Wearable Healthcare Devices Market: Global Industry Analysis and Forecast (2023-2029) by Product, Device Type, Grade Type, Application, and Region

Wearable Healthcare Devices Market size was valued at USD 23.83 Bn. in 2022 and the total Wearable Healthcare Devices revenue is expected to grow at a CAGR of 20.2% from 2023 to 2029, reaching nearly USD 86.42 Bn.
Wearable Healthcare Devices Market Overview:
Wearable devices are categorized according to their purpose, appearance, closeness to the human body, and other factors. The Center for Entrepreneurship and Technology at the University of California, Berkeley, classifies wearable devices into smartwatches, smart glasses, smart clothing, fitness trackers, body sensors, wearable cameras, and others.

A wearable healthcare device is an electronic device with or without physical or software components that are worn by an individual to gather data about that individual's health condition and wellness habits actively or passively. The device's data is frequently sent to a software platform for analysis by an individual or organization to track health and encourage healthy behavior.

Sedentary lifestyles are expected to increase the incidence and prevalence of lifestyle-related illnesses such as diabetes and hypertension throughout the Wearable Healthcare Devices Market forecast period. Some of these conditions necessitate the continual monitoring of certain physiological factors, such as blood sugar levels and blood pressure. This enables the integration of healthcare data with portable medical equipment, which may subsequently be provided to clinicians for real-time data access and error reduction. However, the growing death rate from noncommunicable illnesses is a major source of worry, necessitating a greater emphasis on tailored monitoring and care. This is expected to increase the demand for wearable medical devices during the forecast period.

The COVID-19 outbreak has enhanced the importance of wearable medical devices in the healthcare industry. Various organizations are approaching the Wearable Healthcare Devices market with new wearable technologies that can aid in the detection of early warning symptoms of viral infections. For example, the Ava Bracelet, which was originally designed as a fertility tracker, is now being utilized to aid in the fight against the coronavirus. This wristband monitors heart rate variability, breathing rate, and skin temperature, making it handy for tracking viral symptoms. During this pandemic, this is a once-in-a-lifetime opportunity.

People and government organizations are concerned about the increased incidence of chronic illnesses and rising death rates. As a result, healthcare practitioners are providing individualized care, which includes continuous and remote patient monitoring. Additionally, they may be worn for 24 hours without interfering with daily activities. As a result, given the numerous benefits it provides, demand for wearable medical devices is expected to rise throughout the forecast period.

Growing emphasis on fitness is a significant market driver. Various wearable medical gadgets and software for weight and fitness control have been created. Wristbands are typically linked to mobile phones, which display real-time tracking of activities such as steps taken, calories burnt, calorie intake, kilometers run, and so on. Vital information such as the body mass index may be produced by combining all of the data. The constant analysis of these statistics aids in the provision of a healthy health plan to both individuals and healthcare professionals. In addition, the number of fitness clubs has grown in recent years. According to the 2019 IHRSA Global Report, there are over 183 million health club consumers globally.To know about the Research Methodology :- Request Free Sample Report
Wearable Healthcare Devices Market Dynamics:
Increasing Prevalence of Chronic Diseases to drive Wearable Healthcare Devices Market

In developing and developed nations, sedentary lifestyles and a lack of regular visits to healthcare institutions for routine diagnosis have resulted in significant growth in lifestyle-related chronic illnesses. However, several of these chronic conditions, such as diabetes, hypertension, and heart ailments, place a significant financial burden on healthcare systems. As a result of the increasing prevalence and economic burden of chronic and lifestyle illnesses, healthcare organizations, governments, and healthcare professionals are placing a greater focus on early and regular patient diagnosis.Through numerous initiatives and awareness programs, national and regional healthcare organizations have aggressively pushed for regular diagnosis. As a result, the general public is becoming more aware of products and technologies for diagnosing and monitoring vital signs. The aforementioned factors, combined with market participants introducing wearable devices with various vital sign monitoring capabilities such as heart rate, SpO2, blood glucose levels, and so on, have resulted in a significant increase in demand for these devices among the general and patient population. Fitbit Inc., for example, debuted Fitbit Charge4 in April 2020, an activity tracker with advanced capabilities like workout tracking, all-day heart rate monitoring, and sleep tracking.

Impact of High Cost of Wearable Medical Devices and Maintenance on Wearable Healthcare Devices Market growth

Despite substantial advances in the technology and designs of wearable medical devices, several constraints restrict their acceptance. The overall high cost of these devices is one of them. These gadgets are frequently connected with batteries, chips, sensors, and other accessories that must be replaced regularly. When the expenses of these accessories are tallied up throughout the life cycle of the devices, the total cost of ownership is much greater. These concerns, together with restrictive payment rules for these devices, have contributed to the relatively low adoption of wearable medical devices in industrialized and developing nations.

Wide acceptance of AI and other advanced tools to drive Wearable Healthcare Devices Market

The key opportunity in the wearable medical devices market is the increasing endorsement of Artificial Intelligence and other technologies. Artificial intelligence can be utilized in 5G to predict a patient's potential diagnosis and treatments. Moreover, AI can assist medical systems in predicting which patients are likely to experience postoperative difficulties, allowing for early intervention. In general, real-time learning with a large amount of data necessitates reliable and high-bandwidth networks. Healthcare businesses may leverage AI technologies to give the finest treatment possible in real-time, wherever they are, thanks to 5G networks. As a result, the utilization of new tools and technologies is predicted to give high-growth prospects in the wearable medical devices market.

Requirement of patent protections

The main challenge in the wearable medical devices market is the patent protections need for the devices. Clinical device makers in the United States and Europe confront significant hurdles from patent reform and patent trolls. Patent trolls are firms that buy patents to collect royalties from businesses that purportedly infringe on trademarks held by patent claim entities or non-practicing organizations. Patent trolls made their debut in the medical technology business in the last decade, when they filed a slew of violation cases against medical device manufacturers.

Companies may secure the financial and legal rewards of properly filed patents and reduce possible losses caused by patent trolls by taking precautions and efforts to safeguard mobile medical technology developments through patents. The key to success in the fast-developing clinical-grade wearables business is to protect patents.
Wearable Healthcare Devices Market Segment Analysis:
Based on the Product, the Trackers segment held the largest share of about 38% and dominated the Wearable Healthcare Devices market in 2022. This segment is expected to maintain its dominance at the end of the forecast period. Smartphone adoption and the rising number of smartphone-based medical devices are driving the segment's growth. Wearable trackers, in conjunction with smartphones, can help motivate during workouts and give information about daily routines or fitness without requiring potentially disruptive human computations or recordings. As a result, the demand for Trackers is growing substantially, driving the Wearable Healthcare Devices industry throughout the forecast period.

The gadgets are gaining popularity in personal healthcare, encouraging individuals to exercise more during the day without requiring lifestyle modifications. Customers are looking for solutions that best meet their unique needs, therefore the market for wearable gadgets is becoming more diverse. Additionally, adopting a wearable gadget or fitness tracker can assist people in reaching a fitness goal or crossing a finish line. Companies typically exhibit advertisements for these types of items that portray them as useful, user-friendly, and accurate.The most prevalent criticism leveled against wearable gadgets is that they cannot show information and instead rely on a smartphone to provide metric data and reports. The capacity for storing findings is more in a mobile phone, but using both at the same time is problematic. However, many fitness monitoring software is now available for free through internet stores without the need for any particular or unique gear. This is useful for individuals who are concerned about their health or fitness.

Although the data provided by such applications cannot be guaranteed to be completely accurate, they do give the simplest option to track users' activities at no expense. As a result, organizations that have launched fitness trackers or wearable gadgets into this highly competitive industry should continuously create new eye-catching goods and eliminate errors by listening to the input and opinions of customers from this study to reach a larger market.

Based on Device Type, the Diagnostic and Monitoring devices segment dominated the wearable medical devices market with the largest share of about 42% in 2022. This segment is also expected to witness the highest CAGR of about 10.3% during the forecast period. The increasing frequency of neurological and nephrological illnesses is the primary factor influencing the segment's growth. According to the 2021 survey, migraine was the most common neurological illness in the United States. In the United States, 92.5% of individuals suffer from migraines.

Neuromodulation devices are the most commonly used to diagnose and treat migraine in this scenario. In addition, the wearable monitoring device segment is likely to grow as people become more aware of the capacity of neurological wearables to continually measure people's cognitive capacities while they go about their daily lives.

Based on Grade Type, the Traditional Diagnostic segment is expected to grow significantly during the forecast period. The traditional diagnostic device segment is expected to grow at a faster pace throughout the forecast period due to the growing demand for traditional diagnostic devices across the globe. Likewise, the wearable healthcare devices market is expected to grow due to a diverse array of medical equipment such as intelligent asthma action goods, smart pain reliever gadgets, and insulin management devices. Monitoring devices include pain management devices, glucose monitoring devices, recuperation devices, and respiratory treatment equipment. Because of the huge number of diabetics, the insulin monitoring device sub-segment was dominant in 2022 and is expected to remain dominant during the forecast period.

Based on Application, the home healthcare segment dominated the market for wearable medical devices, accounting for the largest revenue share of 54.5% in 2022, owing to the growing geriatric population triggering prevalence rates of target diseases and the growing need to reduce healthcare expenditure as an economically viable initiative, among other factors driving the market growth. The remote patient monitoring sector is expected to grow at the highest rate over the forecast period. Globally increasing elderly populations and rising chronic disease occurrences are expected to have a substantial influence on the growth of remote patient monitoring gadgets throughout the forecast period.
Wearable Healthcare Devices Market Regional Insights:
The wearable medical devices market was led by North America, with the United States emerging as the leading contributor in 2022. The rising prevalence of cardiovascular disease, diabetes, and cancer in the region is a major driver for regional market growth. In addition, the increase in chronic illnesses requiring periodic monitoring, as well as the development of advanced healthcare infrastructure, are expected to drive market growth during the forecast period.

Due to the high incidence of heart and lifestyle-related disorders, rising acceptance of wearable medical advances, and high per capita medical spending, the United States has the greatest share of the wearable medical device market. The U.S. Wearable Healthcare Devices market is expected to grow at the highest rate of 12.3% over the forecast period, because of the growing illness prevalence in the region.The COVID-19 pandemic has had an impact on both group and individual behavior, affecting both the workplace and healthcare. To address these new issues, technological devices are available. When it comes to health, employment, and the economy during COVID-19, wearables play an important role in the whole continuum of care, as well as in professional and recreational life. In the United States, Philips offer a new wearable biosensor for early health deterioration detection, including clinical surveillance for COVID-19, in 2021.

Europe is expected to be the second-largest revenue-generating market, owing to a big pool of senior patients suffering from chronic illnesses, as well as young people's rising discretionary money on modern technology. These reasons are promoting the region's adoption of these wearable gadgets. According to World Health Organization (WHO) figures, at least one of the chronic illnesses in 2018.

The Asia Pacific market is expected to grow at a faster pace. This is mainly due to the rising emphasis of governments and non-governmental organizations (NGOs) on lowering patients' hospital stays in emerging nations such as China, Japan, and others. Due to a large undeveloped market, the majority of the globe accounted for a significantly smaller market share. Additionally, favorable government efforts for the usage of such wearable medical tools, a growing senior population base, and rising healthcare spending in this area are driving the regional market growth.
Wearable Healthcare Devices Market Scenario:
To maintain their market presence, the top players in the wearable medical device market are focused on different expansion strategies such as collaborations, mergers, and acquisitions, product portfolio expansions, etc. For example, Royal Philips and the African Union launched cooperation in November 2020 to develop healthcare infrastructure and improve access to treatment in African Union member countries by enhancing access to medical equipment. The African Union and Philips would deliver medical equipment, including patient monitoring devices, ventilators, and ultrasound scanners, to healthcare institutions and COVID-19 patients through the Africa Medical Supplies Platform (AMSP).

Aside from the sensors that were built and tested in a controlled setting, several prototypes were accepted and commercialized on the market. These prototypes have been utilized by many human civilizations to deal with abnormalities. This section highlights some of the products available for the body's critical physiological ions and signals. For example, LifeScan, Hoffmann-La Roche, Medtronic, and others are market leaders in developing digital glucose meters for diabetes monitoring. In the future years, these organizations are expected to generate more than 12 billion USD, with a compound annual growth rate of 21.7%.

One advantage of these organizations is that their presence in several nations can benefit the healthcare industry in dealing with the world's large number of diabetes sufferers. Similarly, notable manufacturers of heart rate monitors include Polar, Sanitas, Zephyr, smartLAB, TRANSTEK, and others. These businesses can develop devices that can provide accurate heartbeats with an error rate of less than 0.5%. Pharmaceutical companies are also becoming more popular in collaboration with the electrical industries to build and produce wearable sensors. After the abnormality is discovered, patients can acquire a direct subscription to the drug and its dosage in this manner.
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Wearable Healthcare Devices Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 23.83 Bn.


Forecast Period 2023 to 2029 CAGR:
20.2%
Market Size in 2029:
US $ 86.42 Bn.


 Segments Covered:
by Product
1. Trackers
2. Smartwatches
3. Patches
4. Smart Clothing


by Device Type
1. Diagnostic and Monitoring Devices
2. Multiparameter Tracker
3. ECG\Heart Rate Monitors
4. Pulse Oximeters


by Grade Type
1. Traditional Diagnostic Devices
2. Consumer-Grade Wearable Healthcare Devices
3. Clinical-Grade Wearable Healthcare Devices


by Application
1. General Health and Fitness
2. Remote Patient Monitoring
3. Home Healthcare



Wearable Healthcare Devices Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Wearable Healthcare Devices Market, Key Players are
1. Koninklijke Philips N.V. (Netherlands)
2. Apple Inc. (US)
3. GE Healthcare (US)
4. Fitbit Inc. (US)
5. Abbott Laboratories (US)
6. OMRON Corporation (Japan)
7. Garmin Ltd. (US),
8. Dexcom Inc. (US)
9. Masimo Corporation (US)
10. Medtronic PLC (Ireland)
11. Bio Telemetry Inc. (US)
12. Preventice Solutions Inc. (US)
13. iRhythm Technologies Inc. (US)
14. Contec Medical Systems Co. Ltd. (China)
15. MediBioSense Ltd. (UK)
16. VitalConnect (US)
17. Cyrcadia Health Inc. (US)
18. Ten3T Healthcare (India)
19. Verily Life Sciences (US)
20. MinttiHealth (China)
21. Bio-Beat (Israel)
22. Biotricity Inc. (US)
23. iHealth Lab Inc. (US)
24. Vivalink (US)
25. Gentag (US)

FAQs:

1. What are the growth drivers for the Wearable Healthcare Devices market?
Ans. Sedentary lifestyles are expected to increase the incidence and prevalence of lifestyle-related illnesses such as diabetes and hypertension. The increasing prevalence of chronic diseases is expected to be the major driver for the Wearable Healthcare Devices market.

2. What is the major restraint for the Wearable Healthcare Devices market growth?
Ans. The High Cost of Wearable Medical Devices and Maintenance is expected to be the major restraining factor for the Wearable Healthcare Devices market growth.

3. Which region is expected to lead the global Wearable Healthcare Devices market during the forecast period?
Ans. The North American market is expected to lead the global Wearable Healthcare Devices market during the forecast period due to the rising prevalence of cardiovascular disease, diabetes, and cancer, the increase in chronic illnesses requiring periodic monitoring, as well as the development of advanced healthcare infrastructure, the high incidence of heart and lifestyle-related disorders, rising acceptance of wearable medical advances, and high per capita medical spending.

4. What is the projected market size & growth rate of the Wearable Healthcare Devices Market?
Ans. The Wearable Healthcare Devices Market size was valued at USD 23.83 Bn. in 2022 and the total Wearable Healthcare Devices revenue is expected to grow at a CAGR of 20.2% from 2023 to 2029, reaching nearly USD 86.42 Bn.

5. What segments are covered in the Wearable Healthcare Devices Market report?
Ans. The segments covered are by Product, Device Type, Grade Type, Application, and Region.