The global Wearable Healthcare Devices Market Size is estimated to reach US$ 30 billion by 2026, from US$ 16 billion in 2021. Furthermore, global demand for wearable healthcare equipment is expected to grow at a 13% CAGR between 2022 and 2032, reaching nearly US$ 61 billion by the end of 2032.
Some of the major factors expected to drive growth in the global healthcare devices market during the assessment period are the rising prevalence of chronic diseases, advancements in wearable medical devices, rising health awareness among people, and the increasing need for patients to keep track of vital parameters.
Concerns over the increasing mortality rate of cardiovascular diseases such as diabetes, obesity, heart attacks, and stroke are expected to fuel demand for wearable medical devices throughout the forecast period, boosting the Wearable Healthcare Devices market’s growth. According to the WHO, about 17.9 million people died from CVDs in 2019, with heart attacks and stroke accounting for 85% of deaths.
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Key Takeaways
- The global Wearable Healthcare Devices market is expanding due to the rising prevalence of heart-related diseases around the world, as well as the expansion of the medical device market in developed and developing regions, and rising customer awareness about the benefits of monitoring and tracking vital signs and parameters.
- Medical technology advancements have led the way for the creation of unique Wearable Healthcare Devices that aid in the monitoring of vital biological signals and parameters such as temperature, heart rate, blood pressure, and so on.
- The growing use of these Wearable Healthcare Devices by ordinary people, fitness enthusiasts, and healthcare professionals to monitor and track critical parameters is fueling the growth of the Wearable Healthcare Devices market, and this trend is expected to continue throughout the forecast period.
- The growing prevalence of heart attacks, strokes, and other cardiovascular problems has driven people to prioritise preventative healthcare, resulting in the global Wearable Healthcare Devices market expanding. As a result, significant funds are being spent on smart wearable healthcare devices. This will continue to fuel market growth in the future years.
- Furthermore, the expansion of the telehealth software market and advancements in healthcare interoperability solutions are favoring the growth of the Wearable Healthcare Devices market. The healthcare devices market is specifically on the rise across developed and developing regions like the United States, China, India, Germany, and the United Kingdom due to the growing popularity of wearable devices healthcare technologies, increasing healthcare spending, and growing adoption of smart Wearable Healthcare Devices.
- Being innovative products, Wearable Healthcare Devices aid in measuring, detecting, and keeping track of essential body parameters like temperature, saturation level, blood pressure, etc. They help people monitor their health 24/7 and get a proper assessment of their health condition.
- Within the past few years, the Wearable Healthcare Devices market was brought into the limelight. Sales of wearable medical devices like pulse oximeters, BP monitors, smartwatches, etc. saw an exponential increase as they help people to monitor their health at home.
- Furthermore, widespread advanced in sensors and artificial intelligence (AI) are helping wearable healthcare device manufacturers to develop smart and compact devices that can easily detect and manage chronic health conditions and avoid serious illnesses among people.
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Competitive Landscape
Medtronic PLC, Koninklijke Philips N.V, GE Healthcare, Fitbit Inc, OMRON Corporation, Abbott Laboratories, Garmin Ltd., Dexcom Inc., and Masimo Corporation.
More Insights into the Wearable Healthcare Devices Market
According to FMI analysis, the global market study on healthcare devices, the US is anticipated to dominate the global Wearable Healthcare Devices market throughout the assessment period attributing to the technological advancements, increasing prevalence of chronic diseases, and the emergence of new Wearable Healthcare Devices market trends.
Key Segments
By Product:
- Trackers
- Smartwatches
- Pathes
- Smart Clothing
By Application:
- General Health and Fitness
- Remote Patient Monitoring
- Home Healthcare
By Device Type:
- Diagnostic and Monitoring Devices
- Vital Sign Monitoring Devices
- ECG/Heart Rate Monitors
- Blood Pressure Monitors
- Wrist Actigraphs
- Polysomnography Devices
- Traditional Diagnostic Tests
By Grade Type:
- Consumer-grade Wearable Healthcare Devices
- Clinical-grade Wearable Healthcare Devices
By Distribution Channel:
- Pharmacies
- Online Channel
- Hypermarkets
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