Wearable Healthcare Devices Industry Worth $46.6 Billion by 2025
This market is largely driven by the increasing awareness of fitness and healthy lifestyles, development of technologically advanced products, growing geriatric population and subsequent increase in the incidence of chronic diseases, cost-containment in healthcare delivery, increasing penetration of smartphones, robust penetration of 3G and 4G networks for uninterrupted healthcare services and the growing number of smart-phone based healthcare apps and growing preference for wireless connectivity among healthcare providers are driving the growth of the global wearable healthcare devices industry. Growing adoption of mobile platforms, increasing adoption of AI and 5G, and the growing awareness & preference for home healthcare are opening opportunities for the growth of the market.
According to the new market research report Wearable Healthcare Devices Market size is projected to reach $46.6 billion by 2025, at a CAGR of 20.5% from 2020 to 2025.
In 2019, the general health and fitness segment accounted for the largest share of the market, primarily due to the increasing focus on physical fitness among people to improve their quality of life, coupled with the growing trend of tracking health progress on a continuous basis. Based on applications, the wearable healthcare devices market is segmented into general health and fitness, remote patient monitoring and home healthcare applications.
The major players in the wearable healthcare devices market are Medtronic plc. (Ireland), Koninklijke Philips N.V. (Netherlands), Apple, Inc. (US), OMRON Corporation (Japan), Biotelemetry Inc.(US), Dexcom Inc. (US), Abbott Laboratories(US), Bio-Beat Technologies (Israel), Masimo Corporation(US), GE Healthcare(US), 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).
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