According to FutureWise analysis the market for Wearable Healthcare Devices in 2023 is US$ 20.84 billion, and is expected to reach US$ 57.07 billion by 2031 at a CAGR of 13.40%.
The Wearable Healthcare Devices market saw an increase in demand for certain products such as respiratory monitors, multi-parameter monitoring solutions, and point-of-care cardiac monitoring products such as pulse oximeters and blood pressure monitors. However, there has been a decrease in demand and a delay in procurement for other products and services that are not critical to COVID-19 response efforts. Wearables such as smartwatches, smart bands, and finger rings have been around for a while, but COVID-19 triggered a significant increase in their demand. Wearables are critical in the fight against COVID-19 and other future pandemics. Wearable device data, for example, can be used to notify users when changes in their metrics match those associated with COVID-19 or other diseases. Wearable devices can also broadcast health knowledge, provide tracking and contact tracing capabilities, ensure social distancing, and provide mental healthcare by tracking an individual's cognition and mood in real-time, allowing for personalised intervention. Wearables are in high demand due to these and other similar applications.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Wearable Healthcare Devices Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Wearable Healthcare Devices Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.
The outbreak of the COVID-19 pandemic has extended the role of wearable medical devices in the healthcare trade. Various companies are entering the landscape, with innovative wearable products that can help detect the early warning signs of viral infections.
The rising prevalence of chronic diseases along with increasing mortality rates is a major area of concern among people as well as government organizations. Thus, healthcare providers are offering personalized care including continuous and remote patient monitoring. Also, these can be worn for 24 hours without affecting routine life. Hence, considering the various advantages that it offers, the demand for wearable medical devices is projected to boost over the forecast period.
Increasing attention on fitness is a high-impact rendering driver for the market. Various wearable medical products and software have been developed for the management of weight and fitness. Usually, wristbands are connected with cell phones that display real-time tracking of activities such as steps walked, calories burned, calorie intake, miles a person ran, etc.