United States. Singapore will exempt specific devices like particulate respirators, protective gear, surgical masks, and thermometers from registration requirements. Australia issued an exemption for mechanisms involved in the diagnosis, confirmatory testing, prevention, monitoring, treatment, or alleviation of COVID-19.
Europe is expected to hold xx% of market share over forecast period. EU market generally requires a lengthy conformity assessment procedure for medical wearables. In order to adapt the availability of protective products, whether medical devices or PPE, as quickly as possible to the increasing demand, the European Commission has simplified their market access with its EU Recommendation 2020/403 of 13 March 2020. The recommendation sets out that competent market surveillance authorities and notified bodies must take all measures available to ensure that healthcare professionals receive equipment with a high level of protection for the duration of the COVID-19 pandemic.
Over the next 2 years, there will be a series of demand shocks, both positive and negative, as medical wearable OEMs and their suppliers respond to providers’ changing needs. Beneficiaries of the epidemic will be vendors of basic hospital supplies, as healthcare facilities fill to capacity with coronavirus victims. Report covers in depth analysis key development and covid 19 strategies of market players and company profiles of market leaders, potential players and new entrants. Some of the key players covered in this report are Medtronic plc. (Ireland), Koninklijke Philips N.V. (Netherlands), OMRON Corporation (Japan), Biotelemetry Inc.(US), Apple, Inc. (US ), Dexcom Inc. (US), Abbott Laboratories(US), Masimo Corporation(US), GE Healthcare (US) and Bio-Beat Technologies (Israel) among others. These key players are focusing on how they can make the most useful contributions to help control the spread of covid 19 pandemic. Short-term strategies adopted by these key players in this chaos are enhancing production and sticking closely to regulatory guidelines among others.
The objective of the report is to present a comprehensive analysis of the Global Medical Wearables Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Medical Wearables Market dynamics, structure by analyzing the market segments and project Global Medical Wearables Market. Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Medical Wearables Market make the report investor’s guide.
Scope of Global Medical Wearables Market
Global Medical Wearables Market Segmentation by Product
• Activity Monitors
• Smart watches
• Wristband and Activity Monitors
• Medical Clothing’s
Global Medical Wearables Market Segmentation by Distribution Channel
• Online Channel
• Diagnostic & Monitoring Devices
Global Medical Wearables Market Segmentation by Device Type
• Vital Sign Monitoring Devices
• Glucose Monitoring Devices
• Sleep Monitoring Devices
• Fatal Monitoring & Obstetric Devices
• Neuromonitoring Devices
• Therapeutic Devices
• Pain Management Devices
• Rehabilitation Devices
• Respiratory Therapy Devices
• Insulin Pumps
Global Medical Wearables Market Segmentation by End User
• Sports & Fitness
• Remote Patient Monitoring
• Home Healthcare
• Hospitals and Clinics
• Long-term Care Centers
• Ambulatory care centres
Global Medical Wearables Market Segmentation by Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Global Medical Wearables Market Major players
• Medtronic plc. (Ireland)
• Koninklijke Philips N.V. (Netherlands)
• OMRON Corporation (Japan)
• Biotelemetry Inc.(US)
• Apple, Inc. (US),
• Dexcom Inc. (US)
• Abbott Laboratories(US)
• Masimo Corporation(US)
• GE Healthcare (US)
• Bio-Beat Technologies (Israel)
• iRhythm Technologies, Inc.(US)
• VitalConnect (US)
• Minttihealth (US)
• Preventice Solutions, Inc. (US)
• Contec Medical Systems Co.Ltd(China)
• Biotricity Inc.(US)
• Verily Life Sciences. (US)
• Cyrcardia Asia Limited (Hong Kong )
• ten3T healthcare (India)
• VivaLnk, Inc (US).
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