Chicago, March 07, 2024 (GLOBE NEWSWIRE) -- Wearable Healthcare Devices market in terms of revenue was estimated to be worth $40.7 billion in 2023 and is poised to reach $69.2 billion by 2028, growing at a CAGR of 11.2% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The expansion of awareness regarding fitness, lifestyle preferences, and the convenience of home healthcare, combined with ongoing advancements in technology, is a significant driving force behind the growth of the wearable healthcare devices market. Additionally, the increasing elderly population and a subsequent rise in chronic diseases further contribute to the market's expansion.
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Wearable Healthcare Devices Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $40.7 billion |
| Estimated Value by 2028 | $69.2 billion |
| Growth Rate | Poised to grow at a CAGR of 11.2% |
| Market Size Available for | 2021–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, type, grade, distribution channel, and application |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Rising adoption of AI and 5G |
| Key Market Driver | Growing awareness about lifestyle management and home healthcare |
On the other hand, inadequate regulatory standardization, issues related to accuracy & analysis of wearable-generated data, and data security challenges are the major factors restraining the growth of this market.
Based on product, the global wearable healthcare devices market is broadly classified into trackers, smartwatches, patches, and smart clothing. In 2022, the largest market share was held by the smartwatches segment. Smartwatches serve as all-in-one devices, combining health monitoring features with additional functionalities such as notifications, communication, and entertainment. This integration makes them more versatile and attractive to consumers who seek a comprehensive solution in a single device.
Categorized by type, the wearable healthcare devices market is broadly classified into diagnostic & monitoring devices and therapeutic devices. In 2022, the largest share of the wearable healthcare devices market was held by the diagnostic & monitoring devices segment. The large share of this segment can be attributed to the growing incidence of chronic & lifestyle diseases; the availability of technologically advanced and compact products; the ability of diagnostic & monitoring devices; and the benefits of continuous remote monitoring.
Categorized by application, the wearable healthcare devices market is divided into general health and fitness, remote patient monitoring, and home healthcare applications. In 2022, general health and fitness segment accounted for the predominant share of this market. The escalating global recognition of the significance of health and well-being has spurred a proactive interest among individuals to monitor and enhance their overall health. This heightened awareness has resulted in a substantial market demand for wearables tailored for general health and fitness tracking.
The global wearable healthcare devices market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. During the forecast period, the Asia Pacific market is estimated to experience the highest CAGR. Many countries in the Asia Pacific region have been experiencing steady growth in healthcare expenditure. Growth in this market can be attributed to the increasing prevalence of chronic conditions, the growing per capita income, and the presence of high-growth markets in the region.
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Wearable Healthcare Devices market major players covered in the report, such as:
- Apple Inc. (US)
- Fitbit (US)
- OMRON Corporation (Japan)
- Medtronic (Ireland)
- Garmin Ltd. (US)
- GE HealthCare (US)
- Dexcom, Inc. (US)
- Abbott (US)
- Masimo (US)
- Koninklijke Philips N.V. (Netherlands)
- Boston Scientific Corporation (US)
- iRhythm Technologies, Inc. (US)
- CONTEC MEDICAL SYSTEMS CO. LTD. (China)
- Biotricity (US)
- MediBioSense (UK)
- VitalConnect (US)
- Cyrcadia Health (US)
- ten3T Healthcare (India)
- Minttihealth (China)
- Biobeat (Israel)
- iHealth Labs Inc. (US)
- VivaLNK, Inc. (US)
- GENTAG, Inc. (US)
- AiQ Smart Clothing (Taiwan)
- Nonin Medical (US)
- Oxitone Medical (Israel)
- and Among Others
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This report categorizes the wearable healthcare devices market based on product, type, grade, distribution channel, application, and region:
By Product
- Smartwatches
- Trackers
- Patches
- Smart Clothing
By Type
- Diagnostic & Monitoring Devices
- Vital Sign
- Monitoring Devices
- Multiparameter Trackers
- ECG/Heart Rate Monitors
- Blood Pressure Monitors
- Pulse Oximeters
- Glucose Monitoring Devices
- Sleep Monitoring Devices
- Wrist Actigraphs
- Polysomnography Devices
- Fetal Monitoring & Obstetric Devices
- Neuromonitoring Devices
- Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
- Insulin Pumps
By Grade
- Consumer-grade Wearable Healthcare Devices
- Clinical-grade Wearable Healthcare Devices
By Distribution Channel
- Online Channels
- Pharmacies
- 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 & New Zealand
- Rest of Asia Pacific
- Rest of the World
- Latin America
- Middle East & Africa
- GCC Countries
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Key Market Stakeholders:
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
Report Objectives:
- To define, describe, segment, and forecast the wearable healthcare devices market by product, type, grade, distribution channel, application, and region
- To provide detailed information regarding the major factors influencing the market growth (such as 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 four regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World
- 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, partnerships, agreements, and product launches & approvals in the wearable healthcare devices market
- To benchmark players within the hemostats market using the Company Evaluation Matrix framework, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offerings
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