Wearable tech in medical market to exceed $100 bn in 2023: Report
New Delhi, Nov 21 (IANS) The market size of wearable technology in the medical sector in 2023 is projected to exceed $100 billion and is expected to grow at a compound annual growth rate of 15 per cent up to the year 2030, according to a report on Tuesday.
Wearable devices with health sensors are revolutionising the healthcare and consumer landscape by empowering individuals to take control of their health and well-being.
The common medical uses of these devices include remote patient monitoring and telehealth services to track and monitor vital signs such as heart rate, glucose levels, and blood pressure.
“Wearable devices that are used for medical purposes, such as fitness trackers and health monitors, continue to gain significant popularity among all types of users,” said Brian Hicks, Senior Analyst of Medical Devices at GlobalData -- a leading data and analytics company, in a statement.
"These devices can be worn on the body, most commonly as smartwatches on the wrist or even be incorporated into clothing, and these are often used in conjunction with mobile health apps," he added.
Data from these devices can be transmitted in real-time to healthcare providers, enabling remote monitoring and timely interventions.
Furthermore, these devices offer more consumer-oriented features, such as comprehensive fitness monitoring, personalised coaching, stylish designs, and integration with AI algorithms, enabling proactive self-care.
“The recent trends in this market primarily centre around the underlying technological advancements of the new product generations. These include the expansion of more health features, the integration of AI for personalised recommendations, and the ability to transmit real-time data to healthcare providers for timely interventions and improved patient outcomes,” Hicks said.
In addition to the wearable devices themselves, the development of healthcare apps that can not only monitor and track various health parameters but also predict outcomes and symptoms based on previous observations, and even provide valuable information to medical professionals, has also been rapidly growing.
Apple and Garmin remain leaders in the smartwatches segment of the wearable technology market for medical purposes, as they were among the first to make wearable devices with fitness trackers and other health-related features.
There are also disruptors entering the market with innovative health features, some of which include technology companies such as Asus, Motorola, and Swatch.
“These devices are becoming more integrated into the healthcare industry, especially in patient monitoring, remote training and support, and telehealth services. Some notable advancements include H2O Therapeutics' app for monitoring Parkinson's disease symptoms using the Apple Watch,”Hicks said.