The GlobalData Report also highlights the rise of healthcare apps, which not only monitor health metrics but also predict outcomes and symptoms based on historical data.
The Indian medical wearable technology market is expected to exceed $100 billion in 2023, with a projected compound annual growth rate (CAGR) of around 15% until 2030, as per GlobalData Report.
The Report also highlights the rise of healthcare apps, which monitor health metrics and predict outcomes and symptoms based on historical data.
Reportedly, healthcare devices are becoming more integrated into the healthcare industry, especially for inpatient monitoring, remote training and support, and telehealth services.
Sharing his views, Brian Hicks, senior analyst of medical devices, GlobalData, said, "Wearable devices that are used for medical purposes, such as fitness trackers and health monitors, continue to gain significant popularity among all types of users. These devices can be worn on the body, most commonly as smartwatches on the wrist or even be incorporated into clothing, and these are often used in conjunction with mobile health apps.”
Most of the healthcare devices are used in medicine for remote patient monitoring and telehealth services, tracking vital signs including heart rate, glucose levels, and blood pressure. Real-time transmission of this data to healthcare providers allows for remote monitoring and prompt interventions.
Additionally, these devices offer consumer-friendly features such as comprehensive fitness tracking, personalised coaching, stylish designs, and integration with Al algorithms for proactive self-care.
According to Hicks, recent market trends mainly revolve around the technological advancements in new product generations. These advancements encompass the incorporation of additional health features, the integration of AI for personalised recommendations, and the capability to transmit real-time data to healthcare providers, thereby contributing to timely interventions and enhanced patient outcomes.
Established in 1999, the London-based GlobalData Plc is a provider of data insights, analytics, and information services. It offers market and competitive analysis, strategic planning, mergers and acquisitions, marketing, business development, investment banking and management, equity research, management consulting, legal and accounting, and media and advertising solutions.
As for wearable technology in the medical market, it is a rapidly growing sector. Wearable devices, such as smartwatches and medical-grade wearables are seeing rapid consumer adoption. These devices help people monitor their health markers continuously, including blood pressure, heart rate, and more.
Last month, the Indian government released the Promotion of Research and Innovation in Pharma and MedTech Sector (PRIP) scheme to support 26 major Indian firms, 13 foreign multinationals, a minimum of 50 startups, and 20 MedTech projects over five years. This move is to bolster research and development (R&D) and innovation in the pharmaceutical, medical devices, and animal health sectors.
The College of Healthcare Information Management Executives (CHIME) is an executive organization dedicated to serving senior digital health leaders. CHIME includes more than 5,000 members in 56 countries and two US territories and partners with over 150 healthcare IT businesses and professional services firms. CHIME enables its members and business partners to collaborate, exchange ideas, develop professionally and advocate the effective use of information management to improve the health and care throughout the communities they serve. CHIME's members are chief information officers (CIOs), chief medical information officers (CMIOs), chief nursing information officers (CNIOs), chief innovation officers (CIOs), chief digital officers (CDOs), and other senior healthcare leaders. The CHIME India Chapter became the first international chapter outside North America in 2016 and is now a community of over 70+ members in India. For more information, please visit www.chimecentral.org