DUBLIN--(BUSINESS WIRE)--The "Wearable Healthcare Devices Market by Type (Diagnostic (ECG, Heart, Pulse, BP, Sleep), Therapeutic (Pain, Insulin)), Application (Fitness, RPM), Product (Smartwatch, Patch), Grade (Consumer, Clinical), Channel (Pharmacy, Online) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global wearable healthcare devices market is expected to reach USD 46.6 billion by 2025 from USD 18.4 billion by 2020, at a CAGR of 20.5%.
The growth of the industry is driven primarily by factors such as increasing awareness of fitness and healthy lifestyles, development of technologically advanced products, growing geriatric population and subsequent increase in the incidence of chronic diseases, cost-containment in healthcare delivery, robust penetration of 3G and 4G networks for uninterrupted healthcare services, increasing penetration of smartphones and the growing number of smart-phone based healthcare apps and growing preference for wireless connectivity among healthcare providers. However, patent protection of wearable healthcare devices, limited battery life and device design complexity may restrict the growth of this market to a certain extent.
The general health and fitness segment is expected to grow at the fastest growth rate during the forecast period
Based on applications, the wearable healthcare devices market is segmented into general health and fitness, remote patient monitoring, and home healthcare. In 2019, the general health and fitness segment accounted for the largest share of the market. This general health and fitness segment is expected to be the largest and fastest market segment in 2019. The large share of this segment can be attributed to the increasing focus on physical fitness among people to improve their quality of life, coupled with the growing trend of tracking health progress on a continuous basis.
Pharmacies segment is estimated to account for the largest share of the wearable healthcare devices market in 2020
Based on the distribution channel, the wearable healthcare devices market is segmented into pharmacies, online channels, and hypermarkets. In 2019, the pharmacies segment accounted for the largest share of the market with the highest growth rate as well. The market is mainly driven by the increasing trend of self-monitoring and non-invasive monitoring and diagnosis have resulted in a substantial increase in the supply of wearable devices in pharmacies. This is driving the uptake of wearable devices among customers, as they have easy access to various wearable devices offered by a number of companies. Furthermore, pharmacies are widely perceived to sell authentic and reliable products, which has greatly driven consumer preference for this distribution channel. However, online channels are expected to grow at the highest rate during the forecast period, due to the increasing use of smartphones, a large number of online buying apps, and the wide spectrum of devices available online, among other factors.
Consumer-grade wearable healthcare devices segment is expected to dominate the wearable healthcare devices market during the forecast period.
Based on grade type, the wearable healthcare devices market is segmented into consumer-grade and clinical-grade wearable healthcare devices. The consumer-grade wearable healthcare devices segment dominated the market. In 2019, the consumer-grade wearable healthcare devices segment accounted for the largest share of the wearable healthcare devices market. Factors such as the increasing trend toward self-monitoring, ease of availability of consumer-grade wearable healthcare devices, and the comparatively low cost of consumer-grade devices as compared to clinical-grade devices are the major factors responsible for the large share of the consumer-grade wearable healthcare devices segment.
North America is expected to dominate the wearable healthcare devices market in 2020
North America, which includes the US and Canada, is estimated to account for the largest share of the wearable healthcare devices market. The large share of this region can primarily be attributed such as the increasing penetration of smartphones, growing geriatric population and the subsequent rise in the prevalence of chronic disorders, increasing healthcare costs, growing demand for better healthcare services, government initiatives to promote digital health, the robust penetration of 3G and 4G networks, and the growing awareness of self-health management.
- Increasing Awareness of Fitness and Healthy Lifestyles
- Development of Technologically Advanced Products
- Growing Geriatric Population and the Subsequent Increase in the Incidence of Chronic Diseases
- Cost-Containment in Healthcare Delivery
- Robust Penetration of 3G and 4G Networks for Uninterrupted Healthcare Services
- Increasing Penetration of Smartphones and the Growing Number of Smartphone-Based Healthcare Apps
- Growing Preference for Wireless Connectivity Among Healthcare Providers
- Unfavorable Standards and Regulations
- Accuracy, Standardization, and Analysis of Wearable-Generated Data
- Data Security Issues
- Growing Adoption of Mobile Platforms
- Increasing Adoption of AI and 5G
- Growing Awareness and Preference for Home Healthcare
- Patent Protection of Wearable Healthcare Devices
- Limited Battery Life
- Device Design Complexity
- Apple, Inc.
- Fitbit, Inc.
- Omron Healthcare Co., Ltd. (a Part of Omron Corporation)
- Garmin Ltd.
- Koninklijke Philips N.V.
- Medtronic Plc
- Ge Healthcare
- Biotelemetry, Inc.
- Dexcom, Inc.
- Abbott Laboratories
- Masimo Corporation
- Medibiosense Ltd.
- Preventice Solutions, Inc
- Contec Medical Systems Co. Ltd
- Ihealth Lab, Inc. (a Part of Andon Health Co., Ltd.)
- Cyrcadia Health, Inc.
- Biotricity Inc.
- Ten3T Healthcare
- Verily Life Sciences. (a Part of Alphabet Inc.)
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