The Increase in Awareness Towards Health and Fitness Spur the Global Wearable Healthcare Devices Market

Although wearable devices are still relatively new, they have made a severe impact on healthcare globally with the growing ability to monitor chronic diseases such as diabetes, hypertension, and cardiac health. In 2018, a survey of 2,301 U.S. consumers was conducted on the use of digital health services by HIMSS18. It reported that the use of wearable devices by people living in the U.S. has almost quadrupled in the last four years, reaching 33% in 2018 from 9% in 2014. Approximately three-fourths of consumers view wearables: as beneficial to understanding their health condition (75%) health engagement (73%), and  health monitoring of loved ones (73%) Additionally, wearable clinical trial experience for the participants can lower the duration and frequency of clinic visits. Overall, the use of wearables in clinical trials will improve the effectiveness of the trials and develop deeper insights. Smartwatches Account for the Fastest Market Growth Based on product type, the market is segmented into activity monitors/trackers, smartwatches, smart clothing, and hearables.  The introduction of health measures to self-track COVID-19 symptoms in the wake of the pandemic and the ever-increasing interest of users in their general health and wellness presented a significant opportunity for the wearables market. Smartwatches and activity monitors/trackers are seeing robust growth as consumers rely on these devices for remote work, health tracking, fitness activities, and more. The smartwatch segment witnessed the highest growth with the highest CAGR, partly driven by new consumers entering the market. It will continue in the forthcoming years due to new processor technologies. The Surge in Demand for AI and 5G Drives the Market 5G and artificial intelligence (AI) technologies can be used to establish the potential diagnostic and treatment platform for a patient. In addition, AI can aid in the prediction of patients who are more likely to have postoperative complications, thus allowing healthcare systems to provide early intervention. Real-time learning along with a high volume of data needs high-bandwidth and reliable networks. Healthcare organizations can use AI tools with the help of 5G networks to offer the best care possible in real-time to the patient and the general public, wherever they are. Thus, the use of up-and-coming advanced tools and technologies such as AI and 5G can be anticipated to provide high-growth opportunities in the wearable healthcare devices market. Got questions about your regional growth of Wearable Healthcare Devices Market? Just drop us a line or call on +1 646 480 7505 Impact of COVID-19 The COVID-19 pandemic has drastically affected the global wearable healthcare devices market. COVID-19 has accelerated health and fitness app integration into traditional healthcare approaches combined with wearable technology. Wearable devices have multifunctional capabilities, thus are easily configurable for the desired end-use.  Multi sensors of wearable devices cover diverse physiological and contact tracing parameters, creating digital databases and providing access to medical practitioners. For instance, Apple recently updated its Cardiogram app with a new sleeping beat per minute (BPM) feature. This measures users’ heart rate to monitor fluctuations in a patient with COVID-19. Regional Insights North America dominates the market and is expected to continue this trend over the forecasted period. The regional market was fueled by rising government financing, prominent reimbursement policies, and the increased focus on developing advanced wearable devices in North America.  The market is expected to grow swiftly due to highly developed economies and enhanced technologies. Also, the growth of this region can be attributed to the rise in demand for advanced wearable healthcare and mhealth for diagnosis, treatment, care, rehabilitation, and overall healthcare improvement. For instance, as per data provided by the ASHP National Survey, in 2018, over 20.3% of American adults wore wearable technology at least once a month. Asia-Pacific is projected to register the highest growth rate during the forecasted period. It is due to the rise in prevalence of chronic diseases coupled with a high geriatric population base. Further, the wearable healthcare devices market is fueled by the increased penetrance of players in this region. Key Highlights The global wearable healthcare devices market was valued at USD 32,620.58 million in 2017, and it is predicted to increase at a CAGR of 8.60% from 2019 to 2029. The market is driven by the growing consumer use of wearable healthcare devices for general health and fitness and the rising technological advancements and innovations. The diagnostic device sub-segment is expected to be the most profitable during the projected period. The use of vital signs monitoring devices for home care settings and the demand for wearable monitoring devices have increased the importance of patient-provider safety. Over time, wearables have evolved from individual devices measuring blood pressure, temperature, and pulse to a combined all-in-one device. Thus, driving the segmental growth. The e-commerce sub-segment is predicted to be the most profitable by distribution channel. The dominance is attributed to the high disposable income propelling the sales of innovative wearable medical devices to monitor health and fitness. North America is expected to dominate the market due to prominent players and growth in investments and funding. APAC is predicted to register a high growth rate in the forecasted period. The market is saturated by many key players such as Apple Inc. (the U.S.), Alphabet Inc. (Fitbit Inc., the U.S.), Xiaomi (China), Sony Corporation (Japan), Samsung Electronics Cp., Ltd. (South Korea), Garmin Ltd. (the U.S.), Huawei Technologies Co., Ltd (the U.S.), Omron Healthcare, Inc. (Kyoto, Japan) AiQ Smart Clothing (Taipei, Taiwan) Koninklijke Philips N.V. (Amsterdam, Netherlands), Amazon (the U.S.), Withings (France), Medtronic PLC (the U.S.), among others. Market News January 2021- The Samsung Health Monitor app is expected to be accessible in more than 31 countries soon. With this, users can track their blood pressure and ECG with the Samsung Watch 3 and Watch Active2. The app is available for both iOS and Android devices, thus enabling consumers to keep up to date about their health at their convenience. September 2020- Apple launched Apple Watch Series 6 to track accurate details of overall wellness with revolutionary blood oxygen monitoring. Wearable Healthcare Devices Market: Segmentation By Device Type Diagnostic Devices Therapeutic Devices By Product Type Activity Monitors/Trackers Smartwatches Smart Clothing Hearables Others By Application Sports and Fitness Remote Patient Monitoring Home Healthcare By Grade Type Consumer-Grade Clinical Grade By Distribution Channel Pharmacies e-Commerce Hypermarkets By Regions Americas Europe Asia-Pacific RoW " Crucial Insights The Report Provides:" * Known and Unknown Adjacencies Influencing the Growth of Market * Explorable Revenue Sources * Customer Behaviour Analysis * Target Partners * Customized Geographical Data Based on Customers as well as Competitors * Analysis of Market Size and CAGR between the Forecast Periods