Wearables are getting more and more popular. It is a great way to keep a constant track of health. Physicians appreciate this tendency. Orange Healthcare conducted a survey among them and found out that 88 percent of doctors support their patients with monitoring their health at home. So, Glorium Technologies has prepared statistics about the ways wearables penetrate the healthcare digital market further.
As Statista found out, 2016 brought 2.9 billion U.S. dollars to the wearable devices market, 2017 is predicted to bring 4 billion U.S. dollars, and 6 billion U.S. dollars is expected from 2018. The market is calculated to grow to 157 million units worldwide by 2019. SoreanResearch expects the market of healthcare wearables to grow to $41 billion in 2020 at CAGR of 65% (compound annual growth rate).
Tractica research found out that the shipment of medical wearables worldwide was 2.5 million items in 2016. They expect the number to get to the number 97.6 million units by 2021. By the same year wearables revenue is predicted to bring $17.8 billion (yearly). Tractica defined the main reason for users to get a wearable device — healthcare.
After the survey conducted, Statista has come to the conclusion that the most preferable types of wearables among users are: medical devices transmitting data (38% of users), then go sensor-enabled wristwear (33%), followed by headset and eyeglasses (21%) and tech-sensitive textiles and clothing.
Wearable market is waiting for the investments, as 70% of healthcare establishments are going to increase their budgets on healthcare technologies. The reason is simple: wearables are reported to cut healthcare expenses by 16% over the last five years. Around $200 billion over 25 years could be saved with the remote patient monitoring.
By the way, PwC research has found out that 68% of users would share their health data anonymously if their health insurance was cheaper. According to Rackspace, the wearables users are mostly afraid of the security issues.
To sum up, wearables are a promising market, especially in the healthcare industry. So, you should definitely pay attention to it.