Wearable Healthcare Devices Market Outlook 2030: Industry Insights & Opportunity Evaluation, 2019-2030
Wearable Healthcare Devices Market by Type (Diagnostic (ECG, Heart, Pulse, BP, Sleep), Therapeutic (Pain, Insulin)), Application (Fitness, RPM), Product (Smartwatch, Patch), Grade (Consumer, Clinical), Channel (Pharmacy, Online) - Global Forecast to 2030
Product Overview
Wearable devices play a crucial role in predicting certain disorders by integrating essential vital signs with clinical symptomology. The use of wearable devices in a bid to combat COVID-19 has therefore been ramped up. Research has recently expanded on which if the extensive data that wearable devices collect can predict the onset of the virus or not.
Market Overview
Global wearable healthcare devices market is projected to reach USD 56.6 billion by 2030 from USD 17.4 billion in 2020, at a CAGR of 19.5% from 2020 to 2030. Emerging economies such as India, China, and Brazil are expected to provide a wide range of opportunities for players in the industry. Furthermore, the growing adoption of mobile platforms, increasing adoption of AI and 5G, and the growing awareness and preference for home healthcare will also boost the growth of this market.
Activity monitors/trackers accounted for the largest market share in 2020
In 2020, activity monitors/trackers segment accounted for the largest share of the wearable healthcare devices market. Growth in this market segment can be attributed to the rising adoption of sedentary and unhealthy lifestyles, increasing adoption of self-monitoring of vitals, rising prevalence of lifestyle diseases, the low cost of activity trackers, and the presence of a large number of manufacturers with multi-functionality devices.
Market Dynamics
The rising prevalence of chronic diseases along with increasing mortality rates is a major area of concern among people as well as government organizations. Thus, healthcare providers are offering personalized care including continuous and remote patient monitoring. Also, these can be worn for 24 hours without affecting routine life. Hence, considering the various advantages that it offers, the demand for wearable medical devices is projected to boost over the forecast period.
Increasing attention on fitness is a high-impact rendering driver for the market. Various wearable medical products and software have been developed for the management of weight and for monitoring fitness. Usually, wristbands are connected with cell phones that display real-time tracking of activities such as steps walked, calories burned, calorie intake, miles a person ran, etc. By compiling all the data together, vital information such as the body mass index is obtained.
Asia Pacific to grow at the highest rate during the forecast period (2020–2030)
The wearable healthcare devices market in the Asia Pacific is expected to grow at a high pace in the coming years. The factors attributing to the high growth of the Asia Pacific region include the presence of a large patient population, growing penetration of smartphones, increasing disposable income, improving the standard of living & economic conditions, and the presence of several low-cost device manufacturers in the Asia Pacific.
Key Market Players
The major players operating in the wearable healthcare devices market are Medtronic plc. (Ireland), Koninklijke Philips N.V. (Netherlands), OMRON Corporation (Japan), Biotelemetry Inc.(US), Apple, Inc. (US ), Dexcom Inc. (US), Abbott Laboratories(US), Masimo Corporation(US), GE Healthcare(US), Bio-Beat Technologies (Israel), iRhythm Technologies, Inc. (US), VitalConnect (US), Minttihealth (US), Preventice Solutions, Inc. (US), CONTEC Medical Systems Co. Ltd (China), Biotricity Inc.(US), Verily Life Sciences.(US), Cyrcadia Asia Limited (Hong Kong ), ten3T healthcare (India), Fitbit, Inc. (US) , Garmin Ltd (Switzerland), Xiaomi Technologies (China), and Huawei Corporation (China), among others.
Wearable Healthcare Devices Market, By Device Type
• Diagnostic & Monitoring Devices
o Vital Signs Monitoring Devices
§ Multiparameter Trackers
§ ECG/Heart Rate Monitors
§ Pulse Oximeters
§ Blood Pressure Monitors
o Glucose Monitoring Devices
o Sleep Monitoring Devices
o Fetal Monitoring & Obstetric Devices
o Neuromonitoring Devices
• Therapeutic Devices
o Pain Management Devices
o Rehabilitation Devices
o Respiratory Therapy Devices
o Insulin Pumps
Wearable Healthcare Devices Market, By Products
• Activity Monitors/Trackers
• Smartwatches
• Patches
• Smart Clothing
Wearable Healthcare Devices Market, By Grade Type
• Consumer-grade
• Clinical-grade
Wearable Healthcare Devices Market, By Application
• General Health & Fitness
• Remote Patient Monitoring
• Home Healthcare
Wearable Healthcare Devices Market, By Distribution Channel
• Pharmacies
• Online Channel
• Hypermarkets
Contents
1. Executive Summary
2. Global Wearable Healthcare Devices Market
2.1. Product Overview
2.2. Market Definition
2.3. Segmentation
2.4. Assumptions and Acronyms
3. Research Methodology
3.1. Research Objectives
3.2. Primary Research
3.3. Secondary Research
3.4. Forecast Model
3.5. Market Size Estimation
4. Average Pricing Analysis
5. Macro-Economic Indicators
6. Market Dynamics
6.1. Growth Drivers
6.2. Restraints
6.3. Opportunity
6.4. Trends
7. Correlation & Regression Analysis
7.1. Correlation Matrix
7.2. Regression Matrix
8. Recent Development, Policies & Regulatory Landscape
9. Risk Analysis
9.1. Demand Risk Analysis
9.2. Supply Risk Analysis
10. Global Wearable Healthcare Devices Market Analysis
10.1. Porters Five Forces
10.1.1. Threat of New Entrants
10.1.2. Bargaining Power of Suppliers
10.1.3. Threat of Substitutes
10.1.4. Rivalry
10.2. PEST Analysis
10.2.1. Political
10.2.2. Economic
10.2.3. Social
10.2.4. Technological
11. Global Wearable Healthcare Devices Market
11.1. Market Size & forecast, 2020A-2030F
11.1.1. By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
11.1.2. By Volume (Million Units) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12. Global Wearable Healthcare Devices Market: Market Segmentation
12.1. By Regions
12.1.1. North America:(U.S. and Canada), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.2. Latin America: (Brazil, Mexico, Argentina, Rest of Latin America), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.3. Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.4. Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.1.5. Middle East and Africa: (Israel, GCC, North Africa, South Africa, Rest of Middle East and Africa), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.2. By Device Type: Market Share (2020-2030F)
12.2.1. Diagnostic & Monitoring Devices, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.2.2. Therapeutic Devices, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.3. By Products: Market Share (2020-2030F)
12.3.1. Activity Monitors, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.3.2. Smartwatches, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.3.3. Patches, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.3.4. Smart Clothing, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.4. By Grade Type: Market Share (2020-2030F)
12.4.1. Consumer-grade, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.4.2. Clinical-grade, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.5. By Application: Market Share (2020-2030F)
12.5.1. General Health & Fitness, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.5.2. Remote Patient Monitoring, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.5.3. Home Healthcare, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.6. By Distribution Channel: Market Share (2020-2030F)
12.6.1. Pharmacies, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.6.2. Online Channel, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12.6.3. Hypermarkets, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
13 Company Profile
13.1. Medtronic plc. (Ireland)
13.1.1. Company Overview
13.1.2. Company Total Revenue (Financials)
13.1.3. Market Potential
13.1.4. Global Presence
13.1.5. Key Performance Indicators
13.1.6. SWOT Analysis
13.1.7. Product Launch
13.2. Koninklijke Philips N.V. (Netherlands)
13.3. OMRON Corporation (Japan)
13.4. Biotelemetry Inc.(US)
13.5. Apple, Inc. (US)
13.6. Dexcom Inc. (US)
13.7. Abbott Laboratories (US)
13.8. Masimo Corporation(US)
13.9. GE Healthcare(US)
13.10. Bio-Beat Technologies (Israel)
13.11. iRhythm Technologies, Inc. (US)
13.12. VitalConnect (US)
13.13. Other Prominent Players
14 Consultant Recommendation
**The above given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.
Methodology/Research Approach
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Research Programs/Design
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Market Size Estimation
Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.
Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report
The following figure shows an illustrative representation of the overall market size estimation process used for this study.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.
Data Source
Secondary Sources
Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
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Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.
Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.
Key Executives Interviewed
Key Data Information from Primary Sources
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