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Wearable wireless devices to rake in $6bn

Posted: 03 Oct 2013     Print Version  Bookmark and Share

Keywords:ABI Research  mobile healthcare market  wearable wireless device  glucose monitor  blood pressure monitor 

According to the latest forecast from ABI Research, wearable wireless device revenues will exceed Rs.37,735.85 crore ($6 billion) in 2018. Of the four segments tracked, sports, fitness and wellness is the largest, never dropping below 50 per cent share of all device shipments over the forecast period, indicated the market analytics company.

"Fitness activity trackers are quickly gaining popularity in the market. Different from other more single-use or event-centric devices, activity trackers monitor multiple characteristics of the human body including movement, calories burned, body temperature, and sleep tracking," stated senior analyst, Adarsh Krishnan, ABI Research. Activity trackers are expected to grow at a 40 per cent CAGR and overtake the 2013 shipment leader, heart rate monitors, in 2017.

The second largest market—home monitoring devices—which, primarily target the growing elderly care market, is also expected to witness strong growth over the next five years with overall device revenue growing at CAGR exceeding 39 per cent. This segment is also anticipated to see the development of cross-over devices such as personal emergency response devices supplemented with activity tracker features.

The remaining wearable wireless device segments are remote patient monitoring and the professional (On-Site) healthcare market. These markets are unique due to relatively fewer suppliers and high device costs. Average costs for ECG monitors exceed Rs.12,578.62 ($200); continuous glucose monitors exceed Rs.50,314.47 ($800). Blood pressure monitors and pulse oximeters remain the most popular devices in these market segments.

For more statistics and forecasts, click here.

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