The report was analyzed by Maximize Market Research, the global medical devices market research firm. “Wearable Healthcare Devices Market” covers an extensive competitive and pricing analysis in the report. North America is expected to witness significant growth according to the report. During the Forecast period, the report expects the market to grow from USD 19.83 Billion in 2021 to USD 86.42 Billion in 2029 at a CAGR of 20.2 percent.
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Wearable Healthcare Devices Market Scope and Research Methodology
The report is a detailed analysis of the Wearable Healthcare Devices Market equipped with regional, competitive, and segment-wise research of the market. Key players in the market are studied to understand the market share and size. For the regional analysis, players at the local, regional and global levels are analyzed for a clearer understanding of the market penetration and structure. Pricing and demand analysis is carried out to help clients plan out future strategies for their businesses. An in-depth analysis of the drivers, restraints, challenges, and opportunities prevailing in the Wearable Healthcare Devices Market is carried out to understand the
factors affecting the market.
For the competitive landscape of the Wearable Healthcare Devices Market, major players along with new entrants are taken as a sample. Listed companies are studied by region, revenue, financial status, portfolio, technological advancements adopted social media presence, mergers, and acquisitions, joint venture, and strategic alliances. It helps clients identify competitors in the industry and understand different strategies practiced by them. Segment-wise analysis of the wearable healthcare devices market by Product, Device Type, Grade Type, Application, and Region gives a picture of products and services offered and their share in the market along with factors affecting their growth or decline.
The bottom-up approach was used to validate the market size by different segments. Data was collected employing both primary and secondary data collection methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, and marketing professionals were included in the primary methods. Secondary data was meticulously collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organizations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases.
SWOT analysis was conducted to provide the strengths and weaknesses of the Wearable Healthcare Devices Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Wearable Healthcare Devices Market. Thus the report can prove to be a guide to stakeholders, new entrants, investors, and market followers in strategic decision-making related to product development, organisational change, workforce planning, and investment planning.
Wearable Healthcare Devices Market Overview
Wearable Healthcare Devices are non-invasive devices that are used for monitoring and supporting patients. They work by attaching the device to the patient’s body which offers a plethora of information regarding health and fitness. Data like such is helpful for doctors, health agencies, and insurers to gauge better the health conditions of the person. Fitness trackers and blood pressure monitors are examples of wearable healthcare devices. Technological advancements in the field have incorporated the use of AI and other advanced technologies to introduce smart devices in the market that provides even minute information about a patient’s health.
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Wearable Healthcare Devices Market Dynamics
Changing lifestyles and a lack of regular visits to healthcare facilities for basic diagnosis have led to a large rise in lifestyle-related chronic illnesses in both developing and developed countries. These chronic illnesses include diabetes, hypertension, and heart disorders that have high medical costs. National and local health agencies of the government have vigorously promoted routine diagnosis through several campaigns and awareness activities. As a result, more people are aware of the goods and technology available for diagnosing and keeping track of vital indicators. This coupled with the increasing use of wearable healthcare devices is expected to drive the Wearable Healthcare Devices Market growth over the forecast period.
Technological advancements are also expected to drive the Wearable Healthcare Devices Market growth over the forecast period. New technologies like AI and 5G coupled with their rapid adoption are set to introduce innovations in the Wearable Healthcare Devices Market. With the help of AI’s predictive analysis, it can assist medical systems to understand which patients are most likely to undergo post-operative difficulties. Such advancements are expected to offer new opportunities and increase demand for the Wearable Healthcare Devices Market.
Wearable Healthcare Devices Market Regional Insights
The regional Wearable Healthcare Devices Market was dominated by North America with the U.S. being the country driving regional growth in 2021 with the U.S. expected to grow at a CAGR of 12.3 percent. One of the main reasons for the growth of the region is the increasing prevalence of chronic diseases and strong healthcare infrastructure. Rapid advancement and developments in the healthcare industry are also responsible for growth in the region. The government in the region has also increased its expenditure on medical infrastructure which is expected to boost the regional Wearable Healthcare Devices Market growth.
Wearable Healthcare Devices Market Segmentation
By Product:
• Trackers
• Smartwatches
• Patches
• Smart Clothing
By Device Type:
• Diagnostic and Monitoring Devices
• Multiparameter Tracker
• ECGHeart Rate Monitors
• Pulse Oximeters
By Grade Type:
• Traditional Diagnostic Devices
• Consumer-Grade Wearable Healthcare Devices
• Clinical-Grade Wearable Healthcare Devices
By Application:
• General Health and Fitness
• Remote Patient Monitoring
• Home Healthcare
Wearable Healthcare Devices Market Key Players include:
• 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)
• Bio Telemetry 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)
Key questions answered in the Wearable Healthcare Devices Market are:
• What is Wearable Healthcare Devices?
• What is the current growth rate of the Wearable Healthcare Devices Market?
• What are the reasons for the growth of North America in the Wearable Healthcare Devices Market?
• What are the challenges and opportunities prevailing in the Wearable Healthcare Devices Market?
• What are the factors affecting growth in the Wearable Healthcare Devices Market?
• Who held the largest market share in Wearable Healthcare Devices Market?
• What are the factors for the growth of the Asia-Pacific region in the Wearable Healthcare Devices Market?
• What are the major drivers of the Wearable Healthcare Devices Market?
Key Offerings:
• Market Share, Size & Forecast by Revenue | 2022−2029
• Market Dynamics –Drivers, Restraints, Growth Opportunities, and Key
Highlights
• Market Segmentation – A detailed analysis by Product, Device Type, Grade Type, Application, and Region
• Competitive Landscape – Top Key Vendors and Other Manufacturers
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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