Patient Monitoring and Wearables

Market Segmentation and Industry Data

Wearable health and fitness technology has carved out such as significant space for itself in the healthcare industry, that devices such as FitBits and smartwatches are now viewed as mainstream. The use of wearable technology has more than tripled in the last four years, in accordance with consumers’ increased interest in monitoring their own health and vital signs.

Demand for wearables is expected to continue to rise in the next few years, as consumers exhibit interest in sharing their health data with providers and insurers. The US Smart wearable user market is poised to grow 25.5% YoY in 2023, up from 23.3% YoY growth in 2021, per an October 2021 forecast by Insider Intelligence.  Over time, wearable technology has impacted the health and physical activity market an immense amount as, according to ScienceDirect, "The consumer-directed wearable technology market is rapidly growing and expected to exceed $34B by 2020."[61] This shows how the Wearable Technology sector is increasingly becoming more and more approved amongst all people who want to improve their health and quality of life.