Market growth influenced due to following factors-
- Increasing awareness of fitness and healthy lifestyles.
- Development of technologically advanced products.
- Growing geriatric population and subsequent increase in the incidence of chronic diseases.
- Cost-containment in healthcare delivery.
Global market size-
According to research report wearable healthcare devices market size is projected to reach $46.6 billion by 2025, at a CAGR of 20.5% from 2020 to 2025.
The major players 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).
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Top Market Segments-
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 healthcare devices market is segmented into pharmacies, online channels, and hypermarkets. Pharmacies accounted for the largest share of 46.7% of the global wearable medical devices market in 2019.
Geographic Overview -
Based on region, the global wearable healthcare devices market is segmented into North America, the Asia Pacific, Europe, Latin America, and the Middle East & Africa. In 2019, North America accounted for the largest share of 38.0% of the global wearable medical devices market.
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