Global Wearable Healthcare Devices Market Insights Forecasts to 2033

• The Global Wearable Healthcare Devices Market Size was Valued at USD  39.9 Billion in 2023
• The Market Size is Growing at a CAGR of 11.15% from 2023 to 2033
• The Worldwide Wearable Healthcare Devices Market Size is Expected to Reach USD 114.8 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Wearable Healthcare Devices Market Size is Anticipated to Exceed USD 114.8 Billion by 2033, Growing at a CAGR of 11.15% from 2023 to 2033.   

Market Overview

Wearable healthcare technology is defined as devices that are placed on the body and are intended to track different elements of a patient's health. Electronic devices that users can wear on their bodies to track various health metrics, collect information, and provide insights into their general well-being are known as wearable healthcare devices. Improvements in sensor technology, improved awareness of one's health, and the expanding trend of preventative healthcare have all contributed to the rise in popularity of these devices. The increasing use of 3G and 4G networks for continuous healthcare services, the expansion of smartphone-based healthcare device access, and the growing inclination of healthcare providers into wireless connectivity are the main factors driving the rise of wearable healthcare devices.

The fit bit tracking, proactive health management, and increased health awareness are all factors driving the wearable healthcare device market growth. The growing usage of wearable healthcare devices for remote monitoring is expected to depend significantly on technology. Furthermore, key market players include, Dr Reddy’s Laboratories Ltd, Samsung Electronics Co., Ltd. Huawei Technologies Co., Ltd., Oura Health Ltd., Fitbit, Inc., Xiaomi Corporation, and Apple Inc. Garmin Ltd.

For instance, in April 2024, Dr Reddy's Laboratories Ltd. announced the step-down subsidiary Betapharm's debut of the drug-free non-invasive wearable device Nerivio for migraine therapy in Germany. Due to this launch, the business enters the European market for digital therapies.

Report Coverage

This research report categorizes the market for the global wearable healthcare devices market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global wearable healthcare devices market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global wearable healthcare devices market.

Driving Factors

The use of wearable medical technology has significantly increased as an effect of rising fitness awareness and a desire for proactive health management. Wearable technology with fitness monitoring capabilities has become a vital device in people's efforts to maintain a healthy lifestyle as awareness of its importance increases. These devices, which include trackers and smartwatches, help users keep an eye on several facets of their physical health. In addition to giving people the confidence to take control of their health, the combination of wearable devices and a greater knowledge of fitness has encouraged the trend toward preventive healthcare practices.

Restraining Factors

There are significant concerns over the security and privacy of sensitive health data due to the growing reliance on wearable healthcare devices for ongoing health monitoring. Wearable device adoption can be restricted by data breaches, unauthorized access, and abuse of personal health information, all of which can damage user confidence.

Market Segmentation

The global wearable healthcare devices market share is classified into product type, application, and distribution channels.

• The smartwatch segment is expected to hold the largest share of the global wearable healthcare devices market during the forecast period.   

Based on the product type, the global wearable healthcare devices market is divided into activity monitors/trackers, smartwatch, smart clothing, hearables, trackers, and paths. Among these, the smartwatch segment is expected to hold the largest share of the global wearable healthcare devices market during the forecast period. Smartwatches are multifunctional wearable devices that are capable of more than simply tracking fitness. They frequently come with a digital display and offer a range of features like heart rate monitoring, smartphone notifications, fitness tracking, and interaction with third-party applications. Smartwatches are multipurpose devices that improve connectivity by fusing smartwatch functionality with fitness features.     

• The general health and fitness segment is expected to hold the largest share of the global wearable healthcare devices market during the forecast period.   

Based on the application, the global wearable healthcare devices market is divided into sports and fitness, remote patient monitoring, home healthcare, and general health and fitness. Among these, the general health and fitness segment is expected to hold the largest share of the global wearable healthcare devices market during the forecast period. The focus on physical fitness and lifestyle management is expanding in the general health and fitness category, as is the trend of measuring health status in real-time. Wearables for tracking general health and fitness are also popular with a wide range of consumers, including those without particular medical conditions.    

• The e-commerce segment is expected to hold the largest share of the global wearable healthcare devices market during the forecast period.   

Based on the distribution channel, the global wearable healthcare devices market is divided into pharmacies, e-commerce, and hypermarkets. Among these, the e-commerce segment is expected to hold the largest share of the global wearable healthcare devices market during the forecast period. Wearable devices sales using digital markets and online platforms are included in e-commerce. Online retailers allow customers to peruse, evaluate, and purchase a range of wearables. The benefits of this channel include doorstep delivery, a wide selection, and customer reviews. Wearables with comprehensive product information are regularly displayed in online shops to assist buyers in making opinions.   

Regional Segment Analysis of the Global Wearable Healthcare Devices Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global wearable healthcare devices market over the predicted timeframe.

North America is anticipated to hold the largest share of the global wearable healthcare devices market over the predicted timeframe. This region's leading position can be attributed to several factors, including reimbursement regulations, high per capita expenditure on innovative technologies, market companies' ongoing focus on developing groundbreaking wearable devices in the US and Canada, government increases, and state investments. In addition, as adoption rises, growing alliances for the distribution of wearable healthcare devices in the US are expected to drive growth in this region.

For instance, in April 2022, Medtronic plc was the company in the United States authorized to manufacture the BioButton multiparameter wearable for continuous, connected monitoring in the hospital and 30-day post-acute hospital-to-home markets due to partnerships with BioIntelliSense.   

Asia Pacific is expected to grow at the fastest pace in the global wearable healthcare devices market during the forecast period. The Asia-Pacific region is a result of governments and non-governmental organizations (NGOs) growing focus on lowering hospital stays for patients in developing nations like China, Japan, and India. Due to the quick improvements in technology and the growing demand for home care devices and round-the-clock monitoring, it is anticipated to continue to dominate the market over the projection period. Japanese businesses place a great priority on skincare, wellness, and other consumables for users.

Europe is anticipated to hold a significant share of the global wearable healthcare devices market over the predicted timeframe. Large numbers of patients with chronic illnesses, population aging, more disposable income, and a rise in grants and investments are all blamed for it. The European Union (EU) had an average age of 44.4 years on January 1, 2022, and 21.1% of its citizens were 65 years of age or older. This indicates that the majority of people in the EU are older than 44.4. These elements have a part in this region's wearable device development.   

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global wearable healthcare devices market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Dr Reddy’s Laboratories Ltd
• Samsung Electronics Co., Ltd
• Huawei Technologies Co., Ltd
• BioIntelliSense, Inc
• Fitbit, Inc.
• Apple Inc.
• Garmin Ltd.
• Xiaomi Corporation
• Fossil Group, Inc
• Oura Health Ltd
• Omron Healthcare, Inc.
• Dexcom, Inc.
• Philips Healthcare
• Amazfit
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In April 2024, three new wearables the Huawei were launched on its official Weibo account the Huawei Band 9, the Huawei Watch 4 Pro Space Exploration, and the Huawei Watch GT 4 in Grass Green.
• In June 2024, Bloomberg Law reported, that Samsung has launched the Galaxy Ring, a finger-worn device that tracks heart rate, and sleep, and faced legal difficulties from Qura.   
• In March 2022, The medical-grade BioButton Battery-operated wearable device was launched by BioIntelliSense, Inc., a clinical intelligence and continuous health monitoring company. It enables constant multi-parameter monitoring of over 20+ vital signs and physiological biometrics for up to 30 days on a single charge.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global wearable healthcare devices market based on the below-mentioned segments: 

Global Wearable Healthcare Devices Market, By Product Type

• Activity Monitors/Trackers
• Smartwatch
• Smart Clothing
• Hearables
• Trackers
• Paths

Global Wearable Healthcare Devices Market, By Application

• Sports and Fitness
• Remote Patient Monitoring
• Home Healthcare
• General Health and Fitness

Global Wearable Healthcare Devices Market, By Distribution Channel

• Pharmacies
• e-Commerce
• Hypermarkets

Global Wearable Healthcare Devices Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa