Wearable Healthcare Devices Market Development and Growth Opportunities by Forecast 2032
The wearable healthcare devices market was valued at US$ 16 billion in 2021, and it is anticipated to reach US$ 30 billion in 2026. Additionally, during the forecast period from 2022 to 2032, the global demand for wearable healthcare devices is expected to grow at a remarkable CAGR of 13%, reaching roughly US$ 61 Bn by the end of 2032.
A report from Future Market Insights observes that the worldwide wearable healthcare market is expected to reach $30 billion by 2026. From 2022 to 2032, it is predicted to increase at a compound annual growth rate (CAGR) of 13%.
The wearable healthcare devices market is expected to be influenced by the rise of businesses such as home healthcare and remote patient monitoring devices. In addition, the wearable healthcare devices market is projected to be impacted by an increased focus on fitness and healthy lifestyle orientation.
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The COVID-19 pandemic has elevated the importance of wearable medical devices in the healthcare market. As a result, various firms working on wearable medical devices from across the world are joining the wearable healthcare devices market, where wearable medical equipment can detect early warning symptoms of viral infection. For example, the Ava Bracelet, originally designed as a fertility tracker, is now being utilized to aid in the fight against the coronavirus. This wristband monitors heart rate variability, breathing rate, and skin temperature and can monitor viral symptoms. As a consequence of this, the demand for wearables is anticipated to grow.
In the wearable healthcare devices market, the adoption of new sophisticated tools and technologies such as AI and 5G is predicted to give high wearable healthcare devices growth potential.
In deciding compensation for mobile healthcare, national agencies play a significant role. Federal regulations in several EU member states define medical treatment in terms of the patient and doctor’s physical presence, which has an impact on payments for mobile and remote healthcare solutions. Such regulations slow the adoption of wearable healthcare devices in the healthcare sector.
Clinical device manufacturers in the United States and Europe confront significant hurdles from patent reform and patent trolls. Patent trolls are firms that buy patents to collect royalties from businesses that purportedly infringe on patents owned by patent assertion entities or non-practicing organizations (NPEs). The key to success in the fast-developing clinical-grade wearable business is to protect patients.
The pharmacy category held the highest proportion of the wearable healthcare devices market in 2020. The wearable healthcare devices market expansion is being driven by an increase in the elderly population and, as a result, an increase in the incidence of chronic illnesses.
Diagnostic instruments dominated the wearable healthcare devices market. However, the category is likely to grow as people become more aware of the capacity of neurological wearables to continually measure people’s cognitive abilities. At the same time, they go about their daily lives.
Due to the rising intake of therapeutic devices, the therapeutic device sector is expected to grow at the quickest rate throughout the forecast period.
Smartwatches, which allow for monitoring a variety of indicators such as mobility, respiration rate, pulse rate, and Bluetooth and cloud connection, are expected to drive wearable healthcare devices market growth in this category throughout the forecast period.
Due to the rise in prevalence of cardiovascular disease, diabetes, and cancer in this area.
“The rises in chronic illnesses that require regular monitoring, as well as the development of modern healthcare infrastructure, are expected to propel wearable healthcare devices market expansion throughout the forecast period.”
Key companies profiled
Medtronic PLC, Koninklijke Philips N.V, GE Healthcare, Fitbit Inc, OMRON Corporation, Abbott Laboratories, Garmin Ltd., Dexcom Inc., and Masimo Corporation.
Key Segments
By Product:
- Trackers
- Smartwatches
- Pathes
- Smart Clothing
By Application:
- General Health and Fitness
- Remote Patient Monitoring
- Home Healthcare
By Device Type:
- Diagnostic and Monitoring Devices
- Vital Sign Monitoring Devices
- ECG/Heart Rate Monitors
- Blood Pressure Monitors
- Wrist Actigraphs
- Polysomnography Devices
- Traditional Diagnostic Tests
By Grade Type:
- Consumer-grade Wearable Healthcare Devices
- Clinical-grade Wearable Healthcare Devices
By Distribution Channel:
- Pharmacies
- Online Channel
- Hypermarkets
Key Takeaways:
- The diagnostic instruments category held the largest wearable healthcare devices market share, accounting for 62.5% of total sales.
- The strap/clip/bracelet category dominated the wearable medical devices market, accounting for 51.2% of total sales.
- The home healthcare sector dominated the wearable healthcare devices market, accounting for 53.5% of total revenue.
- North America held the largest wearable healthcare devices market share, accounting for 38.1% of total sales.
