Smart Hospital Wearables Market Research Report Information By Type (Diagnostic & Monitoring Devices {Vital Sign Monitoring Devices, Glucose Monitoring Devices, Neuromonitoring Devices, Sleep Monitoring Devices and Others} and Therapeutic Devices {Pain Management Devices, Rehabilitation Devices, Respiratory Therapy Devices and Others}), By Technology (Artificial Intelligence, Internet of Things, Cloud Computing and Others), By Distribution Channel (Pharmacies, Hypermarkets and Online), By Region (North America, Europe, Asia-Pacific, and Res

Global Smart Hospital Wearables Market Overview

The smart hospital wearables market size was valued at USD 17.44 billion in 2021 and is projected to grow from USD 19.94 billion in 2022 to USD 58.08 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.3% during the forecast period (2022 - 2030). The increased adoption of smart hospital wearable devices, the growing need to improve clinical processes and workflow efficiency, and the increasing prevalence of chronic diseases are driving market growth.Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Hospital Wearables Market Trends

Increased adoption of smart hospital wearable devices to boost market growth

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 combination of artificial intelligence (AI), machine learning, and digitalization in hospital wearable devices helps with real-time access to patient health data, improved patient outcomes, and improved efficiency and medical staff capacity. Factors such as increased adoption of smart hospital wearable devices, the growing need to improve clinical processes and workflow efficiency, and the increasing prevalence of chronic diseases are driving the market of Smart Hospital Wearables. Moreover, the growing adoption of new technologies and increased internet penetration create opportunities for the players involved in the market. However, rising data security concerns and high device costs may stymie the Smart Hospital Wearables Market's growth.

wearable medical devices are becoming more and more popular in healthcare facilities. There are various benefits of smart hospital wearable devices. They are more beneficial to the patients suffering from chronic diseases, as these patients are more likely to receive long term medical care and are more likely to visit the emergency rooms. These smart wearable devices are integrated with cutting-edge technologies like the Internet of Things, allowing healthcare professionals to monitor patients and provide more comprehensive care. There are various types of smart hospital wearable devices, such as wearable biosensors, wearable ECG monitors, and wearable blood pressure monitors. Through a variety of sensors and software algorithms, these devices produce a plethora of data. It is helpful for healthcare professionals. These factors are boosting the demand for smart hospital wearables.

Smart Hospital Wearables Market Segment Insights

Smart Hospital Wearables Device Insights

The Market segments of Smart Hospital Wearables, based on device, includes diagnostic & monitoring devices and therapeutic devices. The diagnostic & monitoring devices segment is sub segmented into vital sign monitoring devices, blood glucose monitoring devices, neuromonitoring devices, sleep monitoring devices and others. The therapeutic devices segment is further sub segmented into pain management devices, rehabilitation devices, respiratory therapy devices, and others. Diagnostic & monitoring devices segment had the largest share in 2021. This is due to the growing prevalence of chronic diseases such as neurological disease and cardiac disease, the increased adoption of smart devices by hospitals, and the modernization of healthcare infrastructure.

May 2020: Koninklijke Philips N.V. (Netherlands) received U.S. Food and Drug Administration (FDA) approval for Philips Biosensor BX100, a wearable biosensor for the management of confirmed and suspected COVID-19 patients in the hospital.

Figure 2: Smart Hospital Wearables Market, by Type, 2021 & 2030 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Hospital Wearables Technology Insights

Based on technology, the global smart hospital wearables industry has been segmented into artificial intelligence, internet of things, cloud computing and others. The artificial intelligence technology segment held the largest share in 2021, due to the adoption of artificial intelligence technologies in hospitals as it offers a reduction in medical errors and administrative burden.

October 2021: Honeywell International Inc. (US) launched the Real-Time Health Monitoring System (RTHMS), a smart edge-to-cloud communication platform for real-time and remote monitoring of patients.

Smart Hospital Wearables Distribution Channel Insights

Based on distribution channel, the global smart hospital wearables industry has been segmented into pharmacies, hypermarkets, and online. The pharmacies segment held the largest market in 2021. This is attributed to the increased number of hospital and retail pharmacies worldwide.

Smart Hospital Wearables Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The growth of the North America smart hospital wearables market is attributed to technological advancements in hospital wearable devices and the well-established healthcare infrastructure in the region.

Further, in the global smart hospital wearable market research report the major countries studied are: the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: SMART HOSPITAL WEARABLES MARKET SHARE BY REGION 2021 (%)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America market of smart hospital wearables accounts for the largest market share due to the increased prevalence of chronic diseases such as cardiovascular disorders, cancer, and diabetes, technological advancements in hospital wearable devices, and well-established healthcare infrastructure in the region. For instance, according to the Centers for Disease Control and Prevention, in 2020, around 20.1 million adults aged 20 and older had cardiovascular diseases in the United States. This leads to increased hospital admissions for cardiac disease management. This is creating demand for smart hospital wearables in the region. Furthermore, the US market of smart hospital wearables held the largest market share and Canada market of smart hospital wearables accounting for the second largest market in North America on the basis of market data.

The Asia-Pacific smart hospital wearables market is expected to grow at a highest rate from 2022 to 2030. This is due to the increasing geriatric population, the rise in healthcare expenditure, and the increasing adoption of AI-enabled hospital wearables. Furthermore, the increasing disposable income of middle-class families, which account for a large population in Asia, encouraging more spending on health, is driving the market growth of the smart hospital wearables in the region. Moreover, the China market of smart hospital wearables held the largest market share, and the India market of smart hospital wearables was the fastest growing market in the Asia-Pacific region. The According to the Asian Development Bank, Asia's elderly population is projected to reach 923 million by 2050. These market statistics indicates the future demand for smart hospital wearables. Thus, these factors will fuel the future growth of the regional market of smart hospital wearables.

Smart Hospital Wearables Key Market Players & Competitive Insights

Major market players are adopting several business strategies to increase their market presence. They are significantly investing in R&D activities to expand their product portfolio, further driving the market of smart hospital wearables. In addition, the market players are adopting several strategic initiatives, such as new product launches, contractual agreements, mergers & acquisitions, increasing investments, and partnering with other players to expand their global footprint. Some key players in the market are Boston Scientific Corporation (US), Honeywell International Inc. (US), Omron Corporation (Japan), Medtronic (Ireland) and Koninklijke Philips N.V. (Netherlands).

Boston Scientific Corporation (US) is a worldwide developer, manufacturer, and marketer of medical devices used in a range of interventional medical specialties. The company is dedicated to collaborating with healthcare professionals to develop a broad portfolio of meaningful innovations that improve outcomes, reduce costs, and increase efficiencies. Its product portfolio is majorly divided into six business divisions: endoscopy, interventional cardiology, neuromodulation, peripheral interventions, rhythm management, and urology & pelvic health. Boston Scientific Corporation’s manufacturing facilities are located across Malaysia, the US, and Ireland. Apart from this, it has a presence in Japan, the Netherlands, France, Poland, India, China, Turkey, South Africa, and Singapore, among others. The company offers various products in market of smart hospital wearables. For instance, its product LATITUDE NXT Remote Patient Management, offers safe and convenient remote patient management for patients.

Key Companies in the Smart Hospital Wearables market includes

• 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)


• MedioTek Health Systems (India) among others

Smart Hospital Wearables Industry Developments

August 2022: Medtronic (Ireland) partnered with BioIntelliSense (US) for the distribution of multi-parameter wearable for continuous remote patient monitoring from in-hospital to home in the US market.

January 2022: Omron Corporation (Japan) launched VitalSight, a remote patient monitoring for cardiac activities.

Smart Hospital Wearables Market Segmentation

Smart Hospital Wearables Device Outlook

• Diagnostic & Monitoring Devices
  
  
  
  • Vital Sign Monitoring Devices
  
  
  • Glucose Monitoring Devices
  
  
  • Neuromonitoring Devices
  
  
  • Sleep Monitoring Devices
  
  
  • Others
  
  
  
  


• Therapeutic Devices
  
  
  
  • Pain Management Devices
  
  
  • Rehabilitation Devices
  
  
  • Respiratory Therapy Devices
  
  
  • Others
  
  
  
  

Smart Hospital Wearables Technology Outlook

• Artificial Intelligence


• Internet of Things


• Cloud Computing


• Others

Smart Hospital Wearables Distribution Channel Outlook

• Pharmacies


• Hypermarkets


• Online

Smart Hospital Wearables Regional Outlook

• 
  

  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• 
  

  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• 
  

  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  

  Rest of the World

  
  
  
  
  • 
    

    Middle East

    
    
  
  
  • 
    

    Africa

    
    
  
  
  • 
    

    Latin America