Wearable Healthcare Devices Market : Emerging Market Trends, Opportunities and Business Insights
The global wearable healthcare devices market is growing rapidly. This is due to the increasing demand for these devices from both consumers and healthcare professionals. There are many different types of wearable healthcare devices available on the market. These include fitness trackers, heart rate monitors, sleep monitors, blood pressure monitors, and more. Wearable healthcare devices offer many benefits. They can help people to monitor their health and fitness levels, and they can also help to detect health problems early.
Industry Overview
The wearable healthcare device market is expected to reach $30.1 billion by 2026 from USD 16.2 billion in 2021, at a CAGR of 13.2%. The major factors driving the growth of this market are the increasing prevalence of chronic diseases, the growing demand for remote patient monitoring, and the rising adoption of fitness and wellness tracking devices. The growing adoption of fitness and lifestyle trackers is one of the major factors driving the growth of the market. The need for continuous monitoring of vital signs and the rising prevalence of chronic diseases are other key factors expected to propel the growth of the market over the forecast period.
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In addition, the increasing investment by key players in research and development activities is another factor anticipated to fuel the growth of the wearable healthcare devices market over the forecast period. For instance, in September 2017, Garmin Ltd., a leading player in the market, launched vívosmart 3 activity tracker with advanced fitness monitoring features such as all-day stress tracking and heart rate monitoring. Such product launches are expected to drive the growth of the wearable healthcare devices market over the coming years.
Market Segmentation
The Healthcare Devices market is segmented by by Product(Trackers, Smartwatch), Type(Diagnostic(BP, Glucose, ECG), Therapeutic(Pain, Insulin)), Grade(Consumer, Clinical), Channel(Pharmacies, E-commerce), Application(Fitness, RPM), Region. Geographically, it is analyzed across North America, Europe, the Asia Pacific, Latin America, and the Middle East Africa. In 2020, North America accounted for the largest share of the global market. The North American market's growth can be attributed to the increasing penetration of smartphones and the growing number of smartphone-based healthcare devices and growing investments, funds, and grants.
Some of the key players operating in this market are The major players operating in this market are Koninklijke Philips N.V. (Netherlands), Apple Inc. (US), GE Healthcare (US), Garmin Ltd. (US), Dexcom Inc. (US), Fitbit Inc. (US), Abbott Laboratories (US), OMRON Corporation (Japan), Masimo Corporation (US), iRhythm Technologies Inc. (US), Medtronic PLC (Ireland), BioTelemetry Inc. (US), Preventice Solutions 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).
Apple, Inc. held the leading position in the wearable healthcare devices market in 2020. The company maintains its leading position in this market through its strong global sales and distribution network. The company adopts organic growth and inorganic growth strategies to increase its dominance in this market. It also focuses on product approvals to complement its existing business segments.
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This study involved four major activities in estimating the current size of the wearable healthcare devices market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate segments and subsegments' market size.
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