About Smart Wearable Healthcare Devices
Smart wearable healthcare devices are portable devices that can be fastened to the body of a user to monitor real-time fitness, heart rate, sleep statistics, calorie intake, and provide valuable health insights. The mechanism of smart wearable devices is similar to smartphones and tablets. A smart wearable device can be easily synchronized with smartphones and tablets of users to enhance accessibility.
Technavio’s analysts forecast the global smart wearable healthcare devices and services market to grow at a CAGR of 18.51% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart wearable healthcare devices and services market for 2016-2020. To calculate the market size, the report considers the revenue generated from smart wearable healthcare services and revenue generated by smart wearable devices.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart Wearable Healthcare Devices and Services Market 2016-2020
Technavio recognizes the following companies as the key players in the global smart wearable healthcare devices and services market: Apple, Fitbit, Google, Samsung, AT&T, EE, Sprint, and Telefónica.
Other Prominent Vendors in the market are: 3L Labs, 9 Solutions, Amiigo, BTS Bioengineering, Cool Shirt Systems, Esko Bionics, Finis, Fitbug, Force Impact Technologies, Geopalz, IMEC, KMS, Moticon, Myontec, Netatmo, Nuubo, Owlet, Phyode, Pixie Scientific, Preventice, RSLSTEEPER, Sensecore, Sensible Baby, Sentimoto¸ Sentimoto, Sproulting, Sunfriend, Touch Bionics, Vancive Medical Technologies¸ Xybermind, and Zoll Medical.
Commenting on the report, an analyst from Technavio’s team said: “Increased use of healthcare apps will be a key trend for market growth. Several wearable healthcare device manufacturers such as Apple, Google, and Samsung are producing various health apps for diseases such as diabetes. These apps can be easily synchronized with wearable devices and used to monitor blood sugar content. In addition, many apps such as Health Mate, DailyBurn, Pocket Yoga, Argus, Beddit, Fjuul, Strava Running and Cycling, Foodzy, and Sleepio are available in the market, which can be used to monitor heart and pulse rates, and the calorie content of the body. The evolution and upgrading of smart wearable healthcare devices will increase the number of health apps.”
According to the report, one of the key drivers for market growth will be increasing consumer health consciousness. The steady growth of the aging population and the increase in the incidence of diseases along with higher healthcare costs are major concerns in today's world. However, people are gradually becoming concerned about and aware of their 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. Also, increased health consciousness is likely to continue to drive the demand in the market.
Further, the report states that high power consumption of devices will be a challenge for the market. Most of the wearable healthcare devices function on GPS, wireless networks, and M2M technology. The battery life of the fitness devices is very low because the power consumption of the technologies used in these devices is very high. This high power consumption severely affects the duration of use. The lifespan of Google Glass battery, for instance, is for 4-8 hours while in intensive use. Short battery life and high power consumption of wearable devices is a factor restraining its use and adoption and is likely to hinder the growth prospects of the market during the forecast period.
Apple, Fitbit, Google, Samsung, AT&T, EE, Sprint, Telefónica, 3L Labs, 9 Solutions, Amiigo, BTS Bioengineering, Cool Shirt Systems, Esko Bionics, Finis, Fitbug, Force Impact Technologies, Geopalz, IMEC, KMS, Moticon, Myontec, Netatmo, Nuubo, Owlet, Phyode, Pixie Scientific, Preventice, RSLSTEEPER, Sensecore, Sensible Baby, Sentimoto¸ Sentimoto, Sproulting, Sunfriend, Touch Bionics, Vancive Medical Technologies¸ Xybermind, Zoll Medical.