BI Intelligence’s “Wearables in Healthcare Sector Report” finds that the healthcare sector will be a driving force behind the continued growth in wearable device shipments.
The company anticipates global shipments to increase at a compound annual growth rate (CAGR) of 24.8% over the five years, reaching 162.9 million units in 2020. Advances in healthcare, interest from doctors, caregivers, and consumer adoption has led this sector to be a success area for wearables. While consumers want to understand what their fitness levels and key vitals are, businesses want to harness this health data to enhance healthcare services. While data sharing between the users and their healthcare providers is on the rise, privacy and security concerns remain. In addition, there are concerns about the accuracy of the captured data, and government regulations pose additional challenges. Companies including Apple, Samsung, and Google are investing resources to ensure that their devices bridge the gap between fitness and health.
Currently, most wearables used in healthcare are condition-specific with ability to monitor certain vital signs and fitness information. Ongoing advancements may lead to development of wearables that could provide information on more than one or related conditions.