(PharmaNewsWire.Com, December 11, 2021 ) According to the new market research report "Wearable Healthcare Devices Market by Product(Trackers, Smartwatch), Type(Diagnostic(BP, Glucose, ECG), Therapeutic(Pain, Insulin)), Grade(Consumer, Clinical), Channel(Pharmacies, E-commerce), Application(Fitness, RPM), & Region - Global Forecast to 2026", published by MarketsandMarkets™, the market is projected to reach USD 30.1 billion by 2026 from USD 16.2 billion in 2021, at a CAGR of 13.2%.
The Growing preference for wireless connectivity among healthcare providers, increasing penetration of smartphones and the growing number of smartphone-based healthcare devices are among the other factors. Emerging economies such as India and Japan are providing lucrative opportunities for the players operating in the wearable healthcare device market.
The trackers segment accounted for the largest share of the wearable healthcare devices market, by product segment, in 2020
Based on products, the market is segmented into trackers, smartwatches, patches and smart clothing. The trackers segment accounted for the largest share of the market, mainly due to Growing geriatric population and subsequent increase in the incidence of chronic diseases and growing investments, funds, and grants.
Diagnostic and monitoring devices segment to register the highest growth rate during the forecast period
The wearable healthcare devices market is segmented into diagnostic and monitoring devices (vital sign monitoring devices (multiparameter tracker, ECGheart rate monitors, blood pressure monitors, pulse oximeter), glucose monitoring devices, sleep monitoring devices (wrist actigraphs, polysomnography devices), fetal monitoring devices, neuromonitoring devices and other diagnostic and monitoring devices) and therapeutic devices (pain management devices, rehabilitation devices, respiratory therapy devices and insulin pumps). In 2020, the diagnostic and monitoring devices segment accounted for the largest share of the wearable healthcare devices market. The large share of this segment can mainly be attributed to the robust penetration of 3G and 4G networks for uninterrupted healthcare services and growing preference for wireless connectivity among healthcare providers.
The consumer grade segment accounted for the largest share of the wearable healthcare devices market, by grade type segment, in 2020
Based on grade type, the market has been segmented into consumer grade wearable healthcare devices and clinical grade healthcare devices. In 2020, the consumer grade healthcare devices segment accounted for the largest share of the wearable healthcare device market, mainly due to the increasing penetration of smartphones and the growing number of smartphone-based healthcare devices.
The pharmacies segment accounted for the largest share of the wearable healthcare devices market, by distribution channel segment, in 2020
Based on distribution channel, the market has been segmented into pharmacies, online channel and hypermarkets. In 2020, the pharmacies segment accounted for the largest share of the market, mainly due to the growing preference for wireless connectivity among healthcare providers and growing investments, funds, and grants.
The general health and fitness segment accounted for the largest share of the wearable healthcare devices market, by application segment, in 2020
Based on application, the market has been segmented into general health and fitness, remote patient monitoring and home healthcare. In 2020, the general health and fitness segment accounted for the largest share of the market, mainly due to the increasing awareness of fitness, lifestyle, and home healthcare and growing geriatric population and subsequent increase in the incidence of chronic diseases.
North America is the largest regional market for wearable healthcare devices market
The global wearable healthcare device market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest regional market for market in 2020. The large share of North America in this market can be attributed to the robust penetration of 3G and 4G networks for uninterrupted healthcare services and growing investments, funds, and grants.
The major players operating in this wearable healthcare devices market are Koninklijke Philips N.V. (Netherlands), Apple Inc. (US), GE Healthcare (US), Fitbit Inc. (US), Abbott Laboratories (US), OMRON Corporation (Japan), Garmin Ltd. (US), Dexcom Inc. (US), Masimo Corporation (US), Medtronic PLC (Ireland), BioTelemetry Inc. (US), Preventice Solutions Inc. (US), iRhythm Technologies Inc. (US), Contec Medical Systems Co. Ltd. (China), MediBioSense Ltd. (UK), VitalConnect (US), Cyrcadia Health Inc. (US), Ten3T Healthcare (India), Verily Life Sciences (US), MinttiHealth (China), Bio-Beat (Israel), Biotricity Inc. (US), iHealth Lab Inc. (US), Vivalink (US), Gentag (US).
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