ResearchAndMarkets has added their most recent report: The “Connected Wearable Devices in Healthcare: Wearables in Medical, Wellness, and Fitness Markets by Device Type, Body Area, Solution Type (Prevention, Monitoring, and Treatment), and Health Concerns 2019 – 2024.”
The report provides information about the current state of the wearable technology ecosystem including devices, applications, and services within the medical, wellness, and fitness markets.
The report hones in on the future of wearable devices and forecasts its predictions for the period of 2019 to 2024. This includes insights and opinions about the future devices of the medical world such as implantables, IoT integration, and advanced data management.
The request to remotely monitor our health is another demand the report foresees driving healthcare devices. The driving factors behind this include healthcare cost inflation paired with an ever-increasing aging global population. One example the report mentions is that 20 percent of U.S. residents are projected to be age 65 or older by 2030.
A trend of current healthcare devices is the implementation of miniaturizing electronics and innovative means to reduce the overall cost of devices. Additionally, research in wearable devices has led to more functional devices, improved form factors, and frictionless integrated IoT systems. This integration of IoT utilizes machine-to-machine (M2M) communication, which enables wearable devices to communicate autonomously, while IoT connectivity facilitates the integration of healthcare info with data analytic solutions. Today, many healthcare data management solutions use AI, which can decipher and sort through mass amounts of healthcare information.
One of the main reasons wearables are so prevalent in the healthcare industry, is because they can transmit information from a patient to a licensed professional for medical aid, the report mentions. However, there is also a market for quantified self in healthcare, where the incorporation of technology into data provides aspects of an individual’s daily life. This provides a “DIY tool” so consumers can monitor and report their own wellness features such as blood pressure.
The use of wearables varies greatly, which may be one of the reasons they are so popular in the healthcare sector because they are so versatile. Whether collecting data for medical reasons, wellness features, or fitness factors, the form factor of the wearable also differs based on its purpose and placement on the body. Some can be worn as a watch, while others can be integrated into apparel so they’re less intrusive. Additionally, sensors can also be placed in specific parts of the body and communicate to an overall Body Area Network system.
The report also looked at the emerging area of implantables, such as pacemakers and devices that monitor wellness levels within the body, and reduce the need for direct patient involvement. According to the report, by miniaturizing power sources and devices, there are many opportunities for wearable and implantable technologies.
Specific findings the report foresees for the future of wearable devices include:
- Healthcare-related skin patches market will reach $630M by 2024, growing at 20.2 percent CAGR
- Wearable devices for vital signs monitoring will be $980M market by 2024, growing at 21.7 percent CAGR
- Areas of concern are data security and privacy as well as opportunities for advanced data analytics
- One of the key growth areas for wearable healthcare devices integration is implantable medical technology
- Remote data collection solutions will substantially enhance the operational efficiency of healthcare services
- Wearable devices and IoT will reduce human intervention in healthcare, enabling context-based automation
