Wearable Healthcare Devices Market Size and Opportunities for New Players, Forecast from 2022 To 2028 by Exactitude Consultancy
Wearable healthcare devices Market Rising Growth, Endless possibilities of Technology, and Evaluation of the Devices with real-time disease monitoring for personalized healthcare
PUNE, India, Sept. 21, 2022 /PRNewswire/ -- The global wearable healthcare devices market is expected to grow at more than 11.2% CAGR from 2019 to 2028. It is expected to reach above USD 37.60 billion by 2028 from a little above USD 14.3 billion in 2019.
Wearable Healthcare Devices Market by Device Type (Diagnostic & Monitoring Devices, Therapeutic Devices), By Products (Activity Monitors/Trackers, Smart Clothing, Smart Watches, Patches), by End User (General Health & Fitness, Remote Patient Monitoring, Home Healthcare), and by Region (North America, Europe, Asia Pacific, South America, Middle East and Africa), Global Trends and Forecast from 2019 to 2028
Wearable healthcare devices are devices that are capable of diagnosing and monitoring medical conditions, in combination with digital health information, worn typically over the body. The growth of the global market is due to the increasing technological advancements and innovations which is improving the lifestyle of patients, as well as for the general population. Furthermore, the growing adoption of mobile platforms and increasing adoption of AI and 5G will also boost the growth of this market.
Factors that drive the growth of the Wearable healthcare devices market include the awareness of fit and healthy lifestyles. Increased preference for home healthcare owing to the pandemic is also providing a boost for the market. The increasing prevalence of chronic diseases and rise in the geriatric population are playing important role in this market and it is also deciding the pace of transformation.
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- In November 2020, Royal Philips and African Union announced a partnership to strengthen healthcare infrastructure and enhance access to care in African Union Member States by improving access to medical equipment. Through the Africa Medical Supplies Platform (AMSP), the African Union and Philips will provide medical equipment, comprising patient-monitoring equipment, ventilators, ultrasound scanners to healthcare facilities, and COVID-19 patients.
- Also, in November 2020, the company announced the introduction of Philips Ventilator BiPAP A40 EFL. This initiative would help the company in expanding its home healthcare portfolio for COPD patients.
Covid 19 Imapct
The recent COVID-19 pandemic has impact on wearable medical devices market owing to rising influence of telemedicine. People are avoiding public gathering follow social distancing. Physicians exploit the telemedicine route where they can treat patients from a distance without creating a scope for any kind of virus spread. Development of applications to integrate artificial intelligence (AI) in its systems to assist medical personnel as well as the growth of telemedicine has encouraged wearable medical devices market growth.
Product Portfolio: The Company has a product portfolio of Wearable Healthcare Devices Market that includes:
Wearable Healthcare Devices Market: Growing competition among key players, increasing horizontal and vertical expansion is further expected to fuel the growth of Wearable Healthcare Devices Market.
Key players operating the global Wearable Healthcare Devices market includes Medtronic plc. Koninklijke Philips N.V., OMRON Corporation, Biotelemetry Inc., Apple, Inc., Abbott Laboratories, Fitbit, Inc., and Garmin Ltd.
Wearable Healthcare Devices Market Scope: Discount on report
Wearable Healthcare Devices Market
Report Coverage of Wearable Healthcare Devices Market
Market Size in 2020: 11.2%
US$ 14.3 Billion
Forecast Period 2022 to 2029 CAGR:
Market Size in 2029:
US$ 37.60 Billion
Key Market Segments:
By Device Type
· Diagnostic & Monitoring Devices
· Therapeutic Devices
· Activity Monitors/Trackers
· Smart Clothing
Largest Regional market
Regional outlook- North America region holds the majority of the global market. Excellent healthcare infrastructure along with the rising awareness for a fit and healthy lifestyle has boosted the market in this region.
The large share of this market is largely attributed to the increasing incidence of chronic conditions, increasing penetration of smartphones, growing geriatric population, advancements leading to the launch of superior products that will escalate the demand for wearable medical devices across the U.S. On the other hand, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period due to the presence of a large patient population, growing penetration of smartphones, increasing disposable income, improving the standard of living & economic conditions, and the presence of several low-cost device manufacturers in the Asia Pacific.
Emerging markets like China, India, and Southeast Asia are growing their medical facilities. The availability of advanced medical devices is also on the rise contributing to the growth of this market. These countries are expected to present good opportunities for the global market.
Reasons to Buy
The report enables you to -
- Formulate significant competitor information, analysis, and insights to improve R&D strategies
- Identify emerging players with potentially strong product portfolio and create effective counter strategies to gain competitive advantage
- Identify and understand important and diverse types of Wearable Healthcare Devices under development
- Develop market-entry and market expansion strategies
- Plan mergers and acquisitions effectively by identifying major players with the most promising pipeline
- In-depth analysis of the product's current stage of development, territory and estimated launch date
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