Global medical wearables market to hit US$19.7bn value by 2024, says new IDTechEx research

New research entitled, Remote Patient Monitoring 2019-2029, from IDTechEx, providers of market intelligence in emerging technologies, forecasts that the medical wearables market will be worth nearly $20 billion (€18 billion) by 2024. This exponential growth will be driven by demand for continuous health monitoring and point-of-care diagnostics for the management of chronic diseases.

The latest figures show that one in two adults in the US have a chronic disease, and one in four adults have two or more. It is developments such as these that are driving the need for continuous health monitoring and point-of-care diagnostics to manage the rising costs of treatment. An example of technology’s potential in healthcare is the continuous glucose monitoring (CGM) device.

These wearable patches improve a person’s management of their condition and decrease their chances of costly healthcare by providing continuous monitoring of their health status. As a result, IDTechEx has forecast the market for CGM devices to grow at a CAGR of 13.5% over the next 10 years.

Graph showing the annual revenue from wearable medical devices, 2019 – 2024. Source: IDTechEx Research

Over the past decade, the IDTechEx research team has been following these market trends and has now launched a brand new event, Healthcare Sensor Innovations 2019, to highlight the role that technology will play in changing the face of healthcare. It will be held September 25th – 26th, 2019 at The Gillespie Centre in Clare College, Cambridge, UK.

The conference and table-top exhibition will address the latest technological developments that are enabling point-of-care diagnostics and continuous monitoring. Keynote speakers include directors, principal engineers and chief technologists from GlaxoSmithKline, Boston Scientific, Smith & Nephew, Centre for Process Innovation, and Maxim Integrated.

To register for Healthcare Sensor Innovations 2019 click here.

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow

FEATURED IoT STORIES

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, iot home automation is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more
RECENT ARTICLES

Scality’s 2022 forecast: Storage solutions get AI/MLOps upgrade, enhanced ransomware protection

Posted on: December 8, 2021

London, UK. 7 December 2021 – Scality announced its data storage predictions for 2022, coming off a year when ransomware attacks have exploded, skills shortages remain, and cloud adoption continues. This year’s forecast homes in on how storage solutions will evolve to meet these challenges and how emerging technologies will impact the data storage landscape.

Read more

Virtana free tier offering lets enterprises experience simplified hybrid cloud optimisation at no cost

Posted on: December 8, 2021

Virtana announced the immediate availability of a free version of Virtana Optimize, its cloud optimisation solution. The Free Tier offering complements the Premium version of Virtana Optimize, allowing for frictionless customer adoption.

Read more