The global wearable healthcare devices market accounted for a value of 16.0 billion in 2019 and is projected to register growth at a CAGR of 17.1% during forecast period.
COVID-19 has impacted the wearable healthcare devices market. The outbreak of corona virus globally, there has been a shortage of essential medical equipments and devices. The cases of corona virus are increasing in the world which increases and lockdown has been imposed in order control the transmission of this virus. Providing essentials amid lockdown is very challenging. The demand for digital health wearable is increasing immensely due to corona virus as it helps in remote monitoring and telehealth which helps in dealing with lockdown and travel restrictions. The market is likely to witness significant growth due to COVID-19.
For more details, visit: Global Wearable Healthcare Devices Market By Device Type (Diagnostic and Therapeutic), By Application (Patient Monitoring, Home Healthcare, Others), By Product, By Distribution Channel, By Region, Forecast & Opportunities to 2026
The adoption of mobile platforms, 5G and AI is increasing in the world. The awareness is growing and preference to home healthcare is increasing. The emerging economies such Brazil, China India and others are providing growth opportunities to healthcare industry players. This is likely to boost the growth of Wearable healthcare devices in the market during forecast period.
On the basis of device type, the wearable healthcare devices market is segmented into diagnostic device and therapeutic devices. The therapeutic device segment is estimated to grow at highest CAGR during forecast period. The demand and adoption of these products are increasing rapidly in the world. The therapeutic device segment is further divided into pain management, respiratory therapy devices and rehabilitation. The demand for therapeutic devices is higher and this drives growth in therapeutic segment during forecast period.
On the basis of application, the wearable healthcare devices market is segmented into general health & fitness, remote patient monitoring and home healthcare. The remote patient monitoring segment is estimated to register growth at highest CAGR during forecast period. The geriatric population is increasing rapidly around the world. The chronic diseases are also increasing which requires regular care and there are areas where advanced healthcare infrastructure is not available and this increases utilization of remote patients monitoring systems. Thus, drives growth in respiratory patient monitoring segment during forecast period.
North America region accounted for largest market share in 2019. The incidence of cardiovascular disorders, cancer and diabetes diseases are increasing in this region which involves routine monitoring. The healthcare infrastructure is developing in this region and adoption of wearable healthcare devices is increasing in this region. However, the Asia-Pacific region is estimated to grow at fastest rate during forecast period. The government is adopting favorable initiative for boosting medical devices. The geriatric population is increasing and the disposable income of people is also increasing due to which they are expending towards better healthcare services. Thus, drives growth in wearable healthcare devices market in Asia-Pacific region during forecast period.
The key market players in wearable healthcare devices sector are Medtronic Plc., Koninklijke Philips N.V., OMRON Corporation, Apple Inc., Biotelemetry Inc., Dexcom Inc., Abbott Laboratories, masimo Corporation, GE Healthcare, Bio-Beat technologies, iRhythm Technologies Inc., VitalConnect, Minttihealth, preventice Solutions, CONTEC Medical Systems CO., Biotricity and Ten3T Healthcare.
- What are the expected industry trends over the next three to five years?
- Which of the wearable healthcare devices product is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?