Global Wearable Healthcare Devices Market, 2024

Market Overview

The wearable healthcare devices market has experienced significant growth due to the increasing adoption of wearable electronic devices. These devices, equipped with sensors, can detect and track a person’s movements and vital signs such as heart rate and blood pressure. Wearable sensors have become more compact, power-efficient, and responsive, thanks to advancements in electronics and the miniaturization of components. Accelerometers, gyroscopes, and image sensors are among the advanced sensors used in wearable devices. The global wearable healthcare devices market in terms of revenue grew at a CAGR of 20.1% from USD 14,529 million in 2020 to USD 25,143 million in 2023. This trend is expected to continue in the coming years with the global wearable healthcare devices market expected to grow at a CAGR of 19.8% from 2024 to 2029, reaching USD 76,110 million in 2029.

Wearable healthcare devices play a crucial role in monitoring and supporting patients with chronic diseases like heart disease, diabetes, and asthma. These devices provide real-time feedback and monitor vital parameters such as heart rate, blood oxygen levels, respiration, and body fat levels. They integrate mechanical functions with computing capabilities, feature non-invasive sensing, and enable communication through microelectronics. Wearable healthcare devices collect and process data about patient health, sleep, and activity, and can transmit this information to healthcare providers, making them valuable in ambulatory or tele-monitoring environments.

The global sports and fitness segment market grew at a CAGR of 22.0% from USD 4,835 million in 2020 to USD 8,788 million in 2023. It is expected to continue its rapid growth in the coming years, reaching USD 29,481 million in 2029 at a CAGR of 21.8%. The market for wearable healthcare devices in sports and fitness applications is experiencing a surge in popularity among consumers. This can be attributed to the versatility, portability, and smartphone compatibility of these devices. Wearable health and fitness devices have the capability to track a wide range of metrics, including physical activity, sleep patterns, and sun exposure. They are particularly useful for fitness enthusiasts as they provide real-time information during workouts, allowing users to monitor their progress.

By distribution channel, the wearable healthcare devices market is mainly comprised of pharmacies and non-pharmacies. Pharmacies is responsible for the larger portion of the wearable healthcare devices market in 2023. The market for wearable healthcare devices sold through pharmacies is extensive, with a multitude of over-the-counter (OTC) options available to consumers. By leveraging the convenience and accessibility of pharmacy distribution channels, wearable healthcare devices can be made readily available to those who require them.

In terms of geography, North America has emerged as the dominant player in the wearable healthcare devices market studied in 2023, following closely behind are Europe and Asia-Pacific. The size of the North America wearable healthcare devices market is expected to continue growing in the near future and is forecasted to reach US$ 30,952 million in 2029, representing a CAGR of 22.8% from 2024 to 2029. The market for wearable healthcare devices is segmented into North America, which includes the United States, Canada, and Mexico. In this region, the market is experiencing significant growth due to several factors. The increasing prevalence of chronic diseases, notably diabetes and oncology, is driving the demand for wearable healthcare devices. Additionally, robust research and development activities in the healthcare sector and the establishment of strategic partnerships and agreements further contribute to the growth of the North American market.

The global wearable healthcare devices market is characterized by the presence of prominent players such as Medtronic plc, Fitbit, Inc., Apple, Inc., Omron Corporation, DexCom, Inc., Garmin Ltd., Withings SAS, Abbott Laboratories, GE HealthCare Technologies, Inc., Koninklijke Philips N.V., Oura Health Oy, Qardio, Inc., Masimo Corporation, Samsung Electronics Co., Ltd., Siemens Healthineers AG, Huawei Technologies Co., Ltd., Polar Electro Oy, Boston Scientific Corporation, Vital Connect Inc., Sotera, Inc., Xiaomi Corporation, Sony Group Corporation, and others. These players face multiple factors that support market growth, but they also contend with competitive pressure from local players and small companies.

This study aims to analyze the global market for various segments of wearable healthcare devices, including:
Application: sports and fitness, medical diagnosis, therapy, and others.
Distribution Channel: pharmacies and non-pharmacies.
Region: North America (USA, Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia Pacific), and Rest of World (RoW).

Table of Contents

TABLE OF CONTENTS
TABLE OF CONTENTS 1
FIGURES AND TABLES 5
Part 1. Key Findings 8
Part 2. Scope and Methodology 9
Report Scope 10
Application 10
Distribution Channel 10
Region 10
Research Methodology 12
Part 3. Wearable Healthcare Devices Market Overview 14
Summary 14
Introduction 18
Part 4. Market Dynamics 20
Growth Drivers and Future Trends 20
Restraints and Challenges 33
Opportunities 39
Part 5. Global Wearable Healthcare Devices Market by Application 45
Sports and Fitness 45
Medical Diagnosis 47
Therapy 49
Part 6. Global Wearable Healthcare Devices Market by Distribution Channel 51
Pharmacies 51
Non-Pharmacies 53
Part 7. Global Wearable Healthcare Devices Market by Region 55
Part 8. North America Wearable Healthcare Devices Market 59
By Application 59
By Distribution Channel 61
By Country 63
Part 9. Europe Wearable Healthcare Devices Market 66
By Application 67
By Distribution Channel 69
By Country 71
Part 10. Asia Pacific Wearable Healthcare Devices Market 75
By Application 76
By Distribution Channel 77
By Country 79
Part 11. Rest of World (RoW) Wearable Healthcare Devices Market 83
By Application 84
By Distribution Channel 86
Part 12. Competitive Analysis 89
Competition Overview 89
Recent Developments 91
Medtronic plc 93
Business Overview 93
Contact Information 95
Fitbit, Inc. 96
Business Overview 96
Contact Information 96
Omron Corporation 97
Business Overview 97
Contact Information 99
Abbott Laboratories 100
Business Overview 100
Contact Information 105
Siemens Healthineers AG 106
Business Overview 106
Contact Information 108
DexCom, Inc. 109
Business Overview 109
Contact Information 111
Garmin Ltd. 112
Business Overview 112
Fitness Segment 114
Contact Information 115
Koninklijke Philips N.V. 116
Business Overview 116
Contact Information 119
Boston Scientific Corporation 120
Business Overview 120
Contact Information 122
Huawei Technologies Co., Ltd. 123
Business Overview 123
Contact Information 125
Withings SAS 126
Business Overview 126
Contact Information 126
GE HealthCare Technologies, Inc. 127
Business Overview 127
Contact Information 129
Sony Corporation 130
Business Overview 130
Company Information 130
Business Performance 131
Other Companies 133
Disclaimer 134
FIGURES AND TABLES
Global Wearable Healthcare Devices Market, Net Growth, 2020-2029 (USD Million)
Global Wearable Healthcare Devices Market by Application, 2020-2029 (USD Million)
Global Wearable Healthcare Devices Market by Application, CAGR Historic and Forecast, 2020-2029
Global Wearable Healthcare Devices Market by Distribution Channel, 2020-2029 (USD Million)
Global Wearable Healthcare Devices Market by Distribution Channel, CAGR Historic and Forecast, 2020-2029
Global Wearable Healthcare Devices Market Share by Region, 2023
Global Wearable Healthcare Devices Market by Region, 2020-2029 (USD Million)
Global Wearable Healthcare Devices Market by Region, CAGR Historic and Forecast, 2020-2029
North America Wearable Healthcare Devices Market, Net Growth, 2020-2029 (USD Million)
North America Wearable Healthcare Devices Market by Application, 2020-2029 (USD Million)
North America Wearable Healthcare Devices Market by Application, CAGR Historic and Forecast, 2020-2029
North America Wearable Healthcare Devices Market by Distribution Channel, 2020-2029 (USD Million)
North America Wearable Healthcare Devices Market by Distribution Channel, CAGR Historic and Forecast, 2020-2029
North America Wearable Healthcare Devices Market Share by Country, 2023
Europe Wearable Healthcare Devices Market, Net Growth, 2020-2029 (USD Million)
Europe Wearable Healthcare Devices Market by Application, 2020-2029 (USD Million)
Europe Wearable Healthcare Devices Market by Application, CAGR Historic and Forecast, 2020-2029
Europe Wearable Healthcare Devices Market by Distribution Channel, 2020-2029 (USD Million)
Europe Wearable Healthcare Devices Market by Distribution Channel, CAGR Historic and Forecast, 2020-2029
Europe Wearable Healthcare Devices Market Share by Country, 2023
Asia Pacific Wearable Healthcare Devices Market, Net Growth, 2020-2029 (USD Million)
Asia Pacific Wearable Healthcare Devices Market by Application, 2020-2029 (USD Million)
Asia Pacific Wearable Healthcare Devices Market by Application, CAGR Historic and Forecast, 2020-2029
Asia Pacific Wearable Healthcare Devices Market by Distribution Channel, 2020-2029 (USD Million)
Asia Pacific Wearable Healthcare Devices Market by Distribution Channel, CAGR Historic and Forecast, 2020-2029
Asia-Pacific Wearable Healthcare Devices Market Share by Country, 2023
Rest of World (RoW) Wearable Healthcare Devices Market, Net Growth, 2020-2029 (USD Million)
Rest of World Wearable Healthcare Devices Market by Application, 2020-2029 (USD Million)
Rest of World Wearable Healthcare Devices Market by Application, CAGR Historic and Forecast, 2020-2029
Rest of World Wearable Healthcare Devices Market by Distribution Channel, 2020-2029 (USD Million)
Rest of World Wearable Healthcare Devices Market by Distribution Channel, CAGR Historic and Forecast, 2020-2029
Medtronic plc Financial Overview (USD Million)
Medtronic plc Revenue, by Segment, 2023
Medtronic plc Revenue, by Region, 2023
Omron Corporation Financial Overview (JPY Billion)
Omron Corporation Revenue, by Segment, 2023
Omron Corporation Revenue, by Region, 2023
Abbott Laboratories Financial Overview (USD Million)
Abbott Laboratories Revenue, by Segment, 2022
Abbott Laboratories Established Pharmaceutical Products Revenue, by Segment, 2022
Abbott Laboratories Nutritionals Revenue, by Segment, 2022
Abbott Laboratories Diagnostics Revenue, by Segment, 2022
Abbott Laboratories Medical Devices Revenue, by Segment, 2022
Abbott Laboratories Revenue, by Country, 2022
Abbott Laboratories Revenue, by Region, 2022
Siemens Healthineers AG Financial Overview (EUR Million)
Siemens Healthineers AG Revenue, by Segment, 2023
Siemens Healthineers AG Revenue, by Region, 2023
DexCom, Inc. Financial Overview (USD Million)
DexCom, Inc. Revenue, by Segment, 2022
DexCom, Inc. Revenue, by Region, 2022
Garmin Ltd. Financial Overview (USD Million)
Garmin Ltd. Revenue, by Segment, 2022
Garmin Ltd. Revenue, by Region, 2022
Garmin Ltd. Fitness Revenue (USD Million)
Koninklijke Philips N.V. Financial Overview (EUR Million)
Koninklijke Philips N.V. Revenue, by Segment, 2022
Koninklijke Philips N.V. Revenue, by Region, 2022
Koninklijke Philips N.V. Revenue, by Country, 2022
Boston Scientific Corporation Financial Overview (USD Million)
Boston Scientific Corporation Revenue, by Segment, 2022
Boston Scientific Corporation Revenue, by Region, 2022
Huawei Technologies Co., Ltd. Financial Overview (CNY Million)
Huawei Technologies Co., Ltd. Revenue, by Customer Group, 2022
Huawei Technologies Co., Ltd. Revenue, by Industry, 2022
Huawei Technologies Co., Ltd. Revenue, by Region, 2022
GE HealthCare Technologies, Inc. Financial Overview (USD Million)
GE HealthCare Technologies, Inc. Revenue, by Type, 2022
GE HealthCare Technologies, Inc. Revenue, by Segment, 2022
GE HealthCare Technologies, Inc. Revenue, by Region, 2022
Sony Corporation Financial Overview
Sony Corporation Financial Overview (JPY Billion)
Sony Corporation Revenue, by Segment, 2023