Wearable Healthcare Devices Market Development And Future Trends
Market growth influenced due to following factors-
Growing adoption of mobile platforms.
Increasing adoption of AI and 5G.
Growing awareness and preference for home healthcare.
Global market size-
According to research report wearable healthcare devices market size is projected to reach $46.6 billion by 2025, at a CAGR of 20.5%.
Top Market Segments-
Diagnostic & monitoring devices are expected to dominate the wearable healthcare devices market in 2020.
"Based on device type, the wearable healthcare devices market is segmented into diagnostic & monitoring devices and therapeutic devices. In 2019, the diagnostic & monitoring devices segment accounted for a larger share of 64.3% of the wearable healthcare devices market."
General health and fitness segment is expected to dominate the wearable healthcare devices market in 2020
"Based on applications, the wearable healthcare devices market is segmented into general health and fitness, remote patient monitoring, and home healthcare applications. In 2019, the general health and fitness segment accounted for the largest share of the market"
Pharmacies are expected to dominate 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. Pharmacies accounted for the largest share of 46.7% of the global wearable healthcare devices market in 2019."
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The prominent players operating in this wearable medical devices market include Medtronic plc (Ireland), OMRON Corporation (Japan), Koninklijke Philips N.V. (Netherlands), and Apple Inc. (US). The other key players in this market are Dexcom Inc. (US), BioTelemetry (US), Abbott Laboratories (US), Bio-Beat Technologies Ltd (Israel), Masimo Corporation (US), Minttihealth (China), CONTEC Medical Systems Co Ltd (China), Biotricity Inc. (US), and iRhythm Technologies, Inc. (US).
The wearable healthcare devices market is highly fragmented in nature since these wearables are integrated with an ample number of connected wearable manufacturers, software developers, and healthcare providers.
Players in this market focused on partnerships, collaborations, agreements, acquisitions, expansions, and product launches & approvals to develop and expand their market presence between January 2017 and February 2020.