Market Research Future (MRFR) has published a cooked research report on the “Global Smart Hospital Wearables Market” that contains the information from 2022 to 2030.
The global smart hospital wearables market is expected to register a CAGR of 14.30% during the forecast period and is expected to hit USD 58.08 billion by 2030.
Smart hospital wearable devices are smart devices worn on the body that monitor and track numerous vital signs, such as blood pressure, heart rate, and oxygen levels. These devices help in the monitoring of various medical conditions such as sleep disorders, diabetes, and lung diseases. The key factors such as increasing prevalence of chronic diseases, increased adoption of smart devices by hospitals, and the modernization of healthcare infrastructure are boosting the market growth. The data security and privacy issues may hamper the market growth. The increased internet penetration will create lucrative opportunities for the players operating in the global smart hospital wearables market.
MRFR recognizes the following companies as the key players in the global smart hospital wearables market— Boston Scientific Corporation (US), Honeywell International Inc. (US), Omron Corporation (Japan), Medtronic (Ireland), Koninklijke Philips N.V. (Netherlands), Sotera, Inc. (US), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), BioIntelliSense, Inc. (US), VitalConnect (US) and MedioTek Health Systems (India).
The global smart hospital wearables market has been divided based on wearable device, technology and distribution channel.
The market, based on wearable device, has been segmented into diagnostic & monitoring devices and therapeutic devices.
Based on technology, the smart hospital wearables market has been divided into artificial intelligence, cloud computing and others.
The market, based on distribution channel, has been segmented into pharmacies, hypermarkets and online.
Explore In-depth Details: Smart Hospital Wearables Market Research Report
The global smart hospital wearables market, based on region, has been divided into the North America, Europe, Asia-Pacific, and the Rest of the World. The North America market is further divided into: US, Canada and Mexico. The Europe smart hospital wearables market has been segmented into Germany, France, the UK, Italy, Spain, and the rest of Europe. The smart hospital wearables market in Asia-Pacific has been segmented into China, India, Japan, Australia, and the rest of Asia-Pacific.
The North Americas is expected to dominate the smart hospital wearables market due to increased prevalence of chronic diseases such as cardiovascular disorders, cancer, and diabetes, technological advancements in hospital wearable devices, and well-established healthcare infrastructure. Additionally, increased hospital admissions for cardiac disease management is also boosting the market.
Europe is held a significant share in the global smart hospital wearables market. The approvals and consideration by the regulatory agencies in Europe and increasing participation of various companies are driving the smart hospital wearables market in Europe.
Asia-Pacific expected to be the fastest-growing for global smart hospital wearables market. This is due to the increasing geriatric population, the rise in healthcare expenditure, and the increasing adoption of AI-enabled hospital wearables. Moreover, increased spending on health also further boost the market in the Asia-Pacific region.
The smart hospital wearables market in the rest of the world is growing slowly. The countries in these regions have experienced slower growth in the smart hospital wearables market due to a lack of medical facilities, underdeveloped regulations, and lower adoption rates. s
Key Findings of the Study
- The global smart hospital wearables market is expected to reach USD 58.08 billion by 2030 at a CAGR of 14.30% during the forecast period.
- The North America region accounted for the largest share of the global market, owing to increased prevalence of chronic diseases such as cardiovascular disorders, cancer, and diabetes, technological advancements in hospital wearable devices, and well-established healthcare infrastructure.
- Based on device, the diagnostic & monitoring devices segment had the largest share in 2021.
- Based on technology, the artificial intelligence technology segment held the largest share in 2021.
- Based on distribution channel, the pharmacies segment held the largest market in 2021.