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.

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