Research forecasts $19.7bn market for medical wearables
IDTechEx has announced that their new research report, ‘Remote Patient Monitoring 2019-2029’, forecasts that the medical wearables market will be worth nearly $20bn 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 ten years.
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 25th to 26th September 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.