- Major factors influencing the growth of the market.
- Leading players & Business Strategies.
- Geographic Overview.
Market growth influenced due to following factors-
- 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.
Global market size-
According to 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.
The major players in the wearable healthcare devices market are Medtronic plc. (Ireland), Koninklijke Philips N.V. (Netherlands), OMRON Corporation (Japan), Biotelemetry Inc.(US), Apple, Inc. (US), Dexcom Inc. (US), Abbott Laboratories(US), Masimo Corporation(US), GE Healthcare(US), Bio-Beat Technologies (Israel), 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).
• Apple, Inc. (US)Apple is one of the largest players in the global wearable healthcare devices market. The company’s leading position is attributed to its high focus on innovation, strong product portfolio, and highly acclaimed brand. The company focuses on regular product launches to increase its market presence and share. For example, in 2019, the company launched Apple Watch Series 5. In order to combat competition, Apple focuses on continuous R&D to launch with new and upgraded products. It also invests heavily in R&D; in 2019, the company invested USD 16.2 billion in R&D activities. Furthermore, Apple has a strong geographical presence and is well complemented by its products portfolio.
• Fitbit, Inc. (US)Fitbit is a leading player in the global wearable healthcare devices market. The company’s leading position is attributed to its high focus on innovation and broad product portfolio. The company focuses on product launches in order to increase its market presence. For instance, in 2019, the company launched Fitbit Charge 4. It also places significant importance on global expansion, which is evident from the firm’s expansion in Latin American countries such as Argentina and Peru in 2019. Apart from this, the company has a robust product portfolio with its offerings compatible with both adults and children. It is also supported by its strong distribution channel. Fitbit offers its products through 39,000 retail stores in 100 countries.
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Geographic Overview -
Based on region, the global wearable healthcare devices market is segmented into North America, the Asia Pacific, Europe, Latin America, and the Middle East & Africa. In 2019, North America accounted for the largest share of 38.0% of the global wearable healthcare devices market.
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