A recent report published by Infinium Global Research on wearable healthcare devices market provides in-depth analysis of segments and sub-segments in the global as well as regional wearable healthcare devices market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional wearable healthcare devices market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global wearable healthcare devices market. The global wearable healthcare devices market was valued at approximately USD 60 billion in 2022 and is expected to reach about USD 485 billion in 2030, with a CAGR of nearly 30% during the forecast period 2023-2030.
Wearable healthcare devices are electronic gadgets that can be worn as accessories or clothing to monitor and track diverse aspects of health and wellness. They are capable of measuring a range of health-related metrics such as heart rate, blood pressure, blood sugar levels, sleep patterns, and physical activity. Examples of wearable healthcare devices include smartwatches, fitness trackers, glucose monitors, heart rate monitors, and sleep trackers. These devices employ sensors and other advanced technologies to gather data, which is then typically transmitted to a mobile app or other digital platform for analysis and tracking.
The market for wearable healthcare devices is being propelled forward by a surge in consumer interest in personal health, increased awareness of wearable devices, a growing geriatric population, higher disposable income, and the advantages of using these devices. Healthcare professionals have found that wearable technology is most effective in preventing diseases by promoting healthy lifestyle choices. Additionally, the market is being driven by increased innovation by technology start-ups and favorable government policies. However, market growth may be hampered by unresolved regulatory issues and technical difficulties. Nonetheless, the growing preference for home healthcare presents growth opportunities for the market.
North America is currently the primary contributor to the wearable healthcare devices market and is expected to maintain its dominance during the forecast period. This can be attributed to the region's high level of awareness, wide availability of products, well-established distribution networks, and a large population with greater purchasing power to buy and utilize wearable devices. The high prevalence of heart and lifestyle-related ailments is also a significant factor driving the adoption of wearable healthcare devices in the region. On the other hand, Asia Pacific is projected to experience the fastest growth, owing to the increasing use of mobile internet and high smartphone penetration rates in countries like China and India, which are expected to have a positive impact on the growth of this market in the region.
The report on global wearable healthcare devices market covers segments such as product, application, and distribution channel. On the basis of product, the sub-markets include trackers, smartwatches, patches, and smart clothing. On the basis of application, the sub-markets include general health and fitness, remote patient monitoring, and home healthcare. On the basis of distribution channel, the sub-markets include pharmacies, online channels, and hypermarkets.
The report provides profiles of the companies in the market such as VitalConnect, Koninklijke Philips N.V., AliveCor, Inc., OMRON Corporation, Polar Electro, Activinsights Ltd., Samsung Electronics America, Apple Inc, Garmin Ltd., and Dexcom, Inc..
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the wearable healthcare devices market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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