Wearables dedicated to chronic disease monitoring and other clinical applications will play a critical role in the growth opportunity of the Internet of Medical Things (IoMT), according to Frost & Sullivan.
Due to newly commercialised solutions and increasing demand, clinical grade wearables will play a critical role in future healthcare delivery and are expected to transform care provision models, news analysis from Frost & Sullivan displays.
The company’s Wearable Technologies in Clinical and Consumer Health report, finds the global healthcare wearable devices market earned revenues of $5.1bn (£3.5bn) in 2015 and estimates this to reach $18.9bn (£12.98bn) in 2020.
This expansion represents a compound annual growth rate (CAGR) of 29.9%. Meanwhile, 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%.
Frost & Sullivan’s transformational health research director, Venkat Rajan, said: “Breakthrough technological innovations in wearable electronics, sensors, alternate power sources and wireless platforms are enabling novel applications that would not have been feasible even five years ago.
“Moving beyond basic consumer centric applications, newer wearable devices with more robust and reliable feature sets open a wide spectrum of clinical use cases.”
While 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 device, according to Frost & Sullivan.
Recognising these dynamics, developers are investing greater focus towards medical grade gadgets that provide greater relevancy and reliability in health management, the report reveals.
Rajan said: “Clinical wearables must concurrently justify their value to payers, patients and clinicians to gain market foothold.
“Confidence in the accuracy of collected data is paramount to the utility of information in any medical decision support.”
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