The medical wearables market is projected to reach USD 19.5 billion by 2025 from USD 7.4 billion in 2020, at a CAGR of 21.4% during the forecast period. The growing demand for advanced clinical-grade wearables to streamline complex operational procedures among healthcare organizations has led to a number of product launches & enhancements in recent years. Companies focus on launching innovative solutions to gain a competitive edge and exploit market growth opportunities offered by advanced and next-generation wearables.
The prominent players in this market 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), 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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Koninklijke Philips N.V. (Netherlands)
Koninklijke Philips dominated the clinical-grade wearables market in 2019. This share can be attributed to the company’s wide offerings in the wearables market and its global presence. Philips has mainly adopted product launches as its key growth strategy to increase its share in the market. For instance, in 2018, Philips launched the fetal monitor - Avalon Beltless Solution. This patch is placed on the expectant mothers belly to capture critical parameters by measuring fetal and maternal heart rate and uterine activity via ECG and EMG signals.
Omron Corporation (Japan)
Omron Corporation is the second-largest player in the clinical-grade wearables market. The company derives the majority of its revenue from its operations in North America. However, the firm intends to expand its business in the international market, mainly through partnerships and product launches. For instance, in February 2019, Omron collaborated with PhysIQ (US) to integrate Omron’s innovative FDA-cleared device, HeartGuide, the first wearable blood pressure monitor, into the pinpointIQ (physIQ) platform to monitor at-risk patients in outpatient settings. Similarly, in 2018, Omron launched its first wearables blood pressure monitor watch HeartGuide. The company also invests in R&D to expand its capabilities in the field of clinical-grade wearables.
Medical Wearables Market by Device (Vital Signs Monitoring, Blood Pressure Monitor, Glucose Monitor, ECG Monitor, Pulse Oximeter), Product (Smartwatch, Patches, Wristbands), End User (Hospitals, Nursing Homes, Ambulatory) - Global Forecast to 2025
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