Dublin, Jan. 13, 2022 (GLOBE NEWSWIRE) -- The "Wearable Healthcare Devices Market by Product (Trackers, Smartwatch), Type (Diagnostic (BP, Glucose, ECG), Therapeutic (Pain, Insulin)), Grade (Consumer, Clinical), Channel (Pharmacies, E-commerce), Application (Fitness, RPM), & Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global wearable healthcare devices market is projected to reach USD 30.1 billion by 2026 from USD 16.2 billion in 2021, at a CAGR of 13.2% during the forecast period.
Market growth is driven by factors such as the development of technologically advanced products and robust penetration of 3G and 4G networks for uninterrupted healthcare services. On the other hand, the unfavorable standards and regulations and data security challenges are the major factors hampering the growth of this market.
The wearable healthcare devices market is segmented into trackers, smartwatches, patches and smart clothing based on product. In 2020, the tracker's segment accounted for the highest growth rate in the wearable healthcare devices market. The increasing penetration of smartphones and the growing number of smartphone-based healthcare devices and growing geriatric population and the subsequent increase in the incidence of chronic diseases are a major factor contributing to the growth of this segment.
Based on distribution channels, the wearable healthcare devices market has been segmented into pharmacies, online channel and hypermarkets. In 2020, the pharmacies segment accounted for the highest CAGR. This can be attributed to the robust penetration of 3G and 4G networks for uninterrupted healthcare services.
Based on application, the wearable healthcare devices market has been segmented into general health and fitness, remote patient monitoring and home healthcare. In 2020, the general health and fitness segment accounted for the highest CAGR. This can be attributed to the increasing awareness of fitness, lifestyle, and home healthcare.
The global wearable healthcare devices market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is projected to register the highest CAGR during the forecast period. The growing geriatric population and subsequent increase in the incidence of chronic diseases and increasing penetration of smartphones and the growing number of smartphone-based healthcare devices are driving the growth of the wearable healthcare devices market in this region.
Key Topics Covered:
Executive Summary
- Wearable Healthcare Devices Market, by Product, 2021 Vs. 2026 (USD Million)
- Wearable Healthcare Devices Market, by Grade, 2021 Vs. 2026 (USD Million)
- Wearable Healthcare Devices Market, by Distribution Channel, 2021 Vs. 2026 (USD Million)
- Wearable Healthcare Devices Market, by Application, 2021 Vs. 2026 (USD Million)
- Wearable Healthcare Devices Market, by Region, 2021 Vs. 2026 (USD Million)
Premium Insights
- Wearable Healthcare Devices Market Overview - Increasing Awareness of Fitness and Lifestyle to Drive Market Growth
- Wearable Healthcare Devices Market Share, by Product, 2021 Vs. 2026 - Trackers Will Continue to Dominate the Market in 2026
- Wearable Healthcare Devices Market Share, by Type, 2021 Vs. 2026 - Diagnostic & Monitoring Devices to Dominate the Market During the Forecast Period
- Wearable Healthcare Devices Market Share, by Grade, 2021 Vs. 2026 - Consumer-Grade Wearable Healthcare Devices to Dominate the Market During the Forecast Period
- Wearable Healthcare Devices Market Share, by Distribution Channel, 2021 Vs. 2026 - Pharmacies are the Most Frequently Used Distribution Channels
- Wearable Healthcare Devices Market Share, by Application, 2021 Vs. 2026 - General Health and Fitness Applications to Dominate the Market During the Forecast Period
- Wearable Healthcare Devices Market: Geographic Growth Opportunities - North America to Command the Largest Share and Asia-Pacific to Register the Highest Growth Rate in the Wearable Healthcare Devices Market
Market Dynamics
Drivers
- Increasing Awareness of Fitness, Lifestyle, and Home Healthcare
- Development of Technologically Advanced Products
- Growing Geriatric Population and Subsequent Increase in the Incidence of Chronic Diseases
- Growing Investments, Funds, and Grants
- Robust Penetration of 3G and 4G Networks for Uninterrupted Healthcare Services
- Increasing Penetration of Smartphones and the Growing Number of Smartphone-Based Healthcare Devices
- Growing Preference for Wireless Connectivity Among Healthcare Providers
Restraints
- Unfavorable Standards and Regulations
- Issues Related to the Accuracy, Standardization, and Analysis of Wearable-Generated Data
- Data Security Challenges
Opportunities
- Increasing Adoption of Artificial Intelligence and 5G
Challenges
- Patent Protection of Wearable Healthcare Devices
- Limited Battery Life
- Device Design Complexity
Company Profiles
- Abbott Laboratories, Inc.
- Apple, Inc.
- Bio-Beat
- Biotelemetry, Inc.
- Biotricity, Inc.
- Contec Medical Systems Co. Ltd.
- Cyrcadia Health, Inc.
- Dexcom, Inc.
- Fitbit, Inc.
- Garmin, Ltd.
- GE Healthcare
- Gentag
- Ihealth Lab, Inc.
- Irhythm Technologies, Inc.
- Koninklijke Philips N.V.
- Masimo Corporation
- Medibiosense Ltd.
- Medtronic plc
- Minttihealth
- Omron Corporation
- Preventice Solutions, Inc.
- Ten3T Healthcare
- Verily Life Sciences
- Vitalconnect
- Vivalink
For more information about this report visit https://www.researchandmarkets.com/r/myx371
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