Global Wearable Healthcare Devices Market to Accrue $146.89 Billion by 2030, Recording a Strong CAGR of 27.40%, with North America Leading the Market Due to Robust Healthcare Infrastructure, Projects Kings Research
Wearable healthcare devices are becoming increasingly prevalent as individuals seek to proactively manage their health and gain immediate insights into their well-being.
DUBAI, UAE, Dec. 12, 2023 /PRNewswire/ -- As per the latest report published by Kings Research, the global Wearable Healthcare Devices Market size was recorded at USD 26.85 billion in 2022 and is estimated to grow to USD 146.89 billion by 2030, registering a robust CAGR of 27.40% over the forecast period of 2023-2030. The use of wearable devices in the healthcare industry has seen significant growth due to technological advancements and the growing interest among individuals to actively track and manage their health. In response to these trends, players in the healthcare sector are making substantial investments in the creation of innovative wearables such as Fitbit, biosensors, and hearing aids, to meet the increasing demand for personalized health monitoring.
Wearable healthcare devices are becoming increasingly prevalent as individuals seek to proactively manage their health and gain immediate insights into their well-being. These devices, which are worn on the body, employ sensors and advanced technology to monitor vital signs, track activity levels, and collect a variety of health-related data. Their ability to provide continuous monitoring and early detection of health problems presents a promising opportunity for revolutionizing healthcare. Whether it's for personal health management or assisting medical professionals, wearable healthcare devices offer customized suggestions for various applications such as business writing and academic assignments.
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Trending Now: DuPont Teams Up with STMicroelectronics (ST) to Pioneer a Smart Wearable Concept for Biosignal Monitoring
In November 2023, DuPont revealed a collaboration between DuPont Liveo Healthcare Solutions and STMicroelectronics, a semiconductor technology leader. Together, they aim to create an innovative smart wearable for remote biosignal monitoring.
Liveo research teams, committed to innovation, partner globally with suppliers and manufacturers, crafting solutions for diverse medical applications. One outcome of this collaboration is the DuPont Liveo Smart Biosensing Patch prototype, which features multifunctional microsensors and control electronics in a flexible DuPont-designed patch for seamless patient-doctor data sharing.
Competitive Landscape
Major companies operating in the wearable healthcare devices market are prioritizing partnerships in order to stay ahead of the competition. For instance, in January 2023, Masimo and Royal Philips extended their collaboration to leverage the advanced health-tracking features of the Masimo W1 watch for improved patient monitoring in home telehealth. Through the integration of the W1 watch with Philips's enterprise patient monitoring ecosystem, the companies aim to boost telehealth and telemonitoring capabilities.
Prominent players in the global wearable healthcare devices market include:
- Apple Inc
- Alphabet Inc
- Xiaomi
- Sony Corporation
- Samsung Electronics Co
- Huawei Technologies Co
- OMRON Healthcare, Inc.
- Koninklijke Philips N.V
- Amazon.com, Inc.
- Withings
- Medtronic
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The global Wearable Healthcare Devices Market is segmented as:
By Product
- Trackers
- Smartwatches
- Smart Clothing
- Hearables
- Others
Launch of Innovative Tracking Products to Track Activities to Aid Market Growth
On the basis of product, the trackers segment accounted for the largest share of the global wearable healthcare devices market in 2022. The growth of the segment is mainly attributable to the launch of innovative wrist-worn products such as the Fitbit Ace 3 Next Generation Activity and Sleep Tracker for kids in March 2021. These innovative wrist-worn devices not only provide a fun way to engage in physical fitness but also include features such as heart rate monitoring, skin temperature tracking, and step counting. As a result, this is anticipated to significantly contribute to segment expansion.
Furthermore, major players in the industry such as Samsung and Apple have created mobile applications that seamlessly connect with wearable medical devices, enabling users to digitally document and access their health information. These intuitive applications are motivating individuals to actively participate in consistent health monitoring, which, in turn, is facilitating the growth of the segment.
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By Application
- Remote Patient Monitoring
- Home Healthcare
- Sports and Fitness
Demand for Home Healthcare Solutions to Surge Due to Growing Elderly Population
In terms of application, the home healthcare segment led the wearable healthcare devices market in 2022 as a result of the increasing elderly population. The growing geriatric population is leading to an increase in the occurrence of diseases that commonly affect this age group, resulting in a greater demand for healthcare solutions. Additionally, there is a growing requirement to discover cost-effective strategies for managing healthcare expenses.
In response to these challenges, businesses are actively exploring inventive approaches and solutions that can streamline resources and reduce costs while still delivering high-quality care. By tackling these issues and taking advantage of market opportunities, companies can position themselves for success, thereby supporting the overall growth of the market.
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Growing Adoption of Wearable Healthcare Devices to Promote Better Patient Outcomes
The adoption of wearable medical devices enables healthcare providers to offer personalized and proactive healthcare solutions that promote better patient outcomes. These devices enable continuous monitoring of vital health parameters, facilitating early detection of potential health issues and allowing for appropriate intervention and treatment. Furthermore, wearable devices offer individuals the ability to take charge of their health data and actively engage in managing their own healthcare.
The increasing prevalence of chronic illnesses and the growing number of deaths present substantial obstacles for individuals and government entities alike. As a result, healthcare providers are embracing personalized care methods that encompass ongoing and virtual patient monitoring.
North America to Lead Global Wearable Healthcare Devices Market Due to Well-developed Healthcare Infrastructure
North America led the wearable healthcare devices market for wearable devices in 2022 and is anticipated to experience significant growth through the projection period. This growth can be attributed to its well-developed healthcare infrastructure and early acceptance of technology, which has facilitated the widespread adoption of wearable devices. Furthermore, the region's favorable regulatory environment and significant investments in research and development have greatly contributed to North America's dominant position in this market. The region's strong focus on innovation and commitment to enhancing healthcare outcomes through wearable devices have also solidified its role as a major player in the global wearable healthcare devices industry.
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Major Points from TOC:
Chapter 1 Introduction of the Global Wearable Healthcare Devices Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Wearable Healthcare Devices Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Wearable Healthcare Devices Market, By Type
Chapter 7 Global Wearable Healthcare Devices Market, By Product
Chapter 8 Global Wearable Healthcare Devices Market, By Grade
Chapter 9 Global Wearable Healthcare Devices Market, By Application
Chapter 10 Global Wearable Healthcare Devices Market, By Distribution Channel
Chapter 11 Global Wearable Healthcare Devices Market, By Geography
Chapter 12 North America
Chapter 13 Europe
Chapter 14 Asia Pacific
Chapter 15 Middle East & Africa
Chapter 16 Latin America
Chapter 17 Global Wearable Healthcare Devices Market Competitive Landscape
Chapter 18 Company Profiles
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