Wearable Healthcare Devices Market Set to Grow Significantly with Increasing Demand for Digital Health Solutions

[Healthcare News]

The wearable healthcare devices industry is growing rapidly and is expected to continue growing in the foreseeable future. According to a recent study, the global wearable healthcare devices market size is projected to reach 30.1 billion by 2026 from USD 16.2 billion in 2021, at a CAGR of 13.2% during the forecast period. Growth in the wearable healthcare devices market is mainly driven by factors such as the development of technologically advanced products and growing geriatric population and subsequent increase in the incidence of chronic diseases. However, patent protection of wearable healthcare devices and limited battery life are the major factors hampering the growth of this market.

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Innovation in wearable healthcare devices

Wearable healthcare devices are becoming increasingly popular, and innovation is constantly driving the industry forward. From fitness trackers and smartwatches to medical-grade monitoring systems and smart clothing, there are a variety of wearable healthcare devices available. Some of the most recent advancements in the field include:

• Smart Clothing: Smart clothing is designed to monitor vital signs such as heart rate, temperature, and respiration. It can also provide real-time feedback to the wearer, allowing them to adjust their activity and nutrition accordingly.
• Wearable Injectors: Wearable injectors are small, discreet devices that allow users to inject themselves with medications such as insulin or hormones. This eliminates the need for regular doctor visits and can be used to manage chronic conditions.
• Wearable Diagnostics: Wearable diagnostics are devices that can detect and diagnose medical conditions such as diabetes, cancer, and heart disease. They can be used to monitor health in real-time and provide data to healthcare professionals.
• Wearable ECG Monitors: Wearable ECG monitors can be used to monitor the electrical activity of the heart in real-time. This allows healthcare professionals to diagnose abnormalities and intervene quickly when necessary.

Some of the prominent key players 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) and many more.......

Apple, Inc. held the leading position in the wearable healthcare devices market in 2020. The company maintains its leading position in this market through its strong global sales and distribution network. The company adopts organic growth and inorganic growth strategies to increase its dominance in this market. It also focuses on product approvals to complement its existing business segments.
Koninklijke Philips N.V. held the leading position in the wearable healthcare devices market in 2020. The company maintains its leading position in this market through its strong global sales and distribution network. The company adopts organic and inorganic growth strategies to increase its dominance in this market. It also focuses on product launches to complement its existing business segments.

Recent Developments

• In April 2021 Fitbit, Inc. (US) Launched Fitbit Luxe.
• In June 2020, Koninklijke Philips N.V. (Netherlands) Launched fetal and maternal pods and patches for continuous, non-invasive monitoring of maternal heart rate, fetal heart rate, and uterine activity with a single-use, 48-hour, disposable electrode patch.
• In March 2020, Fitbit, Inc. (US) partnered with FibriCheck to deliver a CE-marked Heart Health Detection App to Fitbit smartwatch users in Europe.

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The global wearable healthcare devices market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest regional market for wearable healthcare devices market in 2020. The large share of North America in this market can be attributed to the robust penetration of 3G and 4G networks for uninterrupted healthcare services and growing investments, funds, and grants.

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