Wearable Healthcare/Medical Devices Market Size to Reach USD 38.59 Billion in 2028 – Reports and Data
Increasing prevalence of chronic diseases, rising number of smartphone users, and technological advancements in wearable healthcare/medical devices are some key factors driving market growth
The global wearable healthcare/medical devices market size is expected to reach USD 38.59 Billion in 2028 at a CAGR of 18.5%, according to the latest report by Reports and Data. Increasing incidences of chronic diseases, growing health awareness, increasing adoption and demand of wearable healthcare/medical devices to monitor health using smart technology are some key factors expected to drive market revenue growth over the forecast period.
Wearable healthcare/medical devices are the self-monitoring smart devices that can be used to monitor your health, and keeping track of your physical activity, heart rate, glucose levels, oxygen levels, etc. Increasing smartphone users across the globe has boosted adoption of wearable medical devices and is a key factor contributing for the market growth. Large number of useful applications in smartphone are compatible with wearable devices like headbands, wrist devices, etc., to monitor health of an individual.
Growing awareness of self-monitoring about health conditions is one of the key factors expected to boost market revenue growth over the forecast period. There are lucrative opportunities for the market contributors operating in the global wearable healthcare/medical devices market. Rising health complications in elderly, increasing adoption of smart technology in self-monitoring medical wearable devices, and growing health consciousness are some key factors expected to contribute to market growth going ahead. However, high prices of wearable medical devices is expected to hamper market growth to a certain extent over the forecast period.
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Some Key Highlights from the Report:
- Fitness trackers segment is expected to account for a largest revenue share in the global market because of rising popularity of the product among young individuals, growing health awareness due to increasing incidences of diseases including obesity, hypertension, diabetes, heart complications due to unhealthy lifestyle, and technological evolution in medical sector.
- Diagnostic and monitoring devices segment is expected to register significant revenue share in the global market owing to increasing geriatric population, rising incidences of chronic diseases, obesity, heart complications, hypertension, etc., and increasing demand of self-monitoring wearable healthcare/medical devices.
- Home healthcare segment is expected to register robust revenue in the global market over the forecast period.
- Asia Pacific market revenue is expected to expand significantly over the forecast period due to rapid urbanization, growing geriatric population, rising number of patients going through severe health complexities, awareness of using smart digital healthcare devices, and technological improvement in healthcare.
- Key companies in the market include Fitbit, Philips, Garmin International, Lifewatch Services, Inc., Medtronic, NeuroMetrix, Qardio, Omron, and Insulet.
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For the purpose of this report, Reports and Data has segmented the global wearable healthcare/medical devices market has been segmented into type, device type, application, and region:
Type Outlook (Revenue, USD Billion; 2018 – 2028)
- Fitness Trackers
- Body Sensors
- Wearable Patches
- Wrist Devices
- Heart Straps
- Posture Monitors
- Movement Sensors
- Wearable Defibrillator
- Smart Clothing
- Smart Glasses
- Wearable Camera
Device Type Outlook (Revenue, USD Billion; 2018 – 2028)
- Diagnostic and Monitoring Devices
- Vital Signs Monitoring
- Glucose Monitoring
- Sleep Monitoring
- Fetal Monitoring & Obstetric
- Therapeutic Devices
- Pain Management
- Respiratory Therapy
- Insulin Pumps
Application Outlook (Revenue, USD Billion; 2018 – 2028)
- Sports & Fitness
- Remote Patient Monitoring
- Home Healthcare
- Emergency Medical Care
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Region Outlook (Revenue, USD Billion; 2018 – 2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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