Wearable Healthcare Devices Market Trend - Increasing Demand for Fitness Bands, Fitness Rings, Biosensors and Hearing Aid and Growing Awareness About Fitness and Good Health

According to Emergen Research, the global wearable healthcare devices market size was USD 7.37 billion in 2019 and is expected to reach USD 34.89 billion in 2027 and register a robust CAGR of 21.5% during the forecast period, 2020-2027.

Market Dynamics:

Wearable technology is rapidly gaining traction in the healthcare sector and is playing an active role in maintaining the health of patients. Wearable devices are widely used by patients with chronic illnesses and conditions to manage their day-to-day activities. Patients can keep a track of everything from heart rate to reproductive cycles using various medical wearable devices. These devices are in high demand due to high prevalence of chronic diseases such as diabetes, cancer, hypertension, obesity, chronic pain, cardiovascular diseases, and pulmonary disorders across the globe.

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Factors such as rapid penetration of 4G and 5G services, increasing availability of various types of medical wearable devices by leading manufacturers, high usage of smartphones, and rising investments in developing advanced devices are expected to drive global market revenue growth during the forecast period. However, factors such as increasing concerns about data safety, high costs of certain medical wearable devices, and lack of awareness about medical wearables in many developing countries are expected to hamper market growth to a certain extent during the forecast period.

COVID-19 Impact Analysis 

  • Social distancing and restrictions severely disrupted businesses and operations
  • Lockdowns caused disruptions in transportation and logistics
  • Impacted manufacturing activities and mining operations globally
  • Took a toll on economy of various countries
  • Caused sudden and drastic downturn in economic activity
  • Disrupted agriculture, fisheries, dairy, and other sectors
  • Caused loss of employment and financial crisis
  • Supply impacts were further compounded owing to reduced disposable income
  • Emergence of variants continue to cause concerns and impact normal routines

Wristband and Activity Monitors Segment To Register Rapid Revenue Growth:

The wristband and activity monitors segment is expected to register rapid revenue growth between 2020 and 2027. Factors such as increasing awareness about fitness and healthy lifestyle, rising availability of various types of wristbands, and high demand for advanced and user-friendly fitness bands and smartwatches for tracking and storing health activity and fitness records are expected to drive revenue growth of the segment during the forecast period. 

Vital Signs Monitoring Devices Segment to Account for Largest Revenue Share:

The vital signs monitoring devices segment is expected to account for largest revenue share during the forecast period. Revenue growth can be attributed to rising prevalence of chronic diseases, increasing adoption of homecare settings, rapid adoption of wearable devices for monitoring vital signs such as heart rate, pulse, blood pressure, and other parameters, and rising elderly population across the globe. 

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North America to Lead In Terms of Revenue Share:

North America is expected to dominate other regional markets in terms of revenue share over the forecast period owing to increasing patient pool, rising awareness about importance of fitness and healthy lifestyle, and rapid advancements in wearable technologies. In addition, rapid adoption of Artificial Intelligence (AI) and 5G services, increasing demand for connected devices for tracking and managing chronic illnesses, and growing focus on improving overall fitness are expected to further drive North America market growth during the forecast period.

Major Companies in the Market Include:

  • Koninklijke Philips N.V.
  • Medtronic Plc
  • Omron Healthcare Co., Ltd.
  • Biotelemetry, Inc.
  • Apple, Inc.
  • GE Healthcare
  • Abbott Laboratories
  • Dexcom, Inc.
  • Irhythm Technologies, Inc.
  • Masimo Corporation

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For the purpose of this report, Emergen Research has segmented into the global medical wearable Market on the product, device type, end-user, and region:

Product Outlook (Revenue, USD Billion; 2017-2027)

  • Patches
  • Wristband and Activity Monitors
  • Smartwatches
  • Others
    • Clothing
    • Glasses
    • Others

Device Type Outlook (Revenue, USD Billion; 2017-2027)

  • Vital Signs Monitoring Devices
    • ECG /Holter Heart Rate Monitors
    • Pulse Oximeters
    • Blood Pressure Monitors
    • Multiparameter Trackers
  • Glucose Monitoring Devices
  • Sleep Apnea Monitors
  • Fetal Monitoring Devices
  • Neurological Monitoring Devices

End-User Outlook (Revenue, USD Billion; 2017-2027)

  • Hospitals & Clinics
  • Nursing Homes, Assisted Living Facilities, Long-term Care Centers
  • Home Care Settings
  • Ambulatory Care Centers

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Regional Outlook (Revenue, USD Billion; 2017–2027)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • U.A.E.
    • South Africa
    • Turkey
    • Rest of MEA

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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