Wearable Healthcare Devices Market is Projected to Grow at A CAGR of 24.6% During, 2020-2026

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OVERVIEW

Wearable Healthcare Devices Market was valued at $15.5 billion in 2019, with a CAGR of 24.6% from 2020 to 2026.

Wearable healthcare devices are electronic devices that can be worn like smartwatches, patches, and others. Wearable healthcare devices are designed to collect the data of user personal health. Wearable healthcare devices are used for remote patient monitoring, sports and fitness, and home healthcare.

Technologically advanced in wearable healthcare devices is a key driving factor of the market. For instance, The first wearable blood pressure monitor was introduced in 2019 and was called HeartGuide.

HeartGuide can monitor blood pressure and daily activity, including actions taken, calories burned, and traveled distance. Further, Maxim Integrated Products, Inc. has introduced version 2.0 of the health sensor platform (HSP 2.0). The wrist-worn wearables help to monitor heart rate, ECG, and body temperature. Additionally, Philips has introduced Philips Biosensor BX100. Philips Biosensor BX100 has received 510(k) the U.S. Food and Drug Administration (FDA) clearance for its wearable biosensor to help manage COVID-19 patients in the hospital. Philip’s patient deterioration detection solution helps clinicians detect risk so that they can help improve care for patients in lower acuity care areas. However, security concerns related to wearable healthcare devices might hamper the market growth. The wearable healthcare devices are associated with privacy and security concerns due to the security breach. The security and privacy violations can occur when companies try to access information that is not related to the treatment, such as personal information for marketing purposes or sale to a third party. The information can also be used for identity theft. Moreover, the growing adoption of mobile platforms in healthcare would provide lucrative opportunities for the market in the coming years.

Diagnostic & Monitoring Devices (Glucose Monitoring Devices, Vital Sign Monitoring Devices, Sleep Monitoring Devices, Fetal Monitoring & Obstetric Devices, and Neuromonitoring Devices) and Therapeutic Devices (Respiratory Therapy Devices, Pain Management Devices, Rehabilitation Devices, and Insulin Pumps) is the type segment of the market scope. By product type, the market is divided into Smartwatches, Patches, and Others. By application, the market is further divided into Remote Patient Monitoring, Sports and Fitness, and Home Healthcare. The report covers value of the global market by device type, product type, and application.

Diagnostic & Monitoring Devices was dominating the global wearable healthcare devices market in 2019, owing to the increasing adoption of self-monitoring vitals, regulatory approvals for diagnostic & monitoring devices, rising investment for developing advanced diagnostic & monitoring devices, and commercialization of new diagnostic & monitoring devices.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global wearable healthcare devices value figures. While North America is further categorized into enhancing the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America was dominating the global wearable healthcare devices market in 2019, due to the increasing penetration of smartphones, increasing preference for home healthcare, the partnership between companies to develop and commercialize new wearable healthcare devices, and increasing regulatory approvals for wearable healthcare devices.

Major players operating in the wearable healthcare devices industry include Apple, Inc., Fitbit, Inc., Koninklijke Philips N.V., Medtronic Plc, GE Healthcare, Dexcom, Inc., Abbott Laboratories, Biotelemetry, Inc., Omron Healthcare Co., Ltd., Garmin Ltd., Vitalconnect, Medibiosense Ltd., Masimo Corporation, Minttihealth, and Preventice Solutions, Inc.

The collaboration between companies for research and development activities for wearable healthcare devices, rising investment for development and distribution of wearable healthcare devices, technological advancement, and commercialization of regulatory approved wearable healthcare devices are some of the strategies adopted by the major companies.