Wearable Healthcare Devices Market by Type (Diagnostic (ECG, Heart, Pulse, BP, Sleep), Therapeutic (Pain, Insulin)), Application (Fitness, RPM), Product (Smartwatch, Patch), Grade (Consumer, Clinical), Channel (Pharmacy, Online) – Global Forecast to 2030
Wearable devices play a crucial role in predicting certain disorders by integrating essential vital signs with clinical symptomology. The use of wearable devices in a bid to combat COVID-19 has therefore been ramped up. Research has recently expanded on which if the extensive data that wearable devices collect can predict the onset of the virus or not.
Global wearable healthcare devices market is projected to reach USD 56.6 billion by 2030 from USD 17.4 billion in 2020, at a CAGR of 19.5% from 2020 to 2030. Emerging economies such as India, China, and Brazil are expected to provide a wide range of opportunities for players in the industry. Furthermore, the growing adoption of mobile platforms, increasing adoption of AI and 5G, and the growing awareness and preference for home healthcare will also boost the growth of this market.
Activity monitors/trackers accounted for the largest market share in 2020
In 2020, activity monitors/trackers segment accounted for the largest share of the wearable healthcare devices market. Growth in this market segment can be attributed to the rising adoption of sedentary and unhealthy lifestyles, increasing adoption of self-monitoring of vitals, rising prevalence of lifestyle diseases, the low cost of activity trackers, and the presence of a large number of manufacturers with multi-functionality devices.
The rising prevalence of chronic diseases along with increasing mortality rates is a major area of concern among people as well as government organizations. Thus, healthcare providers are offering personalized care including continuous and remote patient monitoring. Also, these can be worn for 24 hours without affecting routine life. Hence, considering the various advantages that it offers, the demand for wearable medical devices is projected to boost over the forecast period.
Increasing attention on fitness is a high-impact rendering driver for the market. Various wearable medical products and software have been developed for the management of weight and for monitoring fitness. Usually, wristbands are connected with cell phones that display real-time tracking of activities such as steps walked, calories burned, calorie intake, miles a person ran, etc. By compiling all the data together, vital information such as the body mass index is obtained.
Asia Pacific to grow at the highest rate during the forecast period (2020–2030)
The wearable healthcare devices market in the Asia Pacific is expected to grow at a high pace in the coming years. The factors attributing to the high growth of the Asia Pacific region include the presence of a large patient population, growing penetration of smartphones, increasing disposable income, improving the standard of living & economic conditions, and the presence of several low-cost device manufacturers in the Asia Pacific.
Key Market Players
The major players operating 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), Masimo Corporation(US), GE Healthcare(US), Bio-Beat Technologies (Israel), iRhythm Technologies, Inc. (US), VitalConnect (US), Minttihealth (US), Preventice Solutions, Inc. (US), CONTEC Medical Systems Co. Ltd (China), Biotricity Inc.(US), Verily Life Sciences.(US), Cyrcadia Asia Limited (Hong Kong ), ten3T healthcare (India), Fitbit, Inc. (US) , Garmin Ltd (Switzerland), Xiaomi Technologies (China), and Huawei Corporation (China), among others.
Wearable Healthcare Devices Market, By Device Type
• Diagnostic & Monitoring Devices
o Vital Signs Monitoring Devices
§ Multiparameter Trackers
§ ECG/Heart Rate Monitors
§ Pulse Oximeters
§ Blood Pressure Monitors
o Glucose Monitoring Devices
o Sleep Monitoring Devices
o Fetal Monitoring & Obstetric Devices
o Neuromonitoring Devices
• Therapeutic Devices
o Pain Management Devices
o Rehabilitation Devices
o Respiratory Therapy Devices
o Insulin Pumps
Wearable Healthcare Devices Market, By Products
• Activity Monitors/Trackers
• Smart Clothing
Wearable Healthcare Devices Market, By Grade Type
Wearable Healthcare Devices Market, By Application
• General Health & Fitness
• Remote Patient Monitoring
• Home Healthcare
Wearable Healthcare Devices Market, By Distribution Channel
• Online Channel