The surge in demand for these devices is fueled by an increasing focus on personalized and proactive healthcare. Wearable healthcare devices, ranging from fitness trackers to advanced health monitoring wearables, are empowering individuals to take charge of their well-being by providing real-time insights into vital health metrics. This market’s ascent is indicative of a paradigm shift toward preventive healthcare, with technology seamlessly integrating into daily life to offer continuous monitoring and early detection of health issues. As innovation continues to drive the industry, the Wearable Healthcare Devices Market is becoming a cornerstone in the broader landscape of modern healthcare.The global Wearable Healthcare Devices Market was valued at US$ 16 billion in 2021 and is expected to reach US$ 30 billion by 2026. Furthermore, the overall demand for wearable healthcare devices is expected to grow at a 13% CAGR between 2022 and 2032, reaching around US$ 61 billion by the end of 2032.
The rising prevalence of heart-related diseases worldwide, the thriving wearable medical device market in developed and developing regions, and growing consumer awareness about the benefits of monitoring and tracking vital signs and parameters all contribute to growth.
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Surging concerns regarding the high mortality rate of cardiovascular diseases such as diabetes, obesity, heart attacks, and stroke are expected to push the demand for wearable medical devices during the forecast period, thereby favoring the wearable healthcare devices market growth. According to the World Health Organization, nearly 17.9 million people died from CVDs in 2019, out of which 85% of deaths were due to heart attack and stroke.
Key Takeaways
- The growth of the global wearable healthcare devices market is attributed to the surging prevalence of heart-related diseases all over the world, along with bolstering the medical device market across developed and developing regions, and rising customer awareness about the benefits of monitoring and keeping track of vital signs and parameters.
- Over the recent years, advancements in medical technology have surged its way for the development of innovative wearable healthcare devices that play a significant role in the monitoring of vital body signs and parameters like temperature, heart rate, blood pressure, etc.
- The rising adoption of these wearable healthcare devices by common people, fitness enthusiasts, and healthcare professionals in order to monitor and track crucial parameters is offering a huge thrust to the growth of the wearable healthcare devices market and the trend is likely to escalate during the forecast period.
- The growth of the global wearable healthcare devices market is attributed to the rising prevalence of heart attacks, strokes, and several other cardiovascular diseases that have prompted people to prioritize preventive healthcare. This is resulting in spending huge amounts of money on purchasing smart wearable healthcare devices. This will continue to boost the growth of markets during the coming years.
- Furthermore, the expansion of the telehealth software market and advancements in healthcare interoperability solutions are favoring the growth of the wearable healthcare devices market. The healthcare devices market is specifically on the rise across developed and developing regions like the United States, China, India, Germany, and the United Kingdom due to the growing popularity of wearable devices healthcare technologies, increasing healthcare spending, and growing adoption of smart wearable healthcare devices.
- Being innovative products, wearable healthcare devices aid in measuring, detecting, and keeping track of essential body parameters like temperature, saturation level, blood pressure, etc. They help people monitor their health 24/7 and get a proper assessment of their health condition.
- Within the past few years, the wearable healthcare devices market was brought into the limelight. Sales of wearable medical devices like pulse oximeters, BP monitors, smartwatches, etc. saw an exponential increase as they help people to monitor their health at home.
- Furthermore, widespread advanced in sensors and artificial intelligence (AI) are helping wearable healthcare device manufacturers to develop smart and compact devices that can easily detect and manage chronic health conditions and avoid serious illnesses among people.
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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.
More Insights into the Wearable Healthcare Devices Market :
According to FMI analysis, the global market study on healthcare devices, the U.S. is anticipated to dominate the global wearable healthcare devices market throughout the assessment period attributing to the technological advancements, increasing prevalence of chronic diseases, and the emergence of new wearable healthcare devices market trends.
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
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Europe
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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