The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Clinical-Grade Wearable Device Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Clinical-Grade Wearable Device Industry (2023-2028):
According to the latest report, The Clinical-Grade Wearable Device Market is projected to grow at a CAGR of around 25% during the forecast period, i.e., 2023-28 The report demonstrates the prominent factors propelling the exponential growth of the Clinical-Grade Wearable Device industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2018-21
- Base Year: 2022
- Forecast Period: 2023-28
- CAGR (2023-2028): 25%
What are the major Driver the Clinical-Grade Wearable Device industry?
Rising Demand for Incessant Health Monitoring for Diabetes & Related Health Issues: Over the past few years, there has been an increase in the population suffering from diabetes, thereby generating the demand for Clinical-Grade wearable devices for examining glucose levels at regular intervals of time. According to World Health Organization, over 422 million people are suffering from diabetes, globally, which leads to over 1.5 million deaths per year. Consequently, patients use glucose-monitoring wearable devices and insulin pumps to keep track of their sugar levels and deliver insulin precisely at designated times. This helps patients maintain their blood sugar levels efficiently.
Further, health concerns such as diabetes, blood pressure, etc., play a vital role in the demand for Clinical-Grade wearable devices since patients require monitoring to reduce the risk of long-term complications such as nerve damage, heart disease, etc. Therefore, these health-related issues have positively impacted the global market for Clinical-Grade wearables, owing to the flexibility and accuracy these wearable devices provide to patients suffering from illnesses.
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Clinical-Grade Wearable Device Market Segmentation
The Clinical-Grade Wearable Device Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Device Type
- Diagnostic Device
- Vital Sign Monitor
- Heart rate Monitors
- Activity Monitors
- Pulse Oximeters
- Blood Pressure Monitors
- Others (Spirometers, Electrocardiographs, etc.)
- Sleep Monitoring
- Sleep Trackers
- Wrist Actigraphs
- Polysomnographs
- Electrocardiographs Fetal & Obstetric Devices
- Neuromonitoring Devices
- Cerebral Oximeter
- Electroencephalographs
- Electromyographs
- Therapeutic Devices
- Pain Management
- Quell Device
- Neurostimulation Device
- Insulin Monitoring Devices
- Insulin Pumps
- Rehabilitation Devices
- Gyroscopes
- Accelerometers
- Magnetometers
- Respiratory Therapy Devices
- Ventilators
- Portable Oxygen Concentrators
- Possible Pressure Airway Devices
- By Device Site
- Handheld
- Headband
- Shoe Sensors
- Strap/ Bracelet
- By Application
- Home Healthcare
- Remote Monitoring
- Sports & Fitness
- By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
As per the regional aspect, the Clinical-Grade Wearable Device Market is expected to be dominated by North America by capturing the potential market share.
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Top Companies in the Clinical-Grade Wearable Device Market
Abbott Laboratories, Siemens Healthcare GmbH, Koninklijke Philips N.V., Omron Corporation, Sotera Wireless, Everist Health, Polar Electro, Zephyr Technology Corporation, Intelesens Ltd, Fitbit Inc., LifeWatch AG., Garmin, Contec Medical Systems Co. Ltd., Vital Connect, Dexcom, Inc., Medtronic Plc, Polar Electro, Ge Healthcare, and Others (Preventice Solutions, Inc., Covidien, etc.)
Clinical-Grade Wearable Device Industry Recent Development:
2022: Medtronic plc. announced a strategic partnership with company BioIntelliSense, to monitor the US hospitals for 30-day post-acute hospital-to-home distribution rights of the BioButton multi-parameter wearable for straight, connected monitoring.
2022: Abbott announced the development of a new consumer bio wearable, Lingo, primarily built to detect critical body signals, like ketones, glucose, and lactate, helping people better understand their general health & take the required action.
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