The wearable health-tracking devices market is expected to grow at a compound annual growth rate of 17.43% over the forecast period to reach a market size of US$69.400 billion in 2026 from US$22.534 billion in 2019.
Introduction.
Wearable health tracking devices (WHTDs) are an emerging technology that enables continuous ambulatory monitoring of human vital signs during daily life (during work, at home, during sports activities, etc.) or in a clinical environment, with the advantage of minimizing discomfort and interference with normal human activities. WHTDs are part of personal health systems, a concept introduced in the late 1990s, with the purpose of placing the individual citizen in the center of the healthcare delivery process, managing its own health, and interacting with care providers—a concept that is commonly referred to as “patient empowerment. The aim was to raise people's interest in their health status, improving the quality of care, and making use of the new technology capabilities. These devices create a synergy between multiple science domains such as biomedical technologies, micro and nanotechnologies, materials engineering, electronic engineering, and information, and communication technologies.
The use of WHTDs allows the ambulatory acquisition of vital signs and health status monitoring over extended periods (days/weeks) and outside clinical environments. This feature allows acquiring vital data during different daily activities, ensuring better support in medical diagnosis and/or helping in better and faster recovery from medical intervention or bodily injury. WHTDs are also very useful in sports activities/fitness to monitor athlete’s performance or even in first responders or military personnel to evaluate and monitor their body response in different hazardous situations and to better manage their effort and occupational health. These devices can be for both medical and/or activities/fitness/wellness purposes, always targeting the human body monitoring. Taking this into the account, the best terminology is “health”, leading to WHTDs. WHTDs denomination can be more specifically referring to which areas they are applied to. Independently of WHTDs purpose, there are four main requirements on their design: low power consumption, reliability, and security, comfort, and ergonomics.
Market Trends.
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 health-tracking devices is projected to boost over the forecast period.
Wearable Health Tracking Devices Market, US$ billion, 2019 to 2026
Source: Knowledge Sourcing Intelligence Analysis
Growth Factors.
Adopting sedentary lifestyles and the lack of regular visits to healthcare settings for routine diagnosis in emerging and developed countries has led to a rapid increase in lifestyle-related chronic diseases. Also, some of these chronic diseases such as diabetes, hypertension, and cardiac disorders, exert a huge economic burden on the healthcare systems. Thus, the rising prevalence and the increasing cost burden of chronic and lifestyle diseases have led to a growing emphasis on healthcare agencies, government, and healthcare providers towards timely and routine diagnoses of patients. National and regional healthcare agencies have actively promoted routine diagnosis through various campaigns and awareness programs. This has resulted in growing awareness among the general population towards products and devices for diagnosing and monitoring vital signs. The above factors, along with market players introducing wearable devices with various vital sign monitoring capabilities such as heart rate, Sp02, blood glucose levels, etc., have led to a significant rise in demand for these devices among the general and patient population. For instance, in April 2020, Fitbit Inc. launched Fitbit charge4, an activity tracker consisting of advanced features including exercise tracking, all-day heart rate monitoring, and sleep tracking.
Restraints.
Despite the significant developments in the technologies and designs of wearable health-tracking devices, certain factors limit the adoption of these devices. Among them is the overall high cost of these devices. These devices are often associated with batteries, chips, sensors, and other accessories that need periodic replacement. When added up to the life cycle of the devices, the costs of these accessories lead to a significantly higher cost of ownership. These factors, along with limited reimbursement policies for these devices, have been responsible for the comparatively limited adoption of the wearable types of medical devices in developed and emerging countries.
The outbreak of the COVID-19 pandemic has extended the role of wearable health-tracking devices in the healthcare trade. Various companies working globally in wearable medical products are entering the landscape, where the early warning signs of viral infection can be detected with the help of wearable health-tracking devices. For example, Ava Bracelet, which is primarily used as a fertility tracker, is now being leveraged to help in combating the coronavirus. This bracelet tracks heart rate variability, breathing rate, and skin temperature making it useful in tracking symptoms of the virus. This offers a unique opportunity during this pandemic. Hence due to this reason, the demand for wearables is seen to be increasing.
Wearable Health Tracking Devices Market share, by geography
2019 2026
Source: Knowledge Sourcing Intelligence Analysis
Competitive Insights.
The increasing demand for health tracking devices has led to the entry of several new players in the health tracking devices market. Now, to increase their clientele as well as increase their market share in the upcoming years, many of these market players have taken various strategic actions like partnerships and development of novel solutions which primarily focus on providing enhanced comfort to the patient, which is expected to keep the market competitive and constantly evolving. Major market players like Fitbit, Misfit, and Garmin. have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| 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 |
| Base year | 2019 |
| Forecast period | 2021–2026 |
| 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 | Fitbit, Inc., Garmin Ltd., Misfit, Xiaomi, SAMSUNG, Moov Inc., SKAGEN, Apple Inc., DEXCOM, INC., LG Electronics |
| Customization scope | Free report customization with purchase |
Segmentation:
Frequently Asked Questions (FAQs)
Q1. What will be the wearable health-tracking devices market size by 2026?
A1. The wearable health-tracking devices market is expected to reach a market size of US$69.400 billion in 2026.
Q2. What is the size of global wearable health-tracking devices 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 devices market?
A3. The global wearable health-tracking devices market is expected to grow at a CAGR of 17.43% over the forecast period.
Q4. Who are the major players in the wearable health-tracking devices market?
A4. Prominent key market players in the wearable health-tracking devices market include Fitbit, Inc., Garmin Ltd., Misfit, Xiaomi, SAMSUNG, Moov Inc., SKAGEN, Apple Inc., DEXCOM, INC., LG Electronics, among others.
Q5. How is the global wearable health-tracking devices market segmented?
A5. The wearable health-tracking devices market has been segmented by product, type, distribution channel, and geography.