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