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Smart hospital wearables are flooding the market, changing medical care delivery. Due to their ability to improve patient care, streamline work procedures, and provide continuous health information, these innovative medical devices are growing in popularity. Wearable devices are becoming more popular among doctors and patients. From smartwatches to wellness monitors, these devices can track vital signs, work, and medical issues.
With the growing need for specialized and persistent medical treatment, remote patient monitoring is becoming more popular. Medical providers may remotely monitor patients' health and reduce hospital readmissions with smart hospital wearables. This trend matches the larger transition toward esteem-based treatment and patient-driven medical services. Integration of smart wearables becomes crucial as medical care systems strive to become more efficient and patient-centered.
Another trend in smart hospital wearables is interoperability. The need for reliable data exchange across medical systems and devices is pushing interoperable wearables. Medical professionals may gain a thorough comprehension of information, enabling more informed navigation and consistent results. Medical services sector interoperability is being advanced by normalization and open-stage biological systems.
Artificial inteeligence and AI are also increasing in smart healthcare wearables. These developments allow wearables to analyze massive datasets and provide memorable experiences. Wearables with computer-based intelligence can identify physiological patterns to detect and prevent early sickness. From diagnosis to therapeutic plans, computer-based intelligence-driven wearables improve medical care.
Smart hospital wearables market security and protection are key considerations. As these devices collect sensitive health data, patient data security is a top priority. To prevent illegal access to patient data, producers are investing in encryption and verification. Administrative organizations are also addressing these concerns by implementing medical data use and security guidelines.
Innovation groups and medical care suppliers are collaborating more in the smart hospital wearables sector. These firms aim to combine mechanical and medical services expertise to provide innovative solutions. Joint efforts develop more simple, clinically useful wearables and integrate them into clinical practice.
Smart Hospital Wearables Market Highlights:
Global Smart Hospital Wearables Market Overview
Smart Hospital Wearables Market Size was valued at USD 22.89 Billion in 2023. The Global Smart Hospital Wearables industry is projected to grow from USD 26.22 Billion in 2024 to USD 71.78 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.84% during the forecast period (2024 - 2032). 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.
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 2024 to 2032. 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
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