Wearable Healthcare Devices Market : Emerging Market Trends, Top Growing Segments and Future Developments

Wearable Healthcare Devices Market : Emerging Market Trends, Top Growing Segments and Future Developments

According to research report Wearable Medical Devices Market size is projected to reach USD 46.6 billion by 2025 from USD 18.4 billion in 2020, at a CAGR of 20.5% from 2020 to 2025.

Wearable healthcare devices are autonomous devices that can be attached, worn, or handheld for monitoring and examining the metabolic & physiological changes that occur in the human body. These devices are also used to record data. Wearable healthcare devices monitor and diagnose many diseases such as sleep apnea, skin temperature, blood glucose level, sleep patterns, general health parameters, fitness, and wellness progress among athletes and fitness enthusiasts. These devices are also used in various therapeutic applications such as pain management, rehabilitative services, and respiratory care.

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Based on device type, the wearable healthcare devices market is segmented into diagnostic & monitoring devices and therapeutic devices. In 2019, the diagnostic & monitoring devices segment accounted for a larger share of 64.3% of themarket. The large share of this segment can be attributed to factors such as the growing prevalence of chronic & lifestyle diseases, the availability of technologically advanced and compact products that can be easily worn, the ability of diagnostic & monitoring devices to diagnose multiple health conditions at relatively earlier stages, and the increasing accuracy of the products.

Based on applications, the wearable healthcare devices market is segmented into general health and fitness, remote patient monitoring, and home healthcare applications. In 2019, the general health and fitness segment accounted for the largest share of the market, primarily due to the increasing focus on physical fitness among people to improve their quality of life, coupled with the growing trend of tracking health progress on a continuous basis.

Based on the distribution channel, the wearable medical devices market is segmented into pharmacies, online channels, and hypermarkets. Pharmacies accounted for the largest share of 46.7% of the global wearable healthcare devices market in 2019. The increasing trend of self-monitoring and non-invasive monitoring and diagnosis has resulted in a substantial increase in the supply of wearable devices in pharmacies. This is driving the uptake of wearable devices among customers, as they have easy access to various wearable devices offered by a number of companies. Furthermore, pharmacies are widely perceived to sell authentic and reliable products, which has greatly driven consumer preference for this distribution channel.

The prominent players operating in this market include Medtronic plc (Ireland), OMRON Corporation (Japan), Koninklijke Philips N.V. (Netherlands), and Apple Inc. (US). The other key players in this market are Dexcom Inc. (US), BioTelemetry (US), Abbott Laboratories (US), Bio-Beat Technologies Ltd (Israel), Masimo Corporation (US), Minttihealth (China), CONTEC Medical Systems Co Ltd (China), Biotricity Inc. (US), and iRhythm Technologies, Inc. (US). Players in this market focused on partnerships, collaborations, agreements, acquisitions, expansions, and product launches & approvals to develop and expand their market presence between January 2017 and February 2020.

Apple, Inc. (US)

Apple is one of the largest players in the global wearable healthcare devices market. The company’s leading position is attributed to its high focus on innovation, strong product portfolio, and highly acclaimed brand. The company focuses on regular product launches to increase its market presence and share. For example, in 2019, the company launched Apple Watch Series 5. In order to combat competition, Apple focuses on continuous R&D to launch with new and upgraded products. It also invests heavily in R&D; in 2019, the company invested USD 16.2 billion in R&D activities. Furthermore, Apple has a strong geographical presence and is well complemented by its products portfolio.

Fitbit, Inc. (US)

Fitbit is a leading player in the global wearable medical devices market. The company’s leading position is attributed to its high focus on innovation and broad product portfolio. The company focuses on product launches in order to increase its market presence. For instance, in 2019, the company launched Fitbit Charge 4. It also places significant importance on global expansion, which is evident from the firm’s expansion in Latin American countries such as Argentina and Peru in 2019. Apart from this, the company has a robust product portfolio with its offerings compatible with both adults and children. It is also supported by its strong distribution channel. Fitbit offers its products through 39,000 retail stores in 100 countries.

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However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. This can be attributed to the presence of a large patient population, growing penetration of smartphones, increasing disposable income, improving the standard of living & economic conditions, and the presence of several low-cost device manufacturers in the Asia Pacific.

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