Global Connected Wearable Device Market in Healthcare, Wellness, and Fitness 2023: Sector to Reach $10.5 Billion by 2028 - ResearchAndMarkets.com
24 Jan 2023
DUBLIN--(BUSINESS WIRE)--The "Connected Wearable Device Market in Healthcare, Wellness, and Fitness by Device Type, Use Case, and Application 2023 - 2028" report has been added to ResearchAndMarkets.com's offering.
'Connected Wearable Device Market in Healthcare, Wellness, and Fitness by Device Type, Use Case, and Application 2023 - 2028'
This report evaluates the current state of the wearable technology ecosystem including devices and applications within the medical, wellness, and fitness markets. The report addresses key challenges, market players, solutions, and the future of wearables in healthcare and related industries including fitness and well-being.
The report also provides an outlook for the future of wearable devices in medical, wellness, and fitness with forecasts for the period 2023 to 2028. This includes application analysis and forecasts by physiological activity and the role of wearables in elder care and assisted living.
Select Report Findings
The global market for health and fitness trackers will reach $10.5 billion by 2028
Privacy and security concerns continue to damper the market significantly at present
Wearables are rapidly moving into the preventative care, diagnostics, and urgent care segment
There is a need for efficient device tracking in terms of both care of custody for delivery as well as usage
The medical device market is rapidly crossing over into the general health, fitness, and well-being category
There is a great demand in the healthcare industry for remote monitoring and diagnostics. Driving factors include healthcare cost inflation coupled with a rapidly aging global population within developed countries. For example, almost 25 percent of United States residents are projected to be age 65 or older by 2030.
In terms of product and service demand, over two-thirds of physicians see a strong need for gathering healthcare data remotely. A strong majority of healthcare providers overall also see value in instructing their patients to utilize connected wearable medical devices on a regular basis. This aligns with strong industry trends overall for remote monitoring.
Some of the biggest concerns, however, remain patient ability to properly use devices, reliability of data (which is partially impacted by the former), and false positives when it comes to alerts/alarming. Privacy and security of data remains an overall industry concern ranging from loss of personally identifiable information to device hacking.
Wearable devices for medical, wellness and fitness purposes are many and varied, consisting of various form factors depending on the purpose and placement of the human body. Wearable devices can be worn and/or integrated into apparel to become less intrusive. Sensors (biomechanical, motion, etc.) may be placed at specific parts of the body to communicate with an overall Body Area Network system.
Improving supply factors include improvements in electronics miniaturization and innovation leading to reduced device cost. R&D in wearable healthcare devices is leading to enhanced functionality, form factor improvements, and frictionless integration with the Internet of Things (IoT) systems and solutions.
Machine-to-Machine (M2M) communication enables wearable healthcare devices to communicate autonomously with monitoring systems for both real-time decision-making and data gathering for future analysis. Secure M2M-enabled data transport and IoT system connectivity facilitates the integration of healthcare info with data analytics solutions.
One of the core reasons for wearables in healthcare is to transmit information for medical support from a licensed professional. However, there is also a market for "quantified self" in healthcare, which refers to the incorporation of technology into data acquisition on aspects of a person's daily life. This enables a "Do it Yourself" (DIY) tool for consumers to self-monitor and self-report important wellness items such as blood pressure. The alternative is to allow medical data to transmit to a trusted entity.
Advanced healthcare data management solutions, supported by artificial intelligence, are capable of processing massive amounts of healthcare information, including unstructured data acquired from many different sources and contexts. One of the challenges for the healthcare industry is tying these systems into healthcare devices in a manner in which data is leveraged while simultaneously preserving device security and end-user privacy.
Companies Mentioned
4iiii Innovations Inc.
ActiveLinxx LLC
Actofit Wearables
Alphabet Inc.
Avegant Corp.
BSX Insight
ConnectDevice Holding Ltd.
DAQRI
Foxtel
Free Wavz
Glofaster
GOQii
Guangdong BBK Electronics Industry Co. Ltd.
Huawei Technologies Co. Ltd.
Hovding
Jawbone
Jaybird
Jumpy
Koninklijke Philips N.V
Leapfrog Enterprises Inc.
Misfit
Monster Inc.
NTT Docomo Inc.
o-synce
Oculus VR LLC
Polar Electro
Reebok International Limited
Seiko Epson Corp.
ShotTracker
Soundbrenner Limited
Sqord Inc.
StarVR Corp
Suunto
Thalmic Labs Inc.
Timex.com Inc.
Vandrico
Vuzix
Weartrons Labs
Xensr
ZTE Corporation
For more information about this report visit https://www.researchandmarkets.com/r/pnycj7
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