LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global smart wearable healthcare devices and services market to grow at a CAGR of over 18% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global smart wearable healthcare devices and services market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the major vendors operating in the market. It includes vendors across all geographical regions.
In terms of geography, North America is the largest shareholder of this market, and the market in this region is predicted to grow at a CAGR of over 15% during the forecast period. This is because of high penetration of broadband networks. The key revenue contributors of this region are the US, Canada, and Mexico. The largest contributor to the market in this region is the US because of early adoption of healthcare devices among adults and youth. The key reason for this high adoption is affordability.
Technavio ICT analysts highlight the following four factors that are contributing to the growth of the global smart wearable healthcare devices and services market:
- Increased aging population and chronic diseases
- Increasing consumer health consciousness
- Popularity of healthcare wearables among consumers
- Strategic initiatives taken by smart wearable providers
Increased aging population and chronic diseases
An increase in aging population and chronic diseases has led to the rise in chronic diseases such as diabetes, cancer, arthritis, obesity, asthma, and heart diseases, which, in turn, has driven the adoption of smart wearable healthcare devices and services. This has augmented the requirement for an effective monitoring of health conditions and day-to-day activities of the aged population, mainly the baby boomers.
The potential applications of smart wearable healthcare devices are initial stage diagnosis of congestive heart failure, prevention of diabetes, enhanced clinical management of neurodegenerative conditions like Parkinson’s, as well as the ability for a timely response to emergency events like epilepsy seizures and cardiac arrests.
Increasing consumer health consciousness
In today’s world, the major concerns revolve around the increase in the incidence of diseases coupled with higher healthcare costs. However, people are gradually becoming aware of their health and the various concerns related to health. “The increased health consciousness among people is reflected in the rapid growth in the demand for hygienic foods, gym memberships, healthy nutrition, and diet programs, and in the use of mobile health applications. This increased consciousness towards health is likely to continue to drive the demand for smart wearable healthcare devices and services in the next four years,” says Rakesh Kumar Panda, a lead analyst at Technavio for M2M and connected devices research.
Popularity of healthcare wearables among consumers
An innovation in technology and increasing health issues has increased the demand for healthcare devices enabled with some modern features. These devices help users avoid several health issues such as obesity and heart congestion. In developed regions such as North America and Western Europe, the demand for and shipment of smart wearable healthcare devices like smartwatches, wearable hands, wristband, smart diapers, bionic suit, and pedometer have increased in the past years. The decline in the cost of these products is also a major factor that is driving the adoption of healthcare devices among the consumers.
“A new smart wearable healthcare device that is predominantly used in hospitals is smart glasses. Doctors use these devices for diagnosis and treatment to record patient-related information,” says Rakesh.
Strategic initiatives taken by smart wearable providers
The smart wearable healthcare devices and services market is highly competitive with several leading vendors providing advanced products with latest designs and functions. Various companies are investing huge amounts in R&D to offer innovative products and remain competitive in the market. With the increasing demand for smart wearable healthcare devices, many established telecommunication providers are working in partnership with smart wearable device providers to support and uplift the development of wearable device technology. Some of the telecommunication providers intended to integrate the services offered by them with the smart wearable devices to deliver innovative offerings at competitive prices.
For instance, on December 30, 2015, Samsung introduced a smart wearable healthcare belt known as the WELT that measures the waist size of the user, a number of steps taken in a day, eating habits, and time spent seated.
Browse Related Reports:
- Global Diagnostic Wearable Medical Devices Market 2016-2020
- Global Wearable Scanner Market 2016-2020
- Global Smart Wearable Fitness and Sports Devices and Services Market 2016-2020
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