Smart wearable healthcare devices market to hit USD 24.22B

The smart wearable healthcare devices market is expected to grow by USD 24.22 billion from 2023 to 2028. In addition, the momentum of the market will progress at a CAGR of 15.51% during the forecast period, according to Technavio Research. The market is segmented by product (fitness bands, smartwatches, and smart glasses), distribution channel (online and offline), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). North America is estimated to contribute 34% to the growth of the global market during the forecast period. Growth is being driven by the growing incidence of disease, a high prevalence of ear disorders, higher adoption of technologically advanced wearable medical devices, an increase in GDP, increased healthcare expenditure, new product launches, and strong market share for the main players.

Company profile:
Alphabet Inc., Apple Inc., Biobeat Technologies Ltd., BioIntelliSense Inc., Biotricity Inc., Boston Scientific Corp., Contec Medical Systems Co. Ltd., Cyrcadia Asia Ltd., Dexcom Inc., Garmin Ltd., Huawei Technologies Co. Ltd., iRhythm Technologies Inc., Koninklijke Philips N.V., Masimo Corp., Nokia Corp., OMRON Corp., Polar Electro Oy, Samsung Electronics Co. Ltd., ten3T Healthcare, and VitalConnect Inc.

Alphabet Inc. – The company offers smart wearable healthcare devices through its subsidiary Fitbit such as Sense 2.

Key driver
The integration with the healthcare system is a key factor driving market growth. The IoT, which makes it easier and more reliable for customers to receive benefits and useful information about their health, due to the rapid adoption of wearable medical devices, is a technology that’s used in computers and smart appliances.

Major trend
Increasing adoption of self-monitoring of vital organs is a major trend in the market. Identify key trends, drivers, and challenges in the market. Technavio