Wearable Healthcare Devices Market Size, Share, Trends | Apple Inc. (US), Fitbit (US), OMRON Corporation (Japan), Medtronic (Ireland), Garmin Ltd. (US), GE HealthCare (US)

Wearable Healthcare Devices Market in terms of revenue was estimated to be worth $40.7 billion in 2023 and is poised to reach $69.2 billion by 2028, growing at a CAGR of 11.2% from 2023 to 2028 according to a new report by MarketsandMarkets™. In recent years, there has been substantial growth in the home healthcare market, driven primarily by the expanding geriatric population, a growing incidence of chronic diseases, and the accessibility of advanced medical devices, including wearable medical devices. These technologies facilitate the provision of high-quality care outside traditional hospital settings. As a consequence, there has been an improvement in patient compliance, the implementation of proactive treatments, enhanced patient satisfaction, and an overall elevation in the quality of care. Additionally, this approach contributes to cost reduction associated with hospital stays, as monitoring and diagnosis can now be effectively conducted in the comfort of patients' homes. Browse through 350 market data tables and 48 figures spread across 400 pages and the in-depth TOC of the wearable healthcare devices market. Early buyers will receive a 10% customization on reports.

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Browse in-depth TOC on "Wearable Healthcare Devices Market"

344 - Tables
46 - Figures
307 - Pages

The break-up of the profile of primary participants in the wearable healthcare devices market:

By Company Type: Tier 1 - 40%, Tier 2 - 30%, and Tier 3 - 30%
By Designation: C-level - 27%, D-level - 18%, and Others - 55%
By Region: North America - 51%, Europe - 21%, Asia Pacific - 18%, Latin America - 6%, and Middle East & Africa- 4%

In 2022, the smartwatches segment held the largest share of the wearable healthcare devices market by product segment.

Based on product, the wearable healthcare devices market has been segmented into trackers, smartwatches, patches, and smart clothing. The smartwatches segment dominated the wearable healthcare devices market in 2022. The smartwatch market is characterized by continuous innovation. Manufacturers regularly introduce new features, sensor improvements, and software updates, ensuring that smartwatches remain at the forefront of technology and meet users' evolving expectations. Several companies are increasingly focusing on introducing products in the market with advanced features and functionalities.

The online channels segment held the largest share of the wearable healthcare devices market by distribution channel segment in 2022.

Based on distribution channel, the wearable healthcare devices market is segmented into pharmacies, online channels, and hypermarkets. The online channels segment accounted for the largest share of the global wearable healthcare devices market in 2022. The exponential growth of e-commerce is a primary catalyst, providing consumers with a convenient and accessible platform to explore, compare, and purchase an extensive array of health-centric wearables. The wide reach facilitated by online channels ensures a global audience, enhancing market penetration and fostering increased consumer engagement. Furthermore, the convenience of 24/7 availability aligns seamlessly with the fast-paced lifestyles of modern consumers, allowing them to make informed choices at their convenience.

North America is the largest regional market for wearable healthcare devices market.

The market for wearable healthcare devices has been divided into four key geographical regions: North America, Europe, Asia Pacific, and the Rest of the World. In 2022, North America held the predominant portion of the wearable healthcare devices market. The wearable healthcare devices market in North America is well-established. The wearable healthcare devices market's preeminence in North America is also influenced by a range of other factors. These encompass the burgeoning elderly population, resulting in an uptick in chronic ailments, the upward trajectory of healthcare expenditures, a heightened demand for improved healthcare services, government initiatives promoting digital health, the pervasive reach of 3G and 4G networks, and an increasing awareness of self-health management.

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Key Market Players of Wearable Healthcare Devices Industry:

The major players operating in wearable healthcare devices market are Apple Inc. (US), Fitbit (US), OMRON Corporation (Japan), Medtronic (Ireland), Garmin Ltd. (US), GE HealthCare (US), Dexcom, Inc. (US), Abbott (US), Masimo (US), Koninklijke Philips N.V. (Netherlands), Boston Scientific Corporation (US), iRhythm Technologies, Inc. (US), CONTEC MEDICAL SYSTEMS CO. LTD. (China), Biotricity (US), MediBioSense (UK), VitalConnect (US), Cyrcadia Health (US), ten3T Healthcare (India), Minttihealth (China), Biobeat (Israel), iHealth Labs Inc. (US), VivaLNK, Inc. (US), GENTAG, Inc. (US), AiQ Smart Clothing (Taiwan), Nonin Medical (US), and Oxitone Medical (Israel).

Wearable Healthcare Devices Market - Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall wearable healthcare devices market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.

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