Pune, 25, Nov 2022: The market is expected to grow from USD 19.83 Billion in 2021 to USD 86.42 Billion in 2029, at a CAGR of 3.81 percent over the forecast period from 2022 to 2029, according to the Wearable Healthcare Devices Market research released by Maximize Market Research. Increasing Penetration of Smartphones and the Growing number of Smartphone-based Healthcare Devices
Wearable Healthcare Devices Market Scope and Research Methodology
The wearable healthcare devices market research report covers product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy, planning analysis of the industry, the latest dynamic analysis, etc. The report includes drivers, opportunities, and restraints affecting the global market. It covers the impact of these drivers, trends, and restraints on the demand of the market during the forecast period. The report also highlights opportunities in the market at the global level. Key companies are increasing their investments in research and development activities for the discovery of new products. The wearable healthcare device market has also been a rise in government funding for the introduction of the Wearable Healthcare Devices Market. These factors have benefited the growth of the global Wearable Healthcare Devices Market. Key companies are expected to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and are estimated to drive the growth of the Wearable Healthcare Devices Market.
The bottom-up approach was used for market estimation and global market trend analysis. Data was collected employing both primary and secondary research methods for a large sample to get accurate inferences. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, and marketing professionals were included in the primary methods. Secondary data was meticulously collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organizations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. SWOT analysis was conducted to understand the strengths and weaknesses of key companies and PESTLE to grasp the various factors affecting the market. Thus, the report provides a complete overview of the Wearable Healthcare Devices Market.
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Wearable Healthcare Devices Market Overview
According to its use, appearance, proximity to the human body, and other characteristics, wearable technology is divided into many categories. The University of California, Berkeley’s Centre for Entrepreneurship and Technology divides wearable technology into smartwatches, smart glasses, smart clothing, fitness trackers, body sensors, wearable cameras, and other categories. An electronic device that is worn by a person that collects information on that person’s health and wellness practices, either actively or passively, may have physical components or software. In order to track health and promote healthy behaviour, the device’s data is typically uploaded to a software platform for analysis by a person or group.
Fitness is receiving more attention, which is a major market driver. Software and wearable medical devices for controlling weight and fitness have been developed. Usually connected to mobile devices, wristbands provide real-time tracking of activities including steps done, calories burned, calories consumed, kilometres ran, and so forth. Combining all of the data may result in the production of important information like the body mass index. The ongoing evaluation of this data helps healthcare professionals and patients alike to develop optimal health plans. Additionally, the number of health clubs has increased recently. The 2019 IHRSA Global Report estimates that there are more than 183 million members of fitness centers globally.
Wearable Healthcare Devices Market Dynamics
Sedentary lifestyles and a lack of regular visits to healthcare facilities for basic diagnosis have resulted in a significant rise in lifestyle-related chronic diseases in both developing and developed countries. Some of these chronic illnesses, such as diabetes, hypertension, and heart disorders, cost the healthcare system a lot of money. Healthcare organizations, governments, and medical professionals are putting more emphasis on early and routine patient diagnosis as a result of the increasing prevalence and financial burden of chronic and lifestyle illnesses driving the market growth.
Wearable medical devices have seen significant technological and design advancements, but there are still a number of obstacles preventing widespread use. One of them is the general high cost of these gadgets. Batteries, processors, sensors, and other accessories that are routinely attached to these devices need to be replaced on a regular basis. The total cost of ownership is significantly higher when the costs of these accessories are added together throughout the course of the devices’ lifetimes. These issues have led to the relatively limited adoption of wearable medical devices in developed and developing countries, together with the payment policies that are restricted for these devices.
Wearable Healthcare Devices Market Regional Insights
North America is expected to dominate the market during the forecast period. North America dominated the wearable medical devices market, with the United States taking the top spot in 2021. The region’s increased incidence of cancer, diabetes and cardiovascular illness is a key factor in the expansion of the local market. Additionally, the development of cutting-edge healthcare infrastructure and the rise in chronic conditions requiring ongoing monitoring is anticipated to fuel market expansion throughout the course of the projection period.
The United States holds the largest share of the wearable medical device market because of the high prevalence of cardiac and lifestyle-related illnesses, growing acceptance of wearable medical advancements, and high per capita medical spending.
Wearable Healthcare Devices Market Segmentation
- Smart Clothing
- Diagnostic and Monitoring Devices
- Multiparameter Tracker
- ECGHeart Rate Monitors
- Pulse Oximeters
- Traditional Diagnostic Devices
- Consumer-Grade Wearable Healthcare Devices
- Clinical-Grade Wearable Healthcare Devices
- General Health and Fitness
- Remote Patient Monitoring
- Home Healthcare
Wearable Healthcare Devices Market Key Competitors are:
- Koninklijke Philips N.V. (Netherlands)
- Apple Inc. (US)
- GE Healthcare (US)
- Fitbit Inc. (US)
- Abbott Laboratories (US)
- OMRON Corporation (Japan)
- Garmin Ltd. (US), Dexcom Inc. (US)
- Masimo Corporation (US)
- Medtronic PLC (Ireland)
- Bio Telemetry Inc. (US)
- Preventice Solutions Inc. (US)
- iRhythm Technologies Inc. (US)
- Contec Medical Systems Co. Ltd. (China)
- MediBioSense Ltd. (UK)
- VitalConnect (US)
- Cyrcadia Health Inc. (US)
- Ten3T Healthcare (India)
- Verily Life Sciences (US)
- MinttiHealth (China)
- Bio-Beat (Israel)
- Biotricity Inc. (US)
- iHealth Lab Inc. (US)
- Vivalink (US)
- Gentag (US.
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Key questions answered in the Wearable Healthcare Devices Market are:
- What is Wearable Healthcare Devices?
- What is the growth rate of Wearable Healthcare Devices Market over the forecast period?
- What is the nature of competition in Wearable Healthcare Devices industry in developed economies and developing economies?
- Who are the key players in the Wearable Healthcare Devices Market?
- Who are the market leaders in Wearable Healthcare Devices in Europe
- Who are the market leaders in Wearable Healthcare Devices in USA and Canada
- Who are the market leaders in Wearable Healthcare Devices in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Wearable Healthcare Devices Market?
- Who held the largest market share in Wearable Healthcare Devices Market?
- What are the factors for the growth of the Asia-Pacific region in the Wearable Healthcare Devices Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Product, Device Type, Grade Type, Application
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading research firm, has also published the following reports:
Wearable Fitness Tracker Market – Wearable Fitness Tracker Market is expected to grow at a CAGR of 17.5% during the forecast period and the market is expected to reach US$ 165.81 Bn. by 2029. The Wearable Fitness Tracker Market is expected to be driven by rising demand for smart connected devices and the massive availability of various fitness trackers in the market is expected to improve the growth of the market
Wearable Heart Monitoring Devices Market –The Wearable Heart Monitoring Devices Market is expected to reach US$ 3.54 Bn. by 2029, at a CAGR of 9.80% during the forecast period 2022-2029. The Wearable Heart Monitoring Devices Market is expected to be driven by Wearable devices play a significant role in improving fitness and warning users in case of potential health issues, like irregular heartbeats.
Wearable AI Market – Wearable AI Market was valued at US$ 25.19Bn in 2021 and is expected to reach US$ 204.22 Bn by 2029, at a CAGR of 29.9% during a forecast period. The Wearable AI Market is expected to be driven by increasing demand for Smartwatches with the high-quality and larger display
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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