Wearable Healthcare Devices Market Analysis and Forecast till 2031: By Device (Activity/Fitness Monitors, Diabetes Devices, Cardiac Monitors, Neurological Monitors, Respiratory Monitors, Body & Temperature Monitors, Hearing Aids), By Application (Cardiac

Wearable Healthcare Devices Market Analysis and Forecast till 2031: By Device (Activity/Fitness Monitors, Diabetes Devices, Cardiac Monitors, Neurological Monitors, Respiratory Monitors, Body & Temperature Monitors, Hearing Aids), By Application (Cardiac Health, Obesity Control, Diabetes Care, Fitness Monitoring, Sleep Tracking), By End-use (Home Healthcare, Remote Patient Monitoring, Fitness and Sports), and Region

The global wearable healthcare devices market was valued at USD 14.3 billion in 2021 and it is anticipated to grow up to USD 45.8 billion by 2031, at a CAGR of 12.4% during the forecast period.

Wearable healthcare devices is any kind of electronic device designed to be worn on the user's body. Such devices can take many different forms, including jewelry, accessories, medical devices, and clothing or elements of clothing. Wearable technology in healthcare includes electronic devices that consumers can wear, like Fitbits and smartwatches, and are designed to collect the data of users' personal health and exercise. These devices can even send a user's health information to a doctor or other healthcare professional in real time.

Market Trends and Drivers

AI and 5G can be used to determine potential diagnoses and treatments for a specific patient. Furthermore, AI can help healthcare systems predict which patients are more likely to have postoperative complications, allowing them to intervene earlier. In general, real-time learning with a large volume of data necessitates dependable networks with high bandwidth. Healthcare organisations can use AI tools to provide the best care possible in real time, wherever they are, thanks to 5G networks. As a result, the use of emerging advanced tools and technologies such as AI and 5G can be expected to provide significant growth opportunities in the wearable healthcare devices market.

Market Restraints and Challenges

Unfavorable laws and regulation may impact the medical device industry thereby restraining the wearable healthcare devices market growth. National authorities play a significant role in establishing reimbursements for mobile healthcare. National laws in many EU member states define medical care based on the physical presence of the patient and doctor, affecting reimbursements for mobile and remote healthcare solutions. Such regulations impede the adoption of wearables in the healthcare sectors.

Global Wearable Healthcare Devices Market Segmental Overview

The report analyses the Global wearable healthcare devices market based on device, application, end-use, and region.

Global Wearable Healthcare Devices Market by Device

Based on device, it is segmented into the activity/fitness monitors, diabetes devices, cardiac monitors, neurological monitors, respiratory monitors, body temperature monitors, hearing aids and others. The activity/fitness monitors segment is likely to account for the significant market share during the forecast period. The key factors attributing the growth of the market is increasing adoption of activity monitors among individuals. Customers can use activity monitors to maintain their fitness over time. They aid in the monitoring of daily activities such as sleeping, exercise, and water consumption, among many others, which aid in the management of a healthy lifestyle. With changing lifestyles and a growing emphasis on personal health and fitness, product demand will rise. Access to personal health data on smartphones is made possible through Bluetooth communication with bands and watches. The sector will increase as these advanced linked products, such as smart watches equipped with fitness trackers, become more widely accepted. Additionally, these activity and fitness trackers are being utilised more frequently in sports and training to improve goal-setting.

Global Wearable Healthcare Devices Market by Application

Based on application, it is segmented into cardiac health, obesity control, diabetes care, fitness monitoring, sleep tracking and others. The cardiac health segment is likely to dominate the market during the forecast period. The largest share of the segment is attributed to the adoption of a sedentary lifestyle has increased the risk of heart attack, creating a demand for cardiac health management solutions. Along with rising disease prevalence, improvements in cardiac disease diagnostics and care have created enormous growth potential. Wearable technology is also being used by healthcare providers to remotely monitor patients' heart health and provide prompt treatment with early abnormality identification. The development of novel gadgets also enables continuous monitoring of cardiac activity and critical care, including wearable defibrillators and patches, among others. For instance, a wearable necklace ECG monitor has been created to detect atrial fibrillation, an irregular heart rhythm.

Global Wearable Healthcare Devices Market by End-use

Based on end-use, it is segmented home healthcare, remote patient monitoring, fitness and sports, and others. The home healthcare segment is likely to dominate the wearable healthcare devices market during the forecast period. Wearable technology is expected to become more common in home care settings, particularly among older patients with chronic illnesses. The demand for facility visits has decreased due to a growing preference for home healthcare equipment. It provides ongoing tracking without the need for numerous hospital visits and early abnormality diagnosis. Additionally, these technologies have improved in terms of accessibility and convenience, which has increased their use in homecare. Wearable’s development potential in home environments will therefore be strengthened by rising population acceptance in emerging markets.

Geographical Analysis of Global Wearable Healthcare Devices Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is accounted for the majority of market share during the forecast period. The largest share of the region is primarily attributed to the rising awareness regarding cutting edge technologies in the U.S. Moreover, the industry benefits from Americans' high spending power on emerging devices. Rising disposable income encourages the use of such devices. The introduction of new products that incorporate advanced technologies will increase market demand. Furthermore, the Centers for Disease Control and Prevention reports that nearly 655,000 Americans die each year as a result of heart disease.

Major Players in the Global Wearable Healthcare Devices MarketCOVID-19 Impact

During the pandemic, the wearable medical device market experienced a moderately positive impact. The market is expected to experience unprecedented growth due to increased use of advanced technologies to meet growing customer demands. Wearable technologies have helped both patients and professionals manage their health in remote settings. With a greater emphasis on health management during COVID-19, demand for daily health tracking devices has increased in home settings.

Recent Developments

• September 2020, Apple announced the launch of Apple Watch Series 6 equipped with a revolutionary blood oxygen allowing user to track accurate details of overall wellness. This has broadened its portfolio as well as contributed to the company’s revenue growth.
• June 2019, Zoll Medical launched Zoll HFAMS, patch-based wearable heart management system. This has allowed business expansion of the company by extending its product offerings.\
• November 2020, Royal Philips and African Union announced a partnership to strengthen healthcare infrastructure and enhance access to care in African Union Member States by improving access to medical equipment.
• November 2020, the company announced the introduction of Philips Ventilator BiPAP A40 EFL. This initiative would help the company in expanding its home healthcare portfolio for COPD patients

Frequently Asked Questions

Q1. How big is the Wearable Healthcare Device market?Ans. The global Wearable Healthcare Device market size was USD 14.3 Billion in 2021 and is anticipated to reach USD 45.8 Billion in 2031, growing at a rate of 12.4% from 2022 to 2031.Q2. What is the Wearable Healthcare Device market growth rate?Ans. The growth rate of the Wearable Healthcare Device market is 12.4%.Q3. Which region holds a major market share for the Wearable Healthcare Device market?Ans. North America holds a major market share of the Wearable Healthcare Device market in 2021.Q4. Which segment accounted for the largest Wearable Healthcare Device market share?Ans. By end user, the hospitals segment accounted for the largest Wearable Healthcare Device market share.Q5. Who are the key players in the Wearable Healthcare Device market?Q6. What are the factors driving the Wearable Healthcare Device market growth?Ans. The major factors driving the growth of the market are the increasing incidence of cardiac disorders across the globe.Q7. What are the key growth strategies of Wearable Healthcare Device market players?Ans. The key growth strategies of Wearable Healthcare Device market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Wearable Healthcare Device market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Wearable Healthcare Device market during the forecast period.

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