Wearable Healthcare Devices Market by Product (Trackers, Smartwatch), Type (Diagnostic (BP, Glucose, ECG), Therapeutic (Pain, Insulin)), Grade(Consumer, Clinical), Channel (Pharmacies, E-commerce), Application (Fitness, RPM), & Region – Global Forecast to 2026

2021-12-06
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Published : Dec-2021
No. of Pages : 240

“Increasing penetration of smartphones and the growing number of smartphone-based healthcare devices and growing preference for wireless connectivity among healthcare providers are driving the overall growth of the wearable healthcare devices market”

The global wearable healthcare devices market is projected to reach USD 30.1 billion by 2026 from USD 16.2 billion in 2021, at a CAGR of 13.2% during the forecast period. Market growth is driven by factors such as the development of technologically advanced products and robust penetration of 3G and 4G networks for uninterrupted healthcare services. On the other hand, the unfavorable standards and regulations and data security challenges are the major factors hampering the growth of this market.

The trackers segment accounted for the highest growth rate in the wearable healthcare devices market, by product, during the forecast period”

The wearable healthcare devices market is segmented into trackers, smartwatches, patches and smart clothing based on product. In 2020, the trackers segment accounted for the highest growth rate in the wearable healthcare devices market. Increasing penetration of smartphones and the growing number of smartphone-based healthcare devices and growing geriatric population and subsequent increase in the incidence of chronic diseases are major factor contributing to the growth of this segment.

The Diagnostic and monitoring devices segment accounted for the highest growth rate in the wearable healthcare devices market, by device type, during the forecast period”

The wearable healthcare devices market is segmented into diagnostic and monitoring devices (vital sign monitoring devices (multiparameter tracker, ECG\heart rate monitors, blood pressure monitors, pulse oximeter), glucose monitoring devices, sleep monitoring devices (wrist actigraphs, polysomnography devices), fetal monitoring devices, neuromonitoring devices and other diagnostic and monitoring devices) and therapeutic devices (pain management devices, rehabilitation devices, respiratory therapy devices and insulin pumps). In 2020, the diagnostic and monitoring devices segment accounted for the highest growth rate in the wearable healthcare devices market. Increasing penetration of smartphones and the growing number of smartphone-based healthcare devices and increasing awareness of fitness, lifestyle, and home healthcare are major factors contributing to the growth of this segment.

“consumer grade wearable healthcare devices segment accounted for the highest CAGR”

Based on wearable healthcare devices market has been segmented into consumer grade wearable healthcare devices and clinical grade healthcare devices. In 2020, the consumer grade segment accounted for the highest CAGR. This can be attributed to the growing geriatric population and subsequent increase in the incidence of chronic diseases.

“Pharmacies segment accounted for the highest share”

Based on distribution channel, the wearable healthcare devices market has been segmented into pharmacies, online channel and hypermarkets. In 2020, the pharmacies segment accounted for the highest CAGR. This can be attributed to the robust penetration of 3G and 4G networks for uninterrupted healthcare services.

“General health and fitness segment accounted for the highest CAGR”

Based on application, the wearable healthcare devices market has been segmented into general health and fitness, remote patient monitoring and home healthcare. In 2020, the general health and fitness segment accounted for the highest CAGR. This can be attributed to the increasing awareness of fitness, lifestyle, and home healthcare.

Asia Pacific: The fastest-growing region in wearable healthcare devies market”

The global wearable healthcare devices market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is projected to register the highest CAGR during the forecast period. Growing geriatric population and subsequent increase in the incidence of chronic diseases and increasing penetration of smartphones and the growing number of smartphone-based healthcare devices are driving the growth of the wearable healthcare devices market in this region.

The primary interviews conducted for this report can be categorized as follows:

  • 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 the Middle East & Africa – 4%

Lists of Companies Profiled in the Report:

  • 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)
  • BioTelemetry 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).

Research Coverage:

This report provides a detailed picture of the global wearable healthcare devices market. It aims at estimating the size and future growth potential of the market across different segments, such as product, test type, end user and region. The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.

Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall wearable healthcare devices market and its sub segments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.

Filed in: Medical Device
Publisher : marketsandmarkets
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