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Wearable Healthcare Devices Market: Information by Device Type (Diagnostic Devices), Product Type (Smartwatch), Application, Grade Type, Distribution Channel, and Region — Forecast till 2029

Market Snapshot
Study Period:
2017-2029
Base Year:
2021
Fastest Growing Market:
Europe
Largest Market:
North America
CAGR:
8.6 %
Key Players
Apple Inc

Alphabet Inc

Xiaomi

Sony Corporation

Market Synopsis

The global wearable healthcare devices market is expected to grow at a CAGR of 8.60% during the forecast period, i.e., 2017–2029.

Global Wearable Healthcare Devices Market Synopsis

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Market Drivers

Swelling Adoption of Wearable Technology for Home Healthcare, Fitness, and Lifestyle

Factors such as growth in the geriatric population, rising prevalence of chronic diseases, and the availability of advanced technologies such as Artificial Intelligence and 5G in wearable medical devices have enabled the delivery of quality health care in non-hospital settings. 

Wearable technology products track the movement and daily activities of different individuals globally. It can be used to acquire physiological, contextual, and behavioral data for diagnosis, treatment, and management of chronic diseases such as diabetes, hypertension, and cardiac health.

With the beginning of a New Year, health-related resolutions take effect. The ability to connect to the Internet and exchange data between a network and a device drives the population across various regions for wearable adoption. For instance, 

  • Approx. 21% of people (roughly one-in-five adults) in the U.S. reported using a smartwatch (fitness tracker), according to a Pew Research Center survey conducted during the study period of June 3–17, 2019. 
  • Also, one in five Canadians aged 35–49 owned at least one wearable. 
  • Moreover, about 19.2 million devices were bought by consumers in the U.K. in July 2021, marking a swift rise in technology adoption over the past decade.
  • A survey conducted by a distinctive Research Organisation among internet users in Japan about the prospect of wearables resulted in watches being the clear winner. Nearly two-thirds of male participants, along with 56% of females, were interested, specifically in purchasing a smartwatch in the coming years.

The emerging trend of wearable technology, which integrates electronics into daily activities and fits perfectly into the changing lifestyles, and can be worn anywhere on the body, has been the driving factor for the market in recent years. 

A Surge in Research Studies for Extensive Use of Wearable Devices

The COVID-19 pandemic has created an opportunity for wearables to support the seamless amalgamation of telemedicine. In 2020, researchers from Rockefeller Neuroscience Institute stated that a wearable sleep and activity tracker, namely Oura ring, can measure vital signs to predict COVID-19 symptoms such as breathlessness, cough, and fever up to three days. Recently, Fitbit (Alphabet Inc.), a wearable leader, declared that its wearable identified around 50% of COVID-19 cases a day before patients reported any symptoms.

Wearable devices play a crucial role in health care by predicting certain disorders by incorporating essential vital signs with clinical symptomology. The research studies related to the use of wearable devices to combat COVID-19 disease have been ramped up. It, in turn, could pave the way for coming obstacles. 

Impact of COVID-19

Many countries are suffering due to the pandemic; its adverse effects on businesses, individuals, governments, and preventive measures, have significantly affected financial markets, broader economies, and the overall demand for market products.

However, COVID-19 has accelerated health and fitness app adoption into traditional healthcare by integrating wearable technology. The forced lockdowns and remote work has increased awareness of personal health and wellness, and wearable healthcare devices are helping consumers take precautions to prevent infection.

Segmental Analysis of Wearable Healthcare Devices Market

The global market for wearable healthcare devices is divided into six categories: device type, product type, application, grade type, distribution channel, and regions.

Based on device type, the market is divided into diagnostic and therapeutic. The diagnostic device segment held a dominating share in 2020 due to the rising prevalence of chronic diseases, growth in disposable income among the young population, and new product launches by market players.

The wearable healthcare devices market is divided into activity monitors/trackers, smartwatches, smart clothing, hearables, and others, depending on the product type. 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 wearable healthcare devices market is divided into sports and fitness, remote patient monitoring, and home healthcare in the application segment. In 2020, the sports and fitness segment accounted for the highest share of the wearable devices market due to the growing penetration of 3G and 4G networks for incessant healthcare services.

Based on the grade type, the market is segmented into consumer-grade and clinical grade. In 2020, the consumer-grade segment accounted for the largest share of the grade type of wearable healthcare devices market.

Based on distribution channels, the market is segmented into pharmacies, e-commerce, and hypermarkets. The e-commerce segment held a dominating share of the global market in 2019 and is likely to grow at a higher CAGR during the forecast period.

Regional Analysis of Wearable Healthcare Devices Market

North America Lead Wearable Healthcare Devices Market Synopsis

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Increased Government Funding in North America

The market size in North America stood at USD 25,072.14 million in 2020. Reimbursement policies, high per capita expenditure on advanced technologies, the continuous focus of market players towards the launch of ground-breaking wearable devices in the U.S. and Canada, government boosts, and state investments are responsible for the dominance in this region.

Europe is projected to be the second-largest market in terms of revenue. It is attributed to a large pool of patients suffering from chronic disorders, coupled with the growing geriatric population, increasing disposable income, and a rise in investments and grants. These factors boost the adoption of wearable devices in this region. According to the World Health Organization (WHO), 58% of the population aged 65 or more suffered from chronic diseases in Germany in 2018.

The Asia-Pacific market is expected to grow with the highest CAGR due to the escalating focus of government and NGOs to reduce the patient’s hospital stay in emerging countries such as China, Japan, India, etc. The rest of the world (RoW) accounted for a relatively lower share due to a vast untapped market. 

Competitive Players in the Global Wearable Healthcare Devices Market

Some of the key players in the global wearable healthcare devices market are 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.

Global Wearable Healthcare Devices Market Competative Landscape

Recent Developments by the Key Players:

  • April 2021- Fitbit, Inc. (Alphabet Inc.) launched Fitbit Luxe.
  • January 2021- Google (Alphabet Inc.) closed the acquisition of Fitbit, a leading wearables brand, for USD 2.1 billion.
  • January 2021- Apple collaborated with Biogen, a biotech company, on a new research project to identify mHealth wearable devices in monitoring early indicators of cognitive impairment so that healthcare providers may design more effective care programs and remote monitoring management.

Global Wearable Healthcare Devices Market: Segmentation

By Device Type

By Product Type

  • Activity Monitors/Trackers
  • Smartwatches
  • Smart Clothing
  • Hearables
  • Others

By Application

By Grade Type

  • Consumer-Grade
  • Clinical Grade

By Distribution Channel

  • Pharmacies
  • e-Commerce
  • Hypermarkets

By Region

  • Americas
  • Europe
  • Asia-Pacific
  • RoW

Frequently Asked Questions (FAQs)

The rising geriatric population, rising prevalence of chronic diseases, and the availability of advanced technologies are key factors to propelling the demand for wearable healthcare devices market?
Apple Inc., Alphabet Inc., Xiaomi, Sony Corporation, Samsung Electronics Cp., Ltd., Garmin Ltd., Huawei Technologies Co., Ltd, Omron Healthcare, Inc., AiQ Smart Clothing are the top players in Wearable Healthcare Devices Market
The global wearable healthcare devices market is expected to grow at a CAGR of 8.60% during the forecast period, i.e., 2017–2029.
Yes, Wearable Healthcare Devices market is growing owing to increasing disposable income, and a rise in investments and grants.
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