The global wearable healthcare devices market is expected to reach US$46.6 billion by 2025, up from $18.4 billion by 2020, at a compound annual growth rate of 20.5%, according to Research and Markets.
The research group says the growth of the industry is driven primarily by factors such as 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, robust penetration of 3G and 4G networks for uninterrupted healthcare services, increasing penetration of smartphones and the growing number of smart-phone based healthcare apps and growing preference for wireless connectivity among healthcare providers.
However, patent protection of wearable healthcare devices, limited battery life and device design complexity may restrict the growth of this market to a certain extent, according to Research and Markets. The general health and fitness segment is expected to grow at the fastest growth rate during the forecast period, adds the research group.
Based on applications, the wearable healthcare devices market is segmented into general health and fitness, remote patient monitoring, and home healthcare. In 2019, the general health and fitness segment accounted for the largest share of the market. Research and Markets says this general health and fitness segment is expected to be the largest and fastest market segment in 2019. The large share of this segment can be attributed to the increasing focus on physical fitness among people to improve their quality of life, coupled with the growing trend of tracking health progress on a continuous basis.