This market is largely driven by the 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 are driving the growth of the global wearable healthcare devices industry. Growing adoption of mobile platforms, increasing adoption of AI and 5G, and the growing awareness & preference for home healthcare are opening opportunities for the growth of the market.
According to research report wearable healthcare devices market size is projected to reach USD 46.6 billion by 2025 from USD 18.4 billion in 2020, at a CAGR of 20.5% from 2020 to 2025.
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Wearable healthcare devices are autonomous devices that can be attached, worn, or handheld for monitoring and examining the metabolic & physiological changes that occur in the human body. These devices are also used to record data. Wearable healthcare devices monitor and diagnose many diseases such as sleep apnea, skin temperature, blood glucose level, sleep patterns, general health parameters, fitness, and wellness progress among athletes and fitness enthusiasts. These devices are also used in various therapeutic applications such as pain management, rehabilitative services, and respiratory care.
The major players in the wearable healthcare devices market are Medtronic plc. (Ireland), Koninklijke Philips N.V. (Netherlands), OMRON Corporation (Japan), Biotelemetry Inc.(US), Apple, Inc. (US), Dexcom Inc. (US), Abbott Laboratories(US), Masimo Corporation(US), GE Healthcare(US), Bio-Beat Technologies (Israel), iRhythm Technologies, Inc. (US), VitalConnect (US), Minttihealth (US), Preventice Solutions, Inc. (US), CONTEC Medical Systems Co. Ltd (China), Biotricity Inc.(US), Verily Life Sciences.(US), Cyrcadia Asia Limited (Hong Kong ), ten3T healthcare (India), Fitbit, Inc. (US), Garmin Ltd (Switzerland), Xiaomi Technologies (China), and Huawei Corporation (China).
• Apple, Inc. (US)
Apple is one of the largest players in the global wearable healthcare devices market. The company’s leading position is attributed to its high focus on innovation, strong product portfolio, and highly acclaimed brand. The company focuses on regular product launches to increase its market presence and share. For example, in 2019, the company launched Apple Watch Series 5. In order to combat competition, Apple focuses on continuous R&D to launch with new and upgraded products. It also invests heavily in R&D; in 2019, the company invested USD 16.2 billion in R&D activities. Furthermore, Apple has a strong geographical presence and is well complemented by its products portfolio.
• Fitbit, Inc. (US)
Fitbit is a leading player in the global wearable healthcare devices market. The company’s leading position is attributed to its high focus on innovation and broad product portfolio. The company focuses on product launches in order to increase its market presence. For instance, in 2019, the company launched Fitbit Charge 4. It also places significant importance on global expansion, which is evident from the firm’s expansion in Latin American countries such as Argentina and Peru in 2019. Apart from this, the company has a robust product portfolio with its offerings compatible with both adults and children. It is also supported by its strong distribution channel. Fitbit offers its products through 39,000 retail stores in 100 countries.
• OMRON Corporation (Japan)
OMRON Corporation is a prominent player in the wearable healthcare devices market. The company derives a majority of its revenue from its operations in North America. However, the firm intends to expand its business in the international market, mainly through partnerships and product launches. For instance, in February 2019, OMRON collaborated with PhysIQ (US) to integrate OMRON’s innovative FDA-cleared device, HeartGuide, into the pinpointIQ (physIQ) platform to monitor at-risk patients in outpatient settings. Similarly, in 2018, OMRON launched its first wearable blood pressure monitor watch, HeartGuide. The company also invests in R&D in order to expand its capabilities in the field of wearable healthcare devices.
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Based on region, the global wearable healthcare devices market is segmented into North America, the Asia Pacific, Europe, Latin America, and the Middle East & Africa. In 2019, North America accounted for the largest share of 38.0% of the global wearable healthcare devices market.