The 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 device market.
The trackers segment accounted for the largest share of the wearable healthcare devices market, by product segment, in 2020
Based on products, the market is segmented into trackers, smartwatches, patches and smart clothing. The trackers segment accounted for the largest share of the market, mainly due to Growing geriatric population and subsequent increase in the incidence of chronic diseases and growing investments, funds, and grants.
According to the new market research report “Wearable Healthcare Devices Market by Product(Trackers, Smartwatch), Type(Diagnostic(BP, Glucose, ECG), Therapeutic(Pain, Insulin)), Grade(Consumer, Clinical), Channel(Pharmacies, E-commerce), Application(Fitness, RPM), & Region – Global Forecast to 2026″, published by MarketsandMarkets™, the market is projected to reach USD 30.1 billion by 2026 from USD 16.2 billion in 2021, at a CAGR of 13.2%.
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.
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.
Recent Developments:
> In 2019, Apple Watch Series 5 was launched with advanced functionalities by Apple, Inc. (US)
> In 2020, Fitbit Charge 4, activity tracker was launched by Fitbit, Inc. (US)
> In 2019, Omron (Japan) launched HeartGuide, a wearable blood pressure smart watch.
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