NEW YORK, Nov. 10, 2023 /PRNewswire/ — The smart wearable healthcare devices market is expected to grow by USD 24.22 billion from 2023 to 2028. In addition, the momentum of the market will progress at a CAGR of 15.51% during the forecast period, according to Technavio Research. The market is segmented by product (fitness bands, smartwatches, and smart glasses), distribution channel (online and offline), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). North America is estimated to contribute 34% to the growth of the global market during the forecast period. Growth is being driven by the growing incidence of disease, a high prevalence of ear disorders, higher adoption of technologically advanced wearable medical devices, an increase in GDP, increased healthcare expenditure, new product launches, and strong market share for the main players.
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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.
Alphabet Inc. – The company offers smart wearable healthcare devices through its subsidiary Fitbit such as Sense 2.
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Smart Wearable Healthcare Devices Market: Segmentation Analysis
The market share growth by the fitness band segment will be significant during the forecast period. Fitness bands are wrist-worn devices to detect a combination of walking steps, running time, pulse velocity, sleep patterns, and swimming laps.
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Smart Wearable Healthcare Devices Market: Market Dynamics
- Integration with the healthcare system
- Growing awareness and preference for home healthcare
- Increasing focus on patient engagement
The integration with the healthcare system is a key factor driving market growth. The IoT, which makes it easier and more reliable for customers to receive benefits and useful information about their health, due to the rapid adoption of wearable medical devices, is a technology that’s used in computers and smart appliances.
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The global diagnostic wearable medical devices market size is estimated to grow by USD 7,333.3 million at a CAGR of 15.2% between 2022 and 2027.
The Wearable Medical Devices Market size is estimated to grow by USD 15.54 billion at a CAGR of 17.82% between 2022 and 2027.
What are the key data covered in this smart wearable healthcare devices market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the smart wearable healthcare devices market between 2023 and 2028.
- Precise estimation of the smart wearable healthcare devices market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the smart wearable healthcare devices market across North America, Europe, Asia, and ROW
- A thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of smart wearable healthcare devices market companies.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Distribution Channel
Market Segmentation by Geography
Drivers, Challenges, & Trends
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