Press release
Wearable Healthcare Devices Market is anticipated to grow up to USD 45.8 billion, at a CAGR of 12.4% during 2022-2031
Wearable Healthcare Devices Market
Wearable healthcare devices is any kind of electronic device designed to be worn on the user's body. Such devices can take many different forms, including jewelry, accessories, medical devices, and clothing or elements of clothing. Wearable technology in healthcare includes electronic devices that consumers can wear, like Fitbits and smartwatches, and are designed to collect the data of users' personal health and exercise. These devices can even send a user's health information to a doctor or other healthcare professional in real time.
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Market Trends and Drivers:
AI and 5G can be used to determine potential diagnoses and treatments for a specific patient. Furthermore, AI can help healthcare systems predict which patients are more likely to have postoperative complications, allowing them to intervene earlier. In general, real-time learning with a large volume of data necessitates dependable networks with high bandwidth. Healthcare organisations can use AI tools to provide the best care possible in real time, wherever they are, thanks to 5G networks. As a result, the use of emerging advanced tools and technologies such as AI and 5G can be expected to provide significant growth opportunities in the wearable healthcare devices market.
COVID-19 Impact:
During the pandemic, the wearable medical device market experienced a moderately positive impact. The market is expected to experience unprecedented growth due to increased use of advanced technologies to meet growing customer demands. Wearable technologies have helped both patients and professionals manage their health in remote settings. With a greater emphasis on health management during COVID-19, demand for daily health tracking devices has increased in home settings.
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Market Restraints and Challenges:
Unfavorable laws and regulation may impact the medical device industry thereby restraining the wearable healthcare devices market growth. National authorities play a significant role in establishing reimbursements for mobile healthcare. National laws in many EU member states define medical care based on the physical presence of the patient and doctor, affecting reimbursements for mobile and remote healthcare solutions. Such regulations impede the adoption of wearables in the healthcare sectors.
Major Players in the Global Wearable Healthcare Devices Market:
The key players in the market are 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), BioTelemetry Inc. (US), Preventice Solutions Inc. (US), iRhythm Technologies Inc. (US), Contec Medical Systems Co. Ltd. (China), MediBioSense Ltd. (UK), VitalConnect (US), and Cyrcadia Health Inc. (US) among others.
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