Wearable technology is bringing a disruptive transformation in the health tech industry. From fitness tracking devices to remote patient care and ECG monitoring to smart health watches, health tech is utilizing a variety of wearable devices for healthcare services.
And this increasing adoption of wearable technology in the healthcare sector has boosted its market. According to a report released by Deloitte, the global consumer health and wellness wearable devices will reach around 440 million units as more healthcare service providers will use them. As a result, wearable technology is shaping the future of the healthcare industry.
So what benefits does wearable technology offer to health tech? Let’s explore it
What is meant by wearable technology in health tech?
Wearable technology involves electronic devices and gadgets which can be worn. These devices come with diverse capabilities that help in delivering healthcare services or solutions efficiently. The healthcare sector uses wearable devices for tracking health, collecting patient data, offering digital healthcare, and more.
Current Market State of Wearable HealthTech
Healthtech is an emerging branch of the healthcare industry. It provides digital healthcare services using modern technology be it software, mobile apps, IoT, wearables, or any other technology. Wearable devices can be worn as accessories on the human body or clothes to track various health metrics. They enable medical professionals to get real-time and accurate health-related data.
Wearable devices and their applications also help in improving healthcare management and overall efficiency. Therefore, considering its extensive benefits, the integration of wearables in health tech has increased dramatically in the past few years. Many businesses hire dedicated app developers to build business-oriented wearable app solutions for healthcare. Here are the latest market statistics
- According to the MarketsandMarkets report, the global wearable healthcare devices market revenue is poised to reach $30.1 billion at a CAGR of 13.2% by 2026 from $16.2 billion in 2021. Source
- In the USA alone, the smart wearable user market is estimated to increase 25.5% YoY in 2023 from 23.3% YoY growth in 2021. Source
- As per Deloitte Insights, around 40-60% of people use smartwatches to monitor their health regularly. Source
So, seeing the current wearable and health tech stat, it is evident to see how significantly health tech is embracing wearable technology. And this is because of
Benefits of Wearable Technology in Healthtech
Better Accessibility to Healthcare
Wearables enable patients to easily and quickly access critical health data. By using smartwatches and wearable medical devices patients can keep track of their health & wellness. They don’t need to visit hospitals or clinics for getting updates on medical reports. With wearable apps, they can get information on their wrist in real-time from their hospital straight away. Due to this, How is Wearable Technology Shaping the Future of the Healthcare Industry?
Reduce Healthcare Costs
Wearables enable medical institutions and clinics to collect sensitive patient data securely and quickly. It is more cost-efficient than other conventional medical equipment and hardware devices which are highly expensive. In addition to this, wearables also assist the medical and healthcare sector in automating various manual tasks. Consequently, wearable technology helps in reducing costs.
Improved Diagnosis
It is one of the top benefits that wearables provide to health tech. Wearable technology incorporates various devices which allow medical professionals and clinics to collect data accurately and efficiently. There are many wearable medical devices like biosensors, smart health watches, wearable ECG monitors, and continuous glucose meters. These devices are equipped with intelligent sensors and microprocessors which empower devices to get reliable data. As a result, it helps in improving diagnosis.
Better Patient Care
Wearable devices offer a variety of features that empower both healthcare service providers and consumers. People can use fitness trackers and smart health watches to monitor their health metrics like diet & nutrition, sleeping hours, walking steps, and so on. So wearable health tech empowers the patient with self-care capability. On another side, healthcare service providers use wearable devices to send updates and collect information digitally. Eventually, this makes it easier for them to take care of their patients easily.
To Wrap Up
Wearable technology is a powerful and innovative technology. It empowers health in several ways and improves the quality and delivery of healthcare services. And the way companies are introducing new features in wearables devices, its usage in health tech is set to reach next-level.
