Report: Global market for connected wearables, health devices expected to reach $612B by 2024 

The demand for wearable medical devices and remote patient monitoring systems is increasing, and the global market is expected to reach $612 billion in the next eight years, according to a new report from San Francisco-based Grand View Research.The report outlined a number of reasons for growth in the market, which was valued at over $123 billion in 2015 (dominated by North America, with 39 percent of the market share). First, consumers want these devices and companion apps for the ability to create personalized healthcare plans and take part in management of both chronic conditions and overall wellness.“Mass adoption of mHealth devices and the introduction of technologically advanced product designs are anticipated to spur the demand,” the report outlined. “…the focused approach towards adoption of the Internet of Things devices and wearable medical devices, which include sensors and mobile communications devices, is expected to further drive the industry growth in the future.”Plus, providers and plans want greater access to patient health information, not only to create more coordinated care, but also to account for inefficiencies within their own systems. The report found hospitals dominated the end-use segment as of 2015 with market revenue of over $49 billion due to the increasing adoption rate of EHR records and remote patient monitoring systems.“The advantages associated with [connected device] usage and the availability of advanced products, such as remote sensors, adapters and connected mobile communication devices, are factors further augmenting the market growth,” the report said.

Source: Report: Global market for connected wearables, health devices expected to reach $612B by 2024 | MobiHealthNews

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