The wearable health tracking device market was valued at US$22.534 billion in 2019 and is expected to grow at a CAGR of 17.43% over the forecast period to reach a total market size of US$69.400 billion by 2026.
Wearable health devices provide crucial information on clinical symptoms and essential vital signs that are used to predict certain disorders. Increasing technological innovations and advances are driving the wearable health devices market to grow at an accelerated rate as they enhance the lifestyle of consumers in general and patients in particular. Not only are these devices easy for consumers to use, but they also offer physicians real-time information that can be analyzed. A wide range of wearable medical technologies is available to healthcare professionals, including EKG data collected by the Apple Watch and continuous glucose monitoring systems. As chronic diseases and mortality rates rise, people and government organizations are becoming increasingly concerned. By 2020, the prevalence of chronic diseases is expected to rise by 57%, according to the World Health Organization. US adults have a chronic disease in 6 out of 10 cases; healthcare providers thus provide individuals with individualized care with the help of electronic monitoring. Additionally, these devices can be worn 24/7 without affecting daily activities. As a result of the various advantages that wearable health devices provide, the market is expected to grow over the forecast period.
Increasing data complexity and the need to integrate AI into wearable health devices have prompted studies to develop viable solutions. In addition to the surging demand for AI and other latest technologies, the popularity of mobile platforms, enhanced awareness is leading to higher adoption of mobile platforms. For instance, Minnesota-based Starkey Hearing Technologies introduces Livio Edge AI, a multifunctional hearing aid that can recognize gestures and process natural language. Further, as a global leader in continuous remote patient monitoring solutions for healthcare organizations, Biobeat has launched a Wearable Continuous Vital Sign Monitoring Kit to provide medical staff with health information as well as a predictive AI system to detect deterioration.
Diabetes and hypertension are expected to be on the rise due to sedentary lifestyles, over the forecast period. WHO statistics indicate that high blood sugar is responsible for about half of all deaths. Diabetes will also rank 7th in the global burden of mortality by 2030. According to the Centres for Disease Control and Prevention (CDC), hypertension was a contributing factor or a primary cause of nearly half a million deaths in 2019. The United States has nearly half of its adult population with hypertension (47 percent) or 116 million. Every now and then, many market players and start-ups are introducing health wearable devices. One such example is LifePlus- based in Silicon Valley, LifePlus has developed a wearable called LifeLeaf, capable of monitoring blood glucose levels, sleep apnoea, blood pressure, heart rate, and more using existing sensors and an additional light sensor for increased accuracy. In May 2021, Biobeat, a global leader in wearable remote patient monitoring solutions, launched a new wearable device able to measure chest pressure continuously and continuously for 24 hours. Data from portable heath wearable devices can be used to combine healthcare data in real-time, so physicians can immediately view the data if needed. Therefore, the increasing prevalence of chronic diseases will boost up the market for health wearables in the forecast period.
With the Internet of Things (IoT), wearable medical devices and applications in healthcare are now connecting to the healthcare IT system. With the Internet of Things and Artificial Intelligence, medical devices can communicate and connect with one another as well as a cloud platform, through which data obtained by devices can be captured, stored, and analyzed. Several companies, including Fitbit, Lifesense, Apple, Omron Corporation, Samsung, and others, are launching new products and disrupting the market. Fitbit Inc. announced the release of the Fitbit Sense in August 2020, an advanced smartwatch designed to detect stressors by measuring electrodermal activity responses. In addition, Current Health was approved by the FDA in April 2019. AI algorithms are used in the platform's engine to analyze collected data and identify disease progression quickly. A built-in patient engagement tool and telemedicine capability alert doctors about severe cases and enable them to intervene. Hence, the fast spread of IoT and AI is driving the market growth for health wearable devices.
Wearable devices also have drawbacks regarding reliability, validity, and accuracy of data. Data collected by the device may differ based on where it is worn on the body, as well as vary depending on which device is used. Among the major concerns of wearables is the safety and privacy of health records. There is concern over the safety and protection of health information collected through wearable devices, which include storing, transmitting, and handling multiple points. A data collection form is shared digitally, online, and/or with third parties who can potentially use the data for marketing or health insurance purposes.
COVID- 19 Insights:
Wearable medical devices have gained traction in the healthcare market due to the COVID-19 outbreak. New devices are available to meet these needs. Within COVID-19, wearables play a pivotal role in health, work, and economics throughout the duration of the continuum of care, as well as during leisure time. Wearable health products are being introduced by numerous companies across the globe. As an example, Ava Bracelet, originally designed to track fertility, is now being used to combat the Coronavirus. Symptoms of the virus can be tracked using this bracelet as it records heart rate variability, breathing rate, and skin temperature. As a result, wearable technology is becoming increasingly popular.
|Market size value in 2019||US$22.534 billion|
|Market size value in 2026||US$69.400 billion|
|Growth Rate||CAGR of 17.43% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product, Type, Distribution Channel, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Garmin Ltd., Fitbit Inc., Misfit, Xiaomi, SAMSUNG, Moov Inc., SKAGEN, Apple Inc., DEXCOM INC., LG Electronics|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the wearable health tracking device market size by 2026?
A1. The wearable health tracking device market is expected to reach a market size of US$69.400 billion by 2026.
Q2. What is the size of the global wearable health tracking device market?
A2. Wearable Health Tracking Devices Market was valued at US$22.534 billion in 2019.
Q3. What are the growth prospects for the wearable health tracking device market?
A3. The global wearable health tracking device market is expected to grow at a CAGR of 17.43% over the forecast period.
Q4. How is the global wearable health tracking device market segmented?
A4. The wearable health tracking device market has been segmented by product, type, distribution channel, and geography.
Q5. What factors are anticipated to drive the wearable health tracking device market growth?
A5. Increasing technological innovations and advances are driving the wearable health devices market to grow at an accelerated rate as they enhance the lifestyle of consumers in general and patients in particular.