Increasing need for real-time health monitoring and increasing need for early detection of diseases are some key factors driving market revenue growth.
Increasing need for real-time health monitoring and increasing need for early detection of diseases are some key factors driving market revenue growth
The global wearable healthcare medical devices market size is expected to reach USD 52.35 Billion in 2030 and register a revenue CAGR of 13.9% over the forecast period, according to a latest report by Reports and Data. Increasing need for real-time health monitoring and for early detection of diseases is expected to drive market revenue growth during the forecast period. Increasing introduction of technologically-advanced connected wearable devices for healthcare applications is also expected to boost revenue growth of the global market going ahead. Healthcare industry, in collaboration with technology companies, produces products to diagnose, monitor, and treat patients, as well as help healthcare organizations lower healthcare costs and operate more efficiently. Wireless technology advancements, miniaturization, and computing power have driven MedTech innovation. As a result, more connected wearable medical devices are being developed to help patients collect, evaluate, and transfer data. The Internet of Medical Things (IoMT), a global network of connected medical devices, software applications, and health systems, is being created by the data collected by these devices. The Internet of Things is rapidly changing MedTech’s role and relationships in the healthcare industry. Increasing efforts by various MedTech companies to harness data provided by digitally-enabled products and make their business and operating models relevant and sustainable are expected to drive market revenue growth over the forecast period.
However, risk of data breaches is expected to hamper revenue growth of the market during the forecast period. Fitness trackers are intended to understand and improve our health by providing critical information that could indicate health risks. During the process of collecting this information on users, the device will need to be able to access very private information about our lives, health, and much more. Hackers can use this sensitive information to create customized phishing emails, commit fraud, and obtain even more personal information. Cybersecurity is crucial for medical device safety and effectiveness. Unauthorized access to medical data is expected to hamper the market revenue growth during the forecast period.
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Some Key Highlights in the Report
- Diagnostic and monitoring devices segment is expected to account for largest market share in global wearable healthcare/medical devices market between 2021 and 2030, owing to increasing elderly population and increasing incidence of diseases, including obesity, diabetes, chronic obstructive pulmonary disease, hypertension, chronic pain, and cardiac disorders.
- Fitness trackers segment is expected to register a steady revenue growth over the forecast period due to increasing need to stay fit and rapidly changing lifestyle.
- The wearable healthcare/medical devices market in North America is expected to account for largest revenue share over the forecast period. High presence of tech giants and start-ups focusing on building smart wearable devices is expected to drive revenue growth of the market.
- Companies profiled in the global market report include Apple, Inc., Samsung Electronics Co., Ltd., Xiaomi Corporation, Garmin, Ltd., Fitbit, Inc., LifeWatch GmbH, Omron Healthcare, Inc., Misfit, Inc., Vital Connect, Inc., and Biobeat Technologies, Ltd.
- In July 2021, Omron Healthcare, Inc. launched Omron Complete, first single-lead Electrocardiogram (ECG) and Blood Pressure (BP) monitor for home use. The launch of the device will decrease consultation time and unnecessary appointments.
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For the purpose of this report, Reports and Data has segmented global wearable healthcare/medical devices market based on device type, product, grade, sales channel, application, and region:
Device Type Outlook (Revenue, USD Billion; 2018-2030)
- Diagnostic and Monitoring Devices
- Vital Signs Monitoring Devices
- Glucose Monitoring Devices
- Sleep Monitoring Devices
- Blood Pressure Monitoring Devices
- Fetal Monitoring & Obstetric Devices
- Neuro-Monitoring Devices
- Others
- Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
- Insulin Pumps
- Cardiac Devices
- Others
Product Outlook (Revenue, USD Billion; 2018-2030)
- Fitness Trackers
- Body Sensors
- Wearable Patches
- Wrist Devices
- Heart Straps
- Headbands
- Posture Monitors
- Movement Sensors
- Wearable Defibrillator
- Smart Clothing
- Smart Glasses
- Wearable Camera
- Others
Grade Outlook (Revenue, USD Billion; 2018-2030)
- Consumer
- Clinical
Sales Channel Outlook (Revenue, USD Billion; 2018-2030)
- Pharmacies
- E-commerce
- Hypermarket
Application Outlook (Revenue, USD Billion; 2018-2030)
- Sports & Fitness
- Remote Patient Monitoring
- Home Healthcare
- Emergency Medical Care
- Others
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Regional Outlook (Revenue, USD Billion; 2018-2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2019–2020) and forecast (2021–2030) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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