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A new report recently added to the online inventory of Wise Guys Reports (WGR) reveals that the global Wearable Health Tracking Devices Market is expected to grow at an impressive 14.46 compound annual growth rate during the forecast period 2018 and 2023. The market is expected to breach the USD 12.654 billion mark by the end of 2023. In the year 2017, the global Wearable Health Tracking Devices Market stood at USD 5.628 billion.
The wearable device for health monitoring is a wrist-worn device that can detect a mix of marching steps, running length, sleep patterns, heart rate, and swimming laps. The phones communicate with an app in a mobile device via Bluetooth which configures the computer and downloads the activity information of the wearer.
Wearable fitness technology has spun into the culture bringing FitBits and smartwatches to the mainstream, and there is no indication of the trend slowing down anytime soon. The faster speed of technological progressions and competitive market landscape has catapulted the global business for wearable health monitoring devices to another high.
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Altering lifestyles, leading to physical maladies like obesity and other chronic ailments, will propel market growth monitoring activity over the projection period. Other significant driving factors accelerating the market are technological progress, increased awareness of home healthcare systems along with efficiency and ease of access. Growing demand for wearables gadgets from advanced & developing countries is also likely to create profitable opportunities in the near future. However, elevated device-related costs and data security problems are some of the factors which could pose as a challenge in the global Wearable Health Tracking Devices Market growth path.
Major industry players profiled as part of the report are Misfit, Xiaomi, Samsung, Apple Inc. and Moov Inc. among others.
Global Wearable Health Tracking Devices Market: Segmental Analysis
Based on the segment, the Global Wearable Health Tracking Devices Market is fragmented into device, type, end-user, and geography.
Based on the device, the market is divided into Heart Rate monitors, Activity monitors, Pulse Oximeters, Spirometers, Blood Pressure Monitors, Sleep Tracking, and Others.
On the basis of type, the Global Wearable Health Tracking Devices market is segmented into strap-based and strapless.
Based on the end-user, the market is divided into Hospitals and Clinics, Household, Pharmaceutical Companies, and Research Institutes.
Global Wearable Health Tracking Devices Market: Regional Analysis
Based on the region, the Global Wearable Health Tracking Devices Market is fragmented into North America, Europe, Middle East & Africa, and the Asia Pacific. Due to the presence of sizeable manufacturing industry and the rising investment in the innovative technologies in the region, North America has captured the significant chunk worldwide in terms of wearable health tracking devices market share. On the other hand, Europe is expected to show stable growth rate during the projection timeline.
As a consequence of growing health-conscious customer base and the availability of affordable Wearable Health Tracking Devices across the region, Asia-Pacific is expected to register a higher growth pace over the forecast period 2018-2023.