Do you check your resting heart rate or track your step count on your smartwatch? Do you rely on a hearable device to manage sounds? According to London-based GlobalData, growing markets for wearable tech play a major role mobile health and wellness. In a September 7, 2021 news release, GlobalData reported it expects that global wearable technology revenues will grow to $64 billion by 2024. That figure represents a 237% market increase since 2019, or 19% compound annual growth.
GlobalData Medical Data Analyst Kevin Dang points out that hearables and smartwatches “dominate” global wearables revenue. Mobile health apps on smartphones and smartwatches continue to attract users. Growth in the smartwatch market and other wearables that can view health and fitness data from smartphone apps will continue to drive health-tracking app development, Dang stated.
GlobalData also made note of medical applications of wearable devices including remote patient monitoring (RPM) and COVID-19 testing. The report mentioned a partnership between the University of Mississippi Medical Center and the C Spire Health smartphone app as an example of medical use of wearables. Patients use the C Spire app in a virtual waiting room. The app assesses patients for COVID-19 symptoms. The app sets up a next day appointment at a drive-through testing site for patients who the app determines to be at high risk for infection with the virus.
While the pandemic has certainly played a role in accelerating the use of wearables and related health tech devices, forecasts such as this one indicate that the sector will continue to grow well after the COVID-19 crisis is behind us.
