Although wearable devices are still relatively new, they have made a severe impact on healthcare globally with the growing ability to monitor chronic diseases such as diabetes, hypertension, and cardiac health. In 2018, a survey of 2,301 U.S. consumers was conducted on the use of digital health services by HIMSS18. It reported that the use of wearable devices by people living in the U.S. has almost quadrupled in the last four years, reaching 33% in 2018 from 9% in 2014. Approximately three-fourths of consumers view wearables:
Additionally, wearable clinical trial experience for the participants can lower the duration and frequency of clinic visits. Overall, the use of wearables in clinical trials will improve the effectiveness of the trials and develop deeper insights.
Based on product type, the market is segmented into activity monitors/trackers, smartwatches, smart clothing, and hearables.
The introduction of health measures to self-track COVID-19 symptoms in the wake of the pandemic and the ever-increasing interest of users in their general health and wellness presented a significant opportunity for the wearables market. Smartwatches and activity monitors/trackers are seeing robust growth as consumers rely on these devices for remote work, health tracking, fitness activities, and more.
The smartwatch segment witnessed the highest growth with the highest CAGR, partly driven by new consumers entering the market. It will continue in the forthcoming years due to new processor technologies.
5G and artificial intelligence (AI) technologies can be used to establish the potential diagnostic and treatment platform for a patient. In addition, AI can aid in the prediction of patients who are more likely to have postoperative complications, thus allowing healthcare systems to provide early intervention. Real-time learning along with a high volume of data needs high-bandwidth and reliable networks. Healthcare organizations can use AI tools with the help of 5G networks to offer the best care possible in real-time to the patient and the general public, wherever they are. Thus, the use of up-and-coming advanced tools and technologies such as AI and 5G can be anticipated to provide high-growth opportunities in the wearable healthcare devices market.
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The COVID-19 pandemic has drastically affected the global wearable healthcare devices market. COVID-19 has accelerated health and fitness app integration into traditional healthcare approaches combined with wearable technology. Wearable devices have multifunctional capabilities, thus are easily configurable for the desired end-use.
Multi sensors of wearable devices cover diverse physiological and contact tracing parameters, creating digital databases and providing access to medical practitioners. For instance, Apple recently updated its Cardiogram app with a new sleeping beat per minute (BPM) feature. This measures users’ heart rate to monitor fluctuations in a patient with COVID-19.
North America dominates the market and is expected to continue this trend over the forecasted period. The regional market was fueled by rising government financing, prominent reimbursement policies, and the increased focus on developing advanced wearable devices in North America.
The market is expected to grow swiftly due to highly developed economies and enhanced technologies. Also, the growth of this region can be attributed to the rise in demand for advanced wearable healthcare and mhealth for diagnosis, treatment, care, rehabilitation, and overall healthcare improvement. For instance, as per data provided by the ASHP National Survey, in 2018, over 20.3% of American adults wore wearable technology at least once a month.
Asia-Pacific is projected to register the highest growth rate during the forecasted period. It is due to the rise in prevalence of chronic diseases coupled with a high geriatric population base. Further, the wearable healthcare devices market is fueled by the increased penetrance of players in this region.
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