Wearable healthcare devices usually refer to those portable devices that can be worn on the body or can integrate into the user’s clothes or accessories. They traditionally miniaturized, low power, and connectable. Wearable devices can collect data according to different needs flexibly and are easy to use and carry.
The global wearable healthcare devices market expected to spur market value with USD 20.23 billion with anticipating CAGR in the forecast period from 2020-2027. With the advancement of medical device technology, there are more and more smartphone healthcare applications compatible with wearable devices that are fueling the market share of wearable healthcare devices.
The preference of medical service providers for wireless connection is increasing, and the consumer’s increasing emphasis on physical health is rising. The emerging patient of chronic diseases and increasing geriatric population is driving the demand for wearable healthcare devices. Also, People’s health concept is gradually changing from passive treatment to active monitoring and prevention.
Wearable medical equipment/devices have the advantages of no injection, no medicine, no hospitalization, and no toxic side effects. It has the characteristics of simple operation and the ability to treat and prevent diseases at any-time and anywhere. Overall, wearable medical devices have liberated people’s time and shortened the cost of treatment. Doctors and nurses can get rid of the heavy medical tasks, and with the procedure, the human body suffers less pain.
Moreover, With the rapid development of medical and chip technologies, wearable medical products at home and abroad are emerging one after another. These products mainly use inpatient detection, intelligent physical examination, and health tracking.
Using wearable healthcare devices can save time and cost. Based on the feedback, the doctor can achieve on-site or remote consultation in time, which significantly reduces the cost of treatment for both doctors and patients. At the same time, patients can also correct pathological changes promptly through index changes, avoid emergency department and hospitalization, reduce the number of medical treatments, and ease the tension of hospital beds.
With the rapid development of mobile medical platforms, future wearable devices interconnected with the cloud, all data can be shared, and each patient can achieve cloud data integration. Doctors can remotely open drugs and make recommendations for diagnosis and treatment. Therefore, the cloudization of data generated by wearable medical devices will be an essential development direction in the future.
Based on the device type, the global wearable healthcare devices market segment into Monitoring Devices (Heart Rate Monitor, Activity Monitor, Electrocardiograph, Fetal and Obstetric Monitor, Neuro-monitor, Others), Therapeutic Devices (Pain Management Devices, Rehabilitation Devices, Respiratory Therapy Devices, Others). The therapeutic devices segment estimated to dominate the maximum share of the global wearable healthcare devices market in the forecast period from 2020-2027. It is mainly owing to the emerging prevalence of chronic diseases in the geriatric population, changing lifestyle, and the adoption of technology allow the user to wear healthcare devices. Thus, it helps in easy monitoring and diagnosis of multiple health conditions with accuracy at an early stage.
Based on the application, the global wearable healthcare devices market classified into Sports and Fitness, Remote Patient Monitoring, Home Healthcare. The remote patient monitoring segment dominated the largest market share in the worldwide wearable healthcare devices market. The adoption of remote patient monitoring improves the delivery of medical services, empower patients with medical choices, and create a more efficient and connected industry, need to focus on the positive aspects. It can provide health services between almost any two points in the world. Patients can stay at home or in primary care facilities and receive support where they are most comfortable, instead of traveling between medical institutions.
Based on the product type, the global wearable healthcare devices market segmented into Watch, Wristband, Clothing, Ear Wear, Other. The watch segment accounts for the highest share in the global wearable healthcare devices market. With emerging technology and fashion trends, products like smart wristwatches are propelling the market share for wearable healthcare devices. Smart wristwatch allows to monitor respiratory rate, heart rate, and keep track of physical activity and pulse rate. It also keeps a record of data and display in digital form and can be connected via Bluetooth and cloud connectivity on smartphones and helps in easy access to reports to doctors.
Based on geography, the global wearable healthcare devices market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is the world’s fastest-growing wearable healthcare devices market, accounting for the largest share in the global market. It is mainly due to the emerging disposable income, increasing healthcare structure, and increasing diseases such as diabetes, asthma, and other chronic diseases are allowing people to adopt wearable healthcare devices.
Companies such as Medtronic plc., Koninklijke Philips N.V., OMRON Corporation, Biotelemetry Inc., Apple, Inc., Dexcom Inc., Abbott Laboratories, Masimo Corporation, GE Healthcare, Bio-Beat Technologies, iRhythm Technologies, Inc., VitalConnect, Minttihealth, Preventice Solutions, Inc., CONTEC Medical Systems Co. Ltd, Biotricity Inc., Verily Life Sciences., Cyrcadia Asia Limited, ten3T healthcare, Fitbit, Inc., Garmin Ltd, Xiaomi Technologies, Huawei Corporation, and others are key players in the global wearable healthcare devices market.
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