Wearable Healthcare Devices Market, by Product (Diagnostic devices, Therapeutic devices) by Site (Handheld, Headband, Strap/Clip/Bracelet, Shoe Sensors, Others), by outlook (Sports and Fitness, Remote Patient Monitoring, Home Healthcare) Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027

Wearable Healthcare Device Market Analysis:

The major driving factor for wearable healthcare device market is the increased awareness among people about staying fit and healthy. Increasing predominance of weight gain and rising mindfulness about physical wellness is urging purchasers to settle on exercises and embrace different wellness-related activities. Wearables, for example, savvy groups and smartwatches help monitoring parameters like calories consumed, steps counting, and distance covered. Wearable devices organizations are offering directions about healthy diet from expert dieticians and nutritionists, further producing the interest for wearable healthcare devices.

Growing use of smartphones, 5G technology and AI are the major driving factors for the wearable healthcare device market in the estimated period

Rising consciousness of chronic disorders alongside expanding death rates is a significant reason of worry among individuals just as government associations. In this way, healthcare providers are offering customized care including persistent and remote patient monitoring. These clinical gadgets can be worn all-round the day while doing daily activities such as, bathing, sleeping, and eating as they are waterproof in nature. Henceforth, this rising interest for wearable gadgets is anticipated to observe an exponential rise over the expected time. 

Reimbursement issues and lack of awareness of health devices among elderly population are hindering growth of the market in the expected period

Unfavourable reimbursement conditions, lack of awareness and increasing costs with enabling new technology is predicted to be the biggest restraints for the overall market in the forecast period.

Wearable Healthcare Device Market, by Product:

Therapeutic device segment is expected to see a tremendous growth in the estimated period

The therapeutic device segment is foreseen to have the highest market share in the forecast period due to the expanding inflow of these items. In addition, a solid pipeline of therapeutic devices, for example, intelligent asthma management devices, wearable pain relief devices, and insulin management devices is foreseen to help market development. The therapeutic device incorporates pain management, insulin observation, rehabilitation, and respiratory treatment devices. Neuromonitoring is predicted to have the highest growth rate in the forecast period. The expanding pervasiveness of neurological issue is the prime factor emphatically influencing the development of the sector. Likewise, expanding the consciousness of buyers with respect to the capacity of neurological wearables to evaluate the cognitive abilities of people constantly during regular exercises, is relied upon to drive the development.

Wearable Healthcare Device Market, by Site:

Strap/clip/bracelet segment expected to dominate the market in the forecast period

The Clip/Strap/wristband segment is predicted to have the highest market share in the forecast period. These items have a Bluetooth and cloud connectivity. Moreover, items like smartwatches permit checking of a few parameters like physical movement, respiratory rate, and heart rate is predicted to drive the segment in the forecast period. Headways in the wrist-worn items, for example, Health patch by Vital Connect in March 2014, for checking various parameters like heart care, skin temperature, and exercises like step counter is foreseen to impact the growth of the market segment. Additionally, the significant players like Samsung and Apple have presented portable applications, which are good with wearable healthcare device and allows information recording and display it digitally. Such applications are drawing in individuals toward routine health observation, along these lines inducing the market growth.

Wearable Healthcare Device Market, by Insights:

Home healthcare segment is predicted to be the most lucrative segment

Home healthcare segment is predicted to grow enormously in the forecast period. Growing geriatric population, enhanced need to control growing healthcare costs is predicted to boost the application of home healthcare in the forecast period. The remote patient monitoring segment is predicted to have a higher growth rate in the forecast period. Rising older population globally and pervasiveness of long-term diseased conditions are relied upon to be a portion of the high effect rendering drivers for the segment in the forecast period.

Wearable Healthcare Device Market, by Region:

North America region is predicted to have the highest investment opportunity for the investors

North America region market is predicted to have the highest growth rate in the forecast period. Due to the increased occurrence of cardiovascular issue, diabetes, and disease inside this locale. Also, the ascending graph of long-term diseases which need regular observation and the existence of modern healthcare facilities are further liable to drive the region market in the estimated period. 
Asia Pacific region market is predicted to grow enormously during the forecast period. Central factors boosting market development are positive government activities for the utilization of such medical devices, rising geriatric populace, and expanding spending on healthcare is predicted to drive the segment in the forecast period. 

Key Players in Wearable Healthcare Device Market:

The market leaders in the global wearable healthcare device market include Covidien Plc, Fitbit Inc., Philips Electronics, LifeWatch, Jawbone, Everist Genomics, Vital Connect.