The wearable technology market in the medical sector is projected to exceed $100 billion by 2023, growing at a compound annual growth rate of 15 percent up to 2030, according to a recent report. Wearable devices with health sensors are transforming the healthcare landscape by empowering individuals to take control of their health and well-being. These devices are commonly used for remote patient monitoring and telehealth services, allowing healthcare providers to track vital signs such as heart rate, glucose levels, and blood pressure in real-time.
Brian Hicks, Senior Analyst of Medical Devices at GlobalData, a leading data and analytics company, stated that wearable devices used for medical purposes, such as fitness trackers and health monitors, are gaining significant popularity among all types of users. These devices can be worn on the body, most commonly as smartwatches on the wrist or even incorporated into clothing. They are often used in conjunction with mobile health apps. The data collected by these devices can be transmitted to healthcare providers, enabling remote monitoring and timely interventions.
In addition to remote monitoring, wearable devices offer consumer-oriented features such as comprehensive fitness monitoring, personalized coaching, stylish designs, and integration with AI algorithms, enabling proactive self-care. The recent trends in this market revolve around technological advancements, including the expansion of health features, integration of AI for personalized recommendations, and the ability to transmit real-time data to healthcare providers for improved patient outcomes.
The development of healthcare apps that can monitor and track various health parameters, predict outcomes and symptoms, and provide valuable information to medical professionals has also been rapidly growing. Apple and Garmin currently lead the smartwatch segment of the wearable technology market for medical purposes. However, disruptive companies such as Asus, Motorola, and Swatch are entering the market with innovative health features.
Hicks highlighted that wearable devices are becoming more integrated into the healthcare industry, particularly in patient monitoring, remote training and support, and telehealth services. Notable advancements include H2O Therapeutics’ app for monitoring Parkinson’s disease symptoms using the Apple Watch.
Overall, the wearable technology market in the medical sector is set to experience significant growth in the coming years, driven by advancements in technology and the increasing demand for personalized healthcare solutions. These devices have the potential to revolutionize healthcare by empowering individuals to actively manage their health and enabling healthcare providers to deliver more efficient and personalized care.
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