A new report has come out giving insight into what the future of the wearable tech market could look like. The report comes at a time when many new devices are entering the industry into a variety of sectors. These sectors are anywhere from medical to exercise and military applications. The study states that “The wearable medical devices market is expected to reach USD 14.41 Billion by 2022 from USD 6.22 Billion in 2017, at a CAGR of 18.3% during the forecast period.
Factors such as technological advances in medical devices, increasing penetration of smartphones and growing number of smartphone-based healthcare apps compatible with wearable devices, growing preference for wireless connectivity among healthcare providers, and increasing awareness about physical fitness are driving the growth of this market.” The report further states that the market can be classified into “smartwatches, patches, smart clothing, and activity monitors. The activity monitors segment is expected to grow at the highest CAGR with largest market share during the forecast period. This growth is mainly due to the high prevalence of lifestyle diseases, growing adoption of sedentary and unhealthy lifestyles, and increasing awareness of fitness and health.”
There are currently several different sectors that help to separate one from another in the wearable sector. The market is currently segmented into sports and fitness, remote patient monitoring and home healthcare. According the report “The sports and fitness segment is estimated to account for the largest market share in 2018. The growth of this segment can be attributed to the increasing focus on physical fitness among people to improve the quality of life, coupled with the growing trend of tracking health progress.” The hopes are high that this industry will continue to change the way that we interact with our body on a daily basis.