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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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.
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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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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.
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