- Wearable technology in medical market to exceed $100b in 2023, GlobalData forecasts.
- 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 such as Asus, Motorola, and Swatch.
Wearable devices with health sensors for medical purposes, such as fitness trackers and health monitors, continue to gain significant popularity among all types of users, industry experts said.
Brian Hicks, Senior Analyst of Medical Devices at GlobalData, said that wearable 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.
GlobalData forecasts that 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.
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, personalised coaching, stylish designs, and integration with AI algorithms, enabling proactive self-care.
“The wearables market is coming back to life, driven by increasing consumer demand in various aspects of daily life,” Jack Leathem, Research Analyst at Canalys, said.
Demand across different segments is rebounding, he said and added that leading vendors to address specific consumer needs.
Canalys forecasts the wearables market is poised for sustained growth at a annual growth rate of 4.1 per cent through to 2027, underpinned by shifting consumer needs.
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.
“The recent trends in this market primarily centre on 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.
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 advancement include H2o Therapeutics’ app for monitoring Parkinson’s disease symptoms using the Apple Watch,” Hicks said.