By 2026, the wearable healthcare devices market is projected to grow from its 2021 valuation of US$ 16 billion to US$ 30 billion. In addition, it is anticipated that the total market for wearable medical technology will increase at a 13% CAGR from 2022 to 2032, totaling approximately US$ 61 billion by the end of that year.
The rising prevalence of heart-related diseases worldwide, the thriving wearable medical device market in developed and developing regions, and growing consumer awareness about the benefits of monitoring and tracking vital signs and parameters all contribute to growth.
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Surging concerns regarding the high mortality rate of cardiovascular diseases such as diabetes, obesity, heart attacks, and stroke are expected to push the demand for wearable medical devices during the forecast period, thereby favoring the wearable healthcare devices market growth. According to the World Health Organization, nearly 17.9 million people died from CVDs in 2019, out of which 85% of deaths were due to heart attack and stroke.
Key Takeaways
- The growth of the global wearable healthcare devices market is attributed to the surging prevalence of heart-related diseases all over the world, along with bolstering the medical device market across developed and developing regions, and rising customer awareness about the benefits of monitoring and keeping track of vital signs and parameters.
- Over the recent years, advancements in medical technology have surged its way for the development of innovative wearable healthcare devices that play a significant role in the monitoring of vital body signs and parameters like temperature, heart rate, blood pressure, etc.
- The rising adoption of these wearable healthcare devices by common people, fitness enthusiasts, and healthcare professionals in order to monitor and track crucial parameters is offering a huge thrust to the growth of the wearable healthcare devices market and the trend is likely to escalate during the forecast period.
- The growth of the global wearable healthcare devices market is attributed to the rising prevalence of heart attacks, strokes, and several other cardiovascular diseases that have prompted people to prioritize preventive healthcare. This is resulting in spending huge amounts of money on purchasing smart wearable healthcare devices. This will continue to boost the growth of markets during the coming 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 :
Leading wearable healthcare device manufacturers are consistently focusing on developing new and innovative products with additional features. They are integrating cutting-edge wearable health technologies that provide accurate information about vital parameters like pulse rate, temperature, and blood pressure.
More Insights into the Wearable Healthcare Devices Market :
According to FMI analysis, the global market study on healthcare devices, the U.S. 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
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Europe
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