The global Wearable Healthcare Devices Market size is expected to reach USD 52.35 Billion in 2030 and register a revenue CAGR of 14.0% over the forecast period, according to a latest report by Reports and Data. Increasing need for real-time health monitoring and early detection of diseases is expected to drive market revenue growth during the forecast period. Increasing introduction of technologically-advanced connected wearable devices for healthcare applications is also expected to boost revenue growth of the global market going ahead.
Healthcare industry, in collaboration with technology companies, produces products to diagnose, monitor, and treat patients, as well as help healthcare organizations to lower healthcare costs and operate more efficiently. There were around 161 million Internet of Things (IoT) devices used in the healthcare industry in 2020. In addition, wireless technology advancement, miniaturization, and computing power have driven MedTech innovation. As a result, more connected Wearable Healthcare Devices are being developed to help patients collect, evaluate, and transfer data. Internet of Medical Things (IoMT), a global network of connected medical devices, software applications, and health systems, is being created by data collected by these devices. Internet of Things (IoT) is rapidly changing MedTech's role and relationships in the healthcare industry. Increasing efforts by various MedTech companies to harness data provided by digitally-enabled products to make their business and operating models relevant and sustainable are expected to drive market revenue growth over the forecast period.
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Some Key Highlights in the Report
- The diagnostic and monitoring devices segment is expected to account for a substantial market share in the global wearable healthcare/medical devices market over the forecast period. This is due to increasing focus on personalized health monitoring and care as well as increasing incidence of diseases including obesity, diabetes, chronic obstructive pulmonary disease, hypertension, chronic pain, and cardiac disorders.
- The fitness trackers segment is expected to account for a considerable market share over the forecast period owing to increasing use of smartphone-based healthcare devices.
- The wearable healthcare/medical devices market in North America is expected to account for largest revenue share over the forecast period. High presence of major wearable healthcare device manufacturers and increasing government spending on smart technology to detect chronic diseases early and treat them appropriately is expected to drive market revenue growth.
Key players of the market mentioned in the report are
Apple, Inc., Samsung Electronics Co., Ltd., Xiaomi Corporation, Garmin, Ltd., Fitbit, Inc., LifeWatch GmbH, Omron Healthcare, Inc., Misfit, Inc., Vital Connect, Inc., Biobeat Technologies, Ltd., Medtronic PLC, Vital Connect, Inc., and Sotera Wireless, Inc.
Device Type Outlook (Revenue, USD Billion; 2019-2030)
- Diagnostic and Monitoring Devices
- Vital Signs Monitoring Devices
- Glucose Monitoring Devices
- Sleep Monitoring Devices
- Blood Pressure Monitoring Devices
- Fetal Monitoring Obstetric Devices
- Neuro-Monitoring Devices
- Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
- Insulin Pumps
- Cardiac Devices
Product Outlook (Revenue, USD Billion; 2019-2030)
- Fitness Trackers
- Body Sensors
- Wearable Patches
- Wrist Devices
- Heart Straps
- Posture Monitors
- Movement Sensors
- Wearable Defibrillator
- Smart Clothing
- Smart Glasses
- Wearable Camera
Grade Outlook (Revenue, USD Billion; 2019-2030)
Sales Channel Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
- Sports Fitness
- Remote Patient Monitoring
- Home Healthcare
- Emergency Medical Care
Key Regions Covered in the Report:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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