With ongoing IoT transformations and growing preference for real time monitoring, the global wearable medical devices market is estimated to grow at a compound annual growth rate (CAGR) of 25.78% over the forecast period of 2020-2027 and is projected to touch US$60 million in revenue by 2027, according to Research and Markets (www.researchandmarkets.com).
Be it smart cities, connected cars, smart farming, connected health or smart wearables among other connected applications, IoT promises cutting-edge solutions that are not just easy to use but are also reliable in urgent situations, adds the research group. Smart wearables or wearable gadgets that consist of sensors to track activities in real-time are a perfect fusion of nanotechnology and wearable electronics that offer wide range of applications in various sectors.
One such sector that is significantly driven by these technological advancements is healthcare. For health tracking, both at personal as well as medical level, the wearable medical devices in healthcare help the patients and caregivers to continuously monitor the health status. The devices offer a convenient way to analyze physiological parameters of an individual and help the clinicians to monitor and diagnose by providing important information pertaining to various diseases.
According to the Research and Markets study, the global wearable medical devices market garnered a soaring revenue of US$8.3 million in 2018. And the ever-evolving facets of IoT in the healthcare sector is one of the major growth indicators that hold great potential in improving the lifestyle of the patients, adds the research group.