Clinical Wearables Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

The global Clinical Wearables market reached a value of about USD 22.6 billion in 2021. The industry is projected to grow at a CAGR of around 23% in the forecast period of 2022-2027 to reach a value of about USD 78.3 billion by 2027.

The global Clinical Wearables industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The growing prevalence of chronic and lifestyle disorders is primarily driving the market growth. North America is the highest category spender by region, driving the demand for the Clinical Wearables industry.

Industry Definition and Segmentation

Clinical Wearables are tiny electronic devices that can be worn, such as Fitbits and smartwatches, to monitor and collect data like temperature, blood pressure, blood oxygen, breathing rate, etc. These gadgets can even transmit real-time health data to a doctor or other healthcare expert. The Clinical Wearables industry report comprises segments based on product (Earwear/Hearables, Watch, and Wristband) and region (North America, Europe, Asia Pacific, the Middle East and Africa, and South America).

The North American Region is Driving the Growth of the Industry

North America holds the largest share in the industry due to the rising incidence of cardiovascular disease, diabetes, and cancer in this area. The availability of advanced healthcare infrastructure and an increase in chronic disorders requiring periodic monitoring further the market demand. Also, the rising smartphone penetration and the number of smartphone-based healthcare devices, and rising investments, funds, and grants are providing a significant thrust to the industry.

The market is being driven by the growing need to track various body metrics to check health conditions. They are essential for multiple medical applications, including gastrointestinal, cardiovascular, and metabolic monitoring, sleep, and movement problems, propelling the industry's expansion. These devices assist initiatives linked to lung health and diabetes control and have the potential to alter pre- and neo-natal and maternity care, boosting the market's development. Other factors such as the prevalence and incidence of lifestyle-related diseases, including diabetes and hypertension, the growing death rate due to non-communicable illnesses, the ever-increasing elderly population, the increased frequency of chronic diseases, and the availability of modern medical equipment are driving the industry's growth.

These devices assist in providing the healthcare system with new and appealing ways to improve patient care while lowering costs by assessing crucial risk factors like blood pressure and glucose; remote patient monitoring may enhance the management of chronic illnesses. RPM provides various benefits for hospitals and end-users, including shorter hospital stays, lower healthcare costs, and fewer doctor appointments. As a result, the market is likely to expand.

Best Procurement Practices

The global Clinical Wearables industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Clinical Wearables regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

Patient monitoring devices (e.g., glucose monitors) collect data about a patient's condition (e.g., blood glucose level) and send it to a medical software cloud server. A cloud server gets data from wearable devices via gateways and a firewall as part of the solution. The cloud server houses the solution's business logic and control applications and data storage, processing, and analytics models. The anonymised patient data is processed and evaluated. Together with the source data, the observed patterns are made available to clinicians and patients in their user apps, allowing them to keep track of their health, enhance therapy, and promote illness self-management.

Technological Developments, Further Augmenting the Procurement of Clinical Wearables

The industry is aided by various technical breakthroughs, such as developing the IoT (IoT)-integrated smartwatches, patches, and innovative apparel. Furthermore, the rising availability of superior wearable-centric analytic technologies. These devices enable breakthroughs such as better ICU alarms and continuous arrhythmia identification, and neo-natal temperature monitoring in rural settings, furthering the market growth. In addition, Artificial intelligence (AI) can be utilised in 5G to predict a patient's potential diagnosis and treatments. It can assist healthcare systems in identifying which patients are more likely to experience postoperative difficulties, allowing for early intervention. Healthcare businesses may leverage AI technologies to give the most satisfactory treatment possible in real-time, wherever they are, thanks to 5G networks. Also, the increasing R&D and innovation in the sector are likely to enable effective use of health data while assisting healthcare services and intervention, thus resulting in the industry's expansion.

The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Clinical Wearables Industry Report

• IQVIA Holdings Inc.
• Parexel International Corporation
• Laboratory Corporation of America Holdings
• Syneos Health
• ActiGraph LLC

Market Landscape

The rivalry is becoming more intense as the number of market competitors grows. Players are causing havoc by releasing a slew of new items. Leading competitors in the wearable medical device market are focused on different growth tactics such as partnerships, mergers, and acquisitions, and product portfolio development to maintain their market position.

Key Initiatives by Companies

• Philips Ventilator BiPAP A40 EFL will be available in November 2020, according to the firm. This approach will aid the organisation in extending their COPD patient home healthcare offering.
• Fitbit, Inc. (US) came together with FibriCheck in March 2020 to offer Fitbit smartwatch to its customers in Europe which has a CE-marked Heart Health Detection App in it.