Initially seen as a fashion accessory, smartwatches and fitness bands have now entered the healthcare ecosystem. By leveraging advanced technologies such as Artificial Intelligence (AI), Cloud, Machine Learning, Big Data and Analytics, these wrist-worn devices are becoming more sophisticated and relevant in the present day by providing actionable insights and prescriptive measures for end users. This has also ushered in technology giants such as Apple, Samsung and Google in the healthcare space.
Here’s a look at the fast-growing wrist-wear market in the backdrop of the digital health space
The increasing focus on personalized care, early detection, and precision medicine along with rising health consciousness is driving the demand for healthcare-related wearables and applications. A survey by Accenture shows that the use of wearable devices by consumers has nearly quadrupled in the four year period (2014-2018), from just 9% in 2014 to 33% in 2018. Further, “roughly three-fourths of health consumers view wearables — such as those that monitor glucose, heart rate, physical activity and sleep — as beneficial to understanding their health condition (75%), engaging with their health (73%), and monitoring the health of a loved one (73%).”
The smartwatch market is growing at a fast pace and is expected to reach a market value of $130.55 billion by 2024 from $48.14 billion in 2018, registering a CAGR of 18.23% during the forecast period (2019-2024).
Together, Apple, Samsung and Fitbit capture 72% of the market.