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Wearable Healthcare Devices Market Worth $69.2 Billion | MarketsandMarkets™.

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MarketsandMarkets

Feb 19, 2024, 10:30 ET

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CHICAGO, Feb. 19, 2024 /PRNewswire/ -- Wearable Healthcare Devices Market in terms of revenue was estimated to be worth $40.7 billion in 2023 and is poised to reach $69.2 billion by 2028, growing at a CAGR of 11.2% from 2023 to 2028 according to a new report by MarketsandMarkets™. In recent years, there has been substantial growth in the home healthcare market, driven primarily by the expanding geriatric population, a growing incidence of chronic diseases, and the accessibility of advanced medical devices, including wearable medical devices. These technologies facilitate the provision of high-quality care outside traditional hospital settings. As a consequence, there has been an improvement in patient compliance, the implementation of proactive treatments, enhanced patient satisfaction, and an overall elevation in the quality of care. Additionally, this approach contributes to cost reduction associated with hospital stays, as monitoring and diagnosis can now be effectively conducted in the comfort of patients' homes. Browse through 350 market data tables and 48 figures spread across 400 pages and the in-depth TOC of the wearable healthcare devices market. Early buyers will receive a 10% customization on reports.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=81753973

Browse in-depth TOC on "Wearable Healthcare Devices Market"

344 - Tables
46 - Figures
307 - Pages

Wearable Healthcare Devices Market Scope:

Report Coverage

Details

Market Revenue in 2023

$40.7 billion

Estimated Value by 2028

$69.2 billion

Growth Rate

Poised to grow at a CAGR of 11.2%

Market Size Available for

2022–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Product, type, grade, distribution channel, and application

Geographies Covered

North America, Europe, Asia Pacific, and the Rest of the World

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Rising adoption of AI and 5G

Key Market Drivers

Growing awareness about lifestyle management and home healthcare

In 2022, the smartwatches segment held the largest share of the wearable healthcare devices market by product segment.

Based on product, the wearable healthcare devices market has been segmented into trackers, smartwatches, patches, and smart clothing. The smartwatches segment dominated the wearable healthcare devices market in 2022. The smartwatch market is characterized by continuous innovation. Manufacturers regularly introduce new features, sensor improvements, and software updates, ensuring that smartwatches remain at the forefront of technology and meet users' evolving expectations. Several companies are increasingly focusing on introducing products in the market with advanced features and functionalities.

The online channels segment held the largest share of the wearable healthcare devices market by distribution channel segment in 2022.

Based on distribution channel, the wearable healthcare devices market is segmented into pharmacies, online channels, and hypermarkets. The online channels segment accounted for the largest share of the global wearable healthcare devices market in 2022. The exponential growth of e-commerce is a primary catalyst, providing consumers with a convenient and accessible platform to explore, compare, and purchase an extensive array of health-centric wearables. The wide reach facilitated by online channels ensures a global audience, enhancing market penetration and fostering increased consumer engagement. Furthermore, the convenience of 24/7 availability aligns seamlessly with the fast-paced lifestyles of modern consumers, allowing them to make informed choices at their convenience.

North America is the largest regional market for wearable healthcare devices market.

The market for wearable healthcare devices has been divided into four key geographical regions: North America, Europe, Asia Pacific, and the Rest of the World. In 2022, North America held the predominant portion of the wearable healthcare devices market. The wearable healthcare devices market in North America is well-established. The wearable healthcare devices market's preeminence in North America is also influenced by a range of other factors. These encompass the burgeoning elderly population, resulting in an uptick in chronic ailments, the upward trajectory of healthcare expenditures, a heightened demand for improved healthcare services, government initiatives promoting digital health, the pervasive reach of 3G and 4G networks, and an increasing awareness of self-health management.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=81753973

Wearable Healthcare Devices Market Dynamics:

Drivers:

  1. Growing awareness about lifestyle management and home healthcare
  2. Development of technologically advanced products
  3. Growth in geriatric population and subsequent rise in chronic diseases
  4. Rising public-private investments for wearable devices
  5. Increasing availability of smartphone-based applications and rising adoption of 3G/4G networks
  6. Growing preference for wireless connectivity among healthcare providers

Restraints:

  1. Inadequate regulatory standardization
  2. Issues related to accuracy & analysis of wearable-generated data
  3. Data security concerns

Opportunities:

  1. Increasing adoption of AI and 5G

Challenge:

  1. Patent protection of wearable healthcare devices
  2. Limited battery life
  3. Device design complexity

Key Market Players of Wearable Healthcare Devices Industry:

The major players operating in wearable healthcare devices market are Apple Inc. (US), Fitbit (US), OMRON Corporation (Japan), Medtronic (Ireland), Garmin Ltd. (US), GE HealthCare (US), Dexcom, Inc. (US), Abbott (US), Masimo (US), Koninklijke Philips N.V. (Netherlands), Boston Scientific Corporation (US), iRhythm Technologies, Inc. (US), CONTEC MEDICAL SYSTEMS CO. LTD. (China), Biotricity (US), MediBioSense (UK), VitalConnect (US), Cyrcadia Health (US), ten3T Healthcare (India), Minttihealth (China), Biobeat (Israel), iHealth Labs Inc. (US), VivaLNK, Inc. (US), GENTAG, Inc. (US), AiQ Smart Clothing (Taiwan), Nonin Medical (US), and Oxitone Medical (Israel).

The break-up of the profile of primary participants in the wearable healthcare devices market:

  • By Company Type: Tier 1 - 40%, Tier 2 - 30%, and Tier 3 – 30%
  • By Designation: C-level - 27%, D-level - 18%, and Others - 55%
  • By Region: North America - 51%, Europe - 21%, Asia Pacific - 18%, Latin America – 6%, and Middle East & Africa- 4%

Recent Developments of Wearable Healthcare Devices Industry:

  • In October 2023, Google launched Google Pixel Watch 2.
  • In September 2023, Apple Inc. (US) launched its Apple Watch Series 9.
  • In June 2020, Philips launched the Avalon CL Fetal and Maternal Pod and Patch for continuous, non-invasive monitoring of the maternal heart rate, fetal heart rate, and uterine activity with a single-use, 48-hour, disposable electrode patch.
  • In January 2023, Philips and Masimo expanded their partnership to enhance patient monitoring capabilities in home telehealth applications, utilizing the advanced health tracking features of the Masimo W1 watch. The W1 will integrate with Philips's enterprise patient monitoring ecosystem to advance capabilities in telemonitoring & telehealth.
  • In February 2021, Philips acquired BioTelemetry, a US-based provider of remote cardiac diagnostics and monitoring.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=81753973

Wearable Healthcare Devices Market - Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall wearable healthcare devices market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

  • Analysis of key drivers (Growing awareness about lifestyle management and home healthcare, Development of technologically advanced products, Growth in geriatric population and subsequent rise in chronic diseases, Rising public-private investments for wearable devices Increasing availability of smartphone-based applications and rising adoption of 3G/4G networks, and Growing preference for wireless connectivity among healthcare providers), opportunities (Increasing adoption of AI and 5G), restraints (Inadequate regulatory standardization, Issues related to accuracy & analysis of wearable-generated data, and Data security concerns), and challenges (Patent protection of wearable healthcare devices, Limited battery life, and Device design complexity) influencing the growth of the wearable healthcare devices market.
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the wearable healthcare devices market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the wearable healthcare devices market across varied regions.
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the wearable healthcare devices market
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings of leading players like Apple Inc. (US), Fitbit (US), Dexcom, Inc. (US), Abbott (US), and Koninklijke Philips N.V. (Netherlands), among others in the wearable healthcare devices market strategies.

Related Reports:

Home Healthcare Market - Global Forecasts to 2028

Medical Device Connectivity Market - Global Forecasts to 2028

Wound Care Market - Global Forecasts to 2028

Telehealth & Telemedicine Market - Global Forecasts to 2028

Healthcare IT Market - Global Forecasts to 2027

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/wearable-medical-device-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
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