InsightSLICE report, titled Global Wearable Healthcare Devices Market Size, Share, Growth, Trends, Major Drivers, Value and Foreseen 2020 – 2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
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Rising fitness awareness among different segments of the population is driving the demand for wearable healthcare devices. Young populations are more inclined towards fitness goals so market players are introducing wearable healthcare devices with pedometer, heart rate count, activity tracker, and many more to analyze the physical fitness of the body. Rising demand for advanced healthcare processing devices for remote monitoring is driving the wearable devices market. The leading players operating in the market are focusing on business expansions through strategic partnerships in the form of mergers and acquisitions, which is anticipated to expedite competition in the market.
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Rising demand for wearable therapeutic devices for speedy and accurate diagnosis is anticipated to dominate wearable healthcare devices consumption in coming years
The global wearable healthcare devices market is segmented on the basis of product, site, distribution channel and geography. Based on product, the global market is segmented into diagnostic devices, therapeutic devices and respiratory therapy devices. Based on site of application the global market is segmented into handheld, headband, strap/clip/bracelet, shoe sensors and others. Based on the distribution channel, the global market is segmented into offline and online distribution channel. The handheld devices in site of application segment contributed the largest share of around 55.4% to the global market in terms of volume in 2019 and is anticipated to be a dominating segment throughout the forecast period. Additionally, advancement in the telecom sector such as installation of 5G spectrum is supporting the adoption of wearable healthcare devices
The online platform is anticipated to be the fastest growing distribution channel of wearable healthcare devices both, in terms of revenue and volume throughout the forecast period. The diagnostic devices as a product segment, was the principal revenue contributor to the global wearable healthcare devices market in 2019 and is anticipated to witness prominent growth during the forecast period. Changing lifestyle coupled with rising dispensable incomes is propelling the wearable healthcare devices market.
Market By Geography
• North America
• Asia Pacific
• Middle East and Africa
• South America
North America held the largest share of the global wearable healthcare devices market in terms of revenue and volume in 2019. North America is one of the major consumers of advanced technology products. Among North America countries the U.S. contributed more than 30% to the global wearable healthcare devices market in 2019 owing to strong demand of latest innovative products across the U.S. Asia Pacific wearable healthcare devices market is growing at a rapid pace owing to rise in population. Amon the Asian countries china tops the position for the consumption of wearable healthcare devices. China dominates the wearable healthcare devices market in Asia Pacific region followed by Japan and India. Increasing investment in R&D activities and availability of key market players in major countries, primarily China and India, is anticipated to drive the growth of Asia Pacific wearable healthcare devices market in coming years.
The global wearable healthcare devices market is consolidated in terms of number of players. Key players in the global market include – Bayer AG, Medtronic plc, Siemens AG, Hoffmann-La Roche Ltd and Rest Devices Inc., Animas Corporation- Johnson and Johnson, Fitbit Inc., Panasonic Corporation, Smiths Medical – A Smiths Group Company, Koninklijke Philips N.V., Owlet Baby Care, OMRON Corporation, Apple, Inc., Garmin Ltd, Xiaomi Technologies, and Huawei Corporation.
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