Wearable Healthcare Devices Market is Expected to Reach $30.1 billion | MarketsandMarkets.

Chicago, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The wearable healthcare devices industry is poised for remarkable growth in the near future. As technological advancements continue to reshape the healthcare landscape, these innovative gadgets are set to play an increasingly pivotal role in monitoring and managing individuals' health. With the integration of AI, IoT, and biosensors, wearable devices will not only track basic metrics like heart rate and activity levels but also provide real-time insights into various medical conditions, enabling early disease detection and personalized treatment recommendations. Moreover, the industry's expansion will be fueled by a growing emphasis on preventive healthcare and the convenience of remote monitoring, ultimately empowering individuals to take proactive control of their well-being. As the boundaries of wearable healthcare technology continue to be pushed, it promises a brighter and healthier future for individuals worldwide.

Wearable Healthcare Devices market in terms of revenue was estimated to be worth $16.2 billion in 2021 and is poised to reach $30.1 billion by 2026, growing at a CAGR of 13.2% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. Increasing awareness of fitness, lifestyle, and home healthcare, development of technologically advanced products and growing geriatric population and subsequent increase in the incidence of chronic diseases are the major factors driving the wearable healthcare devices market’s growth.

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Wearable Healthcare Devices Market Scope:

Report Coverage	Details
Market Revenue in 2021	$16.2 billion
Estimated Value by 2026	$30.1 billion
Growth Rate	Poised to grow at a CAGR of 13.2%
Market Size Available for	2019-2026
Forecast Period	2021-2026
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Product, device type, grade type, distribution channel, application and region
Geographies Covered	North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunities	Increasing adoption of artificial intelligence and 5G
Key Market Drivers	Increasing awareness of fitness, lifestyle, and home healthcare

Wearable Healthcare Devices market major players covered in the report, such as:

• Koninklijke Philips N.V. (Netherlands)
• Apple Inc. (US)
• GE Healthcare (US)
• Fitbit Inc. (US)
• Abbott Laboratories (US)
• OMRON Corporation (Japan)
• Garmin Ltd. (US)
• Dexcom Inc. (US)
• Masimo Corporation (US)
• Medtronic PLC (Ireland)
• BioTelemetry Inc. (US)
• Preventice Solutions Inc. (US)
• iRhythm Technologies Inc. (US)
• Contec Medical Systems Co. Ltd. (China)
• MediBioSense Ltd. (UK)
• VitalConnect (US)
• Cyrcadia Health Inc. (US)
• Ten3T Healthcare (India)
• Verily Life Sciences (US)
• MinttiHealth (China)
• Bio-Beat (Israel)
• Biotricity Inc. (US)
• iHealth Lab Inc. (US)
• Vivalink (US)
• Gentag (US)
• and Among Others

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This report categorizes the wearable healthcare devices market into the following segments and subsegments:

By Product

• Trackers
• Smartwatches
• Pathes
• Smart Clothing

By Device Type

• Diagnostic and Monitoring Devices
  • Vital Sign Monitoring Devices
    • Multiparameter Tracker
    • ECG\Heart Rate Monitors
    • Blood Pressure Monitors
    • Pulse Oximeters
  • Glucose Monitoring Devices
    • Wrist Actigraphs
    • Polysomnography Devices
  • Sleep Monitoring Devices
  • Fetal monitoring and Obstetric Devices
  • Neuromonitoring Devices
  • Other Diagnostic and Monitoring Devices
• Traditional Diagnostic Tests
  • Pain Management Devices
  • Rehabilitation Devices
  • Respiratory Therapy Devices
  • Insulin Pumps

By Grade Type

• Consumer-Grade Wearable Healthcare Devices
• Clinical-Grade Wearable Healthcare Devices

By Distribution Channel

• Pharmacies
• Online Channel
• Hypermarkets

By Application

• General Health and Fitness
• Remote Patient Monitoring
• Home Healthcare

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia and New Zealand
  • Rest of Asia Pacific
• Latin America
• Middle East & Africa

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The key stakeholders in the Wearable Healthcare Devices market include:

• Consumers: Individuals who use wearable healthcare devices to monitor their own health and wellness, making informed decisions about their lifestyles and healthcare.
• Healthcare Providers: Doctors, nurses, and other healthcare professionals who use data from wearable devices to track patient health, provide personalized care, and make treatment recommendations.
• Healthcare Institutions: Hospitals, clinics, and healthcare organizations that may implement wearable devices as part of their remote monitoring and patient care strategies.
• Wearable Device Manufacturers: Companies that design, develop, and produce wearable healthcare devices, including tech giants like Apple, Fitbit, and Samsung, as well as specialized medical device manufacturers.
• Health Insurance Companies: Insurers interested in promoting preventive healthcare and reducing healthcare costs by incentivizing the use of wearable devices among policyholders.
• Regulatory Bodies: Government agencies such as the FDA in the United States, which regulate the safety and effectiveness of wearable healthcare devices to ensure they meet medical standards.
• Researchers and Academia: Scientists and academic institutions that conduct research on wearable healthcare technology to advance its capabilities and applications.
• Investors and Venture Capitalists: Those who provide funding to startups and companies in the wearable healthcare device space, driving innovation and market growth.
• Retailers: Businesses that sell wearable healthcare devices through physical stores or online platforms, making them accessible to consumers.
• Data Analytics and AI Companies: Organizations specializing in data analytics, artificial intelligence, and machine learning, which develop algorithms and platforms to analyze and derive insights from the vast amount of data generated by wearable devices.
• Privacy Advocates and Consumer Advocacy Groups: Entities focused on ensuring the privacy and security of user data collected by wearable devices and advocating for ethical practices in the industry.
• Government and Policy Makers: Officials who shape healthcare policies and regulations related to wearable devices, including issues like data privacy, reimbursement, and healthcare standards.

These stakeholders collectively shape the wearable healthcare devices market and contribute to its growth and development.

Recent Developments:

• In April 2021 Fitbit, Inc. (US) Launched Fitbit Luxe.
• In June 2020, Koninklijke Philips N.V. (Netherlands) Launched fetal and maternal pods and patches for continuous, non-invasive monitoring of maternal heart rate, fetal heart rate, and uterine activity with a single-use, 48-hour, disposable electrode patch.
• In March 2020, Fitbit, Inc. (US) partnered with FibriCheck to deliver a CE-marked Heart Health Detection App to Fitbit smartwatch users in Europe.

Frequently Asked Questions (FAQs) of Wearable Healthcare Devices Market:

What are the recent trends affecting the wearable healthcare devices market?
Recent trends affecting the wearable healthcare devices market are the COVID-19 outbreak, increasing awareness of fitness, lifestyle, and home healthcare and growing geriatric population and subsequent increase in the incidence of chronic diseases.

What are the major product of wearable healthcare devices market?
The wearable healthcare devices market is segmented into trackers, smartwatches, patches and smart clothing based on product. In 2020, the trackers segment accounted for the largest share. Development of technologically advanced products and increasing awareness of fitness and lifestyle are major drivers.

Who are the key players in the wearable healthcare devices market?
The key players in this market are Koninklijke Philips N.V. (Netherlands), Apple Inc. (US), GE Healthcare (US), Fitbit Inc. (US), Abbott Laboratories (US), OMRON Corporation (Japan), Garmin Ltd. (US), DexCom Inc. (US), Masimo Corporation (US), Medtronic Plc (Ireland), BioTelemetry Inc. (US), Preventice Solutions Inc. (US), iRhythm Technologies Inc. (US), Contec Medical Systems Co. Ltd. (China), MediBioSense Ltd. (UK), VitalConnect (US), Cyrcadia Health Inc. (US), Ten3T Healthcare (India), Verily Life Sciences (US), MinttiHealth (China), Bio-Beat (Israel), Biotricity Inc. (US), iHealth Lab Inc. (US), VivaLink (US), and Gentag (US).

Which are the major grade type of wearable healthcare devices market?
Based on grade type, the wearable healthcare devices market has been segmented into consumer grade and clinical grade. In 2020, the consumer grade segment accounted for the largest share of the wearable healthcare devices market. Development of technologically advanced products and robust penetration of 3G and 4G networks for uninterrupted healthcare services are driving the growth of this segment.

Which are the major distribution channel of wearable healthcare devices market?
Based on distribution channel, the wearable healthcare devices market has been segmented into pharmacies, online channel and hypermarkets. In 2020, the pharmacies segment accounted for the largest share of the wearable healthcare devices market. Growing geriatric population and subsequent increase in the incidence of chronic diseases and Growing investments, funds, and grants are driving the growth of this segment.

What are the major applications of wearable healthcare devices market?
Based on applications, the wearable healthcare devices market has been segmented into general health and fitness, remote patient monitoring and home healthcare. In 2020, the general health and fitness segment accounted for the largest share of the wearable healthcare devices market. Increasing penetration of smartphones and the growing number of smartphone-based healthcare devices and Growing investments, funds, and grants are driving the growth of this segment.

Which region is lucrative for the wearable healthcare devices market?
Like India and Japan, the emerging economies in the Asia Pacific region will be the lucrative markets for wearable healthcare devices market.

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Report Objectives:

• To define, describe, segment, and forecast the wearable healthcare devices market by product, device type, grade type, distribution channel, application, and region.
• To provide detailed information regarding the major factors influencing the market growth (drivers, restraints, opportunities, and challenges).
• To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market.
• To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
• To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa,
• To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies2.
• To track and analyze company developments such as acquisitions, collaborations, partnerships, agreements, and product launches & approvals in the wearable healthcare devices market.
• To benchmark players within the market using the proprietary “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories of business and product strategy.

Related Reports:

IoT Medical Devices Market

Home Healthcare Market

Telehealth & Telemedicine Market

Wound Care Market

Medical Device Connectivity Market

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