Wearable Biometric Monitor Market to Surge to US$ 25.03 Billion with Growing at an 8.9% CAGR by 2034 | Fact.MR Report
Rockville, MD, Nov. 19, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global wearable biometric monitor market is estimated to reach a valuation of US$ 10,672.2 million in 2024 and is expected to grow at a CAGR of 8.9% during the forecast period of (2024 to 2034).
Wearable biometric monitors now tend to serve as a major driver in changing the health paradigm by monitoring important vital signs, such as heart rate (HR), blood pressure (BP), oxygen levels (O2) in the blood, and many others. Innovation has been pushing wearable devices' envelope, with Garmin, Apple, and Fitbit on the forefront. Such devices with enhanced technologies have moved further from step counting to playing critical roles in chronic disease management, stress reduction, and real-time health monitoring. Increase in health awareness programs and initiatives across the globe, consumers are highly investing in technological advanced devices that enable them to monitor their real-time health metrics.
Medical device manufacturers are integrating digital solutions in product development, the incorporation of artificial intelligence (AI) and machine learning will further offer accuracy and functionality of wearable health tracking devices driving the sales of wearable monitoring devices. Growing healthcare applications, ranging from fitness tracking to chronic disease management are some of the key reason to invest in bringing wearables into healthcare systems to comprehend continuous and non-invasive monitoring. From Fitbit's stress management score to advanced performance metrics offered by Garmin in health parameter tracking, manufacturers will continue to hold their market share by developing innovative health technologies.
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Since non-communicable diseases {cardiovascular diseases (CVD), hypertension (HTN), and diabetes (DM), and obesity} are on the rise, it definitely had a positive impact on the sales of wearable health monitoring devices which determined health metrics. According to the estimation of the World Health Organization, it was expected that about 41 million people lost their lives due to non-communicable diseases in 2023, overall 74 percent of the deaths in the world. 17 million people each year perish of NCD before 70 years of age, with 86% of these premature deaths in the low- and middle-income countries. About 77 percent of deaths due to an NCD occur in low- and middle-income countries. There is a rapid rise in chronic diseases seen in recent years, which has driven the growth for this market as patients demand wearables to better management of their health and clinical condition.
Key Takeaways from Market Study
- The global wearable biometric monitor market is projected to grow at 9% CAGR and reach US$ 25,034.1 million by 2034
- The market created an opportunity of US$ 2,452.0 million growing at a CAGR of 5% between 2019 to 2024
- North America is a prominent region that is anticipated to hold a market share of 1% in 2024
- Predominating market players include Apple Inc., Fitbit Inc. (now part of Google LLC), and Garmin Ltd.
- Optical sensors under technology type are estimated to grow at a CAGR of 9% creating an absolute $ opportunity of US$ 8,480.7 million between 2024 and 2034
“Collaboration and partnership among manufacturers to drive the market in the upward direction” says a Fact.MR analyst.
Leading Players Driving Innovation in the Wearable Biometric Monitor Market:
Apple Inc.; Fitbit Inc. (now part of Google LLC); Garmin Ltd.; Samsung Electronics Co., Ltd.; Xiaomi Corporation; Huawei Technologies Co., Ltd.; Withings; Polar Electro Oy; Suunto Oy; BioTelemetry, Inc. (part of Philips); Oura Health Ltd.; Whoop, Inc.; Omron Healthcare, Inc.; ActiGraph LLC; Zephyr Technology Corporation; Valencell Inc.; Sensoria Inc.; ChronoTrack Systems Corp.; Wahoo Fitness; NeuroSky, Inc.; Hexoskin (Carre Technologies Inc.); Moov Inc.; Misfit Wearables (now part of Fossil Group); Jawbone (assets acquired by Jawbone Health); Atlas Wearables (acquired by Garmin); Other Prominent Players
Market Development:
The growth strategy for wearable biometric monitors is based on strategic partnerships in expanding product portfolios, geographic market entry, and consumer adoption. The manufacturers focused on emerging markets in Asia-Pacific and Latin America as the tide of health awareness rises with disposable incomes.
By 2028, the market can expect to see great strides being made in wearables for healthcare and fitness in general in Asia, particularly China. Supported by various governmental policy initiatives and consumer trends at large, China entered the category of leading wearable consumers in 2023.
Apple, Garmin, and Fitbit are investing intensively in research and development to launch new product lines for chronic disease management and elderly care. Most likely, this will double the market share of wearables for healthcare by 2030, considering the aspirations for wearable technology to turn into an indispensable tool in preventive healthcare. As this demand increases, the main reason for continuous improvement, advanced biometric capabilities, and strategic collaborations will be very important during the growth of the market in the next decade.
Wearable Biometric Monitor Industry News:
- In March 2023, Garmin launched Forerunner 965, which focused on integration of advanced metric system to track and analyze health performance of athletes.
- On September 2022, Apple launched its Apple 8 series of smartwatch that tracks ECG and blood oxygen levels for better health.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global wearable biometric monitor market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of the by product type (smart watches, fitness bands, smart clothing, and head-mounted displays), by technology (optical sensors, electrocardiography (ECG), and accelerometers and gyroscopes), by application (sports and fitness, disease management, defense and military, and others), by end-user (home care settings, hospitals settings, sports & fitness centers, ambulatory surgical centers, and specialty clinics), across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
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