Increasing Penetration of Smartphones and the Growing number of Smartphone-based Healthcare Devices
wearable healthcare devices market is a rapidly growing sector in the healthcare industry. These devices, often referred to as wearables, are portable, easy-to-use, and typically designed to be worn on the body, enabling continuous monitoring and tracking of various health parameters.
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wearable healthcare devices market is projected to reach USD 30.1 billion by 2026 from USD 16.2 billion in 2021, at a CAGR of 13.2%. Growing preference for wireless connectivity among healthcare providers, increasing penetration of smartphones and the growing number of smartphone-based healthcare devices are among the other factors. Emerging economies such as India and Japan are providing lucrative opportunities for the players operating in the wearable healthcare devices market.
Moreover, the COVID-19 pandemic may have further accelerated the adoption of wearable healthcare devices as people became more health-conscious and sought ways to monitor their health at home.
Some common types of wearable healthcare devices include:
Fitness Trackers: These devices monitor physical activity, such as steps taken, distance traveled, calories burned, heart rate, and sleep patterns.
Smartwatches: In addition to fitness tracking features, smartwatches offer advanced capabilities such as heart rate monitoring, GPS tracking, and notifications from smartphones.
Health Monitoring Devices: These devices are designed to monitor specific health conditions, such as glucose levels for diabetes management or blood pressure for hypertension patients.
Remote Patient Monitoring Devices: These wearables enable healthcare providers to remotely monitor patients’ health data.
Smart Clothing: Some companies have been developing clothing embedded with sensors to monitor various health metrics, like heart rate, breathing rate, and body temperature.
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Geographical Growth Scenario:
The global wearable healthcare devices market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest regional market for wearable healthcare devices market. The large share of North America in this market can be attributed to the robust penetration of 3G and 4G networks for uninterrupted healthcare services and growing investments, funds, and grants.
Key Players:
The major players operating in this market are Koninklijke Philips N.V. (Netherlands), Apple Inc. (US), GE Healthcare (US), Fitbit Inc. (US), Abbott Laboratories (US), OMRON Corporation (Japan), Garmin Ltd. (US), Dexcom Inc. (US), Masimo Corporation (US), Medtronic PLC (Ireland), BioTelemetry Inc. (US), Preventice Solutions Inc. (US), iRhythm Technologies Inc. (US), Contec Medical Systems Co. Ltd. (China), MediBioSense Ltd. (UK), VitalConnect (US), Cyrcadia Health Inc. (US), Ten3T Healthcare (India), Verily Life Sciences (US), MinttiHealth (China), Bio-Beat (Israel), Biotricity Inc. (US), iHealth Lab Inc. (US), Vivalink (US), Gentag (US).
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