Apple Inc. (US) and Abbott (US) are Leading Players in the Wearable Healthcare Devices Market
The wearable healthcare devices market is valued at an estimated USD 40.7 billion in 2023 and is projected to reach USD 69.2 billion by 2028 at a CAGR of 11.2% during the forecast period. In recent times, the wearable healthcare devices market has experienced significant expansion, emerging as a dynamic sector that blends technology and healthcare. Fueled by a heightened awareness of health and a growing focus on preventive wellness, these devices have evolved beyond basic fitness trackers, now incorporating advanced functionalities like real-time health monitoring, AI-driven insights, and seamless integration with healthcare systems.
The key players in wearable healthcare devices market are Apple Inc. (US), Fitbit (US), Dexcom, Inc. (US), Abbott (US), OMRON Corporation (Japan), Medtronic (Ireland), Garmin Ltd. (US), GE HealthCare (US), Masimo (US), Koninklijke Philips N.V. (Netherlands), Boston Scientific Corporation (US), iRhythm Technologies, Inc. (US), CONTEC MEDICAL SYSTEMS CO. LTD. (China), Biotricity (US), MediBioSense (UK), VitalConnect (US), Cyrcadia Health (US), ten3T Healthcare (India), Minttihealth (China), Biobeat (Israel), iHealth Labs Inc. (US), VivaLNK, Inc. (US), GENTAG, Inc. (US), AiQ Smart Clothing (Taiwan), Nonin Medical (US), and Oxitone Medical (Israel).
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In 2022, Apple Inc. (US) secured a prominent position in the wearable healthcare devices market, maintaining its leadership through robust distribution networks spanning North America, Europe, Latin America, and the Middle East & Africa. The company strategically reinforces its market standing by investing significantly in research and development. Emphasizing organic growth strategies, Apple aims to strengthen its dominance, with a particular focus on product launches to expand its market share. In September 2022, the company introduced the Apple Watch Series 8 and Apple Watch SE (2nd Generation). Boasting an all-day 18-hour battery life, the Apple Watch Series 8 incorporates health and safety features.
In 2022, Abbott (US) commanded a substantial market share within the wearable healthcare devices market. The company's noteworthy position in this sector is credited to its robust worldwide sales and distribution network, allowing for efficient product marketing across diverse countries. Abbott has further intensified its emphasis on research and development initiatives, aiming to create distinctive products. Through strategic investments in R&D, Abbott endeavors to enhance its portfolio and optimize capital allocation strategies, thereby bolstering its potential for future growth and sustaining competitiveness in the wearable healthcare segment.
In 2022, Dexcom, Inc. (US) held a prominent position in the wearable healthcare devices market. The company has successfully positioned itself as a strong player in the wearable healthcare devices market. To maintain its leading position in the wearable healthcare devices market, the company focuses on both organic & inorganic growth strategies such as product launches and acquisitions.
Related Reports:
Wearable Healthcare Devices Market by Product (Trackers, Smartwatch, Patches), Type (Diagnostic (Vital Sign, ECG, Glucose), Therapeutic (Pain, Insulin)), Grade (Consumer, Clinical), Channel (Online, Pharmacies), Application (RPM) - Global Forecast to 2028
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