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(Medical-NewsWire.com, November 18, 2021 ) According to research report Wearable Healthcare Devices Market size is projected to reach USD 46.6 billion by 2025 from USD 18.4 billion in 2020, at a CAGR of 20.5% from 2020 to 2025.
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Wearable healthcare devices are autonomous devices that can be attached, worn, or handheld for monitoring and examining the metabolic & physiological changes that occur in the human body. These devices are also used to record data. Wearable healthcare devices monitor and diagnose many diseases such as sleep apnea, skin temperature, blood glucose level, sleep patterns, general health parameters, fitness, and wellness progress among athletes and fitness enthusiasts. These devices are also used in various therapeutic applications such as pain management, rehabilitative services, and respiratory care.
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Based on device type, the wearable healthcare devices market is segmented into diagnostic & monitoring devices and therapeutic devices. In 2019, the diagnostic & monitoring devices segment accounted for a larger share of 64.3% of themarket. The large share of this segment can be attributed to factors such as the growing prevalence of chronic & lifestyle diseases, the availability of technologically advanced and compact products that can be easily worn, the ability of diagnostic & monitoring devices to diagnose multiple health conditions at relatively earlier stages, and the increasing accuracy of the products.
Based on applications, the wearable healthcare devices market is segmented into general health and fitness, remote patient monitoring, and home healthcare applications. In 2019, the general health and fitness segment accounted for the largest share of the market, primarily due to the increasing focus on physical fitness among people to improve their quality of life, coupled with the growing trend of tracking health progress on a continuous basis.
Based on the distribution channel, the wearable medical devices market is segmented into pharmacies, online channels, and hypermarkets. Pharmacies accounted for the largest share of 46.7% of the global wearable healthcare devices market in 2019. The increasing trend of self-monitoring and non-invasive monitoring and diagnosis has resulted in a substantial increase in the supply of wearable devices in pharmacies.
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.
Recent Developments:
> In 2019, Apple Watch Series 5 was launched with advanced functionalities by Apple, Inc. (US)
> In 2020, Fitbit Charge 4, activity tracker was launched by Fitbit, Inc. (US)
> In 2019, Omron (Japan) launched HeartGuide, a wearable blood pressure smart watch.
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However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. This can be attributed to 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.
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