Wearable Healthcare Devices Market Recent Developments and Future Trends
According to research report wearable healthcare devices market size is projected to reach USD 46.6 billion by 2025 from USD 18.4 billion in 2020, at a CAGR of 20.5% from 2020 to 2025.
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Emerging economies such as China, India and Brazil are expected to provide a wide range of opportunities for players in the market. Furthermore, increasing adoption of AI and 5G, growing adoption of mobile platforms, and the growing awareness and preference for home healthcare will also boost the growth of this market.
The major players in the wearable healthcare devices market are Medtronic plc. (Ireland), Koninklijke Philips N.V. (Netherlands), OMRON Corporation (Japan), Biotelemetry Inc.(US), Apple, Inc. (US), Dexcom Inc. (US), Abbott Laboratories(US), CONTEC Medical Systems Co. Ltd (China), Biotricity Inc.(US), Verily Life Sciences.(US), Masimo Corporation(US), GE Healthcare(US), Bio-Beat Technologies (Israel), iRhythm Technologies, Inc. (US), VitalConnect (US), Minttihealth (US), Preventice Solutions, Inc. (US), Cyrcadia Asia Limited (Hong Kong ), ten3T healthcare (India), Fitbit, Inc. (US), Garmin Ltd (Switzerland), Xiaomi Technologies (China), and Huawei Corporation (China).
> In 2019, Apple Watch Series 5 was launched with advanced functionalities by Apple, Inc. (US)
> In 2020, Fitbit Charge 4, activity tracker was launched by Fitbit, Inc. (US)
> In 2019, Omron (Japan) launched HeartGuide, a wearable blood pressure smart watch.
Based on applications, the wearable healthcare devices market is segmented into general health and fitness, remote patient monitoring, and home healthcare applications. In 2019, the general health and fitness segment accounted for the largest share of the market, primarily due to the increasing focus on physical fitness among people to improve their quality of life, coupled with the growing trend of tracking health progress on a continuous basis.
Based on device type, the wearable medical devices market is segmented into diagnostic & monitoring devices and therapeutic devices. In 2019, the diagnostic & monitoring devices segment accounted for a larger share of 64.3% of the wearable medical devices market. The large share of this segment can be attributed to factors such as the growing prevalence of chronic & lifestyle diseases, the availability of technologically advanced and compact products that can be easily worn, the ability of diagnostic & monitoring devices to diagnose multiple health conditions at relatively earlier stages, and the increasing accuracy of the products.
Based on the distribution channel, the wearable medical devices market is segmented into pharmacies, online channels, and hypermarkets. Pharmacies accounted for the largest share of 46.7% of the global wearable medical devices market in 2019. The increasing trend of self-monitoring and non-invasive monitoring and diagnosis has resulted in a substantial increase in the supply of wearable devices in pharmacies.
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Based on region, the global wearable healthcare devices market is segmented into North America, the Asia Pacific, Europe, Latin America, and the Middle East & Africa. In 2019, North America accounted for the largest share of 38.0% of the global wearable medical devices market.
Mr. Aashish Mehra
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