NEW
YORK, July 31, 2024 /PRNewswire/ -- The
global smart wearable healthcare devices market size is
estimated to grow by USD 24.22
billionn from 2024-2028, according to Technavio. The market is
estimated to grow at a CAGR of 15.51% during the forecast period.
Increasing focus on patient engagement is driving market
growth, with a trend towards increasing adoption of
self-monitoring of vital organs. However, concerns associated
with data privacy poses a challenge. Key market players include
Alphabet Inc., Apple Inc., Biobeat Technologies Ltd.,
BioIntelliSense Inc., Biotricity Inc., Boston Scientific Corp.,
Contec Medical Systems Co. Ltd., Cyrcadia Asia Ltd., Dexcom Inc.,
Garmin Ltd., Huawei Technologies Co. Ltd., iRhythm Technologies
Inc., Koninklijke Philips N.V., Masimo Corp., Nokia Corp., OMRON
Corp., Polar Electro Oy, Samsung Electronics Co. Ltd., ten3T
Healthcare, and VitalConnect Inc..
![Technavio has announced its latest market research report titled Global Smart Wearable Healthcare Devices Market 2024-2028 Technavio has announced its latest market research report titled Global Smart Wearable Healthcare Devices Market 2024-2028](https://mma.prnewswire.com/media/2471798/Technavio_Global_Smart_Wearable_Healthcare_Devices_Market.jpg)
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Smart Wearable
Healthcare Devices Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
15.51%
|
Market growth
2024-2028
|
USD 24.22
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
13.65
|
Regional
analysis
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Performing market
contribution
|
North America at
34%
|
Key
countries
|
US, Canada, Germany,
UK, and China
|
Key companies
profiled
|
Alphabet Inc., Apple
Inc., Biobeat Technologies Ltd., BioIntelliSense Inc., Biotricity
Inc., Boston Scientific Corp., Contec Medical Systems Co. Ltd.,
Cyrcadia Asia Ltd., Dexcom Inc., Garmin Ltd., Huawei Technologies
Co. Ltd., iRhythm Technologies Inc., Koninklijke Philips N.V.,
Masimo Corp., Nokia Corp., OMRON Corp., Polar Electro Oy, Samsung
Electronics Co. Ltd., ten3T Healthcare, and VitalConnect
Inc.
|
Market Driver
Smart wearable healthcare devices, including wearable gadgets
and mobile apps, are gaining popularity for self-tracking and
self-monitoring applications. These devices collect, process, and
display personal health records, enabling users to monitor and
manage their vital signs. Five primary vital signs, including
temperature, pulse, respiration, blood pressure, and pain, are
regularly monitored. Self-monitoring is crucial for maintaining
overall health and well-being. Hospitals use these devices to
monitor patients' progress during treatment, allowing for prompt
detection of delayed recovery or adverse events. Wireless
transmission of patient data to remote monitoring centers enables
patients to move freely while under observation. Recording vital
parameters in medical information systems for later analysis by
healthcare professionals is another significant trend driving the
smart wearable healthcare market.
The Smart Wearable Healthcare Devices market is experiencing
significant growth, particularly in the areas of Fitness, Diabetes,
and Cardiovascular Diseases. With the IDF Diabetes Atlas reporting
over 537 million people living with diabetes worldwide, there's a
high demand for wearable devices that can monitor and manage Type 2
diabetes. Similarly, the increasing prevalence of Cardiovascular
Diseases (CVDs), including Hypertension and High Cholesterol, is
driving innovation in this space. However, challenges such as
privacy and security concerns, including unauthorized access to
personal health information by cyber criminals, remain.
Ground-breaking wearable devices like the BioButton multiparameter
wearable are addressing these concerns with advanced Artificial
Intelligence (AI) and Machine Learning (ML) capabilities.
Reimbursement policies and per capita expenditure are also key
factors influencing market growth. The aging population,
investments and grants, and wireless connectivity are also fueling
the development of smartphone-based healthcare devices and home
healthcare solutions. Fitness tracking capabilities, such as those
offered by smartwatches and wearable activity monitors, are popular
among consumers. Data standardization, clinical trial platforms,
and data accuracy are essential for ensuring the effectiveness and
reliability of these devices. Fraud prevention and
high-speed 5G networks are also critical for secure medical imagery
transmission.
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Market Challenges
- Smart wearable healthcare devices offer valuable health
insights but pose privacy and security concerns due to the
sensitive data they store. Their small size increases the risk of
loss or misplacement. Location-based services, such as Google Glass
and Foursquare, require sharing user locations, raising privacy
issues. Security breaches are a potential threat, as data leakage
can lead to serious consequences. Network operators have access to
location data, raising concerns about privacy and potential misuse.
These factors may hinder the growth of the global smart wearable
healthcare devices market during the forecast period.
- The wearable healthcare device market is experiencing
significant growth, with fitness trackers leading the charge. These
devices monitor activities like walking, running, swimming, and
cycling, providing valuable data on pace, distance, and elevation.
Wearable ECG monitors offer early detection and diagnosis of
chronic diseases through electrocardiograms. Medical efficiency is
improved with real-time health parameter tracking of blood oxygen
levels, body temperature, and sleep patterns. Wearable gadgets for
training and compensation during sporting activities are driving
the mobile healthcare revolution. National agencies and EU member
states are implementing regulations for these devices, impacting
purchasing power and disposable income. Blood Glucose Meters, Blood
Pressure Monitors, Heart Detectors, and Pulse Monitors are also
popular. E-commerce platforms facilitate sales of wearable
healthcare devices and electronic gadgets. Sensor technologies and
preventive healthcare are key trends. Bluetooth connectivity
enables data sharing with connected technological devices for
comprehensive health management.
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challenges - Request a sample report!
Segment Overview
This smart wearable healthcare devices market report extensively
covers market segmentation by
- Product
- 1.1 Fitness band
- 1.2 Smart watches
- 1.3 Smart glasses
- Distribution Channel
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 Fitness band- Fitness bands are wearable devices
worn on the wrist that monitor and record a user's physical
activity, including steps taken, distance covered, calories burned,
and sleep patterns. These devices interact with a mobile
application via Bluetooth to configure settings and access data. In
2021, vendors such as Redmi launched new models, like the Smart
Band Pro, featuring larger displays, longer battery life, and
enhanced water resistance. These advancements contribute to the
growth of the global smart wearable healthcare devices market by
enabling users to better track their health and fitness goals.
Fitness bands provide valuable insights, encouraging healthier
habits through self-monitoring, increased exercise, and improved
sleep quality. With continuous innovation, the market for these
devices is expected to expand significantly during the forecast
period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Smart Wearable Healthcare Devices market is experiencing
rapid growth due to the increasing adoption of electronic gadgets
for health management. These devices, including smartphone-based
healthcare tools, offer wireless connectivity for real-time health
parameter monitoring and lifestyle management. Home healthcare is a
significant sector benefiting from wearable devices, enabling
holistic evaluation of health parameters for preventive healthcare.
Fitness monitoring is a popular application, with wearables helping
individuals manage their fitness levels and track progress towards
health goals. Diseases such as diabetes and cardiovascular disease
can also be managed effectively using these devices. E-commerce and
distribution channels have simplified access to these devices,
making them an affordable and convenient option for consumers
seeking to improve their health and wellbeing. Sensor technologies
continue to advance, enhancing the capabilities of wearable
healthcare devices and driving market growth.
Market Research Overview
Smart wearable healthcare devices refer to technology-enabled
accessories that monitor and manage various health-related issues,
including fitness tracking, body temperature, heart rate, blood
pressure, sleep statistics, and remote patient monitoring. These
devices leverage wireless connectivity to transmit real-time data
to healthcare providers, insurers, and consumers. Lifestyle
management is a significant application of wearable healthcare
devices, with features like fitness tracking capabilities,
smartwatches, wearable activity monitors, and smartphone apps. Home
healthcare applications are also gaining popularity, with devices
such as patches, trackers, and smart clothing. High-speed 5G
networks enable advanced applications like medical imagery,
augmented reality (AR), and virtual reality (VR) in wearable
healthcare devices. Data standardization, consumer privacy,
cybersecurity attacks, data accuracy, fraud
prevention, and battery life are crucial considerations in this
market. Wearable healthcare devices include smartphones, implants,
accessories, clothing, and body trackers and monitors. They cater
to patients, doctors, nurses, clinical personnel, hospitals, and
home healthcare settings, offering a holistic evaluation of
health-related issues. Wearable technology companies like Fitbit,
wearable monitors, and wristbands with sensors are transforming the
healthcare industry by enabling physical activity tracking, step
progress, notifications, short messages, phone calls, and
exercise-related features for walking, running, swimming, and
bicycling.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Fitness Band
- Smart Watches
- Smart Glasses
- Distribution Channel
-
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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