Wearable Healthcare Devices Market exhibiting CAGR of 16.5% from 2023 to 2032, owing to increasing awareness about personal health monitoring | insightSLICE
The market for Wearable Healthcare Devices, which was valued at US$ 13.6 billion in 2021, is anticipated to expand at a 16.5% CAGR from 2023 to 2032.
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The key players of the Global Wearable Healthcare Devices Market are:
Main companies involved in the global wearable healthcare devices market include Animas Corporation- Johnson and Johnson, Smiths Medical – A Smiths Group Company, Bayer AG, Fitbit Inc., Panasonic Corporation, Siemens AG, Koninklijke Philips N.V., Medtronic plc, Owlet Baby Care, OMRON Corporation, Hoffmann-La Roche Ltd, etc. Common personal devices made by Apple, Inc., Garmin Ltd, Xiaomi Technologies, and Huawei Corporation are also compiled in this market due to their usage in healthcare monitoring.
Driving factors for the growth of Global Wearable Healthcare Devices Market
The demand for wearable healthcare devices is being driven by growing fitness awareness among various population segments.
Due to the younger population’s propensity for fitness goals, market participants are offering wearable medical devices with pedometers, heart rate monitors, activity trackers, and other features to assess physical fitness.
The market for wearable devices is being driven by an increase in demand for sophisticated healthcare processing equipment for remote monitoring. The industry’s top companies are concentrating on business expansion through strategic alliances in the form of mergers and acquisitions, which is expected to hasten market competition.
In the upcoming years, it is projected that the consumption of wearable healthcare equipment would be dominated by growing demand for wearable treatment devices for quick and accurate diagnosis without any invasive procedures.
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Global Wearable Healthcare Devices Market Key Segments:
By Product:
- Diagnostic devices
- Therapeutic devices
- Respiratory therapy devices
By Site of Application:
- Handheld
- Headband
- Strap/clip/bracelet
- Shoe sensors
- Others
By Distribution Channel:
- Online
- Offline
By Geography:
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Belgium
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
The leading market segments of Global Wearable Healthcare Devices Market
In terms of volume, the handheld devices in the site of application segment accounted for around 55.4% of the worldwide wearable healthcare devices market in 2019.
This segment is expected to continue to hold a dominant position during the projected period. Furthermore, developments in the telecommunication sector, such as the deployment of 5G bandwidth, are encouraging the use of wearable medical devices.
Online platforms will dominate the global sales:
Throughout the forecast period, it is predicted that the online platform would experience the fastest growth in terms of both sales volume and revenue for wearable medical devices.
In terms of revenue, the diagnostic devices product segment led the wearable healthcare devices market globally in 2019 and is projected to expand significantly over the next years. The market for wearable medical gadgets is being driven by changing lifestyles and increased disposable incomes.
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North America leads the sales and revenue for wearable medical devices:
In terms of volume and revenue, North America accounted for the greatest portion of the global market for wearable medical devices in 2019. One of the main markets for high-tech items in North America.
Due to the high demand for the newest, most creative goods in the U.S., the U.S. contributed more than 30% of the nations in North America to the worldwide wearable healthcare devices market in 2019. The market for wearable medical devices in Asia Pacific is expanding quickly due to population growth.
China has the top spot among Asian nations for wearable medical gadget consumption. In the Asia Pacific area, China leads the market for wearable medical devices, trailed by Japan and India.
The expansion of the Asia Pacific wearable healthcare devices market is predicted to be fueled by rising R&D expenditures and the presence of leading industry participants in important nations, particularly China and India.
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