The Global Clinical-Grade Wearable Device Market is projected to grow at a CAGR of 25% in the forecast period of 2023-28, says MarkNtel Advisors in their recent research report. The factors that attributed to the growth of the market are the rising health consciousness concerning health issues, the government providing funds & aids to facilitate the incorporation of technology & healthcare, rising demand for consistent monitoring, etc. With an increase in chronic disease cases in recent years, flexible and wearable devices have become increasingly popular as a way to monitor a person's health status constantly.
Further, the government of several countries, such as Australia, etc., have funded healthcare facilities to incorporate technological services & devices to provide better healthcare to the population. Along with it, the government has also provided funds to companies to bring innovation in healthcare products that would ease the patient's life. Moreover, the funds have encouraged the healthcare industry to digitalize their working phenomenon & opt for wearable devices to make the task & jobs of doctors simpler & solve health-related problems with ease.
Additionally, these devices provide flexibility & ease to the users and do not restrain the consumers to stay at the hospitals, therefore people rely on the devices to monitor their health at home. There has been a change in the lifestyle of people due to the rising instances of illnesses, therefore people have adopted a healthy lifestyle & rely on wearable devices that provide them with consistent updates on their health. Hence, the growing health awareness among people is likely to escalate the requirement for wearable devices in the forecast years, further states the research report, "Global Clinical-Grade Wearable Device Market Analysis, 2023."
Diagnostic Devices Acquired the Major Share Owing to the Growing Health Concerns Among Population
Based on the device type, the market is further divided into Diagnostic Devices & Therapeutic Devices. Among them, Diagnostic Devices are anticipated to hold the major market share in the Global Clinical-Grade Wearable Device market due to the growing demand for Vital Sign Monitoring devices. The global rise in the prevalence of cardiac diseases such as hypertension has exacerbated the need for vital signs monitors, including wearable blood pressure monitoring devices, to continuously monitor blood pressure levels & avoid health complications.
Furthermore, due to the rising prevalence of arrhythmia worldwide, the trend for heart rate monitors is rising exponentially among vital sign monitors. Additionally, customers are becoming more interested in vital sign monitoring devices, which allow them to track their sporting activities & fitness level, as well as monitor their athletic performance, hence further contributing to the growth of the Clinical-grade Wearable market across the globe during 2023-28.
North America Holds the Notable Share Due to the Prevalence of Chronic Illness
Based on the geographical location, North America acquired the majority of the share in the Global Clinical-grade Wearable market during the past period due to the prevalence of chronic illnesses such as neurological disorders, etc. In recent years, the number of patients suffering from neurological disorders has increased, necessitating the use of clinical-grade wearable devices such as activity monitors, insights watches, and others to consistently monitor health conditions & prevent further health complications.
Furthermore, collaborations & integration between technology companies & healthcare to digitalize health infrastructure are expected to drive wearable device growth in the North American region during the forthcoming years.
According to MarkNtel Advisors, the leading players in the Global Clinical-Grade Wearable Device Market are 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.).
Key Questions Answered in the Study