The global 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% during the forecast period. Growth in the wearable healthcare devices market is mainly driven by factors such as the development of technologically advanced products and growing geriatric population and subsequent increase in the incidence of chronic diseases. However, patent protection of wearable healthcare devices and limited battery life are the major factors hampering the growth of this market.
The major players 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).
Apple, Inc. held the leading position in the wearable healthcare devices market in 2020. The company maintains its leading position in this market through its strong global sales and distribution network. The company adopts organic growth and inorganic growth strategies to increase its dominance in this market. It also focuses on product approvals to complement its existing business segments.
In 2020, Apple held the second position in the wearable healthcare devices market. The company has maintained its leading position through its strong distribution networks across North America, Europe, and other developed countries. The company adopts organic growth strategies to increase its dominance in this market. It also focuses on product launches to complement its existing business segments.
Koninklijke Philips N.V. held the leading position in the wearable healthcare devices market in 2020. The company maintains its leading position in this market through its strong global sales and distribution network. The company adopts organic and inorganic growth strategies to increase its dominance in this market. It also focuses on product launches to complement its existing business segments.
Driver: Increasing awareness of fitness, lifestyle, and home healthcare
The wearable healthcare devices market has witnessed significant growth in recent years, primarily due to the rising geriatric population, the increasing prevalence of chronic diseases, and the availability of advanced medical devices (including wearable medical devices) that enable the delivery of quality care in non-hospital settings.
Opportunity: Increasing adoption of artificial intelligence and 5G
5G, artificial intelligence (AI), and machine learning (ML) can be used to determine potential diagnoses and treatments for a specific patient. Furthermore, AI can help predict which patients are more likely to have postoperative complications, allowing healthcare systems to provide early interventions. Generally, real-time learning with a high volume of data needs trustworthy and high-bandwidth networks. With the help of 5G networks, healthcare organisations can use AI tools to provide the best care possible in real-time, wherever they are. Thus, the use of emerging advanced tools and technologies like AI and 5G can be expected to provide high-growth opportunities in the wearable healthcare devices market.
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https://www.marketsandmarkets.com/Market-Reports/wearable-medical-device-market-81753973.html
https://www.marketsandmarkets.com/PressReleases/wearable-medical-device.asp
https://www.marketsandmarkets.com/ResearchInsight/wearable-medical-device-market.asp
