The wearables sector will thrive because of this one type of product

Fitbit

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The wearables market is growing, and one particular type of product will spur that growth.

Healthcare wearables will be crucial to the growth of this market, according to a new study by Tractica. The firm expects consumers to use wearables for a variety of healthcare applications, such as chronic disease treatment, remote monitoring of patients, wellness programs, and elder care.

The devices that will manage these applications include smartwatches, fitness trackers, posture monitors, pain management products, and even connected clothing.

Tractica expects the benefits of healthcare wearables to stimulate significant growth of the broader wearables market in the next five years. The firm forecasts that global shipments of healthcare wearables will surge to 97 million units in 2021 from just 2.5 million in 2016. Furthermore, Tractica expects this market to generate nearly $18 billion in revenue by 2021.

At this time, however, the healthcare wearables market is still in its early stages, but the impending arrival of new technologies should help this market accelerate. The debut of 5G wireless networks and more powerful device processors will make it easier to capture large amounts of data from these wearables.

But there's plenty more to the healthcare wearables market. Mass adoption of these devices faces some difficult roadblocks, but there is also plenty of promise and potential here.

Will McKitterick, senior research analyst at BI Intelligence, Business Insider's premium research service, has compiled a detailed report entitled The Wearables in the Healthcare Sector Report that examines the use cases for wearables in health, ranging from consumers collecting fitness data to healthcare providers and insurers using wearables to improve health outcomes.

The report also explores barriers to widespread adoption of wearables in healthcare and how tech giants, including Apple, Google, and Samsung, are developing devices and platforms that will help bridge the gap between fitness tracking and actual medical care.

Fitbit

Here are some key points from the report:

• While adoption levels are growing, the wearables market is still in the early phases of expansion. We estimate global shipments will increase at a compound annual growth rate (CAGR) of 24.8% over the five years, reaching 162.9 million units in 2020.
• Emerging consumer and professional healthcare trends are driving interest in wearables. For consumers, interest in quantifying personal health metrics is translating into demand for fitness tracking devices and smartwatches. Meanwhile, businesses in a variety of industries have been quick to sense the opportunities for harnessing health data from employees, consumer, and patients to help drive efficiencies and enhance services related to healthcare.
• Barriers remain blocking the widespread adoption of wearables in the healthcare sector. Device accuracy and regulation are two major sticking points for device makers and technologists to address. Concerns surrounding privacy and a lack of utility must also be addressed.
• Consumer-facing products will eventually be used for more advanced medical care. Tech giants, including Apple, Google, and Samsung, are investing significant resources into developing devices that will help bridge the gap between fitness tracking and actual medical care. Future products will serve both consumer and professional markets.

In full, the report:

• Looks at areas of the healthcare sector where wearables may have a tangible impact in years to come.
• Examines what broader trends in healthcare and technology are driving wearables adoption.
• Discusses how major tech players, including Apple, Google, and Samsung plan on transforming consumer wearables into powerful healthcare devices.
• Identifies the top hurdles to wearables adoption in the healthcare sector.

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The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the wearables in the healthcare sector.