Wearable technology in medical market to exceed $100 billion in 2023: GlobalData – ET HealthWorld

New Delhi: Health sensor-equipped wearable devices are transforming both healthcare and consumer experiences, enabling individuals to manage their health actively. In 2023, the medical wearable technology market is anticipated to surpass $100 billion, with an estimated 15 per cent compound annual growth rate projected until 2030, according to GlobalData.

“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,” commented Brian Hicks, Senior Analyst of Medical Devices at GlobalData.

These devices are commonly used in medicine for remote patient monitoring and telehealth services, tracking vital signs like heart rate, glucose levels, and blood pressure. Real-time transmission of this data to healthcare providers allows for remote monitoring and prompt interventions. Additionally, these devices offer consumer-friendly features like comprehensive fitness tracking, personalised coaching, stylish designs, and integration with AI algorithms for proactive self-care.

Hicks added, “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 personalised recommendations, and the ability to transmit real-time data to healthcare providers for timely interventions and improved patient outcomes.”

Alongside wearable devices, the growth of healthcare apps is notable. These apps not only monitor and track health parameters but also predict outcomes and symptoms based on past observations.
Hicks concludes, “These devices are becoming more integrated into the healthcare industry, especially inpatient 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.”

  • Published On Nov 21, 2023 at 12:36 PM IST

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