The global healthcare market for medical wearables just passed its physical with flying colors, with a new study predicting the segment will grow a respectable 30% by 2020.
An article by Enterprise Innovation reports the results of a study by research firm Frost & Sullivan that predicts the global healthcare market for wearable devices will blossom from $5.1 billion in 2015 to $18.9 billion in 2020.
The report also found that connected consumer health devices will post a CAGR of almost 28% while growth in clinical-grade wearables will reach nearly 33%.
As reported previously, much of this growth will be driven by the increasing number of seniors who will suffer ill health and have the money to tackle their medical issues with new technology.
Breakthrough technological innovations in wearable electronics, sensors, alternate power sources and wireless platforms are enabling novel applications that would not have been feasible even five years ago, said Venkat Rajan, Transformational Health Director with Frost & Sullivan.
The report particularly cautions about device-makers wishing to include every bell and whistle, and ending up creating products that are overly complex.