Smart Wearable Healthcare Devices Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, Germany, UK, China - Size and Forecast 2024-2028

Smart Wearable Healthcare Devices Market 2024-2028

The global smart wearable healthcare devices market size is estimated to grow by USD 24.22 billion at a CAGR of 15.51% between 2023 and 2028. Due to the rapid adoption of wearable healthcare devices, the technology used in computers and smart devices is the Internet of Things (IoT), which makes it easier and more reliable for customers, providing them with the benefits and thorough details to track their health. In addition, the interaction between patients and healthcare professionals is referred to as patient engagement. It is more important now than ever because regular communication between patients and healthcare providers and patient engagement in care management is key to enhancing patient care, achieving lower costs, and improving healthcare outcomes. Utilizing and integrating advanced technology platforms increases patients' access to care at any time and promotes patient engagement. This will drive the adoption of smart healthcare solutions globally, which, in turn, is expected to drive the growth of the market during the forecast period.

What will be the size of the Smart Wearable Healthcare Devices Market During the Forecast Period?

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Market Segmentation by Product, Distribution Channel and Geography 

Technavio has segmented the market into the product, distribution channel, and geography

• The product segment is classified into fitness band, smart watches, and smart glasses
• The distribution channel segment is classified into online and offline
• The geography segment includes key regions such as North America, Europe, Asia, and Rest of World (ROW)

Product Analysis

Fitness band 

The market share growth by the fitness band segment will be significant during the forecast period. Fitness bands are wrist-worn devices that detect a combination of walking steps, running distance, pulse, sleep patterns, and swimming laps. They interact via Bluetooth with an app on a mobile device that configures the device and downloads the wearer's activity data. Most smartwatches support a few physical actions via a health app. 

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The fitness band segment was the largest and was valued at USD 5.54 billion in 2018.  Fitness bands are devices that can record the pulse, daily burnt calories, and step counts. Self-tracking allows the users to maintain a healthier diet, exercise more, and sleep better. The regular use of fitness trackers boosts daily workouts and makes them achievable. In 2021, many vendors launched their new products. For instance, on November 30, Redmi launched its Smart Band Pro, which features a 1.47-inch AMOLED panel, a 200mAh battery, and a 5 ATM water resistance feature, which attracted a lot of customers and made a competitive impact on the smartwatch market. Due to such features, the fitness bands segment will witness growth, which, in turn, will boost the growth of the global market during the forecast period.

Distribution Channel Analysis 

Online

Utilizing different digital platforms is necessary for the online distribution in order to reach a large audience. Popular e-commerce sites such as Amazon and Flipkart prominently display smart wearables, giving customers an easy way to browse, contrast, and buy smart wearable healthcare devices online. Global marketplace presence and international e-commerce platforms allow global audiences to access smart wearable healthcare devices easily with all the specification details provided. Hence, an online distribution channel provides the advantage of reaching a vast and diverse audience, offering convenience, information accessibility, and the ability to cater to consumers' preferences and needs, which will have a positive impact on the growth of the global market during the forecast period.

Offline

Smart wearable healthcare devices are distributed offline through careful placement in physical retail stores, medical facilities, and specialty shops. This enables customers to see and buy these gadgets in person. Smart wearables share shelf space with other electronic devices in mainstream electronic stores, attracting tech-savvy consumers interested in health and fitness tracking. In-store demonstrations and knowledgeable sales associates enhance the consumer's understanding of the wearable's features. It can also be available in on-site shops within hospitals and clinics, providing patients with convenient access to monitoring tools prescribed by healthcare professionals. Hence, offline distribution provides customers with a tactile and interactive experience, allowing consumers to make informed decisions on adopting the smart wearable, which will make the global market grow significantly in the offline distribution segment during the forecast period. 

Regional Analysis

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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The growth of the market in North America is driven by the growing prevalence of chronic diseases, high prevalence of hearing impairment, increasing adoption of technologically advanced wearable medical devices, increasing GDP, increasing healthcare spending, new product launches, and strong market presence of leading vendors. The Food and Drug Administration (FDA) has taken a risk-based approach and only enforces regulations on high-risk health IT applications and clinical devices. Hence, companies such as Fitbit and Garmin that sell activity trackers are not subjected to the FDA's stringent regulations. This encourages vendors to introduce new products to the market.

Moreover, the market in the US is poised to grow steadily and is expected to continue to dominate the market during the forecast period as half of the US population is willing to adopt wearables to measure and track vital signs, including blood pressure, temperature, and heart rate. This will lead to increased adoption in the region during the forecast period.

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Key Smart Wearable Healthcare Devices Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Alphabet Inc. - The company offers smart wearable healthcare devices through its subsidiary Fitbit such as Sense 2.

• Apple Inc.
• Biobeat Technologies Ltd.
• BioIntelliSense Inc.
• Biotricity Inc.
• Boston Scientific Corp.
• Contec Medical Systems Co. Ltd.
• Cyrcadia Asia Ltd.
• Dexcom Inc.
• Garmin Ltd.
• Huawei Technologies Co. Ltd.
• iRhythm Technologies Inc.,
• Koninklijke Philips N.V.
• Masimo Corp.
• Nokia Corp.
• OMRON Corp.
• Polar Electro Oy,
• Samsung Electronics Co. Ltd.
• ten3T Healthcare
• VitalConnect Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Dynamics and Customer Landscape

The market is propelled by factors such as the increasing adoption of smartphone-based healthcare devices, wireless connectivity, and wearable devices. With a focus on preventive healthcare and fitness monitoring, these devices cater to changing lifestyles and the growing demand for holistic health management tools. Patent and pricing analyses play a crucial role in understanding market dynamics, while key stakeholders drive innovation and distribution channels. Conference and webinar materials provide valuable insights into buying behavior and health spending trends. Sensor technologies enable the monitoring of various health parameters, particularly cardiovascular disease and diabetes. As e-commerce platforms expand, the accessibility of wearable healthcare devices for home healthcare and lifestyle management continues to grow, ushering in a new era of personalized and proactive healthcare solutions.

Key Market Drivers

The market is experiencing robust growth, driven by increasing awareness and preference for home healthcare solutions. With the proliferation of wearable devices and smartphone-based healthcare tools, individuals are empowered to monitor their health parameters and manage chronic conditions like diabetes and cardiovascular disease. These leverage sensor technologies and wireless connectivity to enable fitness monitoring, preventive healthcare, and lifestyle management. E-commerce platforms serve as key distribution channels for wearable healthcare devices, catering to changing lifestyles and growing demand for holistic health evaluation. As the population ages and health spending rises, home healthcare emerges as a cost-effective alternative to traditional hospital visits. Patent and pricing analyses reveal opportunities for innovation and competitive pricing strategies, while conferences and webinars engage key stakeholders in shaping the future of smart wearable healthcare technology.

Significant Market Trends

Increasing adoption of self-monitoring of vital organs is an emerging trend shaping the market growth. Smart gear such as wearables and mobile apps are used for applications such as self-tracking or self-monitoring, wherein these devices can collect, process, and show personal records to help users monitor and control all factors of their organs. Self-monitoring of vital signs is important for living a long and healthful life as it gives a glimpse into overall well-being. Temperature, pulse, respiration, blood pressure, and pain are the five main vital signs that are regularly monitored. Self-monitoring of vital organs is registering a surge in demand because vital signs are an important component of tracking an adult or toddler patient's progress during hospitalization.

However, patients can be free to move while important information is wirelessly transmitted to the remote monitoring centre. Some devices can also send the patient's location within the clinical setting. All these features allow the patient to move around without a machine. Vital parameters can also be recorded in the medical information system for later analysis by medical professionals. These trends tend to drive the smart wearable healthcare market during the forecast period.

Major Market Challenges

Concerns associated with data privacy are a significant challenge hindering market growth. Although smart wearable healthcare devices are small, these devices store huge amounts of vital and sensitive information about the day-to-day activities of users. These devices can easily be misplaced or lost because of their small size. Smart wearable healthcare devices also use GPS navigation systems for receiving location-based information. At times, individuals must share their location to get certain information. For instance, users of Google Glass must share their location while checking in to Foursquare (a location-based service app), and the information is stored in its database. Security breaches can also occur because of the use of innovative technologies in these devices. 

However, the information about a subscriber's location is owned and controlled by the respective network operators that have mobile carriers and mobile content providers. With network operators privy to such information, end-users are concerned about their privacy and security despite legal frameworks to protect it. Therefore, the privacy and security of data stored in these smart devices are a major concern, which can potentially restrict the growth of the global market during the forecast period.

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Key Market Customer Landscape

The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Product Outlook 
  • Fitness band
  • Smart watches
  • Smart glasses

• Distribution Channel Outlook
  • Online
  • Offline

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest Of World
    • Brazil 
    • Argentina 
    • Australia

Market Analyst Overview

The market is witnessing exponential growth, driven by technological advancements and changing lifestyles. With the rise of smartphone-based healthcare devices and wearable activity monitors, consumers are increasingly focused on lifestyle management and fitness tracking capabilities. These devices, equipped with sensors and wireless connectivity, enable remote patient monitoring and home healthcare applications, revolutionizing health management tools. However, concerns about cybersecurity attacks and data accuracy persist, highlighting the importance of consumer privacy and fraud prevention. High-speed 5G networks further enhance connectivity, while augmented reality and virtual reality offer innovative solutions for medical imagery and spatial computing. As the market continues to evolve, smart wearable adoption is propelled by ground-breaking devices catering to preventive healthcare and chronic diseases such as diabetes and cardiovascular diseases, ultimately empowering individuals to take control of their personal health with clinically useful aids and real-time health-tracking features.

Pricing Analysis and Patent Analysis are two crucial aspects in the landscape of electronic gadgets, especially in the context of advancements related to 3G and 4G networks. Pricing Analysis involves assessing the market dynamics to determine the optimal pricing strategy for electronic gadgets. This includes analyzing factors such as production costs, competition, consumer demand, and perceived value. Additionally, it involves understanding how pricing strategies may vary across different market segments and geographical regions. On the other hand, Patent Analysis plays a significant role in innovation and intellectual property protection within the electronic gadgets industry. It involves evaluating existing patents to identify technological trends, potential infringement risks, and opportunities for collaboration or licensing. Patent analysis helps companies make informed decisions about research and development investments, as well as navigate legal considerations related to product development and market entry.

The integration of 3G and 4G networks has revolutionized the capabilities of electronic gadgets, enabling faster data transfer speeds, enhanced connectivity, and access to a wide range of digital services. As such, a holistic evaluation of electronic gadgets often includes an assessment of their compatibility and performance within these networks. Moreover, electronic gadgets increasingly incorporate health management tools, such as fitness trackers and wellness apps, which utilize 3G and 4G connectivity to provide real-time data and insights for users. A comprehensive analysis of these gadgets considers their impact on personal health and well-being, as well as their potential to reshape healthcare delivery and disease management.

Smart Wearable Healthcare Devices Market Scope
Report Coverage	Details
Page number	167
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 15.51%
Market growth 2024-2028	USD 24.22 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	13.65
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 34%
Key countries	US, Canada, Germany, UK, and China
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Alphabet Inc., Apple Inc., Biobeat Technologies Ltd., BioIntelliSense Inc., Biotricity Inc., Boston Scientific Corp., Contec Medical Systems Co. Ltd., Cyrcadia Asia Ltd., Dexcom Inc., Garmin Ltd., Huawei Technologies Co. Ltd., iRhythm Technologies Inc., Koninklijke Philips N.V., Masimo Corp., Nokia Corp., OMRON Corp., Polar Electro Oy, Samsung Electronics Co. Ltd., ten3T Healthcare, and VitalConnect Inc.
Market dynamics	Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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