Surging digital health market driving wearables market
The wearables market is set to double in size between 2018–22 as, according to CCS Insight research, shipments for wearable devices in 2018 will total 117 million and hit 233 million units in 2022, increasing the market’s value to $27bn by the end of the forecast period.
CCS Insight noted that the increasing market size would be propelled by the solid demand for smartwatches, stating that growth would be driven by the popularity of new ranges of Apple Watches in particular.
One of the most significant factors driving purchases of the Apple Watch and the wearables market overall is that wearables can be used to easily and conveniently track health.
Apple’s Series 4 watches have several health-tracking features such as an electrocardiogram (ECG) sensor which can measure heartrate and rhythm.
“For millions of people around the world, Apple Watch has helped them to stay connected, be more active and live a healthier day,” stated Apple CEO Tim Cook.
Wearables are being used to track a range of health concerns, from Fitbits counting the number of steps taken that day to individuals with diabetes using them to measure their glucose levels, a new feature of the recent Apple Watch Series.
According to Research and Markets, the medical wearable devices market is expected to reach more than $14.4bn by 2022, a huge portion of the $27bn market value CCS Insight has predicted overall.