IDTechEx, market intelligence and events company focusing on emerging technologies, publish research reports that identify top future technologies in healthcare. With demographic changes such as the aging of the population, IDTechEx forecasts there to be strong growth in technologies that help healthcare providers manage the growing burden on the healthcare system while maintaining high quality care.
Wearable medical devices offer continuous health monitoring and provide deeper insight into a patient’s health status than non-wearable medical devices which only provide snapshots at fixed times. In IDTechEx’s new report, “Cardiovascular Disease 2020–2030”, wearables such as smart clothing and electronic skin patches are covered extensively. These soft and conformal devices provide medical-grade continuous health monitoring for cardiovascular disease patients. These comfortable devices provide monitoring over longer periods of time than traditional devices, allowing doctors to catch events that would previously have been missed. Overall, IDTechEx has forecast that the market for wearable medical devices (across all applications) to reach $19.7 billion by 2024.
Consumer electronics broadens health monitoring. While monitoring in consumer electronics has previously focused on fitness applications, companies are now entering the healthcare space. Devices such as smartwatches now broaden the access of continuous monitoring to a much larger audience. Consumers buy these devices for their primary function but benefit from background screening of hard-to-detect diseases such as atrial fibrillation and sleep apnea. In certain applications, the improvements of smartphone and tablet cameras means that a separate device is not even needed.
Technology development brings molecular diagnostics to the point-of-care. As evidenced by the COVID-19 outbreak that is currently ongoing around the world, there is a strong need for point-of-care diagnostics in the management of infectious disease outbreaks. Healthcare providers need to act quickly, but that is hampered when the testing takes multiple hours at a centralized facility. IDTechEx forecasts the market for point-of-care biomedical diagnostics to reach $43 billion by 2029. We have identified molecular diagnostics as the fastest growing segment, and our latest report “Molecular Diagnostics 2020-2030” forecasts the market (including but not limited to point-of-care) to reach $20 billion by 2030.