An Influx of Consumer Wearables Companies Entering the Healthcare Space Boosts Future Growth Potential
The healthcare industry is facing a shortage of resources, including its workforce. This strain has increased the demand for remote monitoring technologies. Moreover, the COVID-19 pandemic has fueled demand for home-based care and telehealth services. This sudden increase in remote monitoring and home-based care drives the need for regulated monitoring devices. Wearable devices aid in continuous remote monitoring of patients and are used for disease diagnosis and treatment.
Additionally, wearable devices used for continuously monitoring patients in hospital wards to reduce hospital staff workload, provide patient mobility, and detect early health deterioration are boosting market growth potential. Consumers have also started adopting wearable devices to monitor their chronic diseases. Moreover, the growing geriatric population drives demand for wearable devices at nursing homes and home-based hospitals.
Many consumer-grade wearable device companies, such as Apple and Fitbit, are entering the medical-grade wearables market to meet increasing demand. These companies are gaining regulatory clearance for product features such as atrial fibrillation detection for cardiac arrhythmia monitoring. Consequently, the market is experiencing a convergence between consumer-grade and medical-grade wearable devices.
In this study, the global clinical-grade wearables market is segmented into cardiac wearables, clinical-grade consumer wearables, blood pressure monitors, and multiparameter monitors. Cardiac wearables are the fastest growing device segment due to increasing demand for continuous ECG monitoring, the most targeted feature for regulatory approval by consumer wearable device companies. Blood pressure monitoring is another popular feature poised to gain traction. North America is the largest market for wearable devices, while Asia-Pacific is the fastest-growing market because of the increasing acceptance of remote monitoring technologies.
This study will provide a detailed overview of clinical- or medical-grade wearable devices for monitoring and diagnosis. It covers clinical-grade wearables for vital sign monitoring, cardiovascular monitoring, and physiological parameter tracking. The study period is 2019-2026.
