Wearable Healthcare Devices Market Insights 2024 Latest Research Reveals Key Trends for Business Growth

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall wearable healthcare devices market and the subsegments.

The report "Wearable Healthcare Devices Market by Product (Trackers, Smartwatch, Patches), Type (Diagnostic (Vital Sign, ECG, Glucose), Therapeutic (Pain, Insulin)), Grade (Consumer, Clinical), Channel (Online, Pharmacies), Application (RPM) - Global Forecast to 2028

 Wearable Healthcare Devices Market in terms of revenue was estimated to be worth $40.7 billion in 2023 and is poised to reach $69.2 billion by 2028, growing at a CAGR of 11.2% from 2023 to 2028 according to a new report by MarketsandMarkets™. In recent years, there has been substantial growth in the home healthcare market, driven primarily by the expanding geriatric population, a growing incidence of chronic diseases, and the accessibility of advanced medical devices, including wearable medical devices. These technologies facilitate the provision of high-quality care outside traditional hospital settings. As a consequence, there has been an improvement in patient compliance, the implementation of proactive treatments, enhanced patient satisfaction, and an overall elevation in the quality of care. Additionally, this approach contributes to cost reduction associated with hospital stays, as monitoring and diagnosis can now be effectively conducted in the comfort of patients' homes. Browse through 350 market data tables and 48 figures spread across 400 pages and the in-depth TOC of the wearable healthcare devices market. Early buyers will receive a 10% customization on reports.

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the smartwatches segment held the largest share of the wearable healthcare devices market by product segment.

Based on product, the wearable healthcare devices market has been segmented into trackers, smartwatches, patches, and smart clothing. The smartwatches segment dominated the wearable healthcare devices market in 2022. The smartwatch market is characterized by continuous innovation. Manufacturers regularly introduce new features, sensor improvements, and software updates, ensuring that smartwatches remain at the forefront of technology and meet users' evolving expectations. Several companies are increasingly focusing on introducing products in the market with advanced features and functionalities.

The online channels segment held the largest share of the wearable healthcare devices market by distribution channel segment in 2022.

Based on distribution channel, the wearable healthcare devices market is segmented into pharmacies, online channels, and hypermarkets. The online channels segment accounted for the largest share of the global wearable healthcare devices market in 2022. The exponential growth of e-commerce is a primary catalyst, providing consumers with a convenient and accessible platform to explore, compare, and purchase an extensive array of health-centric wearables. The wide reach facilitated by online channels ensures a global audience, enhancing market penetration and fostering increased consumer engagement. Furthermore, the convenience of 24/7 availability aligns seamlessly with the fast-paced lifestyles of modern consumers, allowing them to make informed choices at their convenience.

North America is the largest regional market for wearable healthcare devices market.

The market for wearable healthcare devices has been divided into four key geographical regions: North AmericaEuropeAsia Pacific, and the Rest of the World. In 2022, North America held the predominant portion of the wearable healthcare devices market. The wearable healthcare devices market in North America is well-established. The wearable healthcare devices market's preeminence in North America is also influenced by a range of other factors. These encompass the burgeoning elderly population, resulting in an uptick in chronic ailments, the upward trajectory of healthcare expenditures, a heightened demand for improved healthcare services, government initiatives promoting digital health, the pervasive reach of 3G and 4G networks, and an increasing awareness of self-health management.

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Key Market Players of Wearable Healthcare Devices Industry:

The major players operating in wearable healthcare devices market are Apple Inc. (US), Fitbit (US), OMRON Corporation (Japan), Medtronic (Ireland), Garmin Ltd. (US), GE HealthCare (US), Dexcom, Inc. (US), Abbott (US), Masimo (US), Koninklijke Philips N.V. (Netherlands), Boston Scientific Corporation (US), iRhythm Technologies, Inc. (US), CONTEC MEDICAL SYSTEMS CO. LTD. (China), Biotricity (US), MediBioSense (UK), VitalConnect (US), Cyrcadia Health (US), ten3T Healthcare (India), Minttihealth (China), Biobeat (Israel), iHealth Labs Inc. (US), VivaLNK, Inc. (US), GENTAG, Inc. (US), AiQ Smart Clothing (Taiwan), Nonin Medical (US), and Oxitone Medical (Israel).

The break-up of the profile of primary participants in the wearable healthcare devices market:

  • 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 Middle East & Africa- 4%

The report provides insights on the following pointers:

  • Analysis of key drivers (Growing awareness about lifestyle management and home healthcare, Development of technologically advanced products, Growth in geriatric population and subsequent rise in chronic diseases, Rising public-private investments for wearable devices Increasing availability of smartphone-based applications and rising adoption of 3G/4G networks, and Growing preference for wireless connectivity among healthcare providers), opportunities (Increasing adoption of AI and 5G), restraints (Inadequate regulatory standardization, Issues related to accuracy & analysis of wearable-generated data, and Data security concerns), and challenges (Patent protection of wearable healthcare devices, Limited battery life, and Device design complexity) influencing the growth of the wearable healthcare devices market.
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the wearable healthcare devices market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the wearable healthcare devices market across varied regions.
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the wearable healthcare devices market
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings of leading players like Apple Inc. (US), Fitbit (US), Dexcom, Inc. (US), Abbott (US), and Koninklijke Philips N.V. (Netherlands), among others in the wearable healthcare devices market strategies.

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