21 Nov, 2023 Wearable technology in medical market to exceed $100 billion in 2023, forecasts GlobalDataPosted in Medical Devices
Wearable devices with health sensors are revolutionizing the healthcare and consumer landscape by empowering individuals to take control of their health and well-being. Against this backdrop, 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% up to the year 2030, forecasts GlobalData, a leading data and analytics company
Brian Hicks, Senior Analyst of Medical Devices at GlobalData, comments: “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. 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.”
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. These data 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, personalized coaching, stylish designs, and integration with AI algorithms, enabling proactive self-care.
Hicks adds: “The recent trends in this market primarily center around the underlying technological advancements of the new product generations. These include the expansion of more health features, the integration of AI for personalized recommendations, and the ability to transmit real-time data to healthcare providers for timely interventions and improved patient outcomes.”
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.
Hicks concludes: “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.”