Wearable Devices in Healthcare Market Report 2024 (Global Edition)

Global Wearable Devices in Healthcare Market Report 2024 Market Size Split by Product (Smartwatches, Trackers, Patches, Smart Clothing), by Type (Diagnostic & Monitoring Devices, Therapeutic Devices),...

Wearable Devices in Healthcare Market Report Description

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Competitive Landscape of the Wearable Devices in Healthcare Market

The competitive landscape of the wearable devices in healthcare market is characterized by a diverse array of players vying for market share. Companies continually innovate to offer advanced features, improve accuracy, and enhance user experience, driving fierce competition and stimulating technological advancements within the industry.

Top Companies Market Share in Wearable Devices in Healthcare Industry: (In no particular order of Rank)

• Apple Inc
• Fitbit
• Abbott
• Dexcom Inc
• Koninklijke Philips N.V
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Regional Analysis of the Wearable Devices in Healthcare Market

Which Region will dominate the Wearable Devices in Healthcare Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue due to several factors. Firstly, the region boasts a high level of technological adoption and healthcare infrastructure, fostering a favourable environment for wearable device integration. Additionally, increasing health-consciousness and a growing aging population drive demand for remote monitoring solutions and preventive healthcare tools. Moreover, favourable regulatory policies and reimbursement frameworks incentivize both consumers and healthcare providers to invest in wearable healthcare technologies.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is the fastest-growing region for various reasons. Firstly, expanding access to healthcare services and rising disposable incomes in emerging economies drive increased adoption of wearable devices for health monitoring and management. Furthermore, the region's large population base, coupled with a growing aging population and increasing prevalence of chronic diseases, creates a significant market opportunity for wearable healthcare technologies. Additionally, advancements in technology and infrastructure, coupled with government initiatives promoting digital health, further accelerate market growth in the Asia-Pacific region.

The current report Scope analyzes Wearable Devices in Healthcare Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Wearable Devices in Healthcare Market

According to Cognitive Market Research, the global wearable devices in healthcare market size was estimated at USD 40512.2 Million out of which North America held the major market of around 40% of the global revenue with a market size of USD 16204.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.7% from 2024 to 2031. Sales of wearable devices in healthcare are set to rise in North America due to the region's robust healthcare infrastructure and technological prowess. Additionally, increasing consumer awareness and adoption of digital health solutions drive demand. Moreover, the prevalence of chronic diseases and aging population further fuels market growth. Furthermore, strategic partnerships between tech companies and healthcare providers enhance product accessibility and distribution channels. In North America, smartwatches are expected to dominate the market due to their versatility and integration with existing digital ecosystems, offering features tailored to the region's health-conscious consumers.

Country Analysis

• According to Cognitive Market Research, The United States wearable devices in healthcare market had a market share of USD 12785.65 million in 2024 and is projected to grow at a CAGR of 9.5% during the forecast period. Sales of wearable devices in healthcare will increase in the U.S. due to the growing health-conscious population, widespread adoption of telehealth, favourable reimbursement policies, and continuous technological advancements.
• Canada wearable devices in healthcare market had a market share of USD 1944.59 million in 2024 and is projected to grow at a CAGR of 10.5% during the forecast period. In Canada, sales of wearable devices in healthcare are set to rise driven by increasing healthcare spending, aging population, and government initiatives promoting digital health, and growing demand for remote patient monitoring solutions.
• Mexico wearable devices in healthcare market had a market share of USD 1474.64 million in 2024 and is projected to grow at a CAGR of 10.2% during the forecast period.

Europe Wearable Devices in Healthcare Market

According to Cognitive Market Research, with a market value of USD 40512.2 million in 2024 and projected to expand at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031. Europe accounted for a share of around 30% of the global market size of USD 12153.66 million. The wearable devices in healthcare market in Europe is poised for growth driven by regulatory support and increasing investments in healthcare innovation. Moreover, the region's aging population and rising burden of chronic diseases amplify the need for remote patient monitoring solutions. Additionally, collaborations between healthcare institutions and technology firms drive adoption. Furthermore, the emphasis on personalized medicine and preventive care fosters demand for diagnostic and monitoring devices. In Europe, clinical-grade wearable healthcare devices are expected to lead the market, catering to stringent regulatory standards and clinical applications.

• The United Kingdom wearable devices in healthcare market had a market share of USD 2041.81 million in 2024 and is projected to grow at a CAGR of 10.8% during the forecast period. The UK will witness a surge in sales of wearable devices in healthcare due to the country's strong healthcare infrastructure, rising prevalence of chronic diseases, emphasis on preventive care, and supportive regulatory environment.
• France wearable devices in healthcare market had a market share of USD 1118.14 million in 2024 and is projected to grow at a CAGR of 9.2% during the forecast period.
• Germany wearable devices in healthcare market had a market share of USD 2406.42 million in 2024 and is projected to grow at a CAGR of 10.2% during the forecast period. In Germany, sales of wearable devices in healthcare are poised for growth fuelled by the country's robust medical technology sector, aging population, increasing focus on personalized medicine, and government incentives for digital health adoption.
• Italy wearable devices in healthcare market had a market share of USD 1045.21 million in 2024 and is projected to grow at a CAGR of 9.4% during the forecast period.
• Russia wearable devices in healthcare market had a market share of USD 1883.82 million in 2024 and is projected to grow at a CAGR of 9.0% during the forecast period.
• Spain wearable devices in healthcare market had a market share of USD 996.60 million in 2024 and is projected to grow at a CAGR of 9.1% during the forecast period.
• Luxembourg wearable devices in healthcare market had a market share of USD 376.76 million in 2024 and is projected to grow at a CAGR of 10.1% during the forecast period.
• Portugal wearable devices in healthcare market had a market share of USD 255.23 million in 2024 and is projected to grow at a CAGR of 9.8% during the forecast period.
• Greece wearable devices in healthcare market had a market share of USD 145.84 million in 2024 and is projected to grow at a CAGR of 10.3% during the forecast period.
• Rest of Europe wearable devices in healthcare market had a market share of USD 1883.82 million in 2024 and is projected to grow at a CAGR of 8.7% during the forecast period.

 

Asia Pacific Wearable Devices in Healthcare Market

According to Cognitive Market Research, the global wearable devices in healthcare market size was estimated at USD 40512.2 Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 9317.81 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.5% from 2024 to 2031. Asia Pacific is witnessing a surge in sales of wearable devices in healthcare fuelled by rapid technological advancements and increasing healthcare expenditure. Moreover, the region's large population base and rising disposable incomes drive adoption. Additionally, government initiatives promoting digital health solutions further boost market growth. Furthermore, the prevalence of lifestyle-related diseases and the growing adoption of telehealth services increase demand for remote patient monitoring devices. In Asia Pacific, the fastest-growing segment is expected to be consumer-grade wearable healthcare devices, catering to diverse consumer needs and preferences.

• According to Cognitive Market Research, China wearable devices in healthcare market had a market share of USD 4193.01 million in 2024 and is projected to grow at a CAGR of 13.0% during the forecast period. China will experience a significant increase in sales of wearable devices in healthcare owing to the country's massive population, rising middle class, government initiatives promoting digital health, and technological advancements in healthcare.
• Japan wearable devices in healthcare market had a market share of USD 1285.86 million in 2024 and is projected to grow at a CAGR of 12.0% during the forecast period.
• India wearable devices in healthcare market had a market share of USD 1118.14 million in 2024 and is projected to grow at a CAGR of 15.3% during the forecast period. Sales of wearable devices in healthcare will soar in India due to the country's growing healthcare infrastructure, rising disposable incomes, increasing prevalence of lifestyle-related diseases, and government initiatives promoting digital health and telemedicine.
• South Korea wearable devices in healthcare market had a market share of USD 931.78 million in 2024 and is projected to grow at a CAGR of 12.6% during the forecast period.
• Australia wearable devices in healthcare market had a market share of USD 484.53 million in 2024 and is projected to grow at a CAGR of 13.2% during the forecast period.
• South East Asia wearable devices in healthcare market had a market share of USD 642.93 million in 2024 and is projected to grow at a CAGR of 14.5% during the forecast period.
• Rest of Asia Pacific wearable devices in healthcare market had a market share of USD 661.56 million in 2024 and is projected to grow at a CAGR of 13.3% during the forecast period.

South America Wearable Devices in Healthcare Market

According to Cognitive Market Research, the global wearable devices in healthcare market size was estimated at USD 40512.2 Million out of which Latin America market of around 5% of the global revenue with a market size of USD 2025.61 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.9% from 2024 to 2031. Sales of wearable devices in healthcare are on the rise in Latin America due to improving healthcare infrastructure and increasing awareness of preventive healthcare. Moreover, the region's growing middle class and urbanization drive adoption. Additionally, collaborations between technology companies and healthcare providers expand market reach. Furthermore, the rise in non-communicable diseases spurs demand for therapeutic devices. In Latin America, remote patient monitoring emerges as the fastest-growing segment, addressing the need for continuous care in remote and underserved areas, ultimately contributing to improved health outcomes.

• According to Cognitive Market Research, Brazil wearable devices in healthcare market had a market share of USD 866.96 million in 2024 and is projected to grow at a CAGR of 11.5% during the forecast period. Brazil will see a rise in sales of wearable devices in healthcare driven by increasing healthcare spending, rising awareness of preventive healthcare, growing adoption of telehealth solutions, and the country's large population.
• Argentina wearable devices in healthcare market had a market share of USD 340.30 million in 2024 and is projected to grow at a CAGR of 11.8% during the forecast period. In Argentina, sales of wearable devices in healthcare are set to increase due to improving healthcare infrastructure, rising healthcare awareness, growing prevalence of chronic diseases, and increasing adoption of digital health technologies.
• Colombia wearable devices in healthcare market had a market share of USD 180.28 million in 2024 and is projected to grow at a CAGR of 10.7% during the forecast period.
• Peru wearable devices in healthcare market had a market share of USD 166.10 million in 2024 and is projected to grow at a CAGR of 11.1% during the forecast period.
• Chile wearable devices in healthcare market had a market share of USD 145.84 million in 2024 and is projected to grow at a CAGR of 11.2% during the forecast period.
• Rest of Latin America wearable devices in healthcare market had a market share of USD 326.12 million in 2024 and is projected to grow at a CAGR of 10.0% during the forecast period.

 

Middle East and Africa Wearable Devices in Healthcare Market

According to Cognitive Market Research, the global wearable devices in healthcare market size was estimated at USD 40512.2 Million out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 810.24 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.2% from 2024 to 2031. The wearable devices in healthcare market in the Middle East and Africa (MEA) region is witnessing growth propelled by increasing investments in healthcare technology and infrastructure. Moreover, the region's youthful population and rising healthcare awareness drive adoption. Additionally, government initiatives promoting digital health solutions enhance market penetration. Furthermore, the prevalence of chronic diseases like diabetes and cardiovascular conditions increases demand for diagnostic and monitoring devices. In MEA, the prominent market share segment is expected to be remote patient monitoring, offering solutions for managing chronic conditions and promoting proactive healthcare management.

• According to Cognitive Market Research, GCC Countries wearable devices in healthcare market had a market share of USD 346.78 million in 2024 and is projected to grow at a CAGR of 12.0% during the forecast period. Sales of wearable devices in healthcare will increase in GCC countries due to government initiatives promoting healthcare technology, rising prevalence of chronic diseases, growing healthcare investments, and increasing adoption of telemedicine solutions.
• Egypt wearable devices in healthcare market had a market share of USD 85.08 million in 2024 and is projected to grow at a CAGR of 11.5% during the forecast period.
• South Africa wearable devices in healthcare market had a market share of USD 128.02 million in 2024 and is projected to grow at a CAGR of 12.2% during the forecast period. South Africa will witness a surge in sales of wearable devices in healthcare driven by improving healthcare access, rising chronic disease burden, increasing health awareness, and government initiatives promoting digital health and telehealth services.
• Turkey wearable devices in healthcare market had a market share of USD 69.68 million in 2024 and is projected to grow at a CAGR of 10.7% during the forecast period.
• Nigeria wearable devices in healthcare market had a market share of USD 85.08 million in 2024 and is projected to grow at a CAGR of 10.3% during the forecast period.
• Rest of MEA wearable devices in healthcare market had a market share of USD 95.61 million in 2024 and is projected to grow at a CAGR of 10.2% during the forecast period.

Wearable Devices in Healthcare Market Analysis

Wearable Devices in Healthcare Product Segment Analysis

According to Cognitive Market Research, smartwatches held the major market share over the forecast period due to their versatility, offering not just health monitoring but also features like notifications, fitness tracking, and smartphone integration, appealing to a broad consumer base. Additionally, continuous technological advancements, such as improved sensors and longer battery life, enhance their functionality, driving sales. Moreover, the integration of advanced health monitoring features like ECG and blood oxygen saturation further expands their utility, making them indispensable for health-conscious individuals.

Patches is the fastest-growing category over the forecast period due to their convenience and non-intrusive nature. They offer continuous monitoring of vital signs without the need for bulky devices, appealing to users seeking discreet health tracking solutions. Moreover, advancements in patch technology, such as flexible and waterproof materials, improve comfort and usability, driving adoption. Additionally, the rise in chronic diseases and the aging population fuels demand for remote monitoring solutions, further propelling the growth of patches in the wearable healthcare market.

• Smartwatches
• Trackers
• Patches
• Smart Clothing

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Wearable Devices in Healthcare Industry. Request a Free Sample PDF!

Wearable Devices in Healthcare Type Segment Analysis

According to Cognitive Market Research, diagnostic & monitoring devices hold a prominent market share due to their critical role in preventive healthcare and disease management. With increasing emphasis on early detection and proactive health monitoring, these devices witness heightened demand. Additionally, advancements in sensor technology and data analytics enhance the accuracy and reliability of diagnostic data, driving adoption. Moreover, the integration of telehealth services and remote patient monitoring further boosts the sales of diagnostic & monitoring devices, facilitating timely interventions and personalized healthcare management.

Therapeutic devices is the fastest-growing category over the forecast period owing to their potential to address a wide range of health conditions and promote holistic wellness. As consumers prioritize self-care and non-invasive treatment options, the demand for therapeutic devices surges. Furthermore, innovations such as wearable pain relief devices, therapeutic wearables for chronic conditions, and neuro-stimulation devices contribute to market growth. Moreover, the aging population and increasing prevalence of chronic diseases drive the adoption of therapeutic devices for home-based rehabilitation and symptom management, fuelling their sales.

• Diagnostic & Monitoring Devices
• Therapeutic Devices

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Wearable Devices in Healthcare Grade Segment Analysis

According to Cognitive Market Research, consumer-grade wearable healthcare devices hold a prominent market share due to their affordability, accessibility, and user-friendly design, appealing to a broad consumer base. Additionally, the integration of advanced features such as activity tracking, sleep monitoring, and heart rate monitoring enhances their utility for health-conscious individuals. Moreover, the proliferation of smartphones and wearable ecosystems further drives sales, as these devices seamlessly integrate with existing digital lifestyles, fostering continuous engagement and usage.

Clinical-grade wearable healthcare devices is the fastest-growing category over the forecast period due to their precision, reliability, and suitability for medical-grade applications. Healthcare professionals increasingly rely on these devices for accurate diagnostic purposes, disease management, and patient monitoring. Moreover, advancements in sensor technology and data analytics improve the performance and capabilities of clinical-grade devices, further driving adoption. Additionally, regulatory support and accreditation for clinical-grade devices enhance their credibility and encourage healthcare institutions to invest in these solutions, contributing to their sales growth.

• Consumer-grade Wearable Healthcare Devices
• Clinical-grade Wearable Healthcare Devices

Wearable Devices in Healthcare Distribution Channel Segment Analysis

According to Cognitive Market Research, online channels hold a prominent market share due to their convenience, accessibility, and wide product selection. Consumers increasingly prefer the ease of browsing and purchasing wearable healthcare devices online, aided by extensive product information and customer reviews. Additionally, the global reach of online platforms facilitates market penetration into diverse geographic regions, driving sales. Moreover, promotional discounts, bundled offers, and personalized recommendations on online platforms attract consumers, fostering repeat purchases and brand loyalty.

Pharmacies is the fastest-growing category over the forecast period driven by their role as trusted healthcare providers and convenient access points for consumers. With the increasing emphasis on preventive healthcare, pharmacies expand their product offerings to include wearable healthcare devices, catering to rising consumer demand. Additionally, personalized recommendations and expert advice from pharmacists enhance consumer confidence in purchasing these devices. Moreover, strategic partnerships between pharmacies and wearable device manufacturers facilitate product placement and promotional activities, further boosting sales in this category.

• Online Channels
• Pharmacies
• Hypermarket

Wearable Devices in Healthcare Application Segment Analysis

According to Cognitive Market Research, general health and fitness hold a prominent market share due to increasing health awareness and a growing focus on personal wellness. Consumers seek wearable devices that track their physical activity, monitor vital signs, and provide insights into overall health metrics. Additionally, the integration of advanced features such as sleep tracking, stress management, and nutrition monitoring enhances the appeal of these devices, driving sales. Moreover, the popularity of fitness trends and wellness programs further boosts demand for wearable devices in this segment.

Remote patient monitoring is the fastest-growing category over the forecast period propelled by the need for proactive healthcare management and the rising prevalence of chronic diseases. Healthcare providers increasingly adopt remote monitoring solutions to optimize patient care, reduce hospital readmissions, and lower healthcare costs. Additionally, advancements in telehealth technologies and wearable devices enable continuous monitoring of patients outside traditional healthcare settings, facilitating timely interventions and personalized treatment plans. Moreover, regulatory incentives and reimbursement policies encourage healthcare organizations to invest in remote patient monitoring solutions, driving sales growth in this category.

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

Author's Detail

Anushka Gore

Research Associate at Cognitive Market Research

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Anushka Gore is a seasoned market researcher specializing in the dynamic landscape of the Pharmaceutical industry. With a keen analytical mind and a deep passion for healthcare advancements, she has dedicated herself unraveling the intricate market trends and consumer behaviors that shape the future of medical technologies and services.

Author's Conclusion