Wearable Healthcare Devices Market
Wearable Healthcare Devices Market Forecasts to 2030 - Global Analysis By Product Type (Wristband, Trackers, Ear Wear and Other Product Types), Device Type (Therapeutic Devices, Diagnostic Devices and Other Device Types), Site, Application and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $34.2 BN |
|
Projected Year Value (2030) |
US $189.5 BN |
|
CAGR (2023 - 2030) |
27.7% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Wearable Healthcare Devices Market is accounted for $34.2 billion in 2023 and is expected to reach $189.5 billion by 2030 growing at a CAGR of 27.7% during the forecast period. Portable devices known as wearable healthcare devices are used to diagnose and track patients' vital health signals, including blood pressure, heart rate and rhythm, breathing rate, and a number of other characteristics. These gadgets are applied to the patient's body to gather private information. The wearable medical device uses wireless technology to give the patient independence and convenience.
According to a 2019 Pew Research Center survey, one in five U.S. adults (21%) wear a fitness band or wearable fitness tracker on a regular basis. Women are far more likely than men to use such devices on a regular basis (25% vs. 18 %).
Market Dynamics:
Driver:
Growing consumer awareness for health and fitness
The market for wearable medical devices has expanded dramatically as a result of factors including an aging population, an increase in the prevalence of chronic diseases, and the availability of cutting-edge medical equipment such wearable devices that allow for the provision of high-quality care outside of hospitals. As a result, during the forecast period, the market for wearable medical devices would rise due to the rising consumer awareness of health and fitness.
Restraint:
Patent protection for wearable healthcare devices
Manufacturers of healthcare devices confront significant obstacles from patent changes and patent trolls. Patent trolls are companies that buy patents in order to collect royalties from businesses that are accused of violating patents held by non-practicing entities (NPEs) or patent assertion entities through their practices or goods. Companies can secure the financial and legal payments of successfully filed patents and minimize potential losses due to patent trolls by carefully protecting mobile medical technology developments through patents.
Opportunity:
Increased use of artificial intelligence and 5G
Identifying potential diagnoses and therapies for a particular patient is possible with the help of 5G, AI, and ML. In general, real-time learning with a large amount of data requires networks that are reliable and have a lot of capacity. Healthcare organizations may employ AI tools to deliver the finest care possible in real-time, wherever they are, with the aid of 5G networks. As a result, the market can be anticipated to offer chances with significant growth rates due to the adoption of upcoming advanced tools and technologies like AI and 5G.
Threat:
High cost of maintenance
Numerous restrictions prevent wearable medical devices from being used due to significant technological improvements in the industry. One of them is the expensive total cost of wearing medical equipment. These devices frequently have sensors, batteries, and processors that need to be regularly serviced. The entire cost is significantly higher when the costs of these accessories are taken into account during the lifespan of the devices. The market for wearable medical equipment is therefore constrained by the high maintenance costs.
Covid-19 Impact:
The pandemic is causing hardship in numerous nations; in addition to harming governments, businesses, and people, it has also had a negative impact on financial markets, larger economies, and consumer demand for goods in general. By using wearable technology, COVID-19 has advanced the integration of health and fitness apps into conventional healthcare. Forced lockdowns and remote work have raised consumer awareness of personal health and wellness, and wearable medical technology is assisting people in taking infection-prevention measures.
The diagnostic and monitoring devices segment is expected to be the largest during the forecast period
The diagnostic and monitoring devices segment is expected to be the largest during the forecast period. This is due to factors such as an aging population and an increase in the prevalence of chronic diseases. The usage of ECG/heart rate monitors, blood pressure monitors, pulse oximeters, glucose monitoring equipment, and other technologies increased during the pandemic and were crucial. As more individuals understand the value of preventative healthcare, the market is expected to expand.
The sports & fitness segment is expected to have the highest CAGR during the forecast period
The sports & fitness segment is expected to have the highest CAGR during the forecast period. A major high-impact driver for the sector is the increased emphasis on health and fitness. There are several different pieces of wearable medical technology and software that have been developed for weight and fitness control. Cell phones that are often connected to wristbands can display real-time monitoring of activities including steps done, calories burned, calories consumed, miles run, and others. The widespread use of 3G and 4G networks for on-demand healthcare services is fueling this market segment's expansion.
Region with largest share:
North America is projected to hold the largest market share during the forecast period owing to the growing prevalence of cardiovascular disorders, diabetes, and cancer within this region. Additionally, owing to the high use of remote patient monitoring and home care devices for frequent, continuous, and long-term patient monitoring and lowering the frequency of hospital visits, there’s a huge demand for the region’s growth.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period owing to the rapid technological advancements and the growing requirement for home care devices and round-the-clock monitoring. Favorable government initiatives to employ these wearable medical devices, an increase in the number of elderly people, and rising healthcare costs in this region are major drivers of market expansion.
Key players in the market
Some of the key players in Wearable Healthcare Devices market include Omron Corporation, Medtronic Plc, Polar Electro, Intelesens Ltdm, Everist Health, Koninklijke Philips N.V., Withings, Fitbit Inc., Sotera Wireless, Vital Connect, Garmin Ltd., Apple, Inc., Xiaomi Inc, Qualcomm Inc. and Boston Scientific Corporation.
Key Developments:
In May 2023, Medtronic, which purchased Covidien in 2015, announced the imminent acquisition of EOFlow Co. Ltd., which manufactures the EOPatch device for insulin delivery. This is a wearable, tubeless, and fully disposable device, which would allow the company to better address the needs of diabetic individuals.
In April 2023, Garmin announced that Dexcom Connect IQ apps, available for consumers with Type 1 or Type 2 diabetes who use the Dexcom G6 or Dexcom G7 Continuous Glucose Monitoring System, would see an expanded regional availability.
In January 2023, Masimo and Royal Philips expanded their partnership for leveraging the Masimo W1 advanced health tracking watch to improve patient monitoring capabilities in the area of home telehealth.
Product Types Covered:
• Wristband
• Trackers
• Ear Wear
• Smart Clothing
• Watch
• Other Product Types
Device Types Covered:
• Therapeutic Devices
• Diagnostic Devices
• Other Device Types
Sites Covered:
• Headband
• Strap/Clip/Bracelet
• Handheld
• Shoe Sensors
Applications Covered:
• Remote Patient Monitoring
• Home Healthcare
• Sports and Fitness
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Wearable Healthcare Devices Market, By Product Type
5.1 Introduction
5.2 Wristband
5.3 Trackers
5.4 Ear Wear
5.5 Smart Clothing
5.6 Watch
5.7 Other Product Types
6 Global Wearable Healthcare Devices Market, By Device Type
6.1 Introduction
6.2 Therapeutic Devices
6.2.1 Respiratory Therapy Devices
6.2.2 Rehabilitation Devices
6.2.3 Glucose Monitoring Devices
6.2.4 Pain Management Devices
6.3 Diagnostic Devices
6.3.1 Sleep Monitoring Devices
6.3.2 Vital Sign Monitoring Devices
6.3.3 Electrocardiographs Fetal and Obstetric Devices
6.3.4 Neuromonitoring Devices
6.4 Other Device Types
7 Global Wearable Healthcare Devices Market, By Site
7.1 Introduction
7.2 Headband
7.3 Strap/Clip/Bracelet
7.4 Handheld
7.5 Shoe Sensors
8 Global Wearable Healthcare Devices Market, By Application
8.1 Introduction
8.2 Remote Patient Monitoring
8.3 Home Healthcare
8.4 Sports and Fitness
8.5 Other Applications
9 Global Wearable Healthcare Devices Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Omron Corporation
11.2 Medtronic Plc
11.3 Polar Electro
11.4 Intelesens Ltd
11.5 Everist Health
11.6 Koninklijke Philips N.V.
11.7 Withings
11.8 Fitbit Inc.
11.9 Sotera Wireless
11.10 Vital Connect
11.11 Garmin Ltd.
11.12 Apple, Inc.
11.13 Xiaomi Inc
11.14 Qualcomm Inc.
11.15 Boston Scientific Corporation
List of Tables
1 Global Wearable Healthcare Devices Market Outlook, By Region (2021-2030) ($MN)
2 Global Wearable Healthcare Devices Market Outlook, By Product Type (2021-2030) ($MN)
3 Global Wearable Healthcare Devices Market Outlook, By Wristband (2021-2030) ($MN)
4 Global Wearable Healthcare Devices Market Outlook, By Trackers (2021-2030) ($MN)
5 Global Wearable Healthcare Devices Market Outlook, By Ear Wear (2021-2030) ($MN)
6 Global Wearable Healthcare Devices Market Outlook, By Smart Clothing (2021-2030) ($MN)
7 Global Wearable Healthcare Devices Market Outlook, By Watch (2021-2030) ($MN)
8 Global Wearable Healthcare Devices Market Outlook, By Other Product Types (2021-2030) ($MN)
9 Global Wearable Healthcare Devices Market Outlook, By Device Type (2021-2030) ($MN)
10 Global Wearable Healthcare Devices Market Outlook, By Therapeutic Devices (2021-2030) ($MN)
11 Global Wearable Healthcare Devices Market Outlook, By Respiratory Therapy Devices (2021-2030) ($MN)
12 Global Wearable Healthcare Devices Market Outlook, By Rehabilitation Devices (2021-2030) ($MN)
13 Global Wearable Healthcare Devices Market Outlook, By Glucose Monitoring Devices (2021-2030) ($MN)
14 Global Wearable Healthcare Devices Market Outlook, By Pain Management Devices (2021-2030) ($MN)
15 Global Wearable Healthcare Devices Market Outlook, By Diagnostic Devices (2021-2030) ($MN)
16 Global Wearable Healthcare Devices Market Outlook, By Sleep Monitoring Devices (2021-2030) ($MN)
17 Global Wearable Healthcare Devices Market Outlook, By Vital Sign Monitoring Devices (2021-2030) ($MN)
18 Global Wearable Healthcare Devices Market Outlook, By Electrocardiographs Fetal and Obstetric Devices (2021-2030) ($MN)
19 Global Wearable Healthcare Devices Market Outlook, By Neuromonitoring Devices (2021-2030) ($MN)
20 Global Wearable Healthcare Devices Market Outlook, By Other Device Types (2021-2030) ($MN)
21 Global Wearable Healthcare Devices Market Outlook, By Site (2021-2030) ($MN)
22 Global Wearable Healthcare Devices Market Outlook, By Headband (2021-2030) ($MN)
23 Global Wearable Healthcare Devices Market Outlook, By Strap/Clip/Bracelet (2021-2030) ($MN)
24 Global Wearable Healthcare Devices Market Outlook, By Handheld (2021-2030) ($MN)
25 Global Wearable Healthcare Devices Market Outlook, By Shoe Sensors (2021-2030) ($MN)
26 Global Wearable Healthcare Devices Market Outlook, By Application (2021-2030) ($MN)
27 Global Wearable Healthcare Devices Market Outlook, By Remote Patient Monitoring (2021-2030) ($MN)
28 Global Wearable Healthcare Devices Market Outlook, By Home Healthcare (2021-2030) ($MN)
29 Global Wearable Healthcare Devices Market Outlook, By Sports and Fitness (2021-2030) ($MN)
30 Global Wearable Healthcare Devices Market Outlook, By Other Applications (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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