Global Wearable Healthcare Devices Market Size, Share, Forecast Report, 2020-2027
The global wearable healthcare devices market 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. Emerging economies such as India, China, and Brazil are expected to provide a wide range of opportunities for players in the industry. Furthermore, the growing adoption of mobile platforms, increasing adoption of AI and 5G, and the growing awareness and preference for home healthcare will also boost the growth of this market.
Activity monitors/trackers accounted for the largest market share in 2019
In 2019,activity monitors/trackers segment accounted for the largest share of the wearable healthcare devices market. Growth in this market segment can be attributed to the rising adoption of sedentary and unhealthy lifestyles, increasing adoption of self-monitoring of vitals, rising prevalence of lifestyle diseases, the low cost of activity trackers, and the presence of a large number of manufacturers with multi-functionality devices.
The pharmacies segment to dominate the wearable healthcare devices market in f 2019
In 2019, the pharmacies segment accounted for the largest market share in the wearable healthcare devices market by distribution channel. The market is mainly driven by the increasing trend of self-monitoring and non-invasive monitoring and diagnosis have 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.
Asia Pacific to grow at the highest rate during the forecast period (2020–2025)
The wearable healthcare devices market in the Asia Pacific is expected to grow at a high pace in the coming years. The factors attributing to the high growth of the Asia Pacific region include 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.
Key Market Players
The major players operating in the wearable healthcare devices market are Medtronic plc. (Ireland), Koninklijke Philips N.V. (Netherlands), OMRON Corporation (Japan), Biotelemetry Inc.(US), Apple, Inc. (US ), Dexcom Inc. (US), Abbott Laboratories(US), Masimo Corporation(US), GE Healthcare(US), Bio-Beat Technologies (Israel), iRhythm Technologies, Inc. (US), VitalConnect (US), Minttihealth (US), Preventice Solutions, Inc. (US), CONTEC Medical Systems Co. Ltd (China), Biotricity Inc.(US), Verily Life Sciences.(US), Cyrcadia Asia Limited (Hong Kong ), ten3T healthcare (India), Fitbit, Inc. (US) , Garmin Ltd (Switzerland), Xiaomi Technologies (China), and Huawei Corporation (China), among others.
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