Enjoy complimentary customisation on priority with our Enterprise License!
The smart wearable healthcare devices market size is forecast to increase by USD 24.22 billion at a CAGR of 15.51% between 2023 and 2028. The market is experiencing significant growth due to the increasing focus on personal health and wellness, with trends such as the widespread adoption of activity trackers for monitoring sleeping patterns, exercising, water drinking, and other daily activities. The integration of Bluetooth connectivity and the ability to connect with other technological devices enable real-time monitoring and analysis, making these devices essential tools for training and compensation during sporting activities. The rise of mobile healthcare and the increasing involvement of national agencies and regulations in EU member states further fuel market growth. Medical care providers are increasingly embracing these devices to improve patient engagement and provide remote monitoring capabilities.
However, concerns regarding data privacy and security remain a challenge for market adoption. The market is expected to witness significant growth, driven by factors such as increasing purchasing power and disposable income, leading to an increase in demand for devices like Blood Glucose Meters, Blood Pressure Monitors, Heart Detectors, and Pulse Monitors. E-commerce platforms are also playing a crucial role in the market's growth by providing easy access to these devices.
The global market for wearable healthcare devices is experiencing significant growth due to the increasing adoption of smartphone-based healthcare devices and wireless connectivity. These devices, which include fitness bands, smartwatches, and other electronic gadgets, have become popular tools for lifestyle management and disease prevention. The market is driven by changing lifestyles and the growing emphasis on preventive healthcare. Wearable healthcare devices enable real-time monitoring of health parameters such as heart rate, blood pressure, and glucose levels for individuals with diabetes or cardiovascular disease. These devices also offer holistic evaluation and provide insights into overall health and fitness. Home healthcare is another growing area for wearable healthcare devices, as they enable remote monitoring and timely intervention for patients with chronic conditions.
Furthermore, the market is also being fueled by e-commerce and the expanding distribution channels for these devices. Sensor technologies are playing a crucial role in the development of advanced wearable healthcare devices, offering accurate and reliable data for health management. The market is expected to continue growing, driven by increasing health spending and the increasing prevalence of chronic diseases.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The fitness band segment is estimated to witness significant growth during the forecast period. Wearable healthcare devices, such as fitness bands, have gained significant popularity in recent years due to changing lifestyles and increasing health-related issues. These devices, which include implants, accessories, clothing, and body-worn trackers, serve as comprehensive health management tools. Fitness bands, for instance, are wearable devices that monitor various health parameters, including fitness monitoring and remote patient monitoring for home healthcare applications. They use sensors to detect and record data on steps taken, running distance, pulse, sleep patterns, and swimming laps. This data is then transmitted to a mobile application via Bluetooth for holistic evaluation. Fitness bands also offer features for monitoring health issues such as remote cardiac monitoring, body temperature monitoring, and sleep statistics.
Moreover, disease management, obesity, and heart congestion are some of the primary health areas where wearable devices have shown promising results. The global market for wearable healthcare devices is expected to grow substantially in the coming years, driven by increasing health spending and the need for remote monitoring and access to real-time health information.
Get a glance at the market share of various segments Request Free Sample
The fitness band segment accounted for USD 5.45 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
The market in North America is experiencing significant growth due to various factors. Chronic diseases, such as heart conditions and obesity, which are prevalent in the region, are driving the demand for these devices. Additionally, the increasing adoption of technologically advanced wearable medical devices for remote patient monitoring and home healthcare applications is fueling market growth. The US is the leading contributor to the market in North America, with a large revenue share, due to the presence of major key players like Garmin and Fitbit, a focus on early diagnosis and prevention, and favorable reimbursement scenarios for devices such as insulin pumps and hearing aids.
Furthermore, Canada and Mexico follow closely behind. The market is further boosted by increasing healthcare spending, new product launches, and the growing trend towards holistic health management. Wearable devices, which can track and monitor health-related issues such as body temperature, heart congestion, sleep statistics, and heart rate, are becoming increasingly popular accessories and even clothing items. These devices offer users valuable insights into their health and enable them to take proactive measures to address potential health issues. Remote cardiac monitoring, obesity management, and disease management are some of the primary applications of these devices.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing focus on patient engagement is the key driver of the market. Wearable healthcare technology refers to electronic devices worn on a person's body to transmit critical medical, biochemical, and exercise data to a database. This emerging field is revolutionizing healthcare by leveraging the Internet of Things (IoT) technology, enabling seamless and dependable data transfer for consumers. Wearable healthcare devices include smartwatches, body patches, ear wearables, headbands, smart clothing, and smart glasses. These devices offer users the ability to log and monitor various health metrics, such as steps taken, calories burned, heart rate, glucose levels, stress levels, and blood sugar levels. Smartphone-based healthcare devices, with wireless connectivity, are increasingly popular for lifestyle management and home healthcare.
Moreover, fitness tracking capabilities are a significant driver of this market, with devices providing real-time insights and trends. Data standardization is crucial for interoperability between devices and clinical trial platforms. Consumer privacy and cybersecurity attacks are concerns, necessitating strong data security measures. High-speed 5G networks enable advanced applications like medical imagery, augmented reality (AR), and virtual reality (VR) in spatial computing. Battery life, trackers, and patches are essential considerations for device design.
Increasing adoption of self-monitoring of vital organs is the upcoming trend in the market. Smart wearable healthcare devices, including smartwatches, wearable activity monitors, trackers, patches, smart clothing, and mobile apps, are revolutionizing the healthcare industry by enabling users to self-monitor and manage their health in real-time. These devices, which often have smartphone-based connectivity, offer lifestyle management tools, home healthcare solutions, and fitness tracking capabilities. Vital signs such as temperature, pulse, respiration, blood pressure, and pain are regularly monitored through these devices, providing valuable insights into overall health and well-being. The use of wireless connectivity and data standardization allows for seamless integration with clinical trial platforms and medical imagery, enhancing the accuracy and efficiency of healthcare services.
However, concerns regarding consumer privacy, cybersecurity attacks, and data accuracy and fraud prevention are crucial considerations for the market's growth. High-speed 5G networks, augmented reality (AR), and virtual reality (VR) technologies, as well as spatial computing, are expected to further expand the capabilities of these devices. Battery life remains an essential factor in the development of these devices, and ongoing advancements aim to improve this aspect while maintaining their compact and wearable design.
Concerns associated with data privacy is a key challenge affecting the market growth. Smart wearable healthcare devices, such as smartwatches, wearable activity monitors, trackers, patches, smart clothing, and other phone-based healthcare gadgets, have gained significant popularity due to their wireless connectivity and lifestyle management features. These devices offer fitness tracking capabilities, home healthcare, medical imagery, and even augmented reality (AR) and virtual reality (VR) experiences through high-speed 5G networks.
However, their small size and vast data storage capacity make them susceptible to security risks. Location-based services, like those used in Google Glass, require users to share their whereabouts, increasing the potential for data breaches. Moreover, cybersecurity attacks, data accuracy concerns, and fraud prevention are critical issues in the smart wearable healthcare market.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alphabet Inc. - The company offers smart wearable healthcare devices through its subsidiary Fitbit such as sense 2.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The global market for wearable healthcare devices is experiencing significant growth due to the increasing adoption of smartphone-based healthcare devices with wireless connectivity. These devices offer lifestyle management features, including fitness tracking capabilities through smartwatches and wearable activity monitors. The market is also witnessing the integration of advanced technologies such as data standardization, clinical trial platforms, and high-speed 5G networks. Wearable healthcare devices are transforming home healthcare applications by enabling remote patient monitoring and real-time vitals tracking. These devices offer holistic evaluation of health-related issues through various sensors, including heart rate monitors, blood pressure monitors, and blood oxygen level sensors.
Moreover, the changing lifestyles and rising health spending have led to an increased focus on preventive healthcare. Wearable healthcare devices are being used to monitor chronic diseases such as diabetes, cardiovascular diseases (CVDs), and hypertension. Early detection and diagnosis through these devices have led to medical efficiency and improved patient outcomes. The market is also witnessing the integration of advanced technologies such as augmented reality (AR), virtual reality (VR), and spatial computing. These technologies offer enhanced user experience and improved accuracy in tracking and monitoring health parameters. Consumer privacy and cybersecurity are major concerns in the wearable healthcare devices market.
Furthermore, technology companies are investing in fraud prevention, data accuracy, and cybersecurity attacks to ensure the safety and security of personal health information. The market is expected to witness significant growth due to the aging population, increasing investments and grants, and the availability of e-commerce platforms for purchasing wearable healthcare devices. However, challenges such as battery life, regulatory compliance, and reimbursement policies may hinder market growth. The future of wearable healthcare devices lies in the integration of artificial intelligence (AI) and machine learning (ML) for personalized health recommendations and ground-breaking devices such as the biobutton multiparameter wearable.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
167 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 15.51% |
|
Market growth 2024-2028 |
USD 24.22 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
13.65 |
|
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
|
Performing market contribution |
North America at 34% |
|
Key countries |
US, Canada, Germany, UK, and China |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Alphabet Inc., Apple Inc., Biobeat Technologies Ltd., BioIntelliSense Inc., Biotricity Inc., Boston Scientific Corp., Contec Medical Systems Co. Ltd., Cyrcadia Asia Ltd., Dexcom Inc., Garmin Ltd., Huawei Technologies Co. Ltd., iRhythm Technologies Inc., Koninklijke Philips N.V., Masimo Corp., Nokia Corp., OMRON Corp., Polar Electro Oy, Samsung Electronics Co. Ltd., ten3T Healthcare, and VitalConnect Inc. |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
