Wearable Healthcare Devices Market Forecasts to 2030 - Global Analysis By Product Type, Device Type, Site, Application and By Geography

According to Stratistics MRC, the Global Wearable Healthcare Devices Market is accounted for $34.2 billion in 2023 and is expected to reach $189.5 billion by 2030 growing at a CAGR of 27.7% during the forecast period. Portable devices known as wearable healthcare devices are used to diagnose and track patients' vital health signals, including blood pressure, heart rate and rhythm, breathing rate, and a number of other characteristics. These gadgets are applied to the patient's body to gather private information. The wearable medical device uses wireless technology to give the patient independence and convenience.

According to a 2019 Pew Research Center survey, one in five U.S. adults (21%) wear a fitness band or wearable fitness tracker on a regular basis. Women are far more likely than men to use such devices on a regular basis (25% vs. 18 %).

Market Dynamics:

Driver:

Growing consumer awareness for health and fitness

The market for wearable medical devices has expanded dramatically as a result of factors including an aging population, an increase in the prevalence of chronic diseases, and the availability of cutting-edge medical equipment such wearable devices that allow for the provision of high-quality care outside of hospitals. As a result, during the forecast period, the market for wearable medical devices would rise due to the rising consumer awareness of health and fitness.

Restraint:

Patent protection for wearable healthcare devices

Manufacturers of healthcare devices confront significant obstacles from patent changes and patent trolls. Patent trolls are companies that buy patents in order to collect royalties from businesses that are accused of violating patents held by non-practicing entities (NPEs) or patent assertion entities through their practices or goods. Companies can secure the financial and legal payments of successfully filed patents and minimize potential losses due to patent trolls by carefully protecting mobile medical technology developments through patents.

Opportunity:

Increased use of artificial intelligence and 5G

Identifying potential diagnoses and therapies for a particular patient is possible with the help of 5G, AI, and ML. In general, real-time learning with a large amount of data requires networks that are reliable and have a lot of capacity. Healthcare organizations may employ AI tools to deliver the finest care possible in real-time, wherever they are, with the aid of 5G networks. As a result, the market can be anticipated to offer chances with significant growth rates due to the adoption of upcoming advanced tools and technologies like AI and 5G.

Threat:

High cost of maintenance

Numerous restrictions prevent wearable medical devices from being used due to significant technological improvements in the industry. One of them is the expensive total cost of wearing medical equipment. These devices frequently have sensors, batteries, and processors that need to be regularly serviced. The entire cost is significantly higher when the costs of these accessories are taken into account during the lifespan of the devices. The market for wearable medical equipment is therefore constrained by the high maintenance costs.

COVID-19 Impact:

The pandemic is causing hardship in numerous nations; in addition to harming governments, businesses, and people, it has also had a negative impact on financial markets, larger economies, and consumer demand for goods in general. By using wearable technology, COVID-19 has advanced the integration of health and fitness apps into conventional healthcare. Forced lockdowns and remote work have raised consumer awareness of personal health and wellness, and wearable medical technology is assisting people in taking infection-prevention measures.

The diagnostic and monitoring devices segment is expected to be the largest during the forecast period

The diagnostic and monitoring devices segment is expected to be the largest during the forecast period. This is due to factors such as an aging population and an increase in the prevalence of chronic diseases. The usage of ECG/heart rate monitors, blood pressure monitors, pulse oximeters, glucose monitoring equipment, and other technologies increased during the pandemic and were crucial. As more individuals understand the value of preventative healthcare, the market is expected to expand.

The sports & fitness segment is expected to have the highest CAGR during the forecast period

The sports & fitness segment is expected to have the highest CAGR during the forecast period. A major high-impact driver for the sector is the increased emphasis on health and fitness. There are several different pieces of wearable medical technology and software that have been developed for weight and fitness control. Cell phones that are often connected to wristbands can display real-time monitoring of activities including steps done, calories burned, calories consumed, miles run, and others. The widespread use of 3G and 4G networks for on-demand healthcare services is fueling this market segment's expansion.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to the growing prevalence of cardiovascular disorders, diabetes, and cancer within this region. Additionally, owing to the high use of remote patient monitoring and home care devices for frequent, continuous, and long-term patient monitoring and lowering the frequency of hospital visits, there's a huge demand for the region's growth.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period owing to the rapid technological advancements and the growing requirement for home care devices and round-the-clock monitoring. Favorable government initiatives to employ these wearable medical devices, an increase in the number of elderly people, and rising healthcare costs in this region are major drivers of market expansion.

Key players in the market:

Some of the key players in Wearable Healthcare Devices market include: Omron Corporation, Medtronic Plc, Polar Electro, Intelesens Ltdm, Everist Health, Koninklijke Philips N.V., Withings, Fitbit Inc., Sotera Wireless, Vital Connect, Garmin Ltd., Apple, Inc., Xiaomi Inc, Qualcomm Inc. and Boston Scientific Corporation.

Key Developments:

In May 2023, Medtronic, which purchased Covidien in 2015, announced the imminent acquisition of EOFlow Co. Ltd., which manufactures the EOPatch device for insulin delivery. This is a wearable, tubeless, and fully disposable device, which would allow the company to better address the needs of diabetic individuals.

In April 2023, Garmin announced that Dexcom Connect IQ apps, available for consumers with Type 1 or Type 2 diabetes who use the Dexcom G6 or Dexcom G7 Continuous Glucose Monitoring System, would see an expanded regional availability.

In January 2023, Masimo and Royal Philips expanded their partnership for leveraging the Masimo W1 advanced health tracking watch to improve patient monitoring capabilities in the area of home telehealth.

Product Types Covered:

• Wristband
• Trackers
• Ear Wear
• Smart Clothing
• Watch
• Other Product Types

Device Types Covered:

• Therapeutic Devices
• Diagnostic Devices
• Other Device Types

Sites Covered:

• Headband
• Strap/Clip/Bracelet
• Handheld
• Shoe Sensors

Applications Covered:

• Remote Patient Monitoring
• Home Healthcare
• Sports and Fitness
• Other Applications

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances