The global wearable healthcare devices market was valued at USD 14.3 billion in 2021 and it is anticipated to grow up to USD 45.8 billion by 2031, at a CAGR of 12.4% during the forecast period.
Wearable healthcare devices is any kind of electronic device designed to be worn on the user’s body. Such devices can take many different forms, including jewelry, accessories, medical devices, and clothing or elements of clothing. Wearable technology in healthcare includes electronic devices that consumers can wear, like Fitbits and smartwatches, and are designed to collect the data of users’ personal health and exercise. These devices can even send a user’s health information to a doctor or other healthcare professional in real time.
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Major Players in the Global Wearable Healthcare Devices Market
The key players in the 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), and Cyrcadia Health Inc. (US) among others.
Global Wearable Healthcare Devices Market Segmental Overview
The report analyses the Global wearable healthcare devices market based on device, application, end-use, and region.
Global Wearable Healthcare Devices Market by Device
Based on device, it is segmented into the activity/fitness monitors, diabetes devices, cardiac monitors, neurological monitors, respiratory monitors, body & temperature monitors, hearing aids and others. The activity/fitness monitors segment is likely to account for the significant market share during the forecast period. The key factors attributing the growth of the market is increasing adoption of activity monitors among individuals. Customers can use activity monitors to maintain their fitness over time.
Global Wearable Healthcare Devices Market by Application
Based on application, it is segmented into cardiac health, obesity control, diabetes care, fitness monitoring, sleep tracking and others. The cardiac health segment is likely to dominate the market during the forecast period. The largest share of the segment is attributed to the adoption of a sedentary lifestyle has increased the risk of heart attack, creating a demand for cardiac health management solutions. Along with rising disease prevalence, improvements in cardiac disease diagnostics and care have created enormous growth potential.
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Market Trends and Drivers
AI and 5G can be used to determine potential diagnoses and treatments for a specific patient. Furthermore, AI can help healthcare systems predict which patients are more likely to have postoperative complications, allowing them to intervene earlier. In general, real-time learning with a large volume of data necessitates dependable networks with high bandwidth. Healthcare organisations can use AI tools to provide the best care possible in real time, wherever they are, thanks to 5G networks. As a result, the use of emerging advanced tools and technologies such as AI and 5G can be expected to provide significant growth opportunities in the wearable healthcare devices market.
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