The medical wearables market is predicted to be worth $19,7-billion by the year 2024, according to IDTechEx’s latest research.
The market will be driven by the demand for continuous health monitoring and point-of-care diagnostics for the management of chronic diseases.
Point-of-care diagnostics and continuous monitoring are key to the management of rising healthcare costs due to increasing populations of people with chronic diseases. One in two adults in the US have a chronic disease, and one in four adults has two or more.
Patients with chronic diseases require close monitoring over a long period, making these diseases very costly to manage.
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 decreases their chances of costly health crises by providing continuous monitoring of their health status.
As such, IDTechEx has forecast the market for CGM devices to grow at a CAGR of 13,5% over the next 10 years.