Wearable Healthcare Devices Market is expected to reach US$ 61 Billion by 2032

The global wearable healthcare devices market is anticipated to surge at a phenomenal pace by exhibiting a CAGR of 13% during the forecast period between 2022 and 2032. The global market has reached a valuation of US$ 16 Billion in 2021 and is expected to touch a valuation of US$ 30 Billion in 2026. Moreover, the global wearable healthcare devices market is anticipated to reach around US$ 61 Billion by the end of 2032. According to the latest wearable devices statistics, the global healthcare devices market is anticipated to expand by 3.8X through 2032.

According to the Future Market Insights analysis, global sales of wearable healthcare devices are projected to grow at a stupendous CAGR of 13% throughout the projection period between 2022 and 2032. The growth of the market is attributed to the rising prevalence of chronic diseases, advancements in wearable medical devices, growing health awareness among people, and the rising need for keeping track of vital parameters of patients are some of the major factors expected to drive growth in the global healthcare devices market during the assessment period.

Surging concerns regarding the high mortality rate of cardiovascular diseases such as diabetes, obesity, heart attacks, and stroke are expected to push the demand for wearable medical devices during the forecast period, thereby favoring the wearable healthcare devices market growth. According to the World Health Organization, nearly 17.9 million people died from CVDs in 2019, out of which 85% of deaths were due to heart attack and stroke.

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Key Takeaways

• The growth of the global wearable healthcare devices market is attributed to the surging prevalence of heart-related diseases all over the world, along with bolstering the medical device market across developed and developing regions, and rising customer awareness about the benefits of monitoring and keeping track of vital signs and parameters.
• Over the recent years, advancements in medical technology have surged its way for the development of innovative wearable healthcare devices that play a significant role in the monitoring of vital body signs and parameters like temperature, heart rate, blood pressure, etc.
• The rising adoption of these wearable healthcare devices by common people, fitness enthusiasts, and healthcare professionals in order to monitor and track crucial parameters is offering a huge thrust to the growth of the wearable healthcare devices market and the trend is likely to escalate during the forecast period.
• The growth of the global wearable healthcare devices market is attributed to the rising prevalence of heart attacks, strokes, and several other cardiovascular diseases that have prompted people to prioritize preventive healthcare. This is resulting in spending huge amounts of money on purchasing smart wearable healthcare devices. This will continue to boost the growth of markets during the coming years.
• Furthermore, the expansion of the telehealth software market and advancements in healthcare interoperability solutions are favoring the growth of the wearable healthcare devices market. The healthcare devices market is specifically on the rise across developed and developing regions like the United States, China, India, Germany, and the United Kingdom due to the growing popularity of wearable devices healthcare technologies, increasing healthcare spending, and growing adoption of smart wearable healthcare devices.
• Being innovative products, wearable healthcare devices aid in measuring, detecting, and keeping track of essential body parameters like temperature, saturation level, blood pressure, etc. They help people monitor their health 24/7 and get a proper assessment of their health condition.
• Within the past few years, the wearable healthcare devices market was brought into the limelight. Sales of wearable medical devices like pulse oximeters, BP monitors, smartwatches, etc. saw an exponential increase as they help people to monitor their health at home.
• Furthermore, widespread advanced in sensors and artificial intelligence (AI) are helping wearable healthcare device manufacturers to develop smart and compact devices that can easily detect and manage chronic health conditions and avoid serious illnesses among people.

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Competitive Landscape

Medtronic PLC, Koninklijke Philips N.V, GE Healthcare, Fitbit Inc, OMRON Corporation, Abbott Laboratories, Garmin Ltd., Dexcom Inc., and Masimo Corporation.

More Insights into the Wearable Healthcare Devices Market

According to FMI analysis, the global market study on healthcare devices, the US is anticipated to dominate the global wearable healthcare devices market throughout the assessment period attributing to the technological advancements, increasing prevalence of chronic diseases, and the emergence of new wearable healthcare devices market trends.

Key Segments

By Product:

• Trackers
• Smartwatches
• Pathes
• Smart Clothing

By Application:

• General Health and Fitness
• Remote Patient Monitoring
• Home Healthcare

By Device Type:

• Diagnostic and Monitoring Devices
• Vital Sign Monitoring Devices
• ECG/Heart Rate Monitors
• Blood Pressure Monitors
• Wrist Actigraphs
• Polysomnography Devices
• Traditional Diagnostic Tests

By Grade Type:

• Consumer-grade Wearable Healthcare Devices
• Clinical-grade Wearable Healthcare Devices

By Distribution Channel:

• Pharmacies
• Online Channel
• Hypermarkets

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