Global Wearable Healthcare Devices Market, 2024

Global Wearable Healthcare Devices Market, 2024

The wearable healthcare devices market has experienced significant growth due to the increasing adoption of wearable electronic devices. These devices, equipped with sensors, can detect and track a person's movements and vital signs such as heart rate and blood pressure. Wearable sensors have become more compact, power-efficient, and responsive, thanks to advancements in electronics and the miniaturization of components. Accelerometers, gyroscopes, and image sensors are among the advanced sensors used in wearable devices. The global wearable healthcare devices market in terms of revenue grew at a CAGR of 20.1% from USD 14,529 million in 2020 to USD 25,143 million in 2023. This trend is expected to continue in the coming years with the global wearable healthcare devices market expected to grow at a CAGR of 19.8% from 2024 to 2029, reaching USD 76,110 million in 2029.

Wearable healthcare devices play a crucial role in monitoring and supporting patients with chronic diseases like heart disease, diabetes, and asthma. These devices provide real-time feedback and monitor vital parameters such as heart rate, blood oxygen levels, respiration, and body fat levels. They integrate mechanical functions with computing capabilities, feature non-invasive sensing, and enable communication through microelectronics. Wearable healthcare devices collect and process data about patient health, sleep, and activity, and can transmit this information to healthcare providers, making them valuable in ambulatory or tele-monitoring environments.

The global sports and fitness segment market grew at a CAGR of 22.0% from USD 4,835 million in 2020 to USD 8,788 million in 2023. It is expected to continue its rapid growth in the coming years, reaching USD 29,481 million in 2029 at a CAGR of 21.8%. The market for wearable healthcare devices in sports and fitness applications is experiencing a surge in popularity among consumers. This can be attributed to the versatility, portability, and smartphone compatibility of these devices. Wearable health and fitness devices have the capability to track a wide range of metrics, including physical activity, sleep patterns, and sun exposure. They are particularly useful for fitness enthusiasts as they provide real-time information during workouts, allowing users to monitor their progress.

By distribution channel, the wearable healthcare devices market is mainly comprised of pharmacies and non-pharmacies. Pharmacies is responsible for the larger portion of the wearable healthcare devices market in 2023. The market for wearable healthcare devices sold through pharmacies is extensive, with a multitude of over-the-counter (OTC) options available to consumers. By leveraging the convenience and accessibility of pharmacy distribution channels, wearable healthcare devices can be made readily available to those who require them.

In terms of geography, North America has emerged as the dominant player in the wearable healthcare devices market studied in 2023, following closely behind are Europe and Asia-Pacific. The size of the North America wearable healthcare devices market is expected to continue growing in the near future and is forecasted to reach US$ 30,952 million in 2029, representing a CAGR of 22.8% from 2024 to 2029. The market for wearable healthcare devices is segmented into North America, which includes the United States, Canada, and Mexico. In this region, the market is experiencing significant growth due to several factors. The increasing prevalence of chronic diseases, notably diabetes and oncology, is driving the demand for wearable healthcare devices. Additionally, robust research and development activities in the healthcare sector and the establishment of strategic partnerships and agreements further contribute to the growth of the North American market.

The global wearable healthcare devices market is characterized by the presence of prominent players such as Medtronic plc, Fitbit, Inc., Apple, Inc., Omron Corporation, DexCom, Inc., Garmin Ltd., Withings SAS, Abbott Laboratories, GE HealthCare Technologies, Inc., Koninklijke Philips N.V., Oura Health Oy, Qardio, Inc., Masimo Corporation, Samsung Electronics Co., Ltd., Siemens Healthineers AG, Huawei Technologies Co., Ltd., Polar Electro Oy, Boston Scientific Corporation, Vital Connect Inc., Sotera, Inc., Xiaomi Corporation, Sony Group Corporation, and others. These players face multiple factors that support market growth, but they also contend with competitive pressure from local players and small companies.

This study aims to analyze the global market for various segments of wearable healthcare devices, including:

Application: sports and fitness, medical diagnosis, therapy, and others.
Distribution Channel: pharmacies and non-pharmacies.
Region: North America (USA, Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia Pacific), and Rest of World (RoW).