PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443390
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443390
Wearable Healthcare Devices Market size was valued at USD 39,198.34 Million in 2023, expanding at a CAGR of 11.9% from 2024 to 2032.
A Wearable Healthcare Device is an autonomous and noninvasive device that serves a specific medical purpose, such as continuous monitoring or support. The progress in wearable technology and the increasing desire of consumers to manage their own health have had an impact on the medical industry, including insurers, providers, and technology companies. As a result, there has been a development of various wearable devices like Fitbits, smart watches, and wearable monitors. These wearable fitness trackers are equipped with sensors and worn on the wrist to track the user's physical activity and heart rate. Despite being some of the simplest and original forms of wearable technology, they have proven to be enduring as they conveniently sync with smartphone apps to provide users with valuable health and fitness recommendations.
Wearable Healthcare Devices Market- Market Dynamics
The increasing incidence of cardiovascular diseases on a global scale is expected to propel market expansion.
There is a growing recognition among individuals regarding the significance of monitoring their health, particularly when it comes to heart-related difficulties. According to the American Heart Association, cardiovascular disease (CVD) remains the leading cause of death in the United States, accounting for 928,741 deaths in 2020. Additionally, in 2021, approximately 695,000 individuals in the United States died from heart disease, which equates to 1 in every 5 deaths. Wearable healthcare devices provide a convenient and continuous method for monitoring vital signs, such as heart rate and rhythm. Around 3.6 million individuals with cardiovascular disease and 34.4 million individuals at risk of cardiovascular disease in the U.S. utilized wearable devices. In comparison, 29% of the total adult population in the U.S. used wearable devices. Surprisingly, only 12% of individuals with cardiovascular disease over the age of 65 utilized wearable devices, despite the fact that it is estimated that half of all people with cardiovascular disease are older than 65. The increasing adoption of telemedicine and remote patient monitoring presents a significant opportunity for wearable healthcare devices. However, the growth of the market may be restricted by limited reimbursement policies.
Wearable Healthcare Devices Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 11.9% over the forecast period (2024-2032)
Based on Device Type segmentation, the Diagnostic Devices was predicted to show maximum market share in the year 2023
Based on Product Type segmentation, trackers was the leading type in 2023
Based on Application segmentation, General Health and Fitness was the leading type in 2023
Based on Grade Type segmentation, Consumer-Grade was the leading type in 2023
Based on end user segmentation, Pharmacies was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Wearable Healthcare Devices Market is segmented on the basis of Device Type, Product Type, Application, Grade Type, End User, and Region.
The market is divided into three categories based on Device Type: Diagnostic Devices, Therapeutic Devices, Multiparameter Tracker, ECG\Heart Rate Monitors, Blood Pressure Monitors, Pulse Oximeter, Wrist Actigraphs, Polysomnography Devices and Traditional Diagnostic Tests. The market is primarily dominated by the Diagnostic Devices segment. Wearable diagnostic devices enable the continuous monitoring of diverse health parameters, including heart rate, blood pressure, blood glucose levels, sleep patterns, and physical activity.
The market is divided into two categories based on Product Type: Activity Monitors/Trackers, Smartwatches, Smart Clothing, Hearables, Trackers, Pathes and Others. The market for wearable health trackers has witnessed significant growth in recent years, primarily due to the rising consumer consciousness regarding the significance of physical activity, health monitoring, and preventive healthcare. The dominance of the trackers segment in this market can be attributed to technological advancements and the increasing prevalence of chronic diseases, which have contributed to the expansion of the market.
The market is divided into two categories based on Application: General Health and Fitness, Remote Patient Monitoring and Home Healthcare. The market for wearable healthcare devices focused on general health and fitness has witnessed substantial growth in recent years. This surge can be attributed to the rising consumer consciousness regarding the significance of physical activity, wellness, and preventive healthcare. Additionally, advancements in sensor technology and data analytics have played a crucial role in driving this growth.
The market is divided into two categories based on Grade Type: Consumer-Grade and Clinical Grade. The market is predominantly dominated by the Consumer-Grade segment. The market for wearable healthcare devices aimed at consumers has been witnessing substantial growth. This growth can be attributed to the growing awareness among consumers about health and fitness, the increasing prevalence of chronic diseases, and the continuous advancements in technology.
The market is divided into two categories based on End-User: Pharmacies, Online Channel and Hypermarkets. Pharmacies hold a significant share in the market. They are expanding their range of products to include wearable healthcare devices like fitness trackers, smartwatches, blood pressure monitors, glucose monitors, and wearable ECG monitors. The objective behind offering these devices is to meet the rising need for health monitoring solutions that prioritize the consumers.
Wearable Healthcare Devices Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is poised to lead the market growth, driven by high per capita spending on advanced technologies and the increasing adoption of wearable healthcare devices. The region benefits from a strong healthcare infrastructure, which includes state-of-the-art hospitals, research centers, and skilled healthcare professionals. This infrastructure facilitates the integration of wearable healthcare devices into clinical workflows by providing essential support for data management and analysis. In 2021, the United States allocated 17.8 percent of its GDP to healthcare, a figure significantly higher than the OECD average. Approximately 30% of American adults utilize wearable healthcare devices, with nearly half using them daily. Moreover, the majority of users are willing to share their health data with healthcare providers, as reported by the National Center for Biotechnology Information. Europe follows closely behind as the second-largest region for market growth, benefiting from advancements in medical technology.
The wearable healthcare devices market is experiencing significant growth due to the increasing demand for wearable. Insurers and companies are recognizing the benefits of providing wearable health technology to their customers and employees. To stand out in the market, companies are focusing on technological advancements by developing advanced sensors, algorithms, and software features to improve the functionality and accuracy of their devices. Continuous investment in research and development is crucial to stay ahead of the competition and meet the changing needs of consumers. Companies are also expanding their distribution networks and forming strong partnerships with retailers, online platforms, and healthcare providers to increase market share. By securing prominent placement in retail stores and utilizing e-commerce channels, companies can reach a wider audience and boost sales. The competition in the wearable healthcare devices market is intense, with companies employing various strategies to differentiate themselves, gain market share, and maintain a competitive edge. Continuous innovation, customer-centricity, and agility are essential for success in this dynamic market.
Rockley Photonics and Medtronic have recently formed a partnership in March 2022 to collaborate on the advancement of wearable healthcare monitoring devices.
On November 8, 2023, GE HealthCare and Masimo made a joint announcement regarding the integration of Masimo Signal Extraction Technology (SET) pulse oximetry into GE HealthCare's Portrait Mobile wireless and wearable patient monitoring solution. This platform, known as Portrait Mobile, utilizes cloud native technology to offer a comprehensive experience for continuous monitoring through the Internet of Medical Things (IoMT).
During its keynote address at the Consumer Electronics Show (CES) in Las Vegas, Abbott unveiled the upcoming launch of a new line of wearable biosensors named Lingo. These biosensors, resembling the current Freestyle Libre sensor based on showcased images, are being developed to monitor glucose, ketones, lactate, and alcohol levels on a smartphone.
GLOBAL WEARABLE HEALTHCARE DEVICES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Medtronic PLC
Koninklijke Philips N.V.
GE Healthcare
Fitbit Inc
OMRON Corporation
Abbott Laboratories
Garmin Ltd.
Dexcom Inc.
Masimo Corporation
Others