Wearable Healthcare Devices Market Overview:

The Wearable Healthcare Devices Market analysis provides a full insight into the competition, including the market share and company profiles of the key worldwide rivals. The scope of the research covers a thorough investigation of the Wearable Healthcare Devices Market, as well as the causes for variances in the industry’s growth in different regions.

The Wearable Healthcare Devices Market size was valued at USD 23.83 Bn. in 2022 and the total Wearable Healthcare Devices revenue is expected to grow at a CAGR of 20.2% from 2023 to 2029, reaching nearly USD 86.42 Bn.

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Following the completion of market engineering, which comprised market statistics calculations, estimations of market size, market projections, market breakdown, and data triangulation, major primary research was conducted to obtain information and verify and validate critical numbers. Top-down and bottom-up strategies, as well as several data triangulation procedures, were often used throughout the market engineering process to perform market estimating and forecasting for the overall market segments and sub-segments discussed in this research. In order to give vital information throughout the report, extensive qualitative and quantitative analysis is done on all data gathered throughout the market engineering process.

Segmentation:

by Product

1. Trackers
2. Smartwatches
3. Patches
4. Smart Clothing

Based on device type, the Diagnostic and Monitoring devices category held a commanding 42% market share for wearable medical devices in 2022. During the projection period, this segment is anticipated to have the highest CAGR of nearly 10.3%. The main reason driving the segment's growth is the rise in neurological and nephrological disorders. The poll from 2021 found that migraine was the most prevalent neurological condition in the country. 92.5 percent of people in the US get migraines.

by Device Type

1. Diagnostic and Monitoring Devices
2. Multiparameter Tracker
3. ECG\Heart Rate Monitors
4. Pulse Oximeters

by Grade Type

1. Traditional Diagnostic Devices
2. Consumer-Grade Wearable Healthcare Devices
3. Clinical-Grade Wearable Healthcare Devices

The Traditional Diagnostic category, based on Grade Type, is anticipated to experience rapid growth during the projection period. Due to the increasing demand for conventional diagnostic devices around the world, the traditional diagnostic device segment is anticipated to expand more quickly over the course of the projected period. The market for wearable healthcare devices is also anticipated to expand as a result of a wide range of medical equipment, including intelligent asthma action products, intelligent pain reliever gadgets, and insulin management equipment. Monitoring equipment includes respiratory therapy tools, glucose monitoring tools, recovery tools, and pain management tools. The insulin monitoring device sub-segment was prominent in 2022 and is anticipated to hold its position during the forecast period due to the large number of diabetics.

by Application

1. General Health and Fitness
2. Remote Patient Monitoring
3. Home Healthcare

Based on Application, the home healthcare sector dominated the market for wearable medical devices, accounting for the largest revenue share of 54.5% in 2022. Other factors driving the market growth include the rising geriatric population, which is increasing the prevalence rates of target diseases, and the growing need to reduce healthcare spending as an economically viable initiative. Over the projected period, the remote patient monitoring industry is anticipated to grow at the fastest rate. The prevalence of chronic diseases and the world's growing older population are predicted to have a significant impact on the development of devices for remote patient monitoring throughout the course of the forecast period.

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Key Players:

Primary and secondary research is used to identify market leaders, and primary and secondary research is used to calculate market revenue. In-depth interviews with important thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing executives were conducted as part of the primary study. Primary research comprised in-depth interviews with key thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing executives, while secondary research included a review of the main manufacturers’ annual and financial reports. Secondary data is used to determine percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then cross-checked with primary data.

• The biggest players in the Wearable Healthcare Devices Market are as follows:

1. Koninklijke Philips N.V. (Netherlands)
2. Apple Inc. (US)
3. GE Healthcare (US)
4. Fitbit Inc. (US)
5. Abbott Laboratories (US)
6. OMRON Corporation (Japan)
7. Garmin Ltd. (US),
8. Dexcom Inc. (US)
9. Masimo Corporation (US)
10. Medtronic PLC (Ireland)
11. Bio Telemetry Inc. (US)
12. Preventice Solutions Inc. (US)
13. iRhythm Technologies Inc. (US)
14. Contec Medical Systems Co. Ltd. (China)
15. MediBioSense Ltd. (UK)
16. VitalConnect (US)
17. Cyrcadia Health Inc. (US)
18. Ten3T Healthcare (India)
19. Verily Life Sciences (US)
20. MinttiHealth (China)
21. Bio-Beat (Israel)
22. Biotricity Inc. (US)
23. iHealth Lab Inc. (US)
24. Vivalink (US)
25. Gentag (US)

Regional Analysis:

Individual market influencing components and changes in market regulations affecting the present and future market trends are also included in the regional overview of the Wearable Healthcare Devices Market analysis. Current and future trends are researched in order to assess the entire market potential and identify profitable patterns in order to get a stronger foothold. The geographical market assessment is based on the present environment and expected developments.

COVID-19 Impact Analysis on the Wearable Healthcare Devices Market:

End-user industries where Wearable Healthcare Devices Market is utilized saw a dip in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a pause in operations. This resulted in a significant decrease in the revenues of businesses working in these industries and, as a result, in demand for Wearable Healthcare Devices Market manufacturers, influencing the development of the Wearable Healthcare Devices Market in 2020. End-user business demand for Wearable Healthcare Devices Market has declined significantly as a result of lockdowns and an increase in COVID-19 events worldwide.

Key Questions Answered in the Wearable Healthcare Devices Market Report are:

In 2021, which segment held the highest proportion of the Wearable Healthcare Devices Market?

What is the Wearable Healthcare Devices Market’s competitive landscape?

What are the primary drivers assisting the Wearable Healthcare Devices Market growth?

Which region has the most market share in the Wearable Healthcare Devices Market?

What will be the Wearable Healthcare Devices Market’s CAGR throughout the projected period?

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