RALEIGH, North Carolina, Oct. 9, 2019 /PRNewswire/ -- The global market for wearables and connected devices is currently estimated to be worth $14.5 billion and is expected to reach a value of $18.9 billion by 2020, according to Beroe Inc., a procurement intelligence firm. Approximately 600 million wearables are expected to share data online globally by 2020, the market is driven by the massive health data benefits offered by wearables.
North America and Europe together account for overall 60 percent of the wearables and connected devices market share. However, the Asia Pacific region is the fastest-growing market with a 31 percent share. The maximum numbers of global suppliers provide wearables and connected devices services and support in North America and EU, followed by regions of APAC apart from India and China, then LATAM, India and finally China.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
The numerous benefits of wearables and connected devices in the healthcare industry are driving the growth of the market. From addressing patient recruitment challenges to remote monitoring of patients and patient adherence, real-time data capture, and precision medicine, wearables, and connected devices provide accurate data. The constraints for the market are the lack of standardization and analysis of wearable-generated data, data security/privacy concerns and misuse and reluctance in the adoption of wearable devices.
Technologically advanced wearable devices and smartphones come with gyroscopes, compasses, accelerometers, and motion trackers, enabling the calculation of pulse, speed, distance travelled, and total calories burnt. This will further improve the accuracy of measurements and values obtained from wearable devices. Wearables and connected devices are most commonly used to measure medical adherence, activity, heart rate, blood pressure, sleep, glucose, pulse oximetry, weight, breathing, temperature, nutrition, and spirometry.
- Smartwatches and wrist-worn fitness trackers are the most popular form of wearables, with the wristwear shipment expected to reach 126.1 million units by the end of 2019. ·
- The boom in wearable technology has been mainly fuelled by fitness, such as wearable gadgets that monitor heart rate or track your exercise. These gadgets have been successful because they are helpful to the user and easy to integrate into everyday life.
- With wireless BSN technology, a mobile physiological monitoring system can continuously monitor the patient's heartbeat, blood pressure, and other critical parameters in the hospital. The system is able to carry out long-term monitoring of the patient's condition.
- In spite of the massive benefits of implementing the wearables in clinical trials, two-third of the industry has not seen the RoI because they have not used wearables in the long term and drug development timeline are on average 10 years long.
- The most preferred engagement model in the wearables and connected devices market is fully outsourced, with other models consisting of in-sourced, 3rd party contract and hybrid models.
The research methodology adopted for the report included:
- Experts with twenty years of domain experience
- Interaction with buyers
- Inputs from supply chain partners
Mobile Health Technology, though in early stages, has attracted the pharma industry to utilize them in clinical trials for better trial outcomes and also to shorten the trial timeline. In a survey, the clinical trial service industry and sponsors said that approximately 78 percent of them have been using mHealth in clinical trials for more than a year. Healthcare providers can collect data from patients, as well as use wearable technology to keep doctors connected to co-workers and data without the hassle of a pager or phone system.
The report also includes:
- Market Overview
- Challenges in Using Wearables
- Market Trends
- Supplier List (Worksheet Attached)
- Supplier Profiles
- Collaborations that Enhance Wearable Tech
- Engagement and Pricing Models
- Supplier and Pharma Collaboration for Digital Technology
- Service Providers Collaboration to Enhance Digital Tech Offering
About Beroe Inc.:
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits and reduced risk. Beroe has been providing these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc., please visit: http://www.beroeinc.com
SOURCE Beroe Inc.