The global wearable healthcare devices market is expected to grow at a breakneck rate, registering a CAGR of 13% between 2022 and 2032. The global market was valued at US$ 16 billion in 2021 and is predicted to reach US$ 30 billion in 2026. Furthermore, the global wearable healthcare devices market is expected to reach approximately US$ 61 billion by the end of 2032. According to the most recent wearable device statistics, the global healthcare devices industry is expected to grow by 3.8X by 2032.
According to the Future Market Insights report, global sales of wearable healthcare devices are expected to expand at a staggering 13% CAGR between 2022 and 2032. The rising prevalence of chronic diseases, advancements in wearable medical devices, rising health awareness among people, and the increasing need for patients to keep track of vital parameters are some of the major factors expected to drive growth in the global healthcare devices market during the assessment period.
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Concerns over the increasing mortality rate of cardiovascular diseases such as diabetes, obesity, heart attacks, and stroke are likely to drive demand for wearable medical devices throughout the forecast period, favouring the growth of the wearable healthcare devices market. According to the World Health Organization, almost 17.9 million people died from CVDs in 2019, with heart attacks and stroke accounting for 85% of deaths.
Key Takeaways
- The global wearable healthcare devices market is expanding due to the increasing prevalence of heart-related diseases worldwide, as well as the expansion of the medical device market in developed and developing regions, and rising customer awareness about the benefits of monitoring and tracking vital signs and parameters.
- Advances in medical technology have paved the way for the development of novel wearable healthcare devices that play an important part in the monitoring of key bodily signals and parameters such as temperature, heart rate, blood pressure, and so on.
- The increasing adoption of these wearable healthcare devices by ordinary people, fitness enthusiasts, and healthcare professionals to monitor and track critical parameters is providing a significant boost to the growth of the wearable healthcare devices market, and this trend is expected to continue throughout the forecast period.
- The increased occurrence of heart attacks, strokes, and other cardiovascular disorders has pushed consumers to emphasise preventative healthcare, resulting in the expansion of the global wearable healthcare devices market. As a result, large sums of money are being spent on smart wearable healthcare gadgets. This will continue to drive market expansion in the coming years.
- Furthermore, the rise of the telehealth software industry and advancements in healthcare interoperability solutions are boosting the market for wearable healthcare devices. The healthcare devices market is growing in developed and developing countries such as the United States, China, India, Germany, and the United Kingdom, owing to the growing popularity of wearable healthcare technologies, rising healthcare spending, and increasing adoption of smart wearable healthcare devices.
- Wearable healthcare devices, as revolutionary goods, assist in monitoring, detecting, and tracking vital bodily characteristics such as temperature, saturation level, blood pressure, and so on. They assist people in monitoring their health 24 hours a day, seven days a week and receiving an accurate assessment of their health status.
- The wearable healthcare devices market has risen to prominence in recent years. Wearable medical gadgets such as pulse oximeters, blood pressure monitors, smartwatches, and so on have seen an exponential surge in sales since they allow consumers to monitor their health at home.
- Furthermore, broad advancements in sensors and artificial intelligence (AI) are assisting wearable healthcare device producers in developing smart and compact gadgets that can easily detect and manage chronic health disorders and help individuals prevent fatal illnesses.
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Competitive Landscape
Leading wearable healthcare device manufacturers are consistently focusing on developing new and innovative products with additional features. They are integrating cutting-edge wearable health technologies that provide accurate information about vital parameters like pulse rate, temperature, and blood pressure.
Key Segments
By Product:
- Trackers
- Smartwatches
- Pathes
- Smart Clothing
By Application:
- General Health and Fitness
- Remote Patient Monitoring
- Home Healthcare
By Device Type:
- Diagnostic and Monitoring Devices
- Vital Sign Monitoring Devices
- ECG/Heart Rate Monitors
- Blood Pressure Monitors
- Wrist Actigraphs
- Polysomnography Devices
- Traditional Diagnostic Tests
By Grade Type:
- Consumer-grade Wearable Healthcare Devices
- Clinical-grade Wearable Healthcare Devices
By Distribution Channel:
- Pharmacies
- Online Channel
- Hypermarkets
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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