The global healthcare wearable devices market earned $5.1 billion and is expected to reach $18.9 billion in 2020, at a compound annual growth rate (CAGR) of 29.9%, according to new analysis from Frost & Sullivan. Additionally, consumer health wearables are expected to grow at a CAGR of 27.8%, and medical and clinical-grade wearables are expected to grow at a CAGR of 32.9%.
The report finds wearables dedicated to chronic disease monitoring and other clinical applications are expected to transform care provision models, due to newly commercialized solutions and pent up demand. Clinical grade wearables technologies enable care anywhere-anytime support paradigms. Market dynamics in high-acuity or other medical use cases dictate attention towards interoperability, affordability and data accuracy.
While the market for consumer fitness technologies provide large market opportunities and simplified paths to market, these devices face high degrees of competition and narrow product lifecycles before being supplanted by the next buzzworthy device. Recognizing these dynamics, developers are investing greater focus towards medical grade gadgets that provide greater relevancy and reliability in health management.
“Clinical wearables must concurrently justify their value to payers, patients and clinicians to gain market foothold,” noted Frost & Sullivan’s Transformational Health Research Director, Venkat Rajan. “Confidence in the accuracy of collected data is paramount to the utility of information in any medical decision support.”
