Market Research Report
Connected Wearable Device Market in Healthcare, Wellness, and Fitness by Device Type, Use Case, and Application 2020 - 2025
|Published by||Mind Commerce||Product code||922972|
|Published||Content info||213 Pages
Delivery time: 1-2 business days
|Connected Wearable Device Market in Healthcare, Wellness, and Fitness by Device Type, Use Case, and Application 2020 - 2025|
|Published: January 21, 2020||Content info: 213 Pages||
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.
The report also provides an outlook for the future of wearable devices in medical, wellness, and fitness with forecasts for the period 2020 - 2025. This includes application analysis and forecasts by physiological activity and the role of wearables in elder care and assisted living.
There is 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 the developed countries. For example, 20 percent of United States residents are projected to be age 65 or older by 2030.
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 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.