Wearable Healthcare Devices Market Overview:
The report analyzed by Maximize Market Research, on Wearable Healthcare Devices Market, covers an extensive regional analysis and competitive landscape. Over the forecast period, maximize market Research expects,Wearable Healthcare Devices Market size was valued at USD 23.83 Bn. in 2022 and the total Wearable Healthcare Devices revenue is expected to grow at a CAGR of 20.2% from 2023 to 2029, reaching nearly USD 86.42 Bn.
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Wearable Healthcare Devices Market Scope and Methodology:
the forecast period, the report covers market size with estimations and growth rates. Regional market analysis is conducted at the local, regional, and global levels. The Wearable Healthcare Devices Market report includes current trends and market highlights and assists clients in exploring lucrative opportunities in the market. The report covers insights into the major drivers, challenges, and major restraints of the Wearable Healthcare Devices Market.
Research tools like SWOT, PESTLE and Porter were used for the Wearable Healthcare Devices Market analysis. SWOT analysis is used to help organizations develop a complete awareness of all factors included to make a business decision in the market while PESTLE provides information about growth targets and risks to the productivity of the market. Thus, the report act as a guide for investors, stakeholders, and market followers of the market.
Wearable Healthcare Devices Market Regional Insights:
Categorized widely, the Wearable Healthcare Devices market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The report offers a comprehensive evaluation of factors, market size, growth rate, and regional import-export dynamics. The regional analysis is performed at both local and country levels for a detailed perspective.
Wearable Healthcare Devices Market Dynamics:
A wearable healthcare device is an electronic device with or without physical or software components that is worn by an individual to actively or passively collect data about that individual’s health state and wellness behaviours. The data from the gadget is frequently forwarded to a software platform for analysis by a person or organisation in order to track health and encourage healthy behaviour.
Wearable Healthcare Devices Market Segmentation:
by Device Type
Diagnostic and Monitoring Devices
ECG\Heart Rate Monitors
by Grade Type
Traditional Diagnostic Devices
Consumer-Grade Wearable Healthcare Devices
Clinical-Grade Wearable Healthcare Devices
General Health and Fitness
Remote Patient Monitoring
Trackers held the highest share of the Wearable Healthcare Devices market in 2022, accounting for almost 38% of the market. At the end of the projected period, this segment is expected to maintain its dominance. The segment’s growth is being driven by smartphone usage and the increasing number of smartphone-based medical devices. Wearable trackers combined with smartphones can assist inspire athletes during workouts and provide information about daily routines or fitness without requiring potentially disruptive human computations or recordings. As a result, demand for Trackers is increasing significantly, propelling the Wearable Healthcare Devices market throughout the forecast period.
In terms of Device Type, the Diagnostic and Monitoring devices segment dominated the wearable medical devices market in 2022, accounting for almost 42% of the market. During the projected period, this segment is also expected to have the highest CAGR of around 10.3%. The key factor impacting the segment’s growth is the increasing frequency of neurological and nephrological disorders. Migraine was the most frequent neurological condition in the United States, according to the 2021 survey. Migraines affect 92.5% of people in the United States.
The Traditional Diagnostic segment is predicted to develop significantly during the projection period, based on Grade Type. Because of the increased demand for conventional diagnostic devices around the world, the traditional diagnostic device category is predicted to rise at a faster rate throughout the projection period. Similarly, the wearable healthcare devices market is predicted to expand as a result of a broad range of medical equipment such as intelligent asthma action items, smart pain reliever gadgets, and insulin management devices. Pain management devices, glucose monitoring devices, recuperation devices, and respiratory treatment equipment are examples of monitoring devices. The insulin monitoring device sub-segment was prominent in 2022 and is likely to be dominant during the forecast period due to the large number of diabetics.
According to Application, the home healthcare segment dominated the market for wearable medical devices in 2022, accounting for the largest revenue share of 54.5%, owing to the growing geriatric population triggering prevalence rates of target diseases and the growing need to reduce healthcare expenditure as an economically viable initiative, among other factors driving market growth. Over the projected period, the remote patient monitoring industry is expected to increase at the fastest rate. Globally growing older populations and rising chronic illness incidences are predicted to have a significant impact on the growth of remote patient monitoring devices over the forecast period.
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Wearable Healthcare Devices Market Key Players:
1. Koninklijke Philips N.V. (Netherlands)
2. Apple Inc. (US)
3. GE Healthcare (US)
4. Fitbit Inc. (US)
5. Abbott Laboratories (US)
6. OMRON Corporation (Japan)
7. Garmin Ltd. (US),
8. Dexcom Inc. (US)
9. Masimo Corporation (US)
10. Medtronic PLC (Ireland)
11. Bio Telemetry Inc. (US)
12. Preventice Solutions Inc. (US)
13. iRhythm Technologies Inc. (US)
14. Contec Medical Systems Co. Ltd. (China)
15. MediBioSense Ltd. (UK)
16. VitalConnect (US)
17. Cyrcadia Health Inc. (US)
18. Ten3T Healthcare (India)
19. Verily Life Sciences (US)
20. MinttiHealth (China)
21. Bio-Beat (Israel)
22. Biotricity Inc. (US)
23. iHealth Lab Inc. (US)
24. Vivalink (US)
25. Gentag (US)
Key questions answered in the Wearable Healthcare Devices Market are:
- What is Wearable Healthcare Devices?
- What was the Wearable Healthcare Devices market size in 2022?
- What are the different segments of the Wearable Healthcare Devices Market?
- What growth strategies are the players considering to increase their presence in Wearable Healthcare Devices?
- What are the upcoming industry applications and trends for the Wearable Healthcare Devices Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Wearable Healthcare Devices Market?
- What segments are covered in the Wearable Healthcare Devices Market?
- Who are the leading companies and what are their portfolios in Wearable Healthcare Devices Market?
- What segments are covered in the Wearable Healthcare Devices Market?
- Who are the key players in the Wearable Healthcare Devices market?
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
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